On April 2, 2025, U.S. President Donald Trump, now in his second term, announced a sweeping 10% baseline tariff on all imports into the United States, with even steeper rates targeting specific countries. More than 100 trading partners are affected, including the EU, China, the UK, and Vietnam. The announcement has sparked strong backlash from multiple governments and triggered consecutive drops across global stock markets. In the case of China, the cumulative tariff burden on its exports has now climbed to a staggering 54%. For many Chinese private exporters—especially those heavily reliant on the U.S. market, including many led by CEIBS alumni—the consequences could be severe.