Trump's tariff policy is critical. Last week's pessimism was slightly repaired. Two data last night cooled the market. The key to hitting market confidence lies in the influence of the policy on vested interests.

If the new tariff policy plan is relatively mild for key commodities, it can reduce the adverse impact on inflation.

Last night's service PMI growth reflects the changes in supplier orders and inventories caused by business activities at the end of the year and the response to tariff policies, but sustainability remains to be considered. If the policy is mild, it will not have much impact on inflation.

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