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  在美国总统特朗普关税政策的冲击下,美国消费者首当其冲。当地时间4月14日,纽约联储公布的报告显示,消费者们对未来一年的通胀预期明显上升,对就业前景的评估也在恶化,美联储的“双重使命”遭遇重大挑战。

  具体来看,受访者对未来一年通胀预期中值上升0.5个百分点至3.6%,为两年来的最大单月涨幅,三年期通胀预期稳定在3%,五年期通胀预期从2月的3%降至2.9%。

  此外,预计失业率在一年后会上升的概率飙升至44%,上升了4.6个百分点,达到2020年4月以来的最高水平。将近三分之一的家庭预计一年后的财务状况将变得更糟,是2023年10月以来的最高比例。

  实际上,关税是对美国消费者征收间接税,在特朗普第一个任期内,关税的影响就几乎全数转嫁给了美国消费者。随着特朗普2.0关税冲击再度升级,这次美国消费者可能将承受更大的痛苦。

图片来源:新华社

  通胀预期飙升

  相对于纽约联储4月14日公布的3月消费者调查报告,4月11日密歇根大学消费者调查的通胀预期更加严峻。

  4月密歇根大学消费者信心指数初值为50.8,跌至有记录以来第二低。短期和长期通胀预期则飙升至数十年高点,消费者预计未来一年通胀为6.7%,为1981年以来的最高水平;未来五到十年通胀预期将达到4.4%,为1991年以来的最高水平,长期通胀预期指标相对稳定。

  在关税风暴下,美国家庭正遭受潜在物价飙升与供应短缺的双重夹击。据央视新闻报道,42岁的安娜·伍兹最近收到了儿子夏令营发的通知,提醒家长受关税影响,T恤等夏令营装备可能会涨价。安娜·伍兹说:“我觉得我们生活在一个不确定的时代,唯一能确定的是我需要囤点东西,什么都在涨价。”74岁的克里斯蒂娜·蒙托亚说,由于担心涨价,最近她一直在囤罐头食品和冷冻水果。

  耶鲁大学预算实验室(BudgetLab)研究中心预测,在美国,服装价格在短期内可能会飙升60%以上,基本药品价格可能上涨12%,食品价格上涨2.6%。总而言之,由于关税政策,普通美国家庭将面临大约4700美元的成本上涨。许多经济学家认为,这将对美国这种由消费拉动的经济产生重大影响。

  对于关税政策的冲击,美国前财政部长萨默斯指出,特朗普的关税政策对中产阶级家庭造成的冲击是20世纪70年代以来最大的,特朗普政府的关税计划“完全没有考虑周全”。

  从历史经验来看,通胀影响的时长仍有待观察。申万宏源证券首席经济学家赵伟对记者表示,关税可能导致美国通胀上涨1.4个百分点。2018年经验显示,关税对通胀增速构成一次性冲击。2018年2月,美国对洗衣机征收最低20%的关税,美国洗衣机价格增速在五个月内出现快速跳涨,涨幅与关税税率接近,达22个百分点。价格上涨维持了9个月,随后下跌,间隔17个月后降至原有增速。

  官方层面,美联储理事沃勒表示,如果特朗普计划的全部关税措施继续实施,其对通胀的影响可能仍然是暂时的,但对产出和就业的影响可能会更持久。“如果经济放缓明显,甚至出现经济衰退,那么我预计会更早、更大幅度地支持降低政策利率,而不是我之前所想的那样。”

  从中长期看,美联储更担心经济风险。沃勒坦言,如果美联储同时面临经济迅速放缓和通胀居高不下的局面,那么经济衰退的风险将超过通胀升级的风险。特朗普政府的关税政策是对美国经济的重大冲击,可能导致美联储即使在通胀居高不下的情况下也要降息以避免经济衰退。

  经济警报不绝于耳

  一年前,几乎所有人都预期美国经济会软着陆。但如今,特朗普的关税政策逆转了经济前景,美国企业普遍悲观。

  行业组织ChiefExecutive称,在4月份接受调查的300多名CEO中,62%的人表示,他们预测未来六个月将出现不同程度的经济衰退,这比3月份的48%有所上升。约四分之三的受访CEO表示,关税将在2025年损害他们的业务。大约三分之二的人表示,他们不支持特朗普提议的征税。

  华尔街警告声已经不绝于耳。高盛首席执行官DavidSolomon提醒,在贸易政策不确定性加剧、许多CEO对如何规划未来感到迷茫之际,美国经济衰退的可能性正在上升。未来将面临更多挑战,新一轮关税政策给企业带来诸多未知因素。“我们进入第二季度时,所面临的经营环境与年初相比已经明显不同。”

  据央视新闻报道,2025年4月10日,美国政府宣布对中国输美商品征收“对等关税”的税率进一步提高至125%。国务院关税税则委员会11日公布公告,自2025年4月12日起,调整《国务院关税税则委员会关于调整对原产于美国的进口商品加征关税措施的公告》(税委会公告2025年第5号)规定的加征关税税率,由84%提高至125%。

  赵伟分析称,美国对华征收125%关税、对全球加征10%关税,对美国GDP的冲击或为3个百分点。关税通过消费、投资、财政、贸易四个途径影响美国经济。关税大幅上升时,消费者的价格敏感性可能会表现出非线性变化,进一步提高关税对美国的边际影响可能降低。

  历史经验显示,若关税进一步加大,需警惕衰退风险。1930年6月,时任美国总统赫伯特·胡佛签署了《斯穆特-霍利关税法》,将美国关税税率提高至20%,加剧了美国经济衰退,关税在美国经济走弱的基础上产生需求收缩效应,美国CPI增速从1930年4月的0.6%降至1931年11月的-10.4%。

  不确定性阴霾笼罩

  鉴于特朗普的政策朝令夕改,未来仍存在巨大不确定性。

  据央视新闻报道,美国海关与边境保护局4月11日晚宣布,美国联邦政府已同意对智能手机、电脑、芯片等电子产品免除所谓“对等关税”。海关与边境保护局发布的文件显示,这些产品被排除在政府对贸易伙伴实施的所谓“对等关税”之外。豁免的产品适用于4月5日以后进入美国的电子产品,已经支付的“对等关税”可以寻求退款。

  但随后特朗普政策又出现了反复。据参考消息报道,特朗普4月13日警告说,尽管部分关税暂缓90天征收,但没有哪个国家能在关税问题上“脱身”,同时也淡化了对中国高科技产品关税的豁免。这种豁免可能是短暂的,一些获得豁免的消费电子产品即将被征收特定行业关税,被认为对美国国防网络至关重要的商品将被征收这一关税。

  不确定性正是最大的风险。明尼阿波利斯联储主席卡什卡利表示,特朗普的贸易战最终是否会带来经济衰退?这将取决于能否“迅速解决”与主要贸易伙伴之间的不确定性,问题越快解决,就越能恢复信心,他希望能够降低经济衰退可能性。

  PIMCO(品浩)经济学家TiffanyWilding对21世纪经济报道记者表示,特朗普政府已采取激进的早期措施解决贸易逆差并缩减政府规模,当前政策波动性是否会演变为更稳定的战略仍不明朗。随着企业与消费者信心同步下滑,美国经济“例外优势”可能逐渐消退。美国保护主义政策叠加政府削减开支预期,加剧了对美国经济衰退风险与通胀卷土重来的担忧。

  1890年以来,美国对外共实施过7次大型的贸易战,均为共和党总统发起。赵伟表示,贸易战的结局大致有三种:一是美国国内反对声音加大,执政党选举失败,美国主动退出高关税,如麦金利关税、丁格利关税、斯穆特-霍利三次全球关税战;二是美国达成贸易战目标,主动停战,如20世纪80年代美日贸易冲突,此类贸易战范围小,目标集中,与今年情形差别较大;三是WTO框架下裁决美国违法,如2002年美欧钢铁贸易战。

  展望未来,特朗普的全球贸易战大概率将失败。赵伟分析称,1890年以来,美国对全球发起的三次贸易战未有成功先例。美国四年左右的政治周期导致负面反馈难以快速到来,短期内制约特朗普的力量或更多地集中在金融市场风险上。

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