According to online reports, Morgan Stanley said,"Tariffs are unlikely to restructure the U.S. economy in the way the Trump administration wants." Analysts said in a research note that the imbalance between savings and investment in the United States has contributed to the country's trade deficit and is unable to achieve meaningful rebalancing in the short term. The most likely result of tariffs is isolationism, which equates to higher inflation and lower growth. Initial reactions from financial markets suggest they agree with this view. President Trump's policies amount to a return to protectionism, with effective tariffs on U.S. imports likely rising to 22%, a level not seen in a century and more than double what analysts expected at the beginning of this year. The risk of a recession has risen sharply. (Jin Shi)