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总结
BBC综述称，关税冲击将在2026年继续重塑全球经济：以美国特朗普时期关税及其延续效应为代表的贸易壁垒，正影响跨境供应链重组、企业选址与投资决策，部分成本通过价格传导至消费者，也推动贸易改道与本地化。多家研究与媒体解读指出，关税对通胀、增长与市场预期的影响并非线性，甚至可能在特定条件下抑制通胀。政策部门与市场参与者需在产业保护、物价稳定与地缘摩擦之间权衡其长期后果。
正文
How tariff disruption will continue reshaping the global economy in 2026 BBC What Can History Tell Us About Tariff Shocks? Federal Reserve Bank of San Francisco Why the impact of tariffs may not be what you think Axios Tariffs may lower inflation, SF Fed research suggests Reuters Trump's trade tariffs are turning out to be a huge dud and Wall Street is pretty happy about it Fortune
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