Chris Waller, a member of the Federal Reserve Board, said on the 2nd that tariff policy will become the main factor pushing up U.S. inflation, and its impact on inflation may be most evident in the second half of this year. Waller pointed out that there is considerable uncertainty in U.S. trade policy, and higher tariffs will reduce consumer spending and disrupt corporate production and operations. According to the latest data released by the U.S. Department of Commerce recently, U.S. personal consumption expenditures rose by 0.2% month-on-month in April, a significant slowdown from 0.7% in March. U.S. media reported that the slowdown in personal consumption expenditures was mainly due to the increased economic uncertainty caused by the changing tariff policies.