Chris Waller, a governor of the US Federal Reserve Board, said on the 2nd that the tariff policy will become the main factor driving up inflation in the United States, and its impact on inflation may be most obvious in the second half of this year. Waller pointed out that there is considerable uncertainty in the US trade policy, and higher tariffs will reduce consumer spending and interfere with the production and operation of enterprises. According to the latest data released by the US Department of Commerce recently, the US personal consumption expenditure rose by 0.2% in April from the previous month, a significant slowdown from 0.7% in March. US media reported that personal consumption expenditure slowed down, mainly due to the increase in economic uncertainty caused by the changing tariff policy.