It's quite ironic to say that the one who has been wielding the tariff club has really shot himself in the foot this time.

On November 14th, the White House suddenly issued an announcement stating that it would cancel reciprocal tariffs on over 200 agricultural products, including everyday items like coffee, beef, and bananas. On the surface, it seems like a technical adjustment, but in reality? This is a complete policy surrender.

Let’s start with the wallets of ordinary people. Coffee prices have soared 18.9% this year, beef has risen nearly 13%, and even bananas are 7% more expensive than last year. This is not some abstract economic data; it’s the real bills sitting on American family dining tables. In September, the CPI rose 3% year-on-year. Although this is lower than the terrifying numbers from 2022, the prices of essential food items keep climbing. How can voters not be anxious?

I remember that previously, on Air Force One, that person confidently said, "Tariffs have nothing to do with inflation." And what happened? Now the policy has made a sharp turn, isn't this just an acknowledgment through action that the tariff war has been lost? No matter how beautifully the words are spoken, the grocery basket and the wallet cannot be deceived.

What’s worse is the result of the local elections. In the election in November, the Democratic Party swept the board with the slogan "Make Life Affordable." Voters spoke with their ballots—56% are not buying the current economic policies. Inflation anxiety has shaken the base, and this is no joke.

Looking at the list of exemptions this time, products like coffee and beef have all been carefully selected, clearly aimed at doing crisis management for the low- to middle-income groups. After all, these people are the key to the elections; they are the first to suffer when prices rise.

Ultimately, this tariff war has been a gamble from the very beginning. Now the bill has come, and the ones paying it are the ordinary people. Removing tariffs can relieve short-term price pressures, but the credibility and consistency of policies have already been shattered. What the market fears the most is the constant changes in orders; this indecisive attitude may cause more harm to the economy and financial markets than the tariffs themselves.