Morgan Stanley's chief economist for China, Xing Ziqiang, stated that although Trump's rhetoric on raising tariffs is rampant, the actual implementation process may be phased and relatively mild. This is because the current USA economy is quite different from that during Trump's first term. With the current high inflation and high fiscal deficit rate in the USA, it is very difficult for Trump to fully realize his three major policy initiatives: raising tariffs externally, reducing taxes domestically, and strictly controlling immigration.