96% 关税成本由美国承担,抽干资金流动性致加密市场停滞

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ChainCatcher 消息,德国基尔世界经济研究所研究显示,2024 年 1 月至 2025 年 11 月期间征收的美国关税中,96% 的成本由美国消费者和进口商承担,外国出口商仅承担 4%,近 2000 亿美元关税收入几乎全部由美国国内支付。

研究挑战关税由外国生产商支付的政治说辞。实际上,外国出口商保持价格稳定但减少出货量,成本由美国进口商在边境支付后转嫁。仅约 20% 的关税成本在 6 个月内传导至消费者价格,其余由进口商和零售商吸收,挤压利润率。

而关税缓慢抽干可支配流动性,消费者和企业可用于投机资产的资金减少,导致加密市场自 10 月后既未崩盘也未上涨,进入流动性停滞期。

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