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【Asian stock markets dragged down by tariff concerns as investors weigh economic risks in Europe and the United States】 1. Asian stock markets generally fell on Tuesday, with the MSCI Asia Pacific Index (excluding Japan) falling 0.7%, and the Nikkei Index and A-share blue chips closing down 0.8% and 0.1% respectively. The market is concerned about the impact of the new US-EU tariff agreement on economic growth. Although the Trump administration has reduced the EU tariff rate from the initial threat of 25% to 15%, it is still a significant increase from the previous low rate of 1%-2%. The leaders of France and Germany warned that this move would suppress the economy, causing European stocks, bond yields and the euro to weaken simultaneously. The euro fell 1.3% to 1.1584 against the US dollar on Monday, the largest single-day drop since mid-May. 2. Trump also announced that he would impose a "global tariff" of 15%-20% on trading partners that did not reach an agreement. JPMorgan Chase pointed out that this move could weaken the US's free trade leadership and push the risk of a US recession to 40%. In addition, oil prices continued to rise due to geopolitical tensions, with Brent crude oil reaching $70 per barrel, mainly because Trump shortened the deadline for sanctions on Russian oil. 3. In the European and American markets, the European Stoxx 50 futures rebounded slightly by 0.2%, while Wall Street stock index futures rose slightly due to the expected positive earnings reports of technology giants. Investors are paying attention to the Federal Reserve's interest rate meeting, which is expected to keep interest rates unchanged, but may release signals of inflation concerns. The US second quarter GDP data is also attracting attention, and is expected to grow by 2.4% month-on-month, a significant improvement from the 0.5% contraction in the first quarter.