According to Zhongjin analysis, on July 4, Trump officially signed the "Great Beauty Act," which will increase the fiscal deficit in the future, but part of the deficit can be hedged through tariff revenue; the act's impact on actual GDP in 2026 is within 0.5 percentage points, and its inflationary push will not exceed 0.15 percentage points; over the next decade, the combination of U.S. tariffs and tax cuts will increase the net deficit by about $1.3 trillion, and the deficit rate will remain around 6%; given the current low unemployment rate, moderate inflation, and healthy private sector balance sheets, there is no urgent risk to U.S. government debt.