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CITIC Securities pointed out that on May 2, the US officially canceled the tariff exemption for cross-border small packages. On May 12, China and the US issued a joint statement, stating that within 90 days, the US will reduce the tariff rate on Chinese goods from 125% imposed since April 2 to 10% (the total tariff rate since 2025 will be reduced from 145% to 30%). The rapid changes in tariff policies are driving the evolution of the industry ecosystem. CITIC Securities believes that the suspension of tax exemption for small packages may accelerate the industry ecosystem towards semi-licensed/3P models. The pause in "equal tariffs" has greatly relieved the operational pressure of cross-border sellers who previously relied on the general import model in the short term. However, in the medium to long term, tariff policy risks still exist against the background of China-US strategic competition. Cross-border sellers mainly cope with it by raising prices, transferring production capacity, and diversifying their layouts. Considering that the cancellation of equal tariffs this time exceeds expectations, it brings significant benefits to cross-border platforms and sellers.