According to online reports, Moody's rating said that uncertainties in tariffs and global trade have increased credit risk in the Asia-Pacific region, and the company downgraded the region's sovereign credit outlook from stable to negative. Tariffs pose long-term credit risks to some Asia-Pacific economies, undermining their attractiveness and discouraging foreign investment. Fiscal spending may increase to help economic growth and slow or stop fiscal consolidation. Falling incomes-especially for trade-intensive countries-will further restrict flexibility, while widening deficits will increase borrowing needs. If trade talks significantly reduce tariffs, Moody's will turn the outlook back to stability. Conversely, escalating tariffs, sharply rising interest rates, or continuing geopolitical conflicts will exacerbate the situation. (Jin Shi)