美联储货币政策的外溢性影响一直是一个重要的经济学研究课题，当前，美联储正在新一轮快速加息过程中，其影响将直接作用于我国经济增长三驾马车之一的出口，因此本文锁定美联储加息对中国对美国出口贸易影响为研究主题，以2017年以来两次加息的情况作为对照，尝试研究美联储加息的溢出影响，以及其传导至我国出口金额的具体传导路径，并结合研究结果有针对性地提出了宏观与微观层面的政策建议。本文的主要研究方法包括理论分析法与实证分析法，理论分析法部分主要基于蒙代尔-弗莱明模型框架，分析得出了美联储加息将主要通过利率、汇率、美国市场需求及中国制造业产出四个方面影响中国对美出口总额，并结合现实情况进行了定性分析。在实证分析部分，本文则借助OLS回归模型，论证了两次加息过程中影响因素的差异。本文的研究结果表明，在2017年的加息周期中，美国市场个人消费支出、美元对人民币汇率以及中国制造业企业产能利用率共同作用于中国对美国出口金额，产生显著正向影响；而在本轮加息过程中，美国个人消费支出的正向显著影响与利率的负向应响构成了更为重要的影响因素；本文研究的创新性体现在研究美联储货币政策外溢性影响的视角主要聚焦中国对美国出口这一领域，同时引入最新加息周期数据进行实证。

The spillover effect of Federal Reserve monetary policy has always been an important topic in economic research. Currently, as the Federal Reserve is in the process of a new round of rapid interest rate hikes, its impact will directly affect one of the three engines of China‘s economic growth - exports. Consequently, this paper focuses on the impact of the Federal Reserve‘s interest rate hikes on China‘s exports to the United States. The study uses the circumstances of two interest rate hikes since 2017 as control scenarios to investigate the spillover effects of the Federal Reserve‘s interest rate hikes, as well as the specific transmission path to China‘s export amount. Based on the research results, targeted policy suggestions are proposed at both the macro and micro levels.The main research methods of this paper includeincludee theoretical analysis and empirical analysis. The theoretical analysis is primarily based on the Mundell-Fleming model framework. It concludes that interest rate hikes by the Federal Reserve will primarily affect China’s total exports to the United States through four aspects: interest rates, exchange rates, U.S. market demand, and Chinese manufacturing output. This is followed by a qualitative analysis in light of actual circumstances. In the empirical analysis section, this paper utilizes the OLS regression model to demonstrate the differences in influencing factors during the two interest rate hike processes.The research results of this paper indicate that during the 2017 interest rate hike cycle, U.S. market personal consumption expenditure, the USD/RMB exchange rate, and China‘s manufacturing industry capacity utilisation rate all acted jointly on China‘s export amount to the United States, generating significant positive impact. However, during the current interest rate hike process, the significant positive impact of U.S. personal consumption expenditure and the direct negative response of interest rates constitute more critical influencing factors. The novelty of this study is reflected in its focus on the spillover effects of the Federal Reserve‘s monetary policy, with particular emphasis on China‘s exports to the United States. Additionally, it incorporates data from the latest interest rate hike cycle for empirical analysis.