第二次特朗普政权令华盛顿充满畏惧的背景，是白宫内部的高度团结。在特朗普第一次政权 时期，特朗普曾多次解雇总统幕僚长这一核心职位，导致局势混乱。而现在的白宫，聚集着 誓死效忠特朗普、严密监视华盛顿"背叛者"存在的"五人帮"…… "这简直不像现实，对美国是极大的损失"，曾在美国智库"威尔逊中心"工作的玛丽索尔女士 在今年4月失去了工作。因为该中心被特朗普总统下令切断联邦政府的资金援助，事实上被迫 关闭。 不能写批评政府的报告 玛丽索尔女士是气候变化与安全保障的专家，在5月得以在华盛顿的另一家智库继续研究工 作。但放眼四周，许多前同事仍在为找工作而奔波。 以外交政策为主进行政策建议的"威尔逊中心"，是1968年由联邦国会设立的，曾拥有约130 名员工。虽标榜为"跨党派运营"，却被特朗普政府视为自由派色彩浓厚的"反体质派"。 | 在特朗普政府下,实际上关闭的组织 | | | --- | --- | | 威尔逊中心 | 由联邦国会于1968年设立 的智库。主要负责外交政 | | | 策的分析与制定。 | | 美国国际开发署 | 向海外提供人道援助和开 | | (USAID) | 发支援的政府机构。 | | 消费者金 | ...

编者荐语： 对于北约成员国来说，这次北约峰会算得上大获成功，因为美国总统特朗普不仅没有威胁退 出北约，甚至都没有发脾气。 日本经济新闻社与金融时报2015年11月合并为同一家媒体集团。同样于19世纪创刊的日本和英国的两家 报社形成的同盟正以"高品质、最强大的经济新闻学"为旗帜，推进共同特辑等广泛领域的协作。此次， 作为其中的一环，两家报社的中文网之间实现文章互换。 以下文章来源于FT中文网 ，作者张冬方 在全球贸易秩序被扰乱的形势下，在与特朗普打交道只能靠取悦和满足他的情况下，欧 盟开始考虑不与特朗普打交道的选项。 文丨FT中文网专栏作家 张冬方 FT中文网 . 英国《金融时报》集团旗下唯一的中文商业财经网站，旨在为中国商业菁英和决策者们提供每日不可或 缺的商业财经资讯、深度分析以及评论。 资料图（reuters） 自从特朗普上台以来，世界不再寂寞，而欧洲大陆经受了 一波接起一波 的特朗普冲击波， 从安全政策到关税贸易，再到民主价值观。和美国总统之间打交道也逐渐沦为如何投特朗普 之所好、如何才能不犯逆鳞。 阅读更多内容请点击下方" 阅读原文 " （本文由FT中文网提供） ...

特朗普5月访问中东时，曾有30多名企业经营者随行，达成了超过2万亿美元的交易。如果此 次访华得以成行，可能会与当时的情况十分相似。 为了征求关于访华的建议，美国国务院于6月初接触了具有中国商务经历的企业经营者。这些 企业家给出的建议甚至包括如何上茶及接茶等细节。 特朗普访问中东时有30多名企业家同行（5月，Reuters） 为了征求关于访华的建议，美国国务院于6月初接触了具有中国商务经历的企业经营者。这些企业家给 出的建议甚至包括如何上茶及接茶等细节…… 据悉，美国总统特朗普正在考虑在2025年下半年与数十名企业经营者组成的代表团一同访问 中国。在特朗普6月26日宣布与中国签署了贸易协定后推进了准备工作，但具体细节尚不明 确。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 日经中文网 https://cn.nikkei.com 视频号推荐内容： 访华计划体现出美国对华态度的转变。不再以更加强硬态度来迫使中国做出让步，而是正在 换成耐心进行可控谈判来规避风险的方式。 Nikkei Asia 森安健 华盛顿报道 ...

Core Viewpoint - Honda has halted the development of a large electric SUV as part of its EV strategy due to a slowdown in demand in the U.S. market and concerns over U.S. policies that may further delay EV adoption [1][2]. Group 1: Honda's Strategy Shift - Honda plans to reduce its EV-related investment from 10 trillion yen to 7 trillion yen by 2030, with the suspension of the large SUV development being a significant part of this adjustment [3]. - The company will increase production of hybrid vehicles (HV) that are expected to be more profitable, aiming to launch 13 new models globally over the next four years starting in 2027, targeting a sales volume of 2.2 million units by 2030, which is 2.2 times the planned sales for 2025 [3]. Group 2: Industry Trends - The trend of automakers adjusting their EV plans is widespread, with Ford also withdrawing from large EV development and Nissan halting the development of two EV models originally planned for production in the U.S. [3]. - Toyota has postponed its plan to launch a pure electric SUV from 2026 to 2028, reflecting similar strategic shifts in the industry [4].

Core Viewpoint - The price of 8GB DDR4 DRAM has surged over 2 times in the past month, driven by expectations of reduced global supply as major manufacturers like CXMT plan to phase out DDR4 production in favor of newer technologies like DDR5 [1][2][4]. Group 1: Price Trends - As of June 25, the price of 8GB DDR4 was approximately $4.9, which has recently increased to around $4.65 by June 27 [2]. - The current price surge is attributed to reports that CXMT is preparing to phase out DDR4 production by mid-2026, leading to heightened expectations of supply reduction [2][4]. Group 2: Market Dynamics - CXMT is following major DRAM players like Samsung, SK Hynix, and Micron in the production of DDR4, while also facing pressures from U.S.-China trade tensions [3]. - There is a belief that CXMT's market share will approach 15% this year as it shifts focus towards next-generation products [4]. Group 3: Trading Behavior - The current price increase has led to a reduction in sellers betting on DDR4, with intermediaries actively purchasing [5]. - Most DRAM transactions are conducted through bulk trades between manufacturers and equipment/module manufacturers, with the spot market serving as a short-term supply and demand indicator [4][5]. Group 4: Future Expectations - The ongoing transition of major manufacturers to new products is expected to continue driving up prices in the bulk trading market [6].

Core Viewpoint - Japan Steel aims to reclaim its position as the world's leading steel producer within the next decade, with plans to increase crude steel production by 60% to 100 million tons, focusing on significant investments and strategic acquisitions to compete with Chinese companies [1][3]. Group 1: Strategic Plans and Investments - Japan Steel's CEO, Eiji Hashimoto, announced plans to increase crude steel production by over 20 million tons within the next 10 years, with a target production of 14.18 million tons in 2024 [3][5]. - The company will invest approximately $11 billion by 2028, building on the $14.1 billion acquisition of the U.S. Steel Company, and will focus on advanced equipment investments, including electromagnetic steel plates [3][5]. - Japan Steel aims to double its market share in the U.S. from about 15% by competing with Cleveland-Cliffs, the second-largest steel company in the U.S. [3][5]. Group 2: Market Dynamics and Competition - The U.S. steel industry is facing a long-term decline, with a significant shortage of skilled technicians, prompting Japan Steel to send 40 technical personnel to the U.S. to reduce costs [3][4]. - Japan Steel is concerned about China's potential overcapacity in steel production and its aggressive pricing strategies, which could threaten market share in emerging markets like India and Vietnam [5][6]. - The company has formed a joint venture with ArcelorMittal in India, aiming to increase crude steel production by 15 million tons over the next decade, positioning itself against Chinese competitors [5][6]. Group 3: Future Outlook and Technological Development - Japan's domestic steel demand is expected to decline, with projections suggesting it may fall below 40 million tons in the future, leading Japan Steel to focus on overseas markets for growth [6]. - The company plans to increase the number of technical personnel in the U.S. to 100 and expand opportunities for experience accumulation in India and Europe [6]. - Hashimoto emphasized the necessity of increasing production to maintain and develop technology, indicating interest in future mergers and acquisitions [6].

Group 1 - The core viewpoint of the articles is that Vietnam and the United States have reached a trade agreement, where Vietnam will reduce tariffs on U.S. imports to zero, while the U.S. will lower reciprocal tariffs to 20%, significantly less than the initially proposed 46% [1][2] - The agreement aims to curb the circumvention of U.S. tariffs by Chinese companies exporting through Vietnam, with a 40% tariff on products exported to the U.S. after being processed in Vietnam [1][2] - Vietnam's strategy is to maintain cost competitiveness as a candidate for foreign companies looking to relocate production bases from China under the "China+1" strategy [1] Group 2 - The agreement is seen positively by Vietnam, with local economists noting that a 20% tariff is acceptable compared to the initially expected higher rates [2] - The trade dynamics in Southeast Asia are varied, with countries like the Philippines benefiting from lower tariffs and increased foreign investment, while Thailand is lagging in negotiations with the U.S. [2] - Thailand is set to hold discussions with the U.S. to expand imports and enforce stricter origin certification, indicating a proactive approach to improve its trade position [2]

Core Viewpoint - The article highlights the significant increase in crude oil transportation from Canada's West Coast, particularly to China, indicating a diversification of oil procurement sources for China and a reduced reliance on the Middle East [1][3][4]. Group 1: Crude Oil Transportation Statistics - In March, crude oil transportation from Canada's West Coast reached 530,000 barrels per day, a tenfold increase year-on-year, marking the highest level since records began in 2013 [3]. - The majority of this transportation is for export, with a notable portion heading to China, which accounted for over 60% of the maritime transport volume by May 2025 [1][3]. - The transportation capacity from Alberta to the North American West Coast has been enhanced, allowing for an increase in crude oil transport capacity to 890,000 barrels per day, tripling the previous capacity [3]. Group 2: Market Dynamics and Implications - The increase in Canadian crude oil exports is attributed to improved transportation capabilities and a strategic shift in China's oil import policies, which have seen a decrease in reliance on the Middle East from an average of 47% (2019-2023) to 44% in 2024 [3][4]. - The diversification of oil sources is further supported by China's increasing imports from countries like Brazil, indicating a conscious effort to reduce dependence on Middle Eastern oil [4]. - Japan's imports of Canadian crude oil remain minimal, primarily due to the heavy nature of Canadian crude, which is less efficient for Japan's refining needs compared to lighter crude [4].

Core Viewpoint - The U.S. government is easing export restrictions on semiconductor design software to China, indicating a potential thaw in U.S.-China trade relations and a strategic shift in export policies [1][2]. Group 1: Export Restrictions and Easing - The U.S. has decided to lift the semiconductor design software export restrictions imposed in May, with companies like Synopsys and Cadence Design Systems receiving notifications from the U.S. Department of Commerce [1]. - Major companies in the electronic design automation (EDA) tools sector, including Synopsys, Cadence, and Siemens, are now able to resume supply to China [1][2]. - The easing of restrictions is part of a broader trend, as the U.S. has also lifted restrictions on ethane exports to China, allowing companies to export without additional licenses [2]. Group 2: Market Share and Competitive Landscape - Synopsys holds a 32% share of the global EDA tools market, while Cadence has a 29% share, indicating a strong presence of U.S. companies in this sector [2]. - The lack of significant progress in China's self-sufficiency in design software makes the U.S. export restrictions particularly impactful [2]. Group 3: Strategic Implications - The U.S. government's decision to ease restrictions is seen as a gesture to encourage concessions from China in trade negotiations, potentially avoiding retaliatory measures that could disrupt the U.S. economy [2]. - Ongoing discussions between the U.S. and China regarding trade issues have led to agreements on mutual easing of export restrictions, with implications for future policies on rare earth and semiconductor exports [2].

Group 1 - As of early May 2025, the number of private space-related companies in India has reached 172, making it the second-largest group after the United States, which has 825 companies [1][2] - The Indian government allowed private enterprises to enter the space sector in 2020, leading to rapid market expansion and increased satellite launches [1][2] - The Indian Space Research Organisation (ISRO) has a strong foundation of technological accumulation, which has facilitated the rise of private companies [1][2] Group 2 - Funding for Indian space companies has surpassed that of the UK and Japan, with a total of approximately $240 million since 2023, nearing Japan's $340 million [2] - India has a vast talent pool with over 1.4 billion people, and ISRO employs nearly 20,000 staff, which is more than NASA and significantly more than JAXA [2] - The ecosystem for space-related talent and companies is expanding, with top researchers providing support to startups [2] Group 3 - The global space industry is projected to grow to $944 billion by 2033, up from $596 billion in 2024, indicating a significant market opportunity [3] - India is positioned as a leader in the "Global South," maintaining a high economic growth rate of 7% to 8% annually, with its nominal GDP expected to surpass Japan by 2025 [3] - The trend of private enterprises collaborating in the space sector is anticipated to be a forefront development in the future [2][3]