中美谈判翻脸告终！贝森特放话全世界孤立中国，美国通报全球

Economic Overview - The U.S. GDP fell by 0.3% in Q2, with a staggering fiscal deficit of $1.8 trillion, indicating significant pressure on the real economy [2] - In contrast, China's total import and export value reached 21.79 trillion yuan, growing by 5.3% year-on-year, with a stable GDP growth rate of 5.3% in Q2 [2] - China's economic structure is undergoing a positive transformation, with the contribution of real estate to GDP decreasing from 17% to 7%, indicating new growth engines driving economic development [2] Trade Relations - Following the latest round of U.S.-China trade negotiations, U.S. Treasury Secretary Yellen dramatically shifted her stance, claiming that "China's economy is facing collapse," contrasting sharply with previous discussions of "mutual respect" [2][4] - The U.S. has imposed punitive tariffs on steel and aluminum products from dozens of countries, with Mexico receiving a 90-day grace period while European allies face significant tariff increases [3] - The U.S. maintains a 10% baseline tariff and has suspended additional 24% punitive tariffs, creating uncertainty in U.S.-China trade relations [6] Market Dynamics - Despite claims that "the world is unwilling to buy Chinese goods," data shows that seven out of the top ten e-commerce sales in Southeast Asia in July were Chinese electronic products, and the EU recently finalized a procurement order for 8 GW of Chinese solar panels [6] - The trade war has entered a new phase, with the U.S. attempting to leverage issues beyond economic frameworks, such as the Russia-Ukraine conflict, which was met with strong resistance from China [8] - The resilience of supply chains has been tested, with German automakers shifting production to Mexico and Samsung increasing investments in Chinese chip factories, highlighting the limitations of U.S. strategies to isolate China [8] Conclusion - The ongoing trade war has reached a midpoint where traditional tactics of using tariffs to coerce compliance are proving ineffective, as countries have adapted to navigate around these barriers [8] - The market's response to shifting narratives and the underlying economic resilience of nations will play a crucial role in the future dynamics of international trade [8]