美国再加25%关税，特朗普提前庆祝，中国：抛售5000亿美债

Group 1 - The article discusses a new policy signed by Trump imposing a 25% "toll" on AI chips, which is expected to generate $264 billion annually for the U.S. government [1] - The policy distorts international trade, forcing companies like TSMC to reroute shipments of high-end chips, such as Nvidia's H200 and AMD's MI325X, through the U.S. to pay the toll [5] - The burden of the tariff primarily falls on U.S. importers, with 92% of the costs ultimately borne by them, leading to increased prices for AI startups [7] Group 2 - China's response to the U.S. policy has been strategic and measured, resulting in a significant reduction of approximately $70 billion in U.S. Treasury holdings by the end of November 2025 [11][13] - In November 2025 alone, China sold $6.1 billion in U.S. debt, marking the largest sell-off since the 2008 financial crisis, indicating a shift towards risk isolation [13] - China's gold reserves have increased to 74.12 million ounces, as the country shifts from dollar assets to gold, which is seen as a more stable store of value [15] Group 3 - The article highlights a significant increase in China's domestic AI chip market share from 12% to 27% by 2025, indicating a fundamental shift in the industry [20] - Companies like BYD and Xpeng are actively consolidating their positions in the market, with BYD acquiring Jabil's operations in Chengdu and Wuxi for $15.8 billion [20][22] - The U.S. semiconductor industry has seen a 28% decline in new investments, while Southeast Asia and Europe have experienced growth of 42% and 31%, respectively, indicating a shift in capital flows [22][24] Group 4 - The article argues that the U.S. attempts to manipulate the market through tariffs are pushing allies towards competitors and driving capital out of the country [24] - China's strategy in the photovoltaic sector includes maintaining high anti-dumping tariffs on U.S. polysilicon, aimed at securing control over upstream resources [24] - The narrative concludes that attempts to artificially segment the global market will ultimately backfire, emphasizing the importance of internal strength and open cooperation over trade barriers [26]