关税大降，五点解读

Group 1: Tariff Changes - China's tariff on U.S. imports decreased from 125% to 10%, while the U.S. tariff on Chinese imports dropped from 145% to 30%[1] - The previous market expectations for tariff rates were between 45% and 54%, indicating a significant reduction beyond expectations[1] - The weighted average tariff rate for U.S. imports from China in 2024 is approximately 10%, slightly lower than the 12% calculated based on 2017 import values[2] Group 2: Trade Impact - U.S. imports from China increased by 8.9% during the three weeks following the tariff imposition, averaging $1.24 billion per day[4] - The reduction in tariffs is expected to restore trade to a relatively normal state, although the current 30% tariff is still higher than last year's 12%[3] - High-tech products, previously subject to a 25% tariff, now face a combined tariff of 55%, which may limit the decline in exports to the U.S.[5] Group 3: Market Reactions - The capital market may experience a boost in risk appetite, with short-term stock market performance expected to strengthen[7] - International gold prices have retreated over 3%, nearing the low point of $3,202 per ounce observed on May 1[8] - U.S. Treasury yields for 10-year and 30-year bonds rose by 5-6 basis points following the tariff reductions, with yields reaching 1.68% and 1.94% respectively[8]