中美日内瓦经贸会谈联合声明点评：中美相互关税水平下降，风险偏好有望提升

Group 1: Tariff Changes - The cumulative tariff imposed by the US on Chinese goods in 2025 is 30%[1] - As of April 2, 2025, the US increased tariffs on Chinese goods by 34%, with 24% of that suspended for the initial 90 days[1] - The average tariff level in the US rose from 3.3% to 13.3%, surpassing Brazil (11.2%), China (7.5%), the EU (5%), and Vietnam (9.4%)[1] Group 2: Market Reactions - Following the joint statement on May 12, 2025, domestic equity markets reacted positively, with major indices like Wind All A, Hang Seng Index, and FTSE China A50 rising by 1.30%, 2.98%, and 0.88% respectively[6] - The 10-year government bond futures fell by 0.46% after the announcement[6] - The US dollar index strengthened significantly, while the Japanese yen, euro, and British pound depreciated against the dollar; however, the Chinese yuan appreciated against the dollar[6] Group 3: Investor Sentiment - The joint statement is expected to enhance market investors' risk appetite, potentially benefiting the domestic equity market in the future[6] - There are risks associated with the US tariff actions, including increased inflation expectations and a higher probability of economic recession in the US[7]