花旗：全球宏观策略-关税变革者 - 贸易调整

12 May 2025 15:57:32 ET │ 13 pages A c t i o n | Global Macro Strategy Tariff gamechanger – trade adjustments CITI'S TAKE The US dropping China tariffs from 145% to 30% represents an effective tariff rate change from 25% to 12%. This is a gamechanger for tactical risk. We cut our long standing EURUSD longs in GAA and GMS. We also take off our USDCNH call spread as the economic backdrop in China looks more benign now. We pay US rates to hedge our receivers in CA, NO, MX, and BR and add an UST UW to hedge our ...