策略专题报告：非美出海2.0：关税压力下的中欧突围

Core Insights - The report discusses the impact of the Trump administration's tariff policies, which have expanded beyond China to include Europe and other countries, indicating a restructuring of global trade chains [4][11]. - Under pressure from U.S. tariffs, non-U.S. regions are likely to strengthen trade relations to compensate for lost trade with the U.S. [17]. - The report identifies 14 categories of representative goods, highlighting that non-U.S. regions account for a significant share of exports in eight categories, with many showing higher export prices compared to the U.S. [23]. Group 1: Tariff Policies - The Trump administration's tariff policies have targeted not only China but also traditional allies like the EU, suggesting a broader strategy to reshape global trade [4][11]. - The report outlines specific tariff rates and affected trade volumes, indicating a significant impact on U.S. GDP and consumer prices [8]. Group 2: Trade Dynamics - The report emphasizes the changing export structure of China and Europe, with a notable shift towards non-U.S. markets [17]. - It highlights the potential for increased trade cooperation among non-U.S. regions as they seek to stabilize their external trade [17]. Group 3: Export Opportunities - The analysis of export data reveals that certain categories, such as oil vehicles, electric vehicles, and photovoltaic cells, have seen significant export growth to non-U.S. regions [23]. - The report constructs a "Non-U.S. Export 50" portfolio, focusing on companies with strong overseas operations and favorable pricing dynamics [4][23].