高盛：特朗普政府延长关税暂停期，同时暗示对部分美国贸易伙伴提高关税税率

Investment Rating - The report does not explicitly provide an investment rating for the industry discussed Core Insights - The Trump administration has extended the tariff deadline from July 9 to August 1, with potential higher tariff rates on 14 countries unless trade policy concessions are made [1][2] - The proposed tariff rates range from 25% to 40%, which could increase the US effective tariff rate (ETR) by approximately 1.4 percentage points if implemented [3][4] - The expectation is that these proposed rates will not take effect on August 1, although there is a risk that some countries may face higher rates temporarily [5] Summary by Sections Tariff Extensions and Proposals - President Trump signed an executive order delaying the tariff deadline to August 1, indicating that it is unlikely for US tariffs to rise in the interim [2] - Letters were sent to various countries, including Bangladesh, Japan, and South Korea, outlining potential tariff increases unless trade concessions are made [3] Impact on Effective Tariff Rate - The report estimates a baseline expectation of a 14 percentage point increase in the ETR this year, with about 9 percentage points already implemented [1] - The proposed tariff increases would replace the current 10% baseline tariff for the affected countries, leading to an overall increase in the ETR [3] Trade Partner Dynamics - The report notes that the Trump administration did not send similar letters to major trading partners like the European Union and India, suggesting these partners may be in a better position to negotiate [4] - There is an anticipation of sectoral tariffs being announced soon, particularly in industries such as pharmaceuticals and electronics [5]