本周，美股面临双重考验

Core Viewpoint - The article discusses the impact of Trump's tariff policy on the market, highlighting a decline in U.S. stock indices and a shift towards safe-haven assets like gold due to increased tariffs on imports from the EU and Mexico [1][3]. Economic Data and Market Reactions - The U.S. stock market is facing significant tests this week with the upcoming release of June CPI and PPI data, as well as the commencement of the earnings season for major banks [3][4]. - The market anticipates that the CPI year-on-year rate will rise from 2.4% in May to 2.7% in June, while core CPI is expected to rebound from 2.8% to 3% due to companies passing on tariff-related costs to consumers [3]. Federal Reserve Insights - The Federal Reserve will release its Beige Book, which summarizes economic conditions across 12 districts, providing insights for monetary policy decisions. The term "tariff" appeared 122 times in the last report, indicating its significance in current economic discussions [3]. Corporate Earnings Season - Major financial institutions such as JPMorgan Chase, Citigroup, Wells Fargo, and BlackRock are set to report their earnings this week, marking the beginning of the second-quarter earnings season [4]. EU's Response to U.S. Tariffs - The European Commission President, Ursula von der Leyen, announced an extension of the suspension period for retaliatory tariffs against the U.S. until early August, emphasizing a preference for negotiation over escalation [5][6]. - Despite the extension, there are internal doubts within the EU regarding the effectiveness of this approach, with some officials questioning whether further concessions are appropriate given the current U.S. stance [6].