QQQs +13bps as Trump said last night US and Japan finally reached a deal which would impose 15% tariffs (vs previous 25% threat) on imports including autos, while Japan will invest $550B into the US and open their market to certain goods. Nikkei +4% and in Asia and Europe, autos rallied with Toyota +15%. Bessent also said yesterday US and China will hold 3rd round of trade talks next week. QQQ 指数上涨13个基点,因特朗普昨夜宣布美日最终达成 将对包括汽车在内的进口商品征收 15%关税（此前威 协议, 胁税率为 25%），同时日本将向美国投资 5500 亿美元并开 放部分商品市场。日经指数大涨 4%，亚欧汽车板块集体走 ...

Core Insights - Toyota Motor Corp benefited from a new 15% tariff on imported vehicles, resulting in an 8% surge in its stock price [1] - American automakers like Ford, GM, and Tesla face higher costs due to additional tariffs on materials and parts, making their situation more challenging compared to Toyota [2][3] - The U.S. trade policy, intended to boost American manufacturing, may inadvertently disadvantage U.S. automakers while benefiting Toyota [3][4] Group 1 - The 15% tariff on imported vehicles has led to a significant stock increase for Toyota, highlighting a favorable market response [1] - American automakers are facing compounded costs from various tariffs, including a 50% increase for steel and copper, and 25% tariffs on parts from Canada and Mexico [2] - Tesla is also affected by rising material costs, despite its global supply chain [2][5] Group 2 - Toyota's diversified supply chain and greater U.S.-based manufacturing allow it to better navigate the new tariff environment compared to its American competitors [4] - The market reaction indicates a clear division, with Toyota's stock rising while Ford and GM's stocks remain relatively stable [5] - The current tariff policy serves as a stock catalyst, particularly benefiting Toyota in the short term [5]

US-Japan Trade Agreement - The US and Japan have reached a trade agreement involving reciprocal tariffs, particularly on autos, with Japan proposing an innovative solution involving equity, credit guarantees, and funding for major projects in the US [5][6] - Japan will provide new capital targeted at strategic industries in the US to de-risk supply chains, especially in areas like medicine and semiconductors [6][7] - The agreement includes a 15% tariff rate for Japan, specifically for reciprocal tariffs on autos, which is linked to Japan's innovative financing mechanism [5][6] - The 15% tariff rate for Japan is considered a result of their innovative package, with President Trump pushing them to do even more [10] US-EU Trade Relations - The EU has not yet presented an innovative package similar to Japan's, but trade talks are progressing [11] - The EU is reportedly preparing to impose 30% tariffs on €100 billion (approximately $107 billion USD) worth of goods if no deal is reached [12] - The US views itself as a deficit nation compared to the EU's surplus, suggesting that trade escalations would impact the EU more [13] US-China Trade Relations - The US is in a good place with China and can start moving on to bigger discussions, with the potential for a rebalancing of the US-China relationship [14][15] - The US aims to bring back precision manufacturing and wants China to become more of a consumption economy [15] - Discussions with China will include purchasing agreements, especially for agriculture, with a focus on rebalancing the trade relationship [16][17] - Regular meetings with China are planned, with no desire to decouple but a need to de-risk part of the US supply chain [19] Federal Reserve and Monetary Policy - The Treasury Secretary believes the Federal Reserve's analysis of tariffs is off, as they have seen very little price pressure from tariffs [26] - The Treasury Secretary suggests the Federal Reserve should conduct an internal review to separate monetary policy from other activities [31] - The Treasury Secretary believes that regulation has been too stringent since the great financial crisis, leading to a build-up outside the regulated financial system, with private credit up ten times [36]

ROLE IT SHOULD PLAY. A♪ SHERY: THIS IS "THE ASIA TRADE." HAIDI: A COURSE IS OPEN AHEAD FOR ASIA AS INVESTORS AWAIT HIGH-STAKES U.S. MEGA CAP EARNINGS LOOKING FOR EVIDENCE THE RATE CAN BE SUSTAINED. AND THE TREASURY SECRETARY TO MEET CHINESE OFFICIALS NEXT WEEK FOR A THIRD ROUND OF TRADE TALKS.SCOTT BESSENT SAYING HE EXPECTS AN EXTENSION TO THEIR TROOPS. PLUS, MICROSOFT ACCUSES CHINESE-SPONSORED HACKERS OF A CAMPAIGN OF GLOBAL ATTACKS EXPLODING FLAWS IN ITS SHARE POINT SOFTWARE. SHERY: WE HAVE SEEN SOME VOLA ...

[CC may contain inaccuracies] President Trump says he has reached a trade deal with Japan, will be setting tariffs at 15% and see Washington's major Asian ally invest $550 billion in the U.S.. I just signed the largest trade deal in history, I think maybe the largest deal in history with Japan. We worked on it long and hard, and it's a great deal for everybody. I always say it has to be great for everybody.It's a great deal a lot different from the deals in the past, I can tell you that. Shery, I'll start w ...

Core Insights - Federal policy shifts are significantly impacting the new and used car market, with consumer demand data from over 29 million shoppers and vehicle supply data from millions of vehicles informing the analysis [1] Pricing Trends - Imported vehicle prices have risen, particularly from the U.K. with an increase of over $10,000, while prices for U.S.-built vehicles have dropped by nearly $200 on average [2][3] - Average new vehicle prices have increased slightly by just under $100 since January [2] Market Segmentation - The entry-level vehicle segment, priced under $30,000, has seen a significant decline in market share from 38% in 2019 to an average of 13.6% in the first half of 2025, largely due to tariffs affecting foreign-built vehicles [4] - The mid-range new car segment ($30,000 to $49,000) accounts for nearly half of all inventory, with 50% of these vehicles being imported [5] Electric Vehicle (EV) Market - The average price of new electric vehicles is $65,000, with the federal EV tax credit of up to $7,500 for new vehicles set to expire soon, influencing purchase decisions for 48% of current EV shoppers [6] - 53% of current EV owners cited the tax credit as a primary reason for their purchase [6] Used Vehicle Market Dynamics - Used car prices rose nearly 3% in the first half of 2025, driven by increased inventory from trade-ins during a surge in new car buying [7] - The average time used vehicles spend on dealer lots has decreased by nearly 5% year over year, indicating a faster turnover rate [7]

Japan’s Nidec is building an almost totally “made-in-China” electric car motor to help Toyota compete in the world’s largest auto market https://t.co/pMJ3eJmcSI ...

Tesla's market value of $0.98T surpasses the combined value of Toyota ($271B) and BYD ($138.02B) https://t.co/23NGH1cDt3 ...

Group 1 - Toyota Motor North America announced its participation in the 2025 Rebelle Rally, featuring an external team for the first time alongside 12 internal team members [1][2] - The external team is led by Rachelle Croft and her driving partner Taylor Pawley, who previously won the event in 2019, showcasing their off-road skills [2][3] - The Rebelle Rally will take place from October 8-18, 2025, covering a 2,500-kilometer course through Nevada and California [4] Group 2 - Toyota will serve as the presenting sponsor for the live webcast of the event for the fourth consecutive year, enhancing the experience for remote viewers [3][7] - The company employs nearly 48,000 people in the U.S. and has a significant manufacturing presence, including a plant in North Carolina that began assembling automotive batteries for electrified vehicles in 2025 [6]

Group 1: Joint Software Development - Honda Motor Co., Ltd. and Nissan Motor Co., Ltd. are in discussions to jointly develop and share a foundational software platform for advanced vehicle control systems to compete with leading U.S. and Chinese automakers in the software-defined vehicles (SDVs) market [1][9] - The two companies aim to introduce vehicles utilizing the new software in the latter half of the decade, emphasizing the need for massive data inputs for development and operation, making collaboration crucial for innovation and cost reduction [2] Group 2: Strategic Manufacturing Agreement - Nissan may begin manufacturing pickup trucks for Honda at its U.S. plants under a proposed strategic agreement, allowing Honda to diversify its U.S. vehicle lineup and mitigate the financial impact of new tariffs [5][6] - The proposed manufacturing agreement could enhance profitability for both firms, especially as recent tariff increases on Japanese imports are projected to reduce Honda's operating profit by ¥650 billion and Nissan's by up to ¥450 billion in fiscal 2025 [6]