Group 1 - The US and China held trade talks in Madrid on September 14, focusing on unilateral tariffs, export controls, and TikTok [1][3][8] - The US Department of Commerce added 32 entities to its export control list, including 23 from mainland China, with 13 related to semiconductors and integrated circuits [4][5] - China initiated two investigations against the US regarding discriminatory practices in the integrated circuit sector and anti-dumping measures on imported simulation chips [1][6] Group 2 - The trade talks in Madrid are seen as a significant diplomatic opportunity for Spain, enhancing its status as a strategic negotiation center [2][3] - The ongoing trade war has impacted global economic stability, with the US extending the tariff truce for another 90 days, set to expire in November [3][4] - The Chinese semiconductor industry is facing challenges due to US export restrictions and price undercutting from American firms in the simulation chip market [6][7]

Market Overview - The Hang Seng Index is facing resistance at 26,000 points, influenced by the extension of the US-China tariff truce and the Federal Reserve's potential policy adjustments due to changing risk balances [2][5] - The overall market is active with a positive risk appetite, and capital is rotating among different sectors [2] Company News - JD Group (9618) has made a takeover offer for CECONOMY, with the acceptance period until November 10 [4][10] - BYD (1211) reported a 0.2% increase in August vehicle sales, totaling 373,600 units [10] - Xiaomi (1810) delivered over 30,000 vehicles in August and opened 18 new stores [10] - China Merchants Bank (3968) is working on anti-competitive measures under regulatory guidance [4] - Shandong Gold (1787) raised 3.9 billion yuan through a discounted share placement to repay debts [4] Economic Indicators - The S&P Global Manufacturing PMI for China rose to 50.5 in August, indicating a recovery in manufacturing activity [7][8] - The average price of second-hand residential properties in 100 cities in China fell by 0.76% month-on-month in August, while new residential prices saw a slight increase [8] - Hong Kong's retail sales increased by 1.8% in July, although this was below market expectations [8] Sector Focus - The smartphone parts sector is entering a traditional peak season with major brands set to launch new devices [7] - The AI and robotics sectors are seeing increased activity, with advancements in humanoid robots and smart glasses [7] Stock Market Performance - The Hang Seng Index closed at 25,617, up 2.15%, with a total market turnover of 380.2 billion HKD [6] - The Hang Seng Tech Index rose by 2.20%, reflecting strong performance in technology stocks [6] International Market Insights - The US Federal Reserve is expected to maintain a cautious approach to interest rate cuts, with projections indicating two rate cuts totaling 50 basis points this year [5] - Global trade negotiations are ongoing, with some progress reported, but uncertainties remain [5]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - Overseas, the US dollar index is under pressure due to rising expectations of Fed rate cuts and concerns about its independence, while global risk appetite has increased. Domestically, China's official manufacturing PMI in August improved slightly to 49.4 but remained below the boom - bust line for the fifth consecutive month. With policies to expand service consumption and the extension of the tariff truce between China and the US, short - term domestic risk appetite has risen. The market's trading logic focuses on domestic incremental stimulus policies and easing expectations, with short - term macro upward drivers strengthening marginally [2]. - Different sectors have different short - term trends. For example, stock indices are expected to be slightly stronger in the short term, treasury bonds to fluctuate at high levels, and different commodity sectors have their own characteristics such as black metals being weak, non - ferrous metals being slightly stronger, energy and chemicals fluctuating, and precious metals being strong at high levels [2]. Summary by Related Catalogs Macro Finance - **Macro**: Overseas, the weakening US dollar index and rising global risk appetite are due to expectations of Fed rate cuts and concerns about its independence. Domestically, the manufacturing PMI improved slightly but was still below the boom - bust line. Policies to expand service consumption are to be introduced, and the extension of the tariff truce and US easing expectations reduce short - term external risks and increase domestic easing expectations. Short - term macro upward drivers are strengthening marginally [2]. - **Stock Indices**: Driven by sectors like precious metals, metals, and biomedicine, the domestic stock market rose slightly. With the improvement in manufacturing PMI and policy support, short - term domestic risk appetite has increased. The market focuses on domestic policies and easing expectations, and short - term operation is to be cautiously bullish [2][3]. - **Treasury Bonds**: Expected to fluctuate at high levels in the short term, with a cautious wait - and - see approach [2]. Black Metals - **Steel**: On Monday, steel futures and spot prices continued to be weak, and market trading volume was low. Although the PMI in August increased by 0.1 percentage points, it was still below the boom - bust line. Real - world demand is weakening, steel inventories are increasing, and the probability of steel mills resuming production next week is high. The steel market is likely to remain weak in the short term [4][5]. - **Iron Ore**: On Monday, the decline in iron ore futures and spot prices widened. Iron water production is expected to further decline this week, and steel mills' procurement is cautious. The global iron ore shipment volume and arrival volume have increased this week, and the port inventory has slightly decreased. Iron ore prices are expected to fluctuate within a range in the short term [5]. - **Silicon Manganese/Silicon Iron**: On Monday, the spot prices of silicon iron and silicon manganese declined. The production of silicon manganese in Inner Mongolia has little change, and there are new production capacity plans in October. The production of silicon iron has cost support, and the reduction in production is expected to be limited. Ferroalloy prices are expected to fluctuate within a range in the short term [6]. - **Soda Ash**: On Monday, the main soda ash contract fluctuated within a range. Supply is under pressure, demand is weak, and profits are declining. Soda ash has a pattern of high supply, high inventory, and weak demand, and is expected to fluctuate within a range in the short term [7]. - **Glass**: On Monday, the main glass contract fluctuated within a range. Supply has slightly increased, demand is difficult to improve significantly, and profits have slightly increased. Glass is expected to fluctuate within a range in the short term [8]. Non - Ferrous Metals and New Energy - **Copper**: The eurozone's manufacturing PMI reached a new high. However, domestic copper demand is expected to weaken marginally, and although the Fed's rate cut in September may briefly boost copper prices, the strong copper price is hard to sustain [9]. - **Aluminum**: On Monday, the aluminum closing price fell and then rebounded slightly. Aluminum inventory has increased, and LME aluminum inventory is at a neutral level. In the medium term, the upside space for aluminum prices is limited, and in the short term, it will maintain a fluctuating trend [9]. - **Aluminum Alloy**: The supply of scrap aluminum is tight, and the demand is in the off - season. Considering cost support, the price is expected to fluctuate slightly stronger in the short term, but the upside space is limited [9]. - **Tin**: The combined operating rate of Yunnan and Jiangxi has decreased slightly. The supply of tin ore is expected to be more abundant. Terminal demand is weak, and inventory has decreased. Tin prices are expected to fluctuate in the short term, with limited upside space [10][11]. - **Lithium Carbonate**: On Monday, the main lithium carbonate contract fell. Lithium carbonate is slowly destocking, and it is expected to fluctuate widely, with a short - term bearish and long - term bullish outlook [11]. - **Industrial Silicon**: On Monday, the main industrial silicon contract rose. Industrial silicon is expected to fluctuate within a range [11]. - **Polysilicon**: On Monday, the main polysilicon contract rose significantly. Rumors of industry restructuring have raised market expectations, but production in August was close to 130,000 tons, and the number of warehouse receipts has increased. It is expected to fluctuate at a high level in the short term, facing a game between strong expectations and weak reality [12]. Energy and Chemicals - **Crude Oil**: The market is focused on geopolitical risks. India has refuted the US pressure to stop importing oil from Russia, and Ukraine has attacked more Russian refineries. OPEC+ will hold a meeting to discuss supply policies, and the market expects the organization to suspend production increases. The spot price has a limited rebound, and attention should be paid to Indian tariffs and OPEC+ production decisions [13]. - **Asphalt**: The slight increase in oil prices has driven up asphalt costs. Asphalt itself is still weak, with a slightly declining basis. Inventory de - stocking is limited, and it is expected to continue to fluctuate in the near term, with attention to changes in oil costs [14]. - **PX**: The rebound in crude oil prices has driven up the PX market, but due to low PTA开工, the PX price is still weak. PX is in a tight supply situation, and the PXN spread has slightly decreased. It is expected to fluctuate in the near term, waiting for changes in PTA plants [14]. - **PTA**: The PTA开工 has been at a low level due to plant problems, but the high basis has weakened, and processing fees have recovered. Demand recovery is slow, and it is expected to continue to fluctuate narrowly in the short term, with attention to oil prices and downstream demand [14]. - **Ethylene Glycol**: Due to overseas plant problems, imports are expected to be low, and port inventory has decreased significantly. The load of synthetic gas plants is high, and there is limited room for further increase. It is recommended to go long at low prices in the short term, with attention to downstream开工 recovery and oil costs [15]. - **Short - Fiber**: The short - fiber price has slightly decreased due to sector resonance. Terminal orders have increased seasonally, and short - fiber开工 has rebounded slightly. Inventory has accumulated slightly, and it is expected to follow the polyester sector and can be shorted at high levels in the medium term [15]. - **Methanol**: The restart of inland plants and concentrated arrivals have increased supply pressure. The opening of the reflux window and the planned restart of MTO plants provide some support, but the oversupply pattern remains, and prices are expected to fluctuate weakly [15]. - **PP**: The device开工 has increased, and new production capacity has been put into operation. Demand is weak, but policy support prevents a deep decline. The 01 contract is expected to fluctuate weakly [16]. - **LLDPE**: Current maintenance has relieved supply pressure, and downstream demand is slowly increasing, with inventory decreasing. As maintenance ends, supply pressure will increase. It is expected to fluctuate, with attention to demand growth [16]. Agricultural Products - **US Soybeans**: The CBOT market was closed overnight. Since the USDA tightened the supply - demand expectations for new - crop US soybeans in August, and export sales data have improved, the net long position of CBOT soybean funds has increased. However, without substantial Chinese purchases, the export outlook is not overly optimistic, and there is no upward driver for the low - valued market [17]. - **Soybean and Rapeseed Meal**: The CBOT soybean price is likely to be under pressure in the short term. In China, with more imported soybeans being released, the risk preference for protein meal may decrease. There is still a large pressure for short - term inventory accumulation, and the basis is difficult to repair in the short term [17]. - **Oils and Fats**: Southeast Asian palm oil is in a peak production season, and exports are limited. It is expected that Indonesia will repair its low inventory, while Malaysia will face inventory accumulation pressure. The overall boost to oils and fats is limited. Domestic palm oil may be under pressure, while soybean and rapeseed oils have sufficient supply and demand and may see a repair of the low - valued market [17][18]. - **Corn**: In September, attention should be paid to the new - crop corn listing. There is no concentrated arrival pressure this year, and port and downstream inventories are low. The expected opening price of new - crop corn in the main production areas may be slightly higher than last year, and the main C2511 contract is expected to operate in the range of 2150 - 2250 yuan/ton [18]. - **Pigs**: In September, the supply and demand of pigs will both increase. The pressure of large - weight pig sales has been released, and there is a seasonal replenishment for secondary fattening. With the traditional holiday stocking period, the pig price should not be overly pessimistic [19].

Report Industry Investment Rating - No information provided Core Viewpoints - The extension of the "tariff truce" between China and the US for 90 days shows that the bilateral economic and trade relations are moving towards "phased relaxation", creating a positive atmosphere for future consultations [1] - OPEC has raised its forecast for global oil demand next year and lowered its forecast for supply growth from the US and other non - OPEC members, indicating a tighter market outlook [2] - US crude and gasoline inventories are expected to have decreased last week, with an average estimated decline of about 300,000 barrels in crude inventories and a decrease of 1.78 million barrels in gasoline inventories [2] - EIA has lowered its oil price forecasts for 2025 and 2026 due to increased crude oil inventories after OPEC+ decided to accelerate production increases [2] - In the asphalt market, demand in the North China market is slowly recovering, and supply in the Shandong market is abundant. The Northeast market has weak demand, while the Southern market has stable prices with medium - low inventory and slow demand release. Overall, regional differentiation continues, and the supply - demand structure is the key variable for short - term price trends [5] Summary by Related Catalogs Asphalt Spot Market - In the East China region, the current asphalt spot price is 3730, unchanged from the previous value; in South China, it is 3530, also unchanged; in the Northeast, it is 3900, unchanged; in the Northwest, it is 3860, unchanged; in Shandong, it is 3640, down 10 from the previous value; in the unspecified region, it is 3690, up 30 from the previous value [1] Asphalt Futures Market - For asphalt futures contracts BU2508, BU2509, BU2510, BU2511, BU2512, and BU2601, the current values are 3406, 3534, 3503, 3460, 3406, and 3370 respectively. The price changes are 0.00%, - 0.17%, - 0.14%, - 0.09%, 0.00%, and - 0.03% respectively compared to the previous values [1] International Economic and Trade News - On August 12, China and the US issued a joint statement. The US will continue to adjust tariff measures on Chinese goods, and both sides will continue to suspend the implementation of 24% reciprocal tariffs for 90 days [1] Oil Market News - OPEC has raised its forecast for global oil demand next year and lowered its forecast for supply growth from non - OPEC members [2] - US crude and gasoline inventories are expected to have decreased last week, with an average estimated decline of about 300,000 barrels in crude inventories and a decrease of 1.78 million barrels in gasoline inventories [2] - EIA has lowered its oil price forecasts. The expected average Brent crude price for 2025 is $67.22/barrel (previously $68.89/barrel), and for 2026 is $51.43/barrel (previously $58.48/barrel). The expected average WTI price for 2025 is $63.58/barrel (previously $65.22/barrel), and for 2026 is $47.77/barrel (previously $54.82/barrel) [2] Asphalt Market Analysis - In the North China asphalt market, demand is slowly recovering, and limited shipments from major refineries support spot prices. In the Shandong market, supply is abundant, and transactions are concentrated in the low - price range. In the Northeast market, demand is weak, and some traders lower prices to stimulate sales. In the Southern market, demand is slow, but refinery inventories are medium - low, and prices are stable [5] - In the future, North China and Shandong refineries will focus on contract deliveries, and inventory levels are controllable. The tight supply in North China may support asphalt prices, while the Southern market is expected to have stable prices due to slow demand release [5]

Core Viewpoint - The joint statement from the China-U.S. Stockholm economic talks indicates a shift towards more constructive and pragmatic negotiations, with both sides agreeing to maintain a stable framework for trade discussions and a temporary pause on additional tariffs [1][3][12]. Summary by Sections Trade Negotiation Framework - China is currently the only country effectively countering U.S. pressure and transitioning the U.S.-China trade discussions from a highly politicized atmosphere to functional and pragmatic negotiations [2]. - The established negotiation mechanism has allowed for a return to a relatively stable communication and dialogue framework reminiscent of the pre-2018 trade environment [2]. - The framework includes clear delineation of issues of concern for both sides, facilitating ongoing high-level discussions [2]. Outcomes of the Stockholm Talks - The Stockholm joint statement introduced a "constructive" tone, reflecting an increase in satisfaction with the outcomes of the talks [3]. - The consensus reached emphasizes that certainty in trade relations is preferable to uncertainty, aiming to control the trade conflict at an acceptable level [5][6]. - The talks have resulted in a mutual understanding that unilateral pressure tactics from the U.S. are counterproductive, as they could lead to significant economic repercussions for the U.S. [6][8]. Future Implications - The joint statement signifies a continuation of the previous 90-day pause in tariff increases, maintaining the status quo in U.S.-China trade relations [12]. - There is an emphasis on the importance of maintaining a stable policy environment, with both sides agreeing to reciprocal actions regarding tariffs [12][13]. - The ongoing negotiations are expected to adhere to market economic principles, despite the U.S. government's various policy challenges [14]. Strategic Positioning - The current state of U.S.-China relations is characterized as a "strategic stability," indicating a recognition from both sides of the need for ongoing dialogue and negotiation [11]. - The ability of China to withstand U.S. strategic pressure and compel the U.S. to return to the negotiation table is seen as a significant achievement [11][9]. - The framework established through these negotiations is viewed as a foundation for future discussions, with the potential for more substantive agreements as both sides continue to engage [14].

Core Viewpoint - The article discusses the impact of the recent suspension of tariffs between China and the U.S. on the foreign trade industry, highlighting the uncertainty and adjustments made by businesses in response to changing trade policies [5][11]. Group 1: Tariff Suspension and Its Effects - On August 12, a 90-day suspension of a 24% tariff was announced, while a remaining 10% tariff and an additional 20% tariff on certain products remain in effect, resulting in a total of 30% tariffs on Chinese exports to the U.S. [5][11]. - The initial announcement of "reciprocal tariffs" in April caused significant disruptions in trade, with tariffs on some products exceeding 100%, leading many businesses to halt production [5][11]. Group 2: Changes in Business Operations - August is typically a busy season for foreign trade operators, but this year, many businesses are ending their busy season earlier due to the uncertainty surrounding tariffs [15][19]. - Companies have reported an increase in workload, with some factories experiencing a 20% increase in production to meet urgent orders before the tariff deadline [19][20]. Group 3: Market Dynamics and Trade Behavior - Despite a brief surge in shipping demand, the overall shipping rates did not rise as expected, indicating a cautious approach from both suppliers and buyers [22][24]. - Many Chinese suppliers are opting for smaller, more frequent shipments to manage risks associated with tariffs, reflecting a shift in trade behavior [25][26]. Group 4: Consumer Demand and Product Strategy - There is a noticeable shift in consumer demand towards lower-priced products, as higher tariffs have led to increased prices for goods [26][27]. - Companies are focusing on product innovation and cost reduction strategies to remain competitive, with some exploring new markets outside the U.S. [31][32]. Group 5: Future Outlook and Strategic Adjustments - The uncertainty surrounding tariffs has led companies to adopt a wait-and-see approach, with many choosing to maintain current operations rather than aggressively pursuing new markets [30][32]. - Platforms like TikTok Shop and Temu are expanding in Europe while facing declines in the U.S., indicating a potential shift in market focus for e-commerce businesses [32].

Group 1 - The core point of the news is the extension of the "tariff truce" between the US and China for an additional 90 days, which aims to stabilize trade relations and create a positive atmosphere for further negotiations [1][3][4] - The US will continue to suspend the implementation of a 24% reciprocal tariff for 90 days while retaining the remaining 10% tariff, and China will also suspend its 24% tariff on US goods for the same period [1][4] - Analysts suggest that this extension indicates a phase of easing in US-China economic relations and provides more time to address unresolved issues [1][3][4] Group 2 - The recent negotiations have led to a clearer understanding of each country's demands and bottom lines, which is beneficial for controlling conflicts [4] - The extension of the tariff truce allows for continued imports of key products like electronics, clothing, and toys into the US at relatively lower tariffs, especially ahead of the critical holiday season [4][5] - Both sides are signaling a desire to reduce trade tensions, with China suspending measures against certain US entities and the US considering easing some export restrictions [5][6] Group 3 - Future negotiations are expected to focus on the core issue of tariffs, including discussions on how to achieve full or partial reductions of the suspended 24% tariffs [7] - Key sectors such as steel, aluminum, automotive, semiconductors, and pharmaceuticals are likely to be focal points in the upcoming talks [7] - The US may seek increased Chinese investment and procurement, while China will push for the removal of unreasonable investment and technology restrictions imposed by the US [7][8] Group 4 - Despite the "tariff truce," trade flows between the US and China have been negatively impacted, with US imports from China dropping by approximately 15% to $165 billion in the first half of the year, and US exports to China decreasing by about 20% [7][8] - China is actively diversifying its markets and optimizing its foreign trade structure to mitigate external uncertainties, which may help maintain export stability [8]

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints - The A - share market's major indices rose this week, with small - and medium - cap stocks outperforming large - cap blue - chip stocks. Market attention shifted to corporate semi - annual reports after the Politburo meeting, and the net profit growth of reported companies increased. Trading activity declined compared to last week [8]. - The bond market entered a repair phase. Although the central bank continued net withdrawals in the open - market operations, the bond market stabilized. The potential VAT levy on treasury bonds may widen the spread between new and old bonds [8]. - The commodity market faced a retracement risk. Although the Sino - US tariff truce was extended and trade relations improved marginally, domestic fundamentals remained weak [8]. - In the foreign exchange market, the US dollar was under pressure due to the dovish signals from the Fed and weak economic data, while the euro was boosted by the weakening dollar in the short term [8]. 3. Summary by Directory 3.1 This Week's Summary and Next Week's Allocation Suggestions - **Stocks**: The CSI 300 rose 1.23%, and CSI 300 stock index futures rose 1.27%. Small - and medium - cap stocks were stronger than large - cap blue - chip stocks, with IM>IC>IF>IH in terms of gains. The recommendation is to buy on dips [8]. - **Bonds**: The 10 - year treasury bond yield decreased by 0.15% with a weekly change of - 0.09BP, and the 10 - year treasury bond futures rose 0.18%. The suggestion is to buy on dips [8]. - **Commodities**: The Wind Commodity Index rose 1.86%, and the CSI Commodity Futures Price Index rose 0.10%. Due to weak fundamentals, there is a risk of retracement. The recommendation is to buy on dips [8]. - **Foreign Exchange**: The euro against the US dollar rose 0.65%, and the euro - US dollar 2509 contract rose 0.70%. The suggestion is to observe cautiously [8]. 3.2 Important News and Events - **Domestic**: The central bank will continue a moderately loose monetary policy, and the State Council plans to gradually implement free pre - school education. Several departments issued policies on finance and foreign exchange remittance [16]. - **International**: The US - EU trade tension eased as the EU postponed tariff counter - measures. Trump signed executive orders to impose tariffs on multiple countries, and there were speculations about a new Fed chair [18]. 3.3 This Week's Domestic and International Economic Data - **China**: In July, exports increased by 7.2% and imports by 4.1% in US dollars, both better than expected [13]. - **US**: The factory orders in June decreased by 4.8%, and the initial jobless claims in the week ending August 2 increased to 226,000 [19]. - **EU**: The eurozone's June PPI increased by 0.8%, and retail sales increased by 0.3% [19]. - **UK**: The central bank interest rate remained at 4% [19]. - **Germany**: The industrial output in June decreased by 1.9%, and the trade surplus was 14.9 billion euros [19]. - **France**: The industrial output in June increased by 3.8%, and the trade deficit was 7.623 billion euros [19]. 3.4 Next Week's Important Economic Indicators and Economic Events - Key economic data to be released next week include the UK's July unemployment rate, the US's July CPI, Germany's July CPI, and China's July social consumer goods retail sales [81].

Group 1 - The White House Economic Council Chairman Miran has been nominated by Trump to serve as a Federal Reserve Governor, with a term lasting until January next year [1][4] - Trump's advisors believe that Federal Reserve Governor Waller is the most suitable candidate to succeed Powell as Chairman [1][4] Group 2 - The U.S. stock market saw the Dow Jones Industrial Average and S&P 500 index close lower, primarily due to a significant drop in Eli Lilly's stock price, while the Nasdaq reached a record closing high [2] - U.S. Treasury yields experienced slight increases amid volatile trading, with the 2-year Treasury yield at 3.7279% and the 10-year Treasury yield at 4.2500% [3] - Oil prices have declined for six consecutive days, influenced by expectations of a diplomatic resolution to the Ukraine conflict following news of a meeting between Putin and Trump [2][3] Group 3 - The number of Americans filing for unemployment benefits has risen to the highest level since the end of 2021, indicating a cooling labor market [4] - U.S. productivity rebounded in Q2, which may help mitigate wage-related inflation pressures [4] - The Atlanta Fed President anticipates a potential interest rate cut within the year, while tariffs continue to impact inflation [4] Group 4 - The U.S. Treasury Secretary indicated that there may be future tariffs on Russian oil imports to China [7] - The Bank of England has lowered interest rates to a two-year low amid significant disagreements among committee members [5]

Group 1 - The core viewpoint of the article indicates that the Chinese government has adopted a more optimistic stance on economic growth and the easing of Sino-U.S. trade tensions, as reflected in the Politburo's recent meeting outcomes [1][2] - The Politburo's attitude towards the economic growth outlook has improved compared to the April meeting, with a notable reduction in concerns regarding the Sino-U.S. trade conflict [2][3] - The upcoming Fourth Plenary Session in October will focus on formulating the "15th Five-Year Plan," which is expected to shape future economic policies [1] Group 2 - The meeting emphasized the need for detailed implementation of macroeconomic policies, suggesting a shift from introducing new policies to enhancing the effectiveness of existing ones [4] - There is a reduced urgency for large-scale stimulus measures in key sectors, with a focus on developing new growth points in service consumption and supporting goods consumption [5][6] - The government remains cautious regarding local government debt issues, emphasizing the need to prevent the accumulation of new hidden debts while addressing existing debt challenges [6] Group 3 - The tone regarding "anti-involution" actions has softened, with the Politburo opting for a more general approach to addressing disorderly competition rather than specific measures to eliminate outdated capacity [3][4] - The recent trade negotiations between China and the U.S. have led to a more moderate stance on export support, reflecting a decrease in urgency following the potential extension of the tariff truce [6] - The meeting did not mention any plans for additional funding for the vehicle trade-in program, indicating a limited scope for new consumer incentives [5][6]