2. 特朗普称美联储应该降低利率，且他无意解雇美联储主席鲍威尔，还表示希望鲍威尔在利率问题上采取更加积极的行动 3. 贝森特周二在华盛顿特区由摩根大通主办的私人投资者峰会上表示，与中国的贸易战是不可持续的，"没有人认为目前的现状 是可持续的"，贸易战局势可能会在 "不久的将来" 缓和。他还坚称，特朗普政策的目标 "不是脱钩"，但与中国谈判可能是 "一 场艰苦的战斗"，双方都 "不认为现状是可持续的"。 4. 2025 年 4 月 23 日，美国白宫新闻秘书莱维特表示，特朗普希望美元继续保持世界储备货币地位。 以上回应了近期大家关注的中美关税，美元信用，联储独立性，安抚意味浓厚。 美元，美股即刻反弹，盘后期货继续涨；目前中美高关税实质禁运的前提下，已经没有更差了，置之死地而后生，过程肯定是曲 折的，后面只会越来越来好，有没有被错杀的机会？ 1. 川普发表关税缓和言论，抛出橄榄枝： ...

Summary of Conference Call on the Impact of Tariffs on the Home Appliance Industry Industry Overview - The conference call discusses the home appliance industry, particularly focusing on the impact of tariffs imposed by the United States on imports from China [1][2][4]. Key Points and Arguments - **High Dependency on Imports**: The U.S. has a high dependency on home appliance imports, especially small appliances and televisions. The tariff aims to encourage manufacturing to return to the U.S., but achieving this in the short term is challenging, potentially leading to increased domestic inflation [1][2]. - **Limited Impact on Chinese Companies**: Major Chinese appliance manufacturers like Gree, Midea, and Haier have a low export ratio to the U.S., with peak exports not exceeding 6%. Therefore, the direct impact of the tariffs on these leading companies is likely overestimated [1][2]. - **Labor Cost Challenges**: The cost of labor in the U.S. is significantly higher than in China, with U.S. labor costs being nearly ten times higher. This disparity makes manufacturing in the U.S. less competitive, leading to potential doubling of retail prices if production were to shift back to the U.S. [1][2][9]. - **Overseas Production Strategies**: Chinese appliance companies are strategically increasing their overseas production capacities in regions like Southeast Asia and Mexico to mitigate the impact of tariffs. Companies like Haier and Hisense have sufficient capacity in these regions to adjust supply flexibly [1][3][12]. - **Performance of Major Appliance Companies**: White and black appliance leaders are less affected by U.S.-China tariffs and are expected to benefit from domestic consumption policies, with strong performance anticipated in Q1 2025 [1][14]. - **Small Appliance Sector Exposure**: Small appliance companies have a larger revenue exposure in the U.S. market but are actively expanding overseas production to reduce tariff impacts. Companies like Qianfeng Holdings and Stone Technology are increasing their production capabilities in Vietnam and Indonesia [1][12][13]. - **Cost Disparities in Production**: The labor cost difference for producing large appliances in the U.S. is about 50%, while for small appliances, it can reach 100%. This makes U.S. production of these products uncompetitive [5][9]. - **U.S. Market Dependency on Imports**: Approximately 55% of U.S. home appliance retail comes from imports, with a significant portion from China. The actual dependency could be as high as 70% when considering price differences [5][6]. - **Limited Recovery of U.S. Manufacturing**: Despite tariff imposition, there has been no significant improvement in U.S. manufacturing reliance on imports from 2017 to 2024, with overall import values increasing by over 10% [7][8]. - **Future Outlook for Chinese Companies**: Chinese companies are expected to manage tariff impacts effectively through global production strategies, with many maintaining low exposure to U.S. markets [10][11]. Other Important Insights - **Consumer Demand**: The domestic consumer demand in China is showing strong growth, with a year-on-year increase of 19% in retail sales of home appliances expected in Q1 2025 [14][15]. - **Policy Support**: The current domestic consumption policies in China are expected to further support the performance of home appliance companies, particularly those with a strong domestic market presence [14][15].