Core Points - The U.S. has announced tariffs on all trade partners, significantly impacting Côte d'Ivoire, the world's largest cocoa exporter, which produces over 2 million tons of cocoa annually, accounting for nearly 45% of global production [1][2] - Côte d'Ivoire exports between 200,000 to 300,000 tons of cocoa to the U.S. each year, and the new tariffs have caused widespread anxiety among various sectors of Ivorian society [1] - The Ivorian government is considering raising cocoa prices for U.S. exports in response to the tariffs, which could ultimately affect U.S. consumers [2] Economic Impact - Côte d'Ivoire's economy has experienced an average growth rate of around 8% from 2012 to 2019, with projected growth rates of 6.5% and 6.1% for 2023 and 2024, respectively, and an expected average growth of 7% from 2025 to 2027 [2] - The country ranks second in intra-African trade and first in the West African region, indicating its significant role in the regional economy [2] Industry Concerns - The high tariffs may eliminate the price advantage of Ivorian cocoa beans in the U.S. market, leading multinational buyers to shift orders to other countries [2] - Economic experts criticize the U.S. tariffs as an abuse of national security claims in the agricultural sector and as exceeding World Trade Organization standards, potentially undermining development opportunities for Southern countries [2]

4月，A股虽然遭遇"对等关税"的冲击，不少股票回撤明显，但私募机构们的调研热情不减，部分个股更是 被机构扎堆调研。 私募排排网数据显示，4月共有1189家私募证券管理人调研了639只个股，合计调研频次达7647次，较3月增长 达117.68%。其中，电子和医药生物最受青睐；有2只个股被调研的频次超过100次，是机构眼中的"香饽饽"。 此外，近日多家百亿私募发布最新月度观点，有私募大佬旗帜鲜明地指出，短期关税冲击最大的阶段已经过 去，当前中国资产处在质变的前夜。 私募密集调研 4月是上市公司年报和一季报披露的最后期限，吸引了一批私募机构的密集调研。 私募排排网数据显示，截至4月30日，当月共有1189家私募证券管理人参与A股上市公司调研，覆盖27个申万 一级行业中的639只个股，合计调研频次达7647次，较3月的3513次实现117.68%的环比大幅增长。 从调研热度来看，4月共有117只个股获得私募机构的高度关注，调研频次均超过20次。调研热度前十的个股均 获得不少于64次调研。其中，立讯精密、澜起科技、珀莱雅排名前三，是机构眼中的"香饽饽"，分别获得186 次、109次、95次调研。 以立讯精密为例，机构关 ...

Group 1 - The EU plans to impose retaliatory tariffs on a range of US products, including civilian aircraft, automobiles, medical devices, agricultural products, and alcoholic beverages, if ongoing trade negotiations fail [1][2] - The EU has initiated a public consultation regarding countermeasures against US imports valued at €95 billion (approximately $107.4 billion), which will be implemented if no trade agreement is reached with Washington [1] - The list of products for potential tariffs includes hundreds of agricultural and industrial items, with previously excluded products like bourbon whiskey now included [1] Group 2 - The EU is seeking to negotiate an agreement to avoid a 20% "reciprocal tariff" on all US goods imported into the EU, while also facing a 25% tariff on all imported cars from the US [2] - The EU Commission has stated that the US tariffs violate fundamental World Trade Organization (WTO) rules, emphasizing the importance of adhering to international trade agreements [2] - The EU is preparing for various outcomes while remaining committed to negotiating a solution with the US, as highlighted by the EU Commission President's remarks on the negative impact of US tariff policies on the global economy [2]

Core Viewpoint - The article highlights the resilience and strategic adjustments of Jiangsu Huaten Personal Care Products Co., Ltd. in response to the trade tensions and tariff policies under the Trump administration, showcasing the company's proactive measures to diversify its market and reduce dependency on the U.S. market. Company Development - Jiangsu Huaten was established in 2009 in Yangzhou, specializing initially in the production of dental floss and has since expanded its product line to include toothbrushes, interdental brushes, and tongue scrapers, with 80% of its revenue coming from overseas markets [1][5]. - The company successfully entered Walmart's supply chain in 2015 after a rigorous selection process, which included factory inspections and compliance with U.S. FDA regulations [5][6]. Market Impact - Following the implementation of the "reciprocal tariffs," Jiangsu Huaten experienced a noticeable decline in sales in the U.S. market, with revenue from the U.S. dropping from a peak of 50% to 20% of total revenue [6][10]. - Despite the challenges, Walmart continued to place orders in early 2023, although there was a lack of subsequent orders typically expected in March, indicating a cautious approach from the retailer [6][9]. Strategic Adjustments - The company has been actively working to reduce customer concentration and has made efforts to develop new clients in Europe and South America in anticipation of potential market disruptions [5][9]. - Jiangsu Huaten has also seen a significant increase in domestic demand for oral care products, with sales of specialized products like interdental brushes growing by over 50% annually [9][11]. Future Plans - The company aims to increase its domestic market share to 50% within one to two years, having already begun to adapt its products and packaging for the local market [11].

刘英（中国人民大学重阳金融研究院研究员） 英美达成贸易协议的同一天，也是美联储连续第三次宣布维持利率在4.25%-4.5%的水平不变的次日，英 国央行宣布降息25个基点，这显示出在美国所谓"对等关税"的冲击下，全球央行的货币政策走势分化加 剧。美联储按兵不动主要源于对高关税冲击所带来的不确定性的担忧，多数国家央行也选择按兵不动， 但日前仍有部分国家选择加息或降息，其中因通胀走升，巴西加息50个基点，日本央行也在继续加息的 路上。中国央行则宣布全面降准降息。 先来看此次英国央行降息25个基点的措施。一方面，这是因为英国通胀情况有所缓解，物价运行处于相 对平稳的水平，英国消费者物价指数（CPI）今年继续呈下行的态势，从今年一月份的3%降到二月份的 2.8%，三月份继续回落到2.6%的水平，核心CPI则从3.7%逐步回落到3.5%和3.4%的水平上。经过连续12 次加息及此前三次降息，英国通胀水平已经从2022年超过11%的高通胀，逐步回落的目前2%的目标区 间范围内，由此，相对稳定的物价水平成为英国央行降息的主要原因。 另一方面，在美国所谓"对等关税"影响下，特别是对全球进口美国的汽车、钢铁和铝等加征25%的高关 ...

金十数据5月9日讯，5月8日，商务部部长王文涛在莫斯科会见俄罗斯经济发展部部长列舍特尼科夫，围 绕落实中俄升级版投保协定、加强经贸投资合作、应对美加征所谓"对等关税"等问题进行深入交流。王 文涛强调，中方坚决反对美方滥施所谓"对等关税"，已采取坚决反制措施。经过充分全面评估，近期中 方决定同意与美方举行经贸高层会谈。中方的立场一以贯之，中方维护自身发展利益的决心不会改变， 捍卫国际公平正义、维护国际经贸秩序的立场和目标不会改变。列舍特尼科夫表示，中俄互利合作不针 对第三方且符合两国根本利益。近年来双方贸易保持坚韧，各领域合作项目顺利推进。未来双方应抓住 合作机遇，进一步深化产业合作，扩大双向投资，培育新的增长点。 （商务部） 王文涛：中方坚决反对美方滥施所谓"对等关税" 已采取坚决反制措施 ...

Group 1 - The "reciprocal tariff" policy initiated by the US has significantly impacted China's foreign trade industry, leading to a deep examination of the effects on businesses and their strategies to cope with the situation [1][3][4] - Many companies are considering shifting their focus to emerging markets or exploring transshipment trade as a means to mitigate losses from increased tariffs [1][3][20] - A survey indicated that 35.1% of companies believe they are minimally affected by the tariffs, while 31% feel a significant impact due to their high reliance on US exports [5][6] Group 2 - Financial institutions are actively conducting assessments of businesses to understand their exposure to US trade and the potential impacts of the tariff situation [6][10] - Banks have expressed a commitment to support businesses facing difficulties due to the tariffs, with measures in place to ensure that financing is not withdrawn from viable companies [10][11] - The construction of new financial products and services aimed at supporting foreign trade enterprises has been initiated, including tailored loans and insurance products [13][14][25] Group 3 - Companies with overseas factories are better positioned to adapt to the changing trade environment, as they can shift production to locations like Thailand or Vietnam [4][16][18] - The uncertainty surrounding US tariff policies has prompted many businesses to consider establishing manufacturing bases in Southeast Asia to ensure supply chain stability [16][19] - The trend of moving production overseas is expected to continue, driven by the need for companies to remain competitive amid fluctuating trade policies [18][30] Group 4 - The shift towards emerging markets is being supported by financial institutions, which are providing services to help companies expand their operations internationally [21][22] - Trade data shows that China's exports to neighboring countries have increased, indicating a successful pivot towards new markets [21][22] - Financial institutions are also focusing on enhancing their services to support businesses in navigating the complexities of new market entry [22][30] Group 5 - The payment and settlement sectors are beginning to feel the effects of the trade tensions, with potential shifts in cross-border payment strategies as companies adapt to new trade routes [23][24] - There is an expectation that regional cross-border payment systems will gain prominence as businesses diversify their markets [24][30] - Financial institutions are implementing measures to assist companies in managing currency risks associated with the ongoing trade disputes [25][27]

越南是最早宣布与美国开启贸易谈判的国家之一，当前极度依赖出口贸易的越南正面临美国总统唐纳德 ·特朗普对于该国实施的最高额关税。特朗普认为，他可以通过此举复兴近几十年来外迁的美国制造 业。 智通财经APP获悉，越南贸易部在越南与美国政府启动双边贸易谈判之际，称特朗普政府所谓的"对等 关税"不合理。该部门要求越南国内公司和协会致信美国贸易相关部门的官员们，投诉特朗普主导的对 越关税政策，并表示支持与美国合作伙伴长期合作，争取他们支持维持越南商品对美国的正常流通。 根据该部门官方网站上的一篇帖子，在周四的一场重要会议上，越南贸易部要求国内公司和协会向一些 美国官员致信，投诉特朗普政府向越南征收的关税税率。这份帖子还表示，贸易部指示这些团体和企业 与美国企业进行积极且长期的合作，争取美国民众以及多数政界人士支持，进而保持越南商品向美国市 场的正常贸易流动。 根据官网的这篇帖子，在周四的会议上，越南贸易部要求公司和协会提供数据，以证明越南出口产品符 合美国政府关于在越南制造的商品的所有要求。 这篇帖子还指出，越南贸易部要求当地企业寻找除美国之外的替代出口市场，并提到越南与多个全球主 要经济体签订了多项贸易协定。 特朗普 ...

贸易谈判启动之际 越南指责特朗普的关税不合理 金十数据5月9日讯，在华盛顿和河内开始贸易谈判之际，越南贸易部称特朗普政府所谓的对等关税 是"不合理的"。越南商务部网站上的一篇文章显示，在周四的一次会议上，商务部要求国内公司和协会 向美国官员致信，投诉特朗普的关税。它还指示团体和公司与美国合作伙伴合作，团结美国人和政界人 士，支持维持越南商品向美国的正常流动。越南是与美国展开贸易谈判的一些国家之一，特朗普于4月2 日对越南征收46%的关税，后来又将关税降至10%，为期90天，以便有时间进行谈判。 ...

Group 1 - The industrial economy in China showed a stable and positive trend in Q1 2025, with industrial enterprise profits turning from decline to growth, indicating a good start to the year [2][3] - The overall revenue of industrial enterprises above designated size reached 321,395.9 billion yuan, a year-on-year increase of 3.4%, accelerating from the previous year's growth rate of 2.1% [4][5] - Private industrial enterprises achieved the highest revenue growth at 3.5%, while state-owned enterprises experienced a decline of 0.2%, marking the lowest growth among the three types of enterprises [4][5] Group 2 - The total profit of industrial enterprises above designated size reached 15,093.6 billion yuan, a year-on-year increase of 0.8%, reversing the continuous decline since Q3 of the previous year [6][7] - Private industrial enterprises reported a profit of 3,709.7 billion yuan, down 0.3%, but the decline was significantly reduced compared to the previous months [6][7] - Foreign-invested enterprises showed the best performance with a profit of 3,883.5 billion yuan, reflecting a year-on-year increase of 2.8% [6][7] Group 3 - The debt burden of private industrial enterprises is relatively heavy, with an asset-liability ratio higher than the national average and the highest among the three types of enterprises [7][9] - Profitability indicators such as revenue profit margin and asset profit margin are the lowest for private industrial enterprises, indicating significant pressure on their profitability [9] - The asset profit margin for private industrial enterprises has been on a continuous decline, dropping from 14.2% in 2011 to 2.9% in March 2025, the lowest among the three types of enterprises [9][11]