特朗普先前抱怨，这则广告试图在美国联邦最高法院11月初听取口头辩论之前施加影响。美国联邦 最高法院正在快速审议特朗普政府征收的多数关税的合法性，定于11月首周听取口头辩论。按美国媒体 的说法，这将是最高法院在特朗普重返白宫后首次判定其主要政策的合法性，有望决定关税政策的命 运。 【纠错】 【责任编辑:施歌】 新华社纽约10月25日电 美国总统特朗普25日称，由于加拿大安大略省投放针对美国上调关税的电 视广告，他打算对进口自加拿大的商品在现有关税基础上再加征10%关税。 特朗普当天在社交媒体平台"真实社交"上发文说，这则广告应该立即被撤下，但在24日晚的美国职 业棒球大联盟总决赛期间仍继续播放了这则广告，"由于他们（加拿大）严重歪曲事实并采取敌对行 为，我将把对加拿大的关税在目前基础上提高10%"。 据美国媒体报道，这则激怒特朗普的广告引用了美国前总统里根批评高关税危害美国经济的演讲片 段，促使特朗普23日晚突然中止与加拿大的贸易谈判。安大略省省长道格·福特24日曾在社交媒体发 文，表示将在本周末后撤下这则广告。 ...

Core Viewpoint - A coalition of nearly 50 prominent economists, including former Federal Reserve Chairs Ben Bernanke and Janet Yellen, submitted a brief to the U.S. Supreme Court urging the overturning of most global tariffs imposed by the Trump administration, arguing that these tariffs are based on a misunderstanding of the global economy and do not address trade deficits as claimed by the government [1][3][5]. Group 1: Economic Perspectives - The economists argue that trade deficits are a normal aspect of the economy, citing the U.S. technology sector's dominance and consistent trade surpluses in services, contrasting this with the notion that trade deficits represent an "abnormal and special threat" as claimed by the Trump administration [7]. - They emphasize that tariffs do not resolve trade deficits and could have a detrimental impact on the economy, potentially costing trillions of dollars and affecting every household and state [3][5]. Group 2: Legal Context - The Supreme Court is set to hear oral arguments on November 5 regarding the legality of the tariffs, which include a 10% baseline tariff and higher tariffs on countries without trade agreements with the U.S. [5][9]. - This case represents a significant test of Trump's expansion of executive power and could influence the future of U.S. economic policy and global trade dynamics [5][9]. Group 3: Economic Impact - The effective tariff rate on imported goods is reported to be the highest since the Great Depression, significantly above the typical 2-3% rates seen in modern times, leading to an estimated annual increase of $2,400 in household expenses due to elevated prices [11]. - If the Supreme Court overturns the tariffs, it could reshape negotiation dynamics with other countries and impact ongoing trade discussions, with potential implications for U.S.-China relations [11].

Group 1 - China and the US began trade negotiations in Kuala Lumpur on October 25, 2025 [1] - China's actual foreign investment usage in September increased by 11.2% year-on-year, while the total for January to September was 573.75 billion RMB, a decrease of 10.4% [1] - The number of newly established foreign-invested enterprises in China from January to September 2025 was 48,921, reflecting a year-on-year growth of 16.2% [1] Group 2 - European credit rating agencies downgraded the US sovereign credit rating from "AA" to "AA-" due to deteriorating public finance and governance standards [2] - Moody's maintained France's sovereign credit rating at Aa3 but downgraded the outlook from "stable" to "negative" due to weakened governance and risks of structural reform setbacks [2] - The UK economist emphasized the need for the UK to strengthen economic cooperation with countries like China amid rising protectionism and geopolitical tensions [2]

Core Points - President Trump announced a 10% additional tariff on Canada in response to perceived misleading advertising related to tariffs [1][4] - The conflict arose from a Canadian advertisement that allegedly misused a speech by former President Reagan to oppose tariffs, which Trump labeled as fraudulent [4] - The Ontario provincial government decided to suspend the anti-tariff advertisement to facilitate the resumption of trade negotiations with the U.S. [5] Group 1 - Trump accused Canada of using a "fake" advertisement to mislead the public and interfere with U.S. court decisions regarding tariffs [1][4] - The Reagan Foundation stated that Canada did not have permission to use or edit Reagan's speech, and they are considering legal action [1][4] - The U.S. Trade negotiations with Canada were immediately halted due to these actions, according to Trump's statements [4] Group 2 - Ontario Premier Doug Ford announced the suspension of the anti-tariff advertisement following discussions with Canadian Prime Minister Carney [5] - The U.S. Court of Appeals ruled that the Trump administration lacked the authority to impose tariffs under the cited law, but allowed existing tariffs to remain until the Supreme Court could review the case [5] - The Supreme Court may hear the case and could issue a ruling by the summer of 2026, which could have significant implications for U.S. tariff policy [5]

Core Viewpoint - The article discusses President Trump's announcement of an additional 10% tariff on Canada in response to perceived misleading advertising that misrepresents former President Reagan's stance on tariffs [1][2][5]. Group 1: Tariff Announcement - Trump announced a 10% additional tariff on Canada due to what he described as "hostile actions" and "serious distortion of facts" by the Canadian government [2][6]. - The decision to impose tariffs was made after Trump expressed dissatisfaction with a Canadian advertisement that allegedly misused Reagan's speeches [5][6]. Group 2: Trade Negotiations - Following the tariff announcement, Trump declared an immediate halt to all trade negotiations with Canada [6]. - Canadian Prime Minister Carney expressed readiness to resume trade talks but noted that Canada cannot control U.S. trade policy [7]. Group 3: Legal Context - The article mentions a recent ruling by the U.S. Court of Appeals that questioned the legality of the tariffs imposed by the Trump administration, allowing current tariffs to remain until the Supreme Court hears the case [7]. - The Supreme Court is expected to make a ruling on the case potentially by the summer of 2026, which could have significant implications for the tariffs [7].

据央视新闻， 当地时间10月25日，美国总统特朗普在社交媒体"真实社交"上再度指责加拿大发布"伪造"的美国前总统里根讲话视频，称 其"使用剪辑后的音视频误导公众"，并表示此举属于"欺诈行为"。 特朗普援引里根基金会声明称，加方未获授权使用或编辑里根讲话内容，基金会正研究法律应对方案。他表示，加拿大此举意在通过虚假宣 传影响美国最高法院对关税问题的裁决。 特朗普还宣布，因加拿大"严重歪曲事实并采取敌对行为"，美方将额外对加征收10%的关税予以回应。 ...

Core Points - The upcoming Supreme Court hearing on Trump's tariff policy is a focal point globally, with significant implications for Trump's political future and tariff refunds for multiple countries, including China [1][3] - The legality of Trump's tariffs has been challenged, with lower courts ruling that the tariffs are illegal and an overreach of presidential power [3][5] - The potential financial impact of a Supreme Court ruling against Trump could require the U.S. government to refund between $750 billion to $1 trillion in tariffs, exacerbating fiscal challenges [5][7] Group 1: Legal and Political Implications - The Supreme Court hearing is described as a "final showdown" regarding the separation of powers, questioning whether the President can impose tariffs without Congressional approval [1][3] - Trump's administration has attempted to mitigate potential losses by exempting certain products from tariffs, indicating a strategy to reduce future refund liabilities [3][5] - The case is seen as a test of the U.S. constitutional framework, with implications for the balance of power between the executive and legislative branches [5][7] Group 2: Economic Impact on U.S. Businesses - U.S. businesses, including toy manufacturers and wine distributors, have expressed significant distress over the tariffs, labeling them as "massive illegal taxes" that strain cash flow and increase costs [5] - The tariffs are projected to impose an additional tax burden of over $3 trillion on American consumers over the next decade, highlighting the economic repercussions of the policy [5][7] - The potential for tariff refunds could provide financial relief to affected businesses if the Supreme Court rules in their favor [5] Group 3: International Relations and Trust - The tariffs primarily target key U.S. allies such as Japan, South Korea, and the EU, risking the integrity of trade agreements and U.S. credibility among its allies [7] - A ruling against the tariffs could lead to the collapse of previously established trade agreements, further straining U.S. relations with its allies [7] - The outcome of the Supreme Court hearing is critical not only for domestic policy but also for international economic relations, particularly in the context of U.S.-China trade dynamics [7]

Core Insights - The U.S. Consumer Price Index (CPI) rose by 3% year-on-year in September, surpassing the 2.9% increase recorded in August [1] - The core CPI, excluding volatile food and energy prices, also increased by 3% year-on-year in September [1] - The release of the CPI data was delayed by over a week due to the ongoing federal government shutdown, which has now entered its fourth week [1] Economic Implications - The September CPI data may be the last significant official economic data available before the Federal Reserve's monetary policy meeting scheduled for October 28-29 [1] - The ongoing government shutdown may hinder the Labor Statistics Bureau's ability to release the October CPI data as planned [1] - The impact of the government's tariff policies on inflation and the potential effects of delayed or absent key data on the Federal Reserve's decision-making process are critical considerations [1]

政策的初衷与效果严重背离。特朗普政|府试图以关税改善贸易逆差，但七年过去，逆差问题未获解 决，反而推高了通胀 ——8 月核心个人消费支出（PCE）价格指数同比上涨 2.9%，高盛预测年底将升 至 3%。企业层面更陷入两难，全球供应链与中方的深度绑定难以快速切割，替代方案需数年时间搭 建，摩根大通因此下调美国经济增长预期，警告贸易壁垒正削弱企业投资意愿。 这场抗议潮折射出美国社会的深层裂痕。民生压力与经济焦虑的叠加，让政策争议转化为社会动员，若 相关问题持续无解，可能影响 2026 年中期选举走向。正如专家所言，单边关税实为双刃剑，在扰乱全 球贸易秩序的同时，最终损害的是美国自身的经济利益与社会稳定，如何及时调整政策以平衡利益，成 为特朗普政府亟待解决的课题。 美国近期陷入大规模社会震荡，全美 2700 多城镇爆发抗议活动，近 700 万民众聚集街头，矛头直指特 朗普政|府的关税政策，纽约时报广场超十万人的集会中，参议院民主党领袖舒默也现身表达支持。民 众的强烈反对，源于关税政策对生活与经济的直接冲击，而特朗普罕见承认政策 "不可持续"，更凸显 其背后的现实压力。关税带来的成本负担正层层传导至社会各端。对中方商 ...

Core Insights - The September CPI data shows a month-over-month increase of 0.3% and a year-over-year increase of 3.0%, marking the highest level since January 2025 [1] - Core CPI, excluding food and energy, rose 0.2% month-over-month and 3.0% year-over-year, the lowest since June [1] - The report was delayed due to the U.S. federal government shutdown, which has now lasted four weeks, potentially affecting future data releases [2] Inflation Drivers - Energy costs were a significant factor in the overall inflation increase, with a year-over-year rise of 2.8% in September, driven by geopolitical issues and tariffs [3] - Core inflation indicators showed signs of cooling, with core CPI year-over-year growth decreasing from 3.1% in August to 3.0% in September [3] - Housing rent continues to be the largest contributor to inflation, accounting for 40% of the total, with rental prices showing the smallest year-over-year increase since 2021 [3] Tariff Impact - Clothing prices saw significant increases, likely reflecting the impact of higher tariffs, along with other tariff-sensitive categories like appliances and communication devices [4] - The core CPI's growth is being influenced by a decline in service sector inflation, with rental prices approaching normal levels [4] - The impact of tariffs is becoming more evident, particularly in clothing and home goods, although the scale remains manageable [4] Federal Reserve Outlook - The CPI report is the only inflation indicator before the upcoming Federal Reserve meeting, reinforcing market expectations for potential interest rate cuts [5] - Given the ongoing government shutdown and cooling job market, a rate cut in October is considered highly probable, with December also being a likely scenario [6] - The Federal Reserve faces a dilemma; if inflation remains controlled, there may be more room for policy easing, but unexpected labor market strength could slow the pace of rate cuts [7] Market Conditions - Recent statements from Federal Reserve officials indicate a cautious approach, balancing inflation risks with employment concerns [8] - Signs of tightening liquidity in the banking system have emerged, with a significant reduction in bank reserves noted [9] - The Federal Reserve is expected to clarify its asset balance sheet policy direction in the upcoming interest rate meeting [9]