美国联邦巡回上诉法院10日作出决定，在就相关案件作出裁定前，同意特朗普政府的请求，继续搁置美 国国际贸易法院此前作出的禁止执行特朗普政府依据《国际紧急经济权力法》对多国加征关税措施的行 政令的裁决。联邦巡回上诉法院当天还决定，鉴于该案"异常重要"，法院所有符合条件的法官都将参加 该案的快速审理。该案相关方需要在2个工作日内提交快速介绍案情的日程，从而可以让上诉法院在7月 31日举行辩论。这意味着特朗普政府依据《国际紧急经济权力法》对多国加征关税的措施至少可以实施 到7月31日。(新华网) ...

特朗普针对钢铁行情加征关税政策明天生效，市场再度面临选择十字路口？金十研究员高阳正在直播分 析，点击进入直播间 相关链接 ...

代表超80个美国公共港口的美国港务局协会（AAPA）5月19日发布声明，强烈反对美国政府对中国制 造的船到岸（STS）起重机加征100%进口关税的提议，敦促美国贸易代表办公室考虑替代方案。 AAPA表示，加征关税不会凭空创造出美国国内的起重机制造业，只会增加公共港务局的成本。该协会 称，加征关税将推高运输成本、增加港口开支，并最终增加美国消费者面临的价格压力。 AAPA另外呼吁美国贸易代表办公室进一步降低对中国制造、拥有和运营船舶征收的、可能损害美国企 业利益的相关费用。 AAPA总裁兼首席执行官Cary Davis在提交给美国《联邦公报》的评论中表示，上述加征关税措施可能 在未来十年带来近67亿美元额外成本。（智通财经 汪维喆） ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The State Council Tariff Commission adjusted the additional tariffs on imported goods originating from the United States, with the tariff rate in Announcement No. 4 of 2025 reduced from 34% to 10%, a 90 - day suspension of the 24% tariff, and the termination of the additional tariff measures in Announcements No. 5 and No. 6 of 2025 [3]. - The US April unadjusted CPI rose 2.3% year - on - year, the lowest since February 2021, and the core CPI was flat at 2.8%. Trump pressured the Fed to cut interest rates, and traders bet on Fed rate cuts in September and October [3]. - US Treasury Secretary Besent downplayed the possibility of a quick trade deal with the EU but was optimistic about deals with Asian partners [3]. - Some steel mills in Tangshan and Xingtai plan to cut the price of wet - quenched coke by 50 yuan/ton and dry - quenched coke by 55 yuan/ton starting from May 16, 2025 [3]. - Last week, US API crude oil inventories increased by 4.287 million barrels, contrary to the expected decrease of 1.96 million barrels [4]. 3. Summary by Related Catalogs Hot News - Tariff adjustment on US - origin goods: The tariff rate in Announcement No. 4 of 2025 was adjusted from 34% to 10%, a 90 - day suspension of 24% tariff, and termination of measures in Announcements No. 5 and No. 6 [3]. - US inflation data: April unadjusted CPI up 2.3% year - on - year, core CPI flat at 2.8%. Trump pressured the Fed, and traders bet on rate cuts [3]. - Trade negotiation situation: Besent was pessimistic about EU deal but optimistic about Asian partners [3]. - Coke price adjustment: Some steel mills plan to cut coke prices on May 16 [3]. - US API crude oil inventory: Increased by 4.287 million barrels last week [4]. Key Focus - Key commodities to focus on: Urea, styrene, crude oil, plastic, and lithium carbonate [5]. Night - session Performance - Sector performance: Non - metallic building materials rose 2.77%, precious metals 30.18%, oilseeds 11.73%, soft commodities 2.68%, non - ferrous metals 19.30%, coal - coking - steel - ore 13.24%, energy 2.60%, chemicals 13.14%, grains 1.69%, and agricultural and sideline products 2.67% [5]. Sector Holdings - Five - day change in commodity futures sector holdings: Data presented for different sectors from May 7 - 13, 2025 [6]. Performance of Major Asset Classes | Category | Name | Daily Change (%) | Monthly Change (%) | Year - to - date Change (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index | 0.17 | 2.92 | 0.69 | | | SSE 50 | 0.20 | 2.84 | 0.87 | | | CSI 300 | 0.15 | 3.33 | - 0.98 | | | CSI 500 | - 0.21 | 2.66 | 0.98 | | | S&P 500 | 0.72 | 5.70 | 0.08 | | | Hang Seng Index | - 1.87 | 4.47 | 15.20 | | | German DAX | 0.31 | 5.07 | 18.73 | | | Nikkei 225 | 1.43 | 5.93 | - 4.29 | | | FTSE 100 | - 0.02 | 1.27 | 5.26 | | Fixed - income | 10 - year Treasury bond futures | 0.03 | - 0.26 | - 0.19 | | | 5 - year Treasury bond futures | - 0.01 | - 0.14 | - 0.55 | | | 2 - year Treasury bond futures | 0.03 | - 0.02 | - 0.61 | | Commodity | CRB Commodity Index | 1.69 | 4.07 | 1.28 | | | WTI Crude Oil | 2.70 | 9.33 | - 11.54 | | | London Spot Gold | 0.43 | - 1.18 | 23.83 | | | LME Copper | 0.83 | 5.20 | 9.32 | | | Wind Commodity Index | - 0.58 | 0.07 | 16.33 | | Other | US Dollar Index | - 0.82 | 1.35 | - 6.91 | | | CBOE Volatility Index | 0.00 | - 25.55 | 5.99 | [7]

华金证券认为，A股短期震荡偏强的趋势可能进一步加强，基本面预期的改善可能导致A股突破上行。 一是近期A股震荡偏强的核心驱动因素可能进一步加强：首先，政策和流动性宽松是A股"五一"节后走 强的主要驱动因素，此次超预期大幅降低加征关税不会对国内政策和流动性宽松产生影响，反而可能进 一步加大美联储降息和人民币升值的预期，对流动性宽松预期有利；其次，中美缓和带来的风险偏好改 善是推动近期走势偏强的另一个核心因素，本次超预期降低关税对这个因素有进一步的更强的推动。二 是对短期A股震荡上行最大的压制因素可能大幅消减：首先，对加征关税导致的出口回落以及经济和盈 利基本面偏弱的担忧是压制短期A股走势的最大因素，本次超预期大幅降低关税可能大幅改善这种压 制；其次，A股短期持续维持偏低的成交额，主要还是对经济基本面的担心导致保险、基金及外资等机 构资金和增量资金未入市，本次降低关税可能大幅改善机构的风险偏好，一旦A股成交额放大，可能开 启突破上行的行情。 （文章来源：证券时报网） 盘面上看，军工、券商、半导体、汽车、地产等板块走低，有色、银行、家居、煤炭、医药等板块拉 升，光伏产业链、航运概念、跨境电商概念等活跃。 13日早盘， ...

美国总统特朗普：将告诉其他国家，若药品价格不下降，就不要再向美国销售汽车了。 即加征关税 即加征关税 美国总统特朗普：换句话说，如果他们不采取正确的行动，我们将把这些费用加到关税上。 即加征关税 ...

英国贸易大臣Reynolds：将进一步谈判美国"加征10%基准关税"。 ...

Core Viewpoint - Australia's wine exports saw a significant increase in revenue but a decline in volume during Q1 2025, primarily driven by a rebound in the Chinese market, despite overall challenges in other regions [1][2][4]. Group 1: Export Performance - Total export revenue for Australian wine reached AUD 453 million (approximately RMB 2.108 billion), marking a year-on-year increase of 27.1%, while the export volume decreased by 1.3% to 14.2 million liters [1][2]. - Exports to mainland China experienced a dramatic year-on-year increase in both volume and value, with figures showing a growth of 1309.8% and 2334.9%, respectively, although this is compared to a period when tariffs were not in effect [4][6]. - Despite the strong performance in China, exports to other regions showed a decline, with total volume and revenue dropping by 10% and 6.8% year-on-year, respectively [4][6]. Group 2: Market Dynamics - The decline in exports to mainland China on a quarter-on-quarter basis was significant, with volume and revenue falling by 49.7% and 58.4%, respectively, indicating a seasonal dip and high domestic inventory levels [6][8]. - The average price of Australian wine exported to China decreased from AUD 11.46 per liter to AUD 9.47 per liter, reflecting market adjustments [6]. - The Australian wine industry faces considerable challenges in global markets outside of China, which are unlikely to resolve in the short term [4][5]. Group 3: Key Export Destinations - The top five export destinations for Australian wine by revenue in Q1 2025 were mainland China, the United States, the United Kingdom, Canada, and New Zealand, with mainland China accounting for 27.8% of total export revenue [3]. - The export volume rankings were led by the United Kingdom, the United States, Canada, mainland China, and Germany [3].

智通财经5月6日电，目前正担任欧盟轮值主席国的波兰就美国加征关税事宜在欧洲议会阐明立场。波兰 欧盟事务部部长亚当·什瓦普卡当地时间5月6日表示，若与美国的贸易谈判失败，欧盟将考虑所有捍卫 利益的选项，包括向世界贸易组织提起诉讼。当天，什瓦普卡在欧洲议会的一场辩论中重申，美国对欧 盟加征额外关税毫无依据，"关税实质是由企业支付的税款，并最终由消费者承担。它将推高进口成 本、扰乱供应链，迫使企业要么自行消化成本，要么提高售价，从而加剧通胀"。什瓦普卡认为，尽管 欧盟欢迎美国暂停部分关税90天的决定，但仍对潜在新关税及美国政府政策给全球经济带来的不确定性 深表忧虑。 波兰官员：若欧美贸易谈判破裂 欧盟将考虑进一步行动 ...

新华社华盛顿5月5日电 记者手记｜加征关税能重振美国制造业？美民众：时光无法倒流 新华社记者熊茂伶 美国彼得森国际经济研究所高级研究员、前财政部官员加里·赫夫鲍尔对新华社记者表示，关税政策难 以实现制造业回流，因为加征关税将提高制造业原材料成本，阻碍美国制成品出口，同时抬高消费者购 买商品的价格，导致国内商品销售减少。他还指出，近年来，制造业岗位的流失更多源于自动化等技术 进步，这一趋势难以逆转。 美国民众对此怎么看？记者在采访中发现，对不少普通美国民众而言，"将制造业带回美国"难度巨大、 代价高昂，并非值得追求的目标。 近日，美国商务部长霍华德·卢特尼克关于关税会创造就业的言论引发强烈反弹。曾在教育领域工作、 已退休的弗吉尼亚州阿灵顿县居民玛丽·米德-奥尔贝丁告诉记者："问题在于，大多数美国人根本不愿 从事相关生产工作，更不可能接受与发展中国家一样的薪资水平。" 美国政府宣称，加征关税有助于消除贸易逆差，让美国制造业"再次伟大"。然而，美国经济学家和普通 民众却满脸问号：如此"愿景"，值得追求吗？能实现吗？要付出怎样代价？ 白宫经济顾问委员会主席史蒂夫·米兰日前声称，贸易赤字摧毁了美国的制造业部门以及许多工 ...