（原标题：关税突发！特朗普：终止与加拿大的所有贸易谈判） 关税突发。 9月3日，卡尼表示，他曾在1日晚与美国总统特朗普通话。卡尼称，他与特朗普对话良好，但预计美国 不会在近期取消关税。卡尼表示，双方就贸易、地缘政治、劳工等一系列问题进行了长时间沟通。 值得一提的是，美国联邦巡回上诉法院8月29日裁定，特朗普政府批准对多国征收关税时援引的法律并 未赋予其征收这些税款的权力，但允许现行关税政策维持至10月14日，以便特朗普政府向最高法院提出 上诉。 9月3日，特朗普政府正式向美国最高法院提出上诉，要求推翻联邦巡回上诉法院裁定特朗普对多国征收 关税违法的判决。有报道称， 最高法院可能会受理这一案件，并可能在2026年夏天做出裁决。 △特朗普通过社交媒体表示，美国终止与加拿大的所有贸易谈判。 当地时间23日晚，美国总统特朗普通过社交媒体表示："'罗纳德·里根基金会'刚刚发表声明称，加拿大 涉嫌欺诈性地使用了一则虚假广告，该广告中出现了（美国前总统）罗纳德·里根对关税发表负面言论 的内容。" 特朗普在帖文中称，"他们这么做只是为了干扰美国最高法院及其他法院的裁决。"特朗普表示，关税对 美国的国家安全和经济至关重要。"鉴 ...

Group 1 - President Trump announced the termination of all trade negotiations with Canada due to a misleading advertisement that used a video of former President Reagan to oppose tariffs [1][4] - The advertisement cost $75 million and was part of a campaign by the Ontario provincial government to promote its tariff policy and counter Trump's stance [1][4] - The termination of negotiations may escalate the ongoing trade tensions between the U.S. and Canada, which have been intensifying for months [5] Group 2 - Just days before the announcement, reports indicated that the U.S. and Canada had reached an agreement on steel, aluminum, and energy trade, with plans for leaders to sign the agreement at the upcoming APEC summit [5] - Canadian Prime Minister Carney had previously visited Washington to ease trade tensions and claimed to have reached a consensus with Trump regarding steel and aluminum trade [5] - Trump's hardline stance towards Canada is partly influenced by domestic legal challenges surrounding his tariff policies, with the Supreme Court set to hear arguments on the legality of these tariffs [5][6] Group 3 - In response to escalating trade pressures, Canada is actively seeking to reduce its economic dependence on the U.S., with plans to double exports to non-U.S. markets over the next decade [9] - Carney acknowledged that the nature of trade relations with the U.S. is changing, citing a more turbulent and competitive global economic environment [9] - The Canadian government has initiated a list of key national projects aimed at boosting the economy and reducing reliance on the U.S., although Carney admitted that this economic transformation will take time and sacrifices [11] Group 4 - Trump's tariffs have already impacted the Canadian economy, particularly in the automotive sector, leading to rising pessimism about economic growth among Canadians [11] - More than half of Canadians believe the economy will weaken in the next six months, and policymakers have reported concerning forecasts from steel and aluminum exporters, who have experienced significant layoffs due to tariffs [11]

△特朗普通过社交媒体表示，美国终止与加拿大的所有贸易谈判。 关税突发。 当地时间23日晚，美国总统特朗普通过社交媒体表示："'罗纳德·里根基金会'刚刚发表声明称，加拿大涉 嫌欺诈性地使用了一则虚假广告，该广告中出现了（美国前总统）罗纳德·里根对关税发表负面言论的内 容。" 特朗普在帖文中称，"他们这么做只是为了干扰美国最高法院及其他法院的裁决。"特朗普表示，关税对美 国的国家安全和经济至关重要。"鉴于其恶劣行径，美国与加拿大的所有贸易谈判即刻终止。" 特朗普在帖文中附上了罗纳德·里根基金会发布的声明，声明称，加拿大安大略省政府发布了一则广告，其 中使用了前总统里根1987年4月25日发表的"关于自由公平贸易的全国广播讲话"的部分音频和视频片段。 该广告曲解了前总统里根的广播讲话内容，且安大略省政府在使用和编辑这些讲话内容时既未寻求也未获 得许可。 截至目前，加拿大方面对此暂无回应。 据了解，特朗普7月31日签署一项行政命令，将部分加拿大商品的关税提高至35%，并于8月1日凌晨生 效。但是这一关税不包括《美加墨协定》覆盖的产品。 8月21日，加拿大总理卡尼与特朗普通话，就关税战及其他国际问题进行了沟通。8月22 ...

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content. 2. Core Viewpoints - **Stock Market**: A - shares and four stock index futures rose collectively this week, with small - and medium - cap stocks outperforming large - cap blue - chip stocks. After the Fourth Plenary Session of the 20th Central Committee, market sentiment was boosted, but trading activity declined. It is recommended to buy on dips [6]. - **Bond Market**: Treasury futures weakened this week. Although the fundamentals and capital situation may push the bond market to strengthen, uncertainties will continue to disrupt market sentiment. It is expected that Treasury futures will fluctuate widely in the short term, and interval operations are recommended [6]. - **Commodity Market**: Geopolitical conflicts drive up oil prices, and gold fluctuations decrease. The short - term commodity index is expected to fluctuate strongly, and it is recommended to mainly observe [6]. - **Foreign Exchange Market**: The US dollar may be under pressure in the medium term. The yen is under pressure, and short - term dollar strength may suppress the euro and yen. It is recommended to observe cautiously [6][10]. 3. Summary by Directory This Week's Summary and Next Week's Allocation Recommendations - **Stock**: The Shanghai and Shenzhen 300 rose 3.24%, and the Shanghai and Shenzhen 300 stock index futures rose 3.35%. A - shares and four stock index futures rose, with market sentiment boosted after the Fourth Plenary Session. It is recommended to buy on dips [6]. - **Bond**: The 10 - year Treasury bond yield rose 0.21%, and the main 10 - year Treasury futures fell 0.27%. Due to policy and market uncertainties, it is expected to fluctuate widely in the short term, and interval operations are recommended [6]. - **Commodity**: The Wind Commodity Index fell 4.93%, and the CSI Commodity Futures Price Index fell 0.29%. Geopolitical conflicts drive up oil prices, and gold fluctuations decrease. It is recommended to mainly observe [6]. - **Foreign Exchange**: The euro against the US dollar fell 0.42%. The US dollar may be under pressure in the medium term, and the yen is under pressure. It is recommended to observe cautiously [6]. Important News and Events - **China - US Relations**: The two sides are about to return to the negotiation table, and Trump plans to visit China next year. China advocates resolving issues through negotiation [14][16]. - **Domestic Policy**: The Fourth Plenary Session of the 20th Central Committee emphasized "sustained efforts in pro - growth policies" [6]. - **International Affairs**: The EU invited China to discuss rare earths, and European leaders supported the Russia - Ukraine cease - fire through negotiation. The Trump administration froze $11 billion in infrastructure funds [14][16]. This Week's Domestic and Foreign Economic Data - **China**: The Q3 GDP annual rate was 4.8%, the September social consumer goods retail sales increased 3% year - on - year, and the September industrial added value increased 6.5% year - on - year [11][17]. - **US**: The September existing home sales totaled 4.06 million annualized [17]. - **EU**: The preliminary October consumer confidence index was - 14.2 [17]. - **UK**: The September CPI monthly rate was 0, and the September retail price index monthly rate was - 0.4% [17]. - **Germany**: The September PPI monthly rate was - 0.1% [17]. Next Week's Important Economic Indicators and Economic Events - **October 27**: China's January - September industrial enterprise profit annual rate, US September durable goods orders monthly rate [81]. - **October 28**: Germany's November Gfk consumer confidence index, US August S&P/CS20 city house price index annual rate [81]. - **October 30**: US Fed interest rate decision, eurozone Q3 GDP annual rate, US Q3 real GDP annualized quarterly rate, etc. [81]. - **October 31**: Japan's September unemployment rate, China's October official manufacturing PMI, etc. [81].

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views Copper - Copper prices strengthened due to improved market risk appetite following the Sino - US trade talks. Macro factors like tariff policies, overseas liquidity, and COMEX - LME spread are important. Fundamentally, tight copper ore supply supports prices, but high prices may suppress downstream demand. The main contract is expected to find support between 84,000 - 85,000 yuan/ton [1]. Aluminum - The alumina market remains weak, with supply pressure and weak demand. Spot prices are expected to be under pressure, with the main contract oscillating between 2,750 - 2,950 yuan/ton. Aluminum prices are expected to remain high and fluctuate, with the main contract in the range of 20,700 - 21,300 yuan/ton [3]. Aluminum Alloy - Casting aluminum alloy prices showed a strong - oscillating trend. Cost support is significant, but high inventory and policy uncertainty restrict price increases. The short - term ADC12 price is expected to maintain a strong - oscillating pattern, with the main contract in the range of 20,200 - 20,800 yuan/ton [4]. Zinc - Due to LME zinc market concerns and Sino - US trade talks, zinc prices rebounded. Supply is expected to be loose, and demand has no outstanding performance. Short - term prices may be driven by macro factors, but the upward elasticity is limited, with the main contract in the range of 21,800 - 22,800 yuan/ton [8]. Tin - Tin prices continued to oscillate at a high level. Supply is tight, and demand is weak. Future price trends depend on the recovery of Burmese tin ore supply in the fourth quarter [10]. Nickel - Nickel prices are expected to oscillate in the range of 120,000 - 126,000 yuan/ton. Macro factors are temporarily stable, cost has support, but inventory accumulation exerts pressure [12]. Stainless Steel - Stainless steel prices are expected to weakly oscillate, with the main contract in the range of 12,600 - 13,000 yuan/ton. There is cost support at the ore end, but demand during the peak season is not strongly boosted [14]. Lithium Carbonate - Lithium carbonate prices are expected to run strongly in the short - term, with the main contract in the range of 76,000 - 82,000 yuan/ton. The fundamentals have improved, with strong demand during the peak season and continued destocking [16]. 3. Summaries by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price rose to 85,490 yuan/ton, up 0.63% from the previous day. The opening discount decreased. The refined - scrap price difference increased by 7.02% to 3,366 yuan/ton [1]. Fundamental Data - In September, electrolytic copper production was 112.10 million tons, down 4.31% month - on - month. The import volume increased by 26.50% to 33.43 million tons. The domestic mainstream port copper concentrate inventory increased by 3.11% to 68.07 million tons [1]. Aluminum Price and Spread - SMM A00 aluminum price rose to 21,040 yuan/ton, up 0.29% from the previous day. Alumina prices in various regions declined slightly [3]. Fundamental Data - In September, alumina production was 760.37 million tons, down 1.74% month - on - month. Electrolytic aluminum production was 361.48 million tons, down 3.16% month - on - month [3]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 price rose to 21,200 yuan/ton, up 0.47% from the previous day. The refined - scrap price differences in various regions increased to varying degrees [4]. Fundamental Data - In September, the production of recycled aluminum alloy ingots was 66.10 million tons, up 7.48% month - on - month. The production of primary aluminum alloy ingots was 28.30 million tons, up 4.43% month - on - month [4]. Zinc Price and Spread - SMM 0 zinc ingot price rose to 22,100 yuan/ton, up 0.91% from the previous day. The import loss increased to 6,393 yuan/ton [8]. Fundamental Data - In September, refined zinc production was 60.01 million tons, down 4.17% month - on - month. The import volume decreased by 11.61% to 2.27 million tons [8]. Tin Price and Spread - SMM 1 tin price fell to 280,000 yuan/ton, down 0.36% from the previous day. The import loss increased to 16,213.05 yuan/ton [10]. Fundamental Data - In September, tin ore imports were 8,714 tons, down 15.13% month - on - month. SMM refined tin production was 10,510 tons, down 31.71% month - on - month [10]. Nickel Price and Basis - SMM 1 electrolytic nickel price rose to 122,150 yuan/ton, up 0.04% from the previous day. The import loss decreased to 670 yuan/ton [12]. Fundamental Data - China's refined nickel production in September was 32,200 tons, up 1.26% month - on - month. The import volume decreased by 3.00% to 17,010 tons [12]. Stainless Steel Price and Spread - The price of 304/2B (Wuxi Hongwang 2.0 coil) remained at 13,000 yuan/ton. The futures - spot price difference decreased to 405 yuan/ton [14]. Fundamental Data - In September, the production of 300 - series stainless steel crude steel in China (43 companies) was 182.17 million tons, up 0.38% month - on - month. The import volume increased by 2.70% to 12.03 million tons [14]. Lithium Carbonate Price and Spread - SMM battery - grade lithium carbonate average price rose to 74,800 yuan/ton, up 0.61% from the previous day. The basis (SMM battery - grade lithium carbonate benchmark) decreased to - 1,980 yuan/ton [16]. Fundamental Data - In September, lithium carbonate production was 87,260 tons, up 2.37% month - on - month. The demand was 116,801 tons, up 12.28% month - on - month [16].

截至目前，加拿大方面对此暂无回应。 （原标题：特朗普：终止与加拿大的所有贸易谈判） 来源：央视新闻客户端 特朗普通过社交媒体表示，美国终止与加拿大的所有贸易谈判 当地时间23日晚，美国总统特朗普通过社交媒体表示，"'罗纳德·里根基金会'刚刚发表声明称，加拿大 涉嫌欺诈性地使用了一则虚假广告，该广告中出现了（美国前总统）罗纳德·里根对关税发表负面言论 的内容。" 特朗普在帖文中称，"他们这么做只是为了干扰美国最高法院及其他法院的裁决。"特朗普表示，关税对 美国的国家安全和经济至关重要。"鉴于其恶劣行径，美国与加拿大的所有贸易谈判即刻终止。" 特朗普在帖文中附上了罗纳德·里根基金会发布的声明，声明称，加拿大安大略省政府发布了一则广 告，其中使用了前总统里根1987年4月25日发表的"关于自由公平贸易的全国广播讲话"的部分音频和视 频片段。该广告曲解了前总统里根的广播讲话内容，且安大略省政府在使用和编辑这些讲话内容时既未 寻求也未获得许可。 相关阅读 美国联邦巡回上诉法院8月29日裁定，特朗普政府批准对多国征收关税时援引的法律并未赋予其征收这 些税款的权力，但允许现行关税政策维持至10月14日，以便特朗普政府向最高 ...

来源：央视新闻客户端 特朗普在帖文中附上了罗纳德·里根基金会发布的声明，声明称，加拿大安大略省政府发布了一则 广告，其中使用了前总统里根1987年4月25日发表的"关于自由公平贸易的全国广播讲话"的部分 音频和视频片段。该广告曲解了前总统里根的广播讲话内容，且安大略省政府在使用和编辑这些 讲话内容时既未寻求也未获得许可。 截至目前，加拿大方面对此暂无回应。 相关阅读 美国联邦巡回上诉法院8月29日裁定，特朗普政府批准对多国征收关税时援引的法律并未赋予其 征收这些税款的权力，但允许现行关税政策维持至10月14日，以便特朗普政府向最高法院提出上 诉。 9月3日，特朗普政府正式向美国最高法院提出上诉，要求推翻联邦巡回上诉法院裁定特朗普对多 国征收关税违法的判决。有报道称， 最高法院可能会受理这一案件，并可能在2026年夏天做出 裁决。 当地时间9月7日，美国财长贝森特在接受媒体采访时称，如果美国最高法院维持裁决判定美国政 府的关税政策违法，那么美国财政部将不得不退还约半数已经征收的关税，这一后果将是"灾难性 的"。 △特朗普通过社交媒体表示，美国终止与加拿大的所有贸易谈判 当地时间23日晚，美国总统特朗普通过社交媒 ...

Group 1 - Japan's trade surplus with the US decreased by 22.6% year-on-year in the first half of 2025, amounting to 3.3222 trillion yen, primarily due to high tariffs imposed by the Trump administration [2][4] - Japan's exports to the US fell by 10.2% in the first half of the year, marking the first decline in nine and a half years, with significant drops in the automotive and machinery sectors [4][6] - The average price of Japanese cars exported to the US decreased by 20.8% compared to the previous year, reflecting the impact of tariffs and market conditions [4][6] Group 2 - Other countries, including China and the Eurozone, also experienced a reduction in trade surpluses with the US, with China's surplus decreasing by 29.8% and the Eurozone's by 20% [2][7] - The overall trade balance for Japan showed a deficit of 1.2238 trillion yen in the first half of 2025, continuing a trend of deficits for nine and a half consecutive periods [7] - The ongoing trade tensions and tariff increases between the US and China could lead to further declines in trade volumes, impacting global trade dynamics [6][7]

特朗普关税政策的变化及其可能带来的影响 近年来，特朗普政府在关税政策上的调整引发了全球关注。近期，美国政府悄然放松了对一些商品的关税，并豁免了多种 商品，包括黄金、LED灯、某些矿物和化学品，甚至一些美国无法自给自足的产品。此外，特朗普还签署行政令，授权美 国商务部和贸易代表办公室自行批准关税豁免。这些举措引发了外界对特朗普是否在悄悄放弃原有的强硬关税政策的猜 测。那么，特朗普为何会做出这些改变？这背后究竟释放了什么信号？ 特朗普关税政策的起步与争议 回顾特朗普上台初期，2017年1月，特朗普刚刚就任美国总统时，他迅速通过行政令启动了针对全球的关税战。他援引《国 际紧急经济权力法》，对多个国家，特别是中国，加征了关税。特朗普还对未与美国达成贸易协议的国家实施了额外的税 收措施。这一系列的关税举措引起了广泛的国际争议，包括美国国内的批评声音。随着时间推移，特朗普的关税政策也遭 遇了不少法律挑战。 特朗普政府为何选择此时豁免部分商品的关税？至少可以从以下几个方面解读： 法院裁定与关税豁免 1. 规避法律风险：特朗普可能是在为最高法院即将做出的判决提前做好准备。如果最高法院判定特朗普政府败诉，之前征 收的关税可能需 ...

Group 1 - Trump's recent comments on imposing a 100% tariff on Chinese goods were unexpectedly hesitant, labeling the policy as "unsustainable" [1][3] - The shipping industry in the U.S. has shown signs of compromise in response to China's countermeasures, indicating a growing concern over the impact of tariffs [3][4] - Major corporations, including defense giant Lockheed Martin, have expressed opposition to Trump's tariff proposals, recognizing the potential for escalating tensions and retaliatory actions from China [4][8] Group 2 - The U.S. shipping industry is heavily reliant on Chinese-built vessels, with significant portions of fleets and order books consisting of Chinese ships [9][10] - The introduction of a special port fee for U.S. vessels by China is a direct response to U.S. tariffs, with fees set to increase progressively over the coming years [12][18] - The American shipping association has requested urgent negotiations with the government to address the financial pressures caused by these tariffs and fees, but the government remains firm on its policies [21][23] Group 3 - The ongoing trade conflict has led to a shift in shipping routes, with vessels originally destined for the U.S. now rerouting to the UK and EU, highlighting the disruption caused by tariff policies [8][27] - The uncertainty surrounding the duration of these tariffs and fees is a major concern for the shipping industry, as it complicates long-term planning and operations [10][18] - The imposition of tariffs and fees is expected to increase costs for American consumers, as these expenses are likely to be passed down the supply chain [8][27]