Core Viewpoint - The article discusses the significant impact of the Trump administration's tariff policies on Volkswagen, emphasizing the urgency for the EU and the US to reach a trade agreement to mitigate these effects [2][4]. Financial Performance - Volkswagen reported a revenue of €158.4 billion (approximately $185.7 billion) for the first half of 2025, remaining stable compared to the previous year, but operating profit fell by one-third to €6.7 billion (about $7.86 billion) [3]. - The decline in operating profit is attributed mainly to increased costs from US import tariffs, amounting to €1.3 billion (approximately $1.52 billion), along with an additional loss of €0.7 billion (around $0.82 billion) from restructuring and other expenses [5]. - The company has adjusted its full-year revenue forecast from a 5% increase to flat growth compared to last year, with an expected operating profit margin of 4% to 5%, down from a previous estimate of 5.5% to 6.5% [5][33]. Market Dynamics - Despite a 1.5% increase in global deliveries in the first half of 2025, Volkswagen's deliveries in the US dropped by nearly 10%, with North America accounting for 18.5% of the group's global sales [6]. - The performance of luxury brands under Volkswagen, such as Porsche and Audi, has been particularly poor, with Porsche's operating profit plummeting over 90% to €154 million and Audi's profit down 64% to €550 million [6][27]. Electric Vehicle Sales - Volkswagen has become the leader in the European electric vehicle market, surpassing Tesla, with a notable increase in sales of electric vehicles in Europe [6][8]. - In Germany, electric vehicle sales reached a record high in the first half of 2025, with a 35% year-on-year increase, totaling 249,100 units, despite a 4.7% decline in overall new car sales [8][9]. Tariff Negotiations - Volkswagen and its competitors are urging European trade negotiators to reach an agreement to lower the 25% US tariffs imposed since April [17]. - There is optimism that an agreement could be reached to impose a 15% tariff on most imported products, which would alleviate some financial pressure on the automotive sector [17][18]. - The company’s CFO indicated that if a deal similar to the US-Japan agreement is reached, profit margins could stabilize within the expected range [18]. Strategic Adjustments - Volkswagen is considering local production of Audi vehicles in the US and increasing exports from its Chattanooga plant to mitigate tariff impacts [31][26]. - The company is also exploring partnerships with Rivian and Xpeng to enhance product competitiveness, although new models from these collaborations are not expected until next year [34].

Core Viewpoint - The article highlights the increasing bullish sentiment towards gold among hedge funds, driven by rising risk aversion due to trade tensions and economic uncertainty, with gold prices experiencing a significant increase this year. Group 1: Hedge Fund Activity - Hedge funds have raised their bullish bets on gold to the highest level since April, with net long positions increasing by 19% to 170,868 contracts as of the week ending July 22, marking a 16-week high [1] - The ongoing trade war has led to market volatility, prompting investors to seek safe-haven assets like gold, which has contributed to a 27% increase in gold prices year-to-date [1] Group 2: Central Bank Support - The rise in bullish positions for gold is also supported by continuous purchases from global central banks, providing additional support for gold prices [2] - Despite potential easing of trade tensions that may reduce demand for safe-haven assets, strong central bank buying remains a solid fundamental support for gold prices [2]

Core Viewpoint - The EU is asserting its strategic autonomy in the face of US trade pressures, particularly regarding tariffs and reliance on Chinese rare earth supplies [1][3][5]. Economic Context - Accepting a 30% tariff from the US could result in over €300 billion in annual losses for the EU, while shifting focus to the Chinese market could secure critical rare earth supplies for the renewable energy sector [1][3]. - The EU's long-term budget proposal of €2 trillion for 2028-2034 was rejected by Germany, highlighting internal divisions and weakening the authority of EU leadership [3]. Trade Relations - The EU is heavily reliant on imports for 85% of its rare earth materials, with over 60% sourced from China, which has implemented export controls that threaten the EU's green transition [3][5]. - The EU's trade with China exceeded €800 billion in 2024, making China an irreplaceable trade partner for the EU amid the US-EU trade conflict [5]. Political Dynamics - The visit to China is seen as a critical step for EU leadership to assert its strategic independence, especially as internal divisions among member states complicate a unified response to US pressures [3][7]. - The EU's response to US tariffs has created a rift within the bloc, with countries like Germany heavily dependent on the Chinese market, while others, like Hungary, lean towards the US [3][5]. Strategic Implications - The EU faces a pivotal choice between continuing as a US ally or positioning itself as a balanced player between the US and China, with the recent visit to Beijing marking a potential turning point for EU strategy [9].

Group 1: China's Energy Import Strategy - China's energy imports from the US have dropped to zero, with crude oil imports falling from $800 million last year to zero, LNG orders ceasing for four consecutive months, and coal imports reduced to a few hundred dollars [1] - Russia has become the main supplier of crude oil and LNG to China, offering prices 10%-15% lower than the US, while Australia and Middle Eastern countries have increased their coal exports to China [1][11] - This diversification strategy has allowed China to eliminate its dependence on US energy, enhancing its energy security [1][11] Group 2: Impact on the US Energy Industry - The cessation of energy exports to China has led to a significant increase in the US trade deficit, with losses of at least $30 billion in the first half of the year [3] - The US shale oil industry is facing its lowest overseas sales in two years, with some companies at risk of bankruptcy, and the energy sector's contribution to US GDP and employment is being negatively impacted [3][7] - The US's previous position as the world's largest crude oil exporter is now compromised, as its strategy to penetrate traditional markets in the Middle East and Russia has failed [3][7] Group 3: US-China Negotiation Dynamics - Upcoming US-China trade talks in Stockholm are marked by the US's insistence on discussing China's purchases of Russian and Iranian oil, which China views as a geopolitical maneuver rather than a trade issue [4][6] - China maintains a firm stance on equal negotiations and opposes any form of pressure from the US, emphasizing that its oil purchases are purely commercial [6] Group 4: Shift in US Policy and Global Energy Landscape - The failure of the US trade war and technology blockade against China has led to a reassessment of strategies, with the US recognizing the difficulty in containing China's rise [7] - The global energy market is being reshaped, with Russia and Middle Eastern countries increasing their market share in China, while the US seeks alternative markets but struggles to fill the gap left by China [11] Group 5: Future Outlook - The fundamental contradictions in US-China relations are unlikely to be resolved, with the US potentially adopting a more aggressive stance in negotiations due to domestic political pressures [12] - China is expected to continue its focus on self-sufficiency in core technologies and rare earths, while also pursuing a dual circulation development strategy to mitigate external risks [12]

Group 1 - The core issue revolves around President Trump's decision to impose a 25% tariff on German cars, up from a previous 2.5%, leading to a significant escalation in trade tensions between the US and Germany [1][2] - Germany's initial approach of negotiation has shifted to a more aggressive stance, with high-ranking officials indicating readiness for confrontation if the US continues its tariff policies [1][2][4] - The automotive industry, which constitutes nearly one-third of Germany's exports to the US, is particularly vulnerable to these tariffs, prompting a reassessment of Germany's trade strategy [2][4] Group 2 - The change in Germany's position reflects a broader shift within the EU, moving from a predominantly moderate approach to a more unified and assertive stance against US trade policies [6][9] - Germany's dual strategy aims to balance a strong response to US tariffs while still seeking dialogue to resolve disputes, particularly in defense and economic sectors [8][11] - The upcoming deadline for the new tariffs on August 1 is critical, as it will determine whether the situation escalates into a full-blown trade war or if a compromise can be reached [11]

中美贸易博弈白热化：关税战深陷泥潭，瑞典谈判前瞻 在国际贸易的棋盘上，中美之间的博弈正进入白热化阶段。7月27日，瑞典斯德哥尔摩将迎来中美第三轮经贸谈判，而在此关键时刻，美国财政部长贝森特 却主动释放出考虑延长关税休战期的信号，这一举动耐人寻味。 关税战反噬：美企哀鸿遍野，通胀警报拉响 原本计划于8月12日恢复的对华145%高额关税，如今却让美国企业界如坐针毡。苹果、特斯拉、通用汽车等行业巨头纷纷发出"喊痛"之声，高关税带来的成 本压力已经让它们不堪重负。 究其原因，特朗普政府最初试图通过关税壁垒来遏制中国经济，但现实却给了他一记响亮的耳光。关税不仅未能"拿捏"住中国，反而率先让美国企业陷入困 境。美联储的报告更是明确指出，美国的通胀警报已经拉响，关税带来的冲击将在下半年的数据中全面显现。英伟达CEO黄仁勋甚至身着唐装提前访华，这 一举动无疑暴露了美国企业界的焦虑。 中国突围：出口多元化，全球市场觅新机 面对美国的关税施压，中国并没有坐以待毙，而是积极调整出口策略，成功开辟了多元化的全球市场。数据显示，2025年上半年中国对非洲出口增长高达 21.6%，对东盟增长13%，对欧盟增长6.6%，这些增长完全抵消了 ...

Silver Market Insights - Silver has recently reached a price of $39.06 per ounce, marking a 20% increase since early May, while gold has only increased by less than 5% during the same period [2] - The gold-to-silver ratio, which averaged around 60:1 from 2000 to 2020, is currently at 86 and falling, indicating a bullish outlook for silver [4][3] - The global silver market is experiencing a deficit of approximately 117 million ounces in 2024, continuing a trend of undersupply for five consecutive years [7] - Silver's role in the clean energy transition, particularly in solar panel production and electrification, is driving demand, while its price remains historically low [8] - Technically, silver has achieved a 14-year high with strong trading volume, suggesting potential for further gains towards the 2012 peak of $48, representing a 23% increase from current levels [9] The Metals Company (TMC) - TMC has seen a significant stock increase of 268% in less than two months, driven by its focus on polymetallic nodules rich in critical metals essential for clean energy [12][14] - TMC benefits from government backing and has a first-mover advantage with its fully filed ISA exploitation application and U.S. permit request [15] - The strategic investment of $85.2 million from Korea Zinc Co. enhances TMC's operational capabilities and reduces risks associated with downstream operations [18] Amazon's Market Position - Amazon is facing challenges due to its reliance on Chinese goods, with up to 70% of its products sourced from China, making it vulnerable to tariffs [23] - The cloud service division of Amazon has missed analyst expectations for three consecutive quarters, prompting significant capital investment from CEO Jeff Bezos [24] - A recommendation has been made to sell Amazon and consider investing in a lesser-known online retailer projected to be significantly more profitable by 2027 [25]

Group 1 - The Canadian government's imposition of tariffs on Chinese steel is a reaction to potential U.S. sanctions, revealing a short-sighted strategy [1][3] - Canada has abandoned significant agricultural orders from China in an attempt to appease the U.S., which is seen as a poor trade-off [5][9] - The tariffs have led to increased costs for Canadian steel manufacturers, as they rely on imported raw materials from China, resulting in financial losses [5][11] Group 2 - In response to Canada's tariffs, Australia has capitalized on the situation by increasing agricultural exports to China, benefiting from the shift in trade dynamics [7][13] - The Canadian agricultural sector is facing severe challenges, with farmers struggling to manage excess grain and seeking loan extensions due to financial strain [9][15] - The political fallout in Canada includes significant backlash from farmers and opposition parties, questioning the government's trade strategy and its impact on the economy [15][19] Group 3 - The situation serves as a lesson in international trade, emphasizing the complexity of trade wars and the need for strategic planning [17][19] - Australia has demonstrated a flexible approach to trade, balancing firmness and adaptability, which has allowed it to benefit from the changing market conditions [20][22] - China's response to the tariffs has been strategic, using market dynamics to reinforce its position while supporting alternative partners [17][22]

Market Performance - The three major indices in the US rose, with the Dow Jones up 1.26%, Nasdaq up 1.02%, and S&P 500 up 1.46% for the week [1] - The S&P 500 index set a new closing record for the fifth consecutive time, marking its 13th all-time high in 2025 [1] - Alphabet's strong earnings report contributed to a 4% increase in its stock price [1] - Over 82% of the 169 S&P 500 companies that have reported earnings exceeded Wall Street expectations [1] Individual Stocks - Intel (INTC.US) saw a decline of 8.53%, while Tesla (TSLA.US) increased by 3.52% [1] - Paramount (PARA.US, PARAA.US) and Skydance Media's merger has received regulatory approval, expected to complete by August 7 [8] - Intel plans to spin off its Network and Edge Group into an independent company and is seeking external investment for this division [9] International Markets - The German DAX30 index fell by 0.39%, while the French CAC40 index rose by 0.21% [2] - In the Asia-Pacific region, the Nikkei 225 index decreased by 0.88%, while the KOSPI index increased by 0.18% [3] Commodities - Gold prices fell by 0.94% to $3336.92 per ounce, with a weekly decline of 0.40% [4] - Crude oil prices also dropped, with light crude futures down 1.32% to $65.16 per barrel [3] Macro News - The Trump administration is preparing to issue a state of emergency declaration to impose tariffs on Brazilian goods [5] - There are reported discrepancies in the US-Japan trade agreement regarding profit sharing, with Japan denying the US's claim to 90% of profits [6]

Group 1 - The European Union (EU) has approved a unified retaliation list against the U.S. totaling €93 billion, which will take effect if no satisfactory trade agreement is reached by August 1 [1][2] - The EU's retaliation measures include two previous rounds of tariffs, with the first round targeting U.S. steel and aluminum tariffs amounting to approximately €21 billion, and the second round responding to threats of a 30% tariff on EU goods, valued at around €72 billion [1][2] - Germany's shift towards a more confrontational stance against the U.S. reflects a broader change in the EU's negotiation strategy, indicating a readiness to escalate tensions if necessary [2][3] Group 2 - The EU is considering the use of a "counter-coercion tool," a mechanism that has never been formally activated, which would allow the EU to impose trade and investment restrictions on countries attempting to coerce member states [2] - Recent economic data shows that the Eurozone has shown resilience against the initial impacts of the trade war, with the July PMI rising to 51, indicating growth in manufacturing and services [5] - However, there are concerns about potential supply chain disruptions and the impact on the service sector, particularly in areas heavily reliant on U.S. exports [5]