Group 1 - The European Union (EU) expressed concerns over the U.S. decision to impose a 30% tariff on EU exports, stating it would disrupt important supply chains and harm businesses, consumers, and patients on both sides of the Atlantic [1] - The EU remains committed to resolving trade differences with the U.S. through negotiations and is prepared to take necessary measures to protect its interests, including potential countermeasures [1] - The EU aims to reach an agreement by August 1 and will continue to strengthen global partnerships based on rules-based international trade principles [1] Group 2 - The President of the European Council emphasized that fair trade promotes prosperity and job creation, while tariffs exacerbate inflation and hinder economic growth [1] - The Chair of the European Parliament's International Trade Committee called for immediate countermeasures against the U.S. tariffs, warning that the worst is yet to come [2] - French President Macron strongly condemned the U.S. decision, expressing dissatisfaction with the timing and urging the EU to take a firm stance to protect European interests [2] Group 3 - President Trump announced a 30% tariff on products from Mexico and the EU effective August 1, 2025, following threats of a 50% tariff if trade negotiations did not progress [3] - In response to the U.S. tariffs, the EU had previously planned to impose tariffs on $210 billion worth of U.S. products but postponed this action to allow for further negotiations [3]

该税率高于特朗普政府此前曾经宣布的对加拿大商品征收关的25%关税。 2025.07. 11 本文字数：1091，阅读时长大约2分钟 作者 | 第一财经 程程 据央视新闻报道，当地时间7月10日，美国总统特朗普宣布，将自8月1日起，对自加拿大进口的商品 征收35%关税。 据报道，一位美国政府官员表示，符合《美墨加协定》的加拿大商品可能会免于此次征税，但他也表 示"最终决定尚未作出"。 加拿大对美出口连续4个月下降 对于特朗普提出的35%关税威胁，加拿大总理卡尼发文称，"在当前与美国的贸易谈判中，加拿大政 府始终坚定地捍卫我国工人和企业的利益。在重新修订的8月1日最后期限前，我们将继续这样做。" 卡尼并未直接提及特朗普此前声称的对加拿大征收35%的关税，但补充称"加拿大在遏制北美芬太尼 泛滥方面取得了重要进展。" 对于该35%的更高关税，广东外语外贸大学加拿大研究中心兼职研究员、国际政治风险分析师刘江 韵对第一财经记者分析称，此举可能是特朗普对加拿大的"乘胜追击"。此前在特朗普停止谈判的威胁 下，加拿大迅速取消了原定对美企业征收的数字服务税，这让特朗普认为威胁策略奏效，现以更高关 税逼迫加拿大再次让步。 刘江韵还 ...

Group 1: Core Points - The U.S. will impose a 35% tariff on goods imported from Canada starting August 1, which is an increase from the previously announced 25% tariff [1] - This move is seen as a strategy by the U.S. to pressure Canada into concessions during ongoing trade negotiations, particularly regarding dairy and aluminum tariffs [1][3] - The U.S. government claims that the trade deficit with Canada poses a significant threat to U.S. economic and national security [3] Group 2: Trade Relations Impact - Canada's exports to the U.S. have declined for four consecutive months, with the share of exports to the U.S. dropping to 68.3%, significantly lower than the 75.9% average in 2024 [4][5] - In contrast, Canada's exports to countries outside the U.S. increased by 5.7%, reaching a historical high [5]

Report Summary 1. Core View - This week, the on - site risk appetite was high but constrained by trade negotiations. The US sent tariff letters to multiple countries and postponed the tariff negotiation deadline to August 1st. There is still uncertainty in the global market for the remaining trading days in July. However, China and the US are still promoting negotiations based on the Geneva Agreement and London Conference, with relatively small impact on domestic assets [2]. - After the quantitative new rules were implemented on Monday, trading demand was briefly suppressed and then gradually released. The trading volume in the second half of the week increased rapidly, exceeding 1.7 trillion at the highest. The average daily trading volume of the entire A - share market this week was about 1.5 trillion, slightly higher than last week. The margin balance continued to rise, with a cumulative net inflow of over 20 billion this week, rising for four consecutive weeks since late June [2]. - Most industry sectors closed up this week, but the banking sector tumbled on Friday. The Shanghai Composite Index fluctuated around 3500 points and stood above 3500 points for two consecutive days. The Shanghai - Shenzhen broad - based indexes recorded three - consecutive - week losses, but the style reversed again. Small - and medium - cap stocks rose more this week, with the CSI 1000 rising over 2%, while large - cap stocks lagged with a gain of less than 1% [2]. - In terms of basis, as the index soared, the basis of each variety increased synchronously. The basis of each variety strengthened significantly compared with last week. IF returned to a premium state, and the annualized discounts of IC and IM converged to about 8% and 10% respectively. The term structure of each variety shifted up more in the near - end. With the July contracts approaching expiration, positions can be rolled over in advance. Except for the July contracts, the costs of other contracts are similar, and the term selection can be diversified between the near and far ends [2]. 2. Forecast for Next Week - The model predicts that the basis of IH, IF, and IC will weaken next week, while the basis of IM will strengthen [4]. 3. Market Performance This Week - **Trading Volume**: The average daily trading volume of the entire A - share market was about 1.5 trillion, slightly higher than last week [2]. - **Margin Balance**: The margin balance continued to rise, with a cumulative net inflow of over 20 billion this week, rising for four consecutive weeks since late June [2]. - **Index Performance**: The Shanghai Composite Index fluctuated around 3500 points and stood above 3500 points for two consecutive days. The Shanghai - Shenzhen broad - based indexes recorded three - consecutive - week losses, but small - and medium - cap stocks outperformed large - cap stocks [2]. - **Basis Performance**: The basis of each variety strengthened significantly compared with last week. IF returned to a premium state, and the annualized discounts of IC and IM converged to about 8% and 10% respectively. The term structure of each variety shifted up more in the near - end [2].

Group 1 - Canadian Prime Minister Carney responded to President Trump's announcement of a 35% tariff on Canadian goods, stating that Canada will firmly protect its workers and industries while extending trade negotiations with the U.S. until August 1 [1][3] - The Canadian government aims to reach a constructive and mutually beneficial agreement with the U.S. while maximizing national interests, although specific progress in negotiations was not disclosed [3] - Trump indicated that if Canada raises tariffs on U.S. goods, the U.S. will reciprocate with additional tariffs on top of the 35% [3][7] Group 2 - Trump’s letter included a warning that goods rerouted through third countries to avoid tariffs would also be subject to taxation, while also offering incentives for Canadian companies to manufacture in the U.S. to avoid tariffs [7] - The U.S. President criticized Canada for not adequately addressing the fentanyl crisis and suggested that cooperation on this issue could lead to adjustments in tariff policies [7] - Canada is actively pursuing free trade agreements with Southeast Asian countries to diversify trade and mitigate the impact of U.S. tariffs [8] Group 3 - Trump mentioned that countries that have not received a letter regarding tariffs could face a 20% or 15% tariff, indicating a broader strategy of imposing tariffs on multiple economies [9] - The U.S. tariff measures are part of a fluctuating policy that has created uncertainty for investors and trade partners, with changes occurring rapidly [9]

韩国贸易部长：与美国的贸易谈判需要更多时间。 ...

澳新银行：韩国央行倾向于进一步放宽政策 金十数据7月10日讯，澳新银行经济学家Krystal Tan在一份报告中写道，尽管本月维持利率不变，但韩 国央行倾向于进一步放松政策。Tan指出，韩国央行六位委员会成员中有四位为未来三个月进一步降息 敞开了大门。她预计，韩国央行最早将于8月降息25个基点，美韩贸易谈判进展以及首尔房地产市场的 过热程度，是央行制定政策时关注的关键因素。她指出，如果美方大幅提高对韩商品的关税，可能会促 使韩国央行加快降息；而若首尔楼市进一步升温，则可能推迟降息时机。 ...

Group 1 - In June, China's manufacturing, non-manufacturing, and composite PMI rose to 49.7%, 50.5%, and 50.7% respectively, indicating a recovery in market sentiment [1] - Domestic consumption policies have strengthened, with the Central Financial Committee emphasizing the need to address low-price disorderly competition among enterprises, which is expected to boost domestic risk appetite in the short term [1] - The US ISM manufacturing PMI increased to 49, while the ISM non-manufacturing index reached 50.8, both slightly above expectations, indicating a positive trend in the US economy [1] Group 2 - The US non-farm payrolls increased by 147,000 in June, significantly exceeding expectations, and the unemployment rate fell to 4.1% [1] - Initial jobless claims in the US dropped to 233,000, marking a six-week low, which has led to a reduction in the likelihood of a rate cut by the Federal Reserve in July [1] - The Federal Reserve officials have signaled the possibility of an earlier rate cut, while trade agreements between the US and Vietnam, as well as progress with the EU, suggest positive developments in trade negotiations [1] Group 3 - A-shares are expected to cautiously trend upwards, with a focus on domestic incremental stimulus policies and trade negotiation progress [1] - The bond market is experiencing reduced external risks and lower inflation expectations, leading to a strong short-term performance in bond prices [1] - The commodity market is showing overall fluctuations, with oil prices rebounding slightly, while the non-ferrous metals sector continues to show strong performance [1]

Group 1: XAU/USD Gold - The market experienced a V-shaped reversal with a daily range of 341 points, closing with a small bullish candle and a long lower shadow [1] - Current price action is at the top of a descending channel, with resistance at 3330; a breakout could lead to targets of 3345/3363 [1] - ETO Markets suggests monitoring for breakout signals at the channel top due to market volatility from trade negotiation uncertainties and cautious Federal Reserve policies [1] Group 2: EUR/USD - The EUR/USD pair fluctuated around 1.171 with a daily range of 40 points, closing with a small bullish candle [6] - Positive progress in EU-US trade negotiations is noted, with a target to reach an agreement before August [6] - ETO Markets highlights the need to pay attention to European policy changes and Federal Reserve officials' comments that may impact the market [6] Group 3: GBP/USD - The GBP/USD pair traded around 1.359 with a daily range of 55 points, closing with a small bullish candle [10] - The UK Office for Budget Responsibility warned of insufficient fiscal flexibility, leading to a sell-off in long-term UK bonds [10] - ETO Markets emphasizes the importance of monitoring UK government policies for their potential market impact [10] Group 4: GBP/JPY - The GBP/JPY pair reached a high of 199.8 before retreating, with a daily range of 123 points and closing with a long upper shadow [14] - The market is advised to focus on short positions due to resistance at the 38.2%/50% Fibonacci levels [14] - ETO Markets suggests selling on rallies as the primary strategy [14]

消息人士：欧盟在与美国的贸易谈判中讨论汽车进口配额和出口信贷。 ...