Core Viewpoint - The U.S. will impose a 100% tariff on Chinese imports starting November 1, 2025, as a response to China's new export controls on rare earth minerals, in addition to existing tariffs [1]. Group 1 - The announcement of the new tariffs comes after President Trump threatened to significantly increase tariffs on Chinese goods due to China's recent export control measures [1]. - Trump stated that the new tariffs would be applied to nearly all products produced in China, including some non-Chinese manufactured products [1]. - Alongside the tariffs, the U.S. will implement export controls on all critical software starting on the same date [1].

Group 1 - The U.S. government is currently in a shutdown due to the Senate's failure to pass temporary funding bills, with the last vote resulting in 45 votes for and 50 against [2] - Approximately 750,000 federal employees are expected to be furloughed, and some public services may be suspended or delayed as a result of the shutdown [2][3] - The White House has instructed government agencies to implement their "orderly shutdown" plans, with certain departments like the military and law enforcement remaining unaffected [3] Group 2 - Brazilian President Lula requested the U.S. to eliminate a 40% tariff on Brazilian products during a phone call with President Trump, who appointed Secretary of State Rubio to continue negotiations [6] - Lula emphasized that U.S. sanctions against Brazilian officials are unjust, and he reaffirmed Brazil's judicial independence during discussions with Trump [7]

Group 1 - The U.S. government is currently in a shutdown, which has not occurred for nearly seven years, affecting approximately 750,000 federal employees who will be furloughed, with some public services potentially suspended or delayed [2][3]. - The Senate has repeatedly failed to pass temporary funding bills, with the latest vote resulting in 45 votes for and 50 against, leading to the continuation of the government shutdown [3]. - The White House has instructed government agencies to implement their "orderly shutdown" plans, with certain departments like the military and law enforcement remaining unaffected [3]. Group 2 - President Trump announced a 25% tariff on medium and heavy trucks imported to the U.S. from other countries, effective November 1, 2025, following a previous announcement of a similar tariff on heavy trucks starting October 1 [1]. - Brazilian President Lula requested the U.S. to eliminate a 40% tariff on Brazilian products during a phone call with President Trump, who appointed Secretary of State Rubio to continue negotiations [1][5]. - Lula and Trump agreed to hold an in-person meeting soon, potentially in Malaysia, to further discuss trade relations [5].

贵金属周报 2025 年 9 月 29 日 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 金银维持强势，长假将至需防控风险 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 投资咨询号：Z0017785 王工建 wang.gj@jyqh.com.cn 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 zhao.kx@jyqh.com.cn 从业资格号：F03112296 投资咨询号：Z0021040 敬请参阅最后一页免责声明 1 / 10 ⚫ ⚫ 上周贵金属价格延续强势运行，国际金银价格在上周再创 新高，金价实现连续第六周上涨。上周五公布的美国通胀 数据符合市场预期，强化了市场对美联储今年晚些时候继 续降息的预期，贵金属价格在上周五再度强势上攻。 ⚫ 美国8月核心PCE价格指数环比上涨0.2%，同比上涨2.9%， 均 ...

Core Viewpoint - The U.S. government has imposed a 50% tariff on goods imported from India, significantly impacting the Indian economy and its exporters [1] Group 1: Economic Impact - The tariff increase places India in the highest tax rate bracket alongside Brazil, making Indian goods approximately 30% more expensive overnight [1] - Exports worth around 420 billion rupees, including gems, engineering products, textiles, seafood, and leather, are affected, potentially reducing India's economic growth by 0.5 to 1 percentage points [1] - A large number of workers are at risk of unemployment due to the tariff [1] Group 2: Industry Response - Exporters are forced to lower prices or extend credit, leading to tight cash flow, particularly affecting small and medium-sized enterprises [1] - The industry is calling for the Indian government to extend interest subsidies, restart market development funds, and accelerate free trade negotiations with countries like Japan, the UK, Australia, and the EU [1] Group 3: Economic Recommendations - Economists suggest short-term subsidies to maintain orders, mid-term strategies to diversify markets, and long-term reforms in land and labor to enhance competitiveness [1]

林剑表示，中方在乌克兰危机问题上一贯秉持客观公正立场。中国不是这场危机的制造者，也不是当事方。我们坚决反对动辄拿中国说事，坚决反 对对中方施加所谓的经济压力。 据北京日报，9月10日，外交部发言人林剑主持例行记者会。 彭博社记者提问，据报道，美国总统特朗普亲口对欧洲官员表示，为了迫使俄罗斯总统普京与乌克兰谈判，他愿意对印度和中国大幅加征关税，但 前提是欧盟也得这么做。发言人对此有何评论？ ...

Group 1: Economic Overview - The U.S. economy is experiencing a marginal slowdown, with July durable goods orders showing a significant year-on-year decline and a negative month-on-month change [3][7][19] - The Markit Manufacturing PMI for August increased to 53.0, while the Philadelphia Fed Manufacturing Index declined to -0.30, indicating mixed economic signals [7][14] - The unemployment rate rose to 4.3% in August, with initial jobless claims increasing to 237,000, reflecting a weak labor market [11][19] Group 2: Global Asset Performance - Global asset prices showed mixed performance, with commodities experiencing varied price changes and most stock markets rising, including a 1.36% increase in the Hang Seng Index [2][5] - The 10-year U.S. Treasury yield decreased by 13 basis points to 4.10%, while the domestic 10Y government bond futures remained stable [2][5] Group 3: Policy Implications - The weak non-farm payroll data reinforces expectations for a rate cut by the Federal Reserve, with potential challenges to its independence due to political pressures [3][19][28] - The European Central Bank is likely to pause rate cuts in the short term, with the euro potentially appreciating despite political uncertainties [28] - The Bank of Japan maintains a stance for further rate hikes but warns of significant uncertainties due to U.S. tariff policies [29]

Group 1 - The article discusses the implications of the U.S. imposing a 200% tariff on Chinese rare earth magnets, highlighting the ongoing trade tensions between the U.S. and China [1] - It reports that the U.S. plans to increase tariffs on all Indian goods by 50%, effective from August 27, following previous tariffs imposed due to India's import of Russian oil [3] - The overall tariff rate on Indian goods entering the U.S. will rise to 50% after the additional 25% tariff is applied, which has been criticized by India as unfair and unreasonable [3] Group 2 - The article promotes a semiconductor forum and provides instructions for joining a WeChat group related to the semiconductor industry [4][6]

Core Viewpoint - The U.S. Department of Homeland Security announced a 50% tariff on all Indian goods starting from August 27, following previous tariffs imposed due to India's importation of Russian oil [1][2]. Group 1: Tariff Details - The new tariff will apply to "all imported goods for consumption or storage for consumption" from India [2]. - This follows an earlier executive order by President Trump on August 6, which imposed an additional 25% tariff on Indian products due to their connection to Russian oil imports [2]. - The cumulative effect of these tariffs means that Indian goods exported to the U.S. will face a total tariff rate of 50% [2]. Group 2: Response from India - The Indian government has criticized the U.S. decision as "unfair, unjust, and unreasonable" and has stated it will take "all necessary actions" to protect its national interests [2].

Core Points - The article discusses the recent announcement by former President Trump regarding new tariffs on goods imported from several countries, including Brazil, which will see a significant increase in tariffs starting August 1, 2025 [1][4] - The tariffs range from 20% for the Philippines to 50% for Brazil, raising concerns about the impact on exporters and the potential for increased costs and reduced profits [1][4] Group 1: Tariff Details - Trump announced a 20% tariff on products from the Philippines, 25% on Brunei and Moldova, 30% on Algeria, Iraq, Sri Lanka, and Libya, and a 50% tariff on Brazil [1] - The rationale provided for these tariffs is an investigation into Brazil's alleged unfair trade practices, particularly affecting U.S. companies in digital trade [1] Group 2: Reactions and Implications - Brazil's Vice President, Geraldo Alckmin, criticized the U.S. decision as unfair, highlighting that Brazil is a significant buyer of metallurgical coal for U.S. steel production, suggesting that increased tariffs could raise costs for U.S. industries [2] - The article suggests that these tariffs could lead to a reshuffling of trade relationships, as affected countries may seek alternative markets or negotiate with the U.S. [4] - The potential for increased consumer prices in the U.S. due to higher costs of imported goods is also noted, which could contribute to inflationary pressures [4]