Group 1 - Canada will no longer impose retaliatory tariffs on most U.S. imports starting September 1, affecting approximately $21 billion in U.S. exports, including products like orange juice, peanut butter, and motorcycles [1] - Canada remains firm on tariffs related to the automotive, steel, and aluminum industries, which are critical to the manufacturing employment landscape in Mexico and Canada [1][3] - The Canadian government is under pressure due to domestic inflation and currency impacts from retaliatory tariffs, with GDP declining by 0.4% in Q2 2023 after a 0.5% growth in Q1 [3][4] Group 2 - Canadian exports of passenger cars and light trucks fell by 24.7%, while industrial machinery and equipment exports dropped by 18.5% in Q2 2023, indicating significant economic strain [4] - The Canadian government is discussing five strategic areas for cooperation with the U.S., including steel, aluminum, and automotive sectors, amidst ongoing tariff disputes [5] - The U.S. has imposed a 50% tariff on non-compliant Canadian automotive products and has increased duties on Canadian softwood lumber to 35.19%, affecting construction costs in the U.S. [5][6] Group 3 - The uncertainty surrounding negotiations has led to a decrease in foreign investment in Canada, with expectations that the U.S. may push for higher localization ratios in the automotive sector and align labor wages with U.S. standards [6] - The upcoming review of the USMCA may introduce changes that could affect trade dynamics, with potential shifts towards more protectionist policies in North America [6]

美国财政部长贝森特周三接受了美国媒体福克斯商业频道的采访。 他在采访中表示，即将向美国总统特朗普提交美联储主席候选人名单。他还批评美联储是一个不负责任 的机构。此外，他还否认了美国政府将入股英伟达。 美联储主席将在秋天揭晓 对于市场最关注的美联储主席候选人名单，贝森特表示，目前有11位"非常强劲"的候选人，而他将从下 个月开始对他们进行面试。贝森特说，他们还将接受其他白宫官员的面试，三到四名脱颖而出的候选人 将被推荐给特朗普。贝森特认为，特朗普知道这11人中的一些，但不是全部。他还说，美联储主席人 选"肯定"会在今年秋季揭晓。 对于美联储货币政策，贝森特认为，自2008年以来，美联储已偏离了其核心的货币政策目标（物价稳定 和充分就业）。他强调，美联储需要回归其核心使命。但贝森特也认为，白宫不会向沃勒和鲍曼发出该 做什么的指示。 在7月底美联储议息会议上，美联储理事沃勒和鲍曼是仅有的两位投票同意降息的票委。而其他票委均 投票维持利率不变。由于二人均为特朗普任命的美联储理事，因此被认为是"美国总统的人"。 美联储应该进行内部审查 在贸易和关税问题上，贝森特坦承谈判一切皆有可能。他透露，加拿大愿意加入二级关税，并重 ...

Core Viewpoint - The article discusses U.S. Treasury Secretary Becerra's interview, highlighting the upcoming selection of a new Federal Reserve Chair and addressing various economic policies and controversies surrounding the Federal Reserve and government investments in tech companies [2][4][9]. Federal Reserve Chair Candidates - Becerra mentioned that there are currently 11 strong candidates for the Federal Reserve Chair position, with interviews starting next month. He expects to recommend three to four candidates to President Trump by this fall [4]. Federal Reserve's Monetary Policy - Becerra criticized the Federal Reserve for deviating from its core monetary policy goals of price stability and full employment since 2008, emphasizing the need for the Fed to return to its primary mission [4]. Internal Review of the Federal Reserve - Becerra called for an internal review of the Federal Reserve, particularly regarding the allegations of mortgage fraud against Fed Governor Lisa Cook, suggesting that such issues undermine public trust in the institution [6]. Government Investment in Tech Companies - Becerra clarified that the U.S. government has no plans to invest in Nvidia, stating that the company does not require financial support, contrasting this with the recent investment in Intel [9]. Chip and Science Act Funding - The article notes that the U.S. government's Chip and Science Act has a total funding of $38 billion, with over $33 billion already allocated and more than 86% of the funds disbursed, benefiting major chip manufacturers like Intel and TSMC [10]. Trade and Tariff Negotiations - Becerra acknowledged the fluid nature of trade and tariff negotiations, mentioning Canada's willingness to engage in secondary tariffs and expressing confidence that the U.S. will reach an agreement with India regarding tariffs [11].

Group 1: Market Reactions - Gold prices experienced a slight pullback, dropping to $3365.55, a decrease of approximately 0.18% from a two-week high [1] - The three major U.S. stock indices closed lower, with the Dow Jones down 0.77% at 45282.47 points, the S&P 500 down 0.43% at 6439.32 points, and the Nasdaq down 0.22% at 21449.29 points [1] Group 2: Federal Reserve Developments - President Trump announced the immediate dismissal of Federal Reserve Board member Cook, citing sufficient reasons based on constitutional and legal grounds [1][3] - Trump accused Cook of "fraudulent and potentially criminal behavior" in financial matters, which he claimed undermined her credibility as a regulator [4] - If Cook is removed, Trump could appoint a fourth member to the Federal Reserve Board, potentially gaining a majority in the seven-member board [6] Group 3: Economic Outlook - The CME "FedWatch" tool indicated a 16.7% probability of the Federal Reserve maintaining interest rates in September, while an 83.3% probability suggested a 25 basis point rate cut [6] - Major Wall Street institutions have become increasingly optimistic about the U.S. stock market, with several firms raising their year-end targets for the S&P 500 index [8] - Citigroup raised its S&P 500 year-end target from 6300 to 6600, while UBS increased its 2025 target from 6200 to 6600 [8] Group 4: U.S.-India Trade Relations - The U.S. Department of Homeland Security announced a 50% tariff on all goods imported from India, effective August 27 [8] - Indian Foreign Minister Jaishankar stated that trade negotiations with the U.S. are ongoing, emphasizing the need to protect local farmers and small businesses [8] Group 5: U.S.-South Korea Relations - Trump discussed with South Korean President Yoon Suk-yeol the potential transfer of land ownership for U.S. military bases in South Korea, aiming to eliminate rental agreements [9] - Trump expressed a desire to meet North Korean leader Kim Jong-un again, indicating a positive relationship and potential future discussions [12]

值得注意的是，李在明首次针对特定国家的外访首先选择日本，而非美国，打破了此前历任韩国总统首 访必须美国的先例。 对此，上海市朝鲜半岛研究会副会长、上海对外经贸大学朝鲜半岛研究中心主任詹德斌告诉第一财 经，"李在明此次先访日再访美，其实最终目的还是铺垫对美国的访问。" 向日方"取经" 李在明此行也是为了"取经"，向日方了解如何与这届美国政府打交道。 时隔17年，日韩领导人再度发表联合新闻公报。 据韩国政府此前的吹风信息，韩国总统李在明于8月23日至24日先访日本，与日本首相石破茂会晤。随 后启程访问美国，与美国总统特朗普举行会谈。两次访问都属于工作性质。 8月23日，李在明抵达日本，这是他就任韩国总统以来的首次访日。当天傍晚，李在明在东京首相官邸 与石破茂举行会谈。这是两国领导人自今年6月加拿大七国集团（G7）峰会期间会晤以来的第二次面对 面会谈。24日，李在明结束访日行程，启程访美。 "实用主义"外交 23日，日韩双方领导人在东京会谈后发表联合新闻公报。这是日韩领导人时隔17年再次以联合文件的形 式公布会谈成果。 据新华社报道，两国首脑一致同意稳步推进双边关系：包括在安全领域加强战略沟通；推动双方在氢 能、人 ...

（原标题：哥伦比亚推迟实施机动车技术法规） 据哥伦比亚《观察者报》8月16日报道，哥政府决定将联合国关于车辆及 挂车的技术法规实施时间推迟至2026年8月。在此之前，哥方将继续沿用现行 认证框架，承认美国《联邦机动车辆安全标准》（FMVSS）。此举被视为消 除与美国贸易壁垒重要措施，确保美国产车辆及零部件在哥顺利进口及销售， 以期为双方关税谈判创造条件，避免美方进一步加征关税。 ...

Industry Overview - The petrochemical industry experienced a revenue decline of 2.6% year-on-year in the first half of the year, with total profits decreasing by 10.3% [1][4] - The international chemical industry faces intensified challenges due to tariff uncertainties and a lack of widespread recovery [1] Company Performance - Lanxess reported a second-quarter EBITDA of €15 million, down 17.1% from €18.1 million year-on-year, with total sales of €1.466 billion, a decrease of 12.6% [2] - BASF's sales for the first half of 2025 reached €33.2 billion, a decline of €4.93 billion year-on-year, with net income dropping over 50% [3] - Covestro's sales in the first half of 2025 were €6.9 billion, down 4.8%, and EBITDA fell by 31.4% to €407 million [3] Market Outlook - Lanxess adjusted its 2025 EBITDA guidance to a range of €520 million to €580 million, down from a previous estimate of €600 million to €650 million, due to ongoing economic challenges [2] - Covestro also revised its EBITDA forecast for 2025 to between €700 million and €1.1 billion, previously estimated at €1 billion to €1.4 billion [3] Strategic Responses - Lanxess is focusing on increasing its localization efforts in China, which is expected to account for 40% of global chemical sales, potentially rising to nearly 50% by 2030 [5][6] - The company is optimizing its global production network by closing less competitive capacities in Germany and the UK while enhancing efficiency in the US [7] - Covestro is pursuing acquisitions to drive sustainable growth and is implementing transformation and efficiency measures despite market challenges [8]

Group 1 - The Brazilian Finance Minister Fernando Haddad stated that trade negotiations between Brazil and the United States have reached a deadlock, with the U.S. linking trade issues to judicial cases involving former Brazilian President Bolsonaro [3] - Haddad emphasized that the U.S. demands are unconstitutional and unlikely to be realized, indicating a significant reduction in trade volume between the two countries in recent years, with potential for further decline [3] - The U.S. imposes tariffs as high as 40% on imports from Brazil, with many products facing rates up to 50%, which has contributed to the trade tensions [3] Group 2 - In the domestic gold market, recent trading has shown limited volatility, with some upward momentum but lacking continuous support [4] - Current price levels for gold futures indicate a bullish trend, with expectations for the Shanghai gold (2512 contract) to reach a target of 785 and for Rongtong gold to hit 780 if market conditions remain stable [4] - Should the market experience strong upward movement, the Shanghai gold could potentially reach a high of 790, while Rongtong gold may reach 785 [4]

Core Viewpoint - The trade negotiations between Brazil and the United States have reached a deadlock, primarily due to the U.S. linking trade issues to the judicial cases involving former Brazilian President Bolsonaro [1] Trade Relations - The trade volume between Brazil and the U.S. has significantly declined in recent years and may continue to decrease in the future [1] - The U.S. currently imposes a 40% tariff on Brazilian products exported to the U.S., with most products facing tariffs as high as 50% [1] Political Context - U.S. President Trump has called for the Brazilian government to halt judicial investigations against Bolsonaro, which has been met with a firm response from Brazilian President Lula, emphasizing the independence of Brazil's judicial processes [1]

沪铜早间小幅高开，但日内行情却略有走软，收盘微跌0.01%。最近宏观面指引有限，铜市供需面有支 撑，持续区间震荡，但周初社库增加，一定程度拖累铜价走势。 8月18日国内市场电解铜现货库存14.42万吨，较14日增1.18万吨。国内电解铜库存增加明显，其中各市 场均表现不同程度增幅；其中上海市场近期由于进口铜到货流入较多，且部分仓库出库量相对一般，库 存因此增加明显。 （文华综合） 最近国内铜精矿现货加工费呈现不断回升姿态，需求方认为市场还有抬升空间，但远期四季度的货物还 是维持 -40 左右左右的水平，矿端偏紧状态并未出现实质性的好转。冶炼端方面，后续仍显关注在原料 偏紧状态下冶炼厂开工率变化情况。 光大期货表示，铜价维系区间窄幅波动，一是近期宏观颇为反复，特朗普关税谈判明紧暗松，与各大经 济体的关税协议陆续达成，但与中国的关键谈判协议仍存不确定性；二是基本面方面，美精炼铜不加征 关税下市场对美铜后市看法依然有一定分歧，主要在于美铜超量累库下，可能迫使美铜持续偏弱，从而 导致库存重新外迁风险，进而冲击全球铜价。因此市场也可能先行消化淡季下基本面积累的矛盾 （LME和国内社会库存累库），价格可能维系偏弱走势；不 ...