Group 1 - The core issue revolves around Canada's implementation of a "digital services tax" targeting U.S. tech companies, prompting President Trump to halt all trade negotiations with Canada [1][3] - Canadian officials are urging the government to diversify trade relationships to reduce reliance on the U.S., with British Columbia Premier David Eby advocating for building new global partnerships [1][3] - The digital services tax is set to take effect in June, with Canadian Finance Minister Chrystia Freeland asserting that there will be no negotiations to cancel it, signaling a firm stance against U.S. pressure [3][4] Group 2 - The trade conflict is not new, as it stems from a tax law passed by Canada last year, which aims to address the perceived market dominance of U.S. tech firms in Canada and their tax avoidance practices [4] - Canada has also taken actions against Chinese companies, such as Hikvision, citing national security concerns, which has drawn criticism from China for lacking transparency and fairness [4][5] - The economic relationship between Canada and the U.S. is deeply intertwined, with Canada exporting three-quarters of its goods to the U.S., indicating the potential economic ramifications of escalating trade tensions [8]

Group 1 - The Canadian government has announced a 3% digital services tax on certain tech companies, effective from June 30, 2022, targeting companies with global revenues exceeding $833 million and digital service revenues in Canada exceeding 20 million CAD (approximately 1.05 billion RMB) [5] - Companies affected by this tax include major U.S. digital service providers such as Amazon, Apple, Google, Meta, Uber, and Airbnb [5] - U.S. President Trump has labeled the tax as a "direct and blatant attack" on the U.S. and has decided to terminate all trade negotiations with Canada in response [3][8] Group 2 - Canadian officials are calling for trade diversification to reduce reliance on the U.S. following the announcement of the digital services tax [1] - Canadian Prime Minister Carney expressed a desire to continue negotiations with the U.S. in a manner that serves the best interests of Canadians, despite the abrupt termination of talks by the U.S. [5] - Canadian economist Jim Stanford suggested raising the digital services tax rate to 25% as a countermeasure to U.S. threats, aligning it with U.S. tariffs on Canadian steel, aluminum, and automotive products [7]

Group 1: Report Title and Date - The report is titled "Tin: Upward Movement Driven by Macroeconomic Environment" and was released on July 2, 2025 [1] Group 2: Analysts' Information - The analysts are Wang Rong (Investment Consulting Qualification No.: Z0002529, Email: wangrong013179@gtjas.com) and Liu Yuxuan (Investment Consulting Qualification No.: Z0020476, Email: liuyuxuan023982@gtjas.com) [2] Group 3: Tin Fundamental Data Futures and Electronic Disk - The closing price of the Shanghai Tin main contract yesterday was 269,840, with a daily increase of 0.65%, and the night - session closing price was 269,840, with a night - session increase of 0.63%. The trading volume was 70,070, a decrease of 14,968 from the previous day, and the open interest was 31,494, an increase of 10 from the previous day. The inventory was 6,766, an increase of 16 from the previous day [2] - The closing price of the LME Tin 3M electronic disk was 33,750, with a daily increase of 0.55%. The trading volume was 180, a decrease of 9 from the previous day, and the open interest was 13,988, an increase of 53 from the previous day. The inventory was 2,220, an increase of 45 from the previous day, and the注销仓单 ratio was 6.57%, a decrease of 0.38% from the previous day [2] Spot and Price Differences - The SMM 1 tin ingot price was 266,500, a decrease of 700 from the previous day; the Yangtze River Non - ferrous 1 tin average price was 266,900, a decrease of 1,000 from the previous day. The LME Tin (spot/three - month) spread was 128, an increase of 7 from the previous day [2] - The spread between the nearby contract and the consecutive first contract was 73,930, unchanged from the previous day; the spread between the spot and the futures main contract was - 1,210, a decrease of 240 from the previous day [2] Industry Chain Key Price Data - The price of 40% tin concentrate (Yunnan) was 254,500, a decrease of 700 from the previous day; the price of 60% tin concentrate (Guangxi) was 258,500, a decrease of 700 from the previous day [2] - The price of 63A solder bar was 180,750, a decrease of 500 from the previous day; the price of 60A solder bar was 173,250, a decrease of 500 from the previous day [2] Group 4: Macro and Industry News - The EU is willing to accept a 10% tariff rate on multiple commodities from the US but hopes to exclude key industries [3] - Canada has conceded and cancelled the digital services tax. The US and Canada will resume trade negotiations to reach an agreement by July 21 [3] - US Treasury Secretary Besent said there is no intention to increase the proportion of long - term US Treasury bond issuance; stablecoin legislation may be introduced in mid - July [3] - Trump has expanded his targets of attack, criticizing the Federal Reserve Board including Powell; the White House said Trump wrote to the Federal Reserve on Monday, mentioning global interest rates [3] - China's official manufacturing PMI in June rose for two consecutive months to 49.7, the new order index returned to the expansion range, and the non - manufacturing sector continued to expand [3] Group 5: Trend Intensity - The trend intensity of tin is 0, with the range of trend intensity being integers in the [- 2,2] interval. - 2 means the most bearish, and 2 means the most bullish [3][4]

Group 1 - Canadian Prime Minister Carney announced a phone conversation with US President Trump on June 29, resulting in the decision to resume trade negotiations with a deadline set for July 21 [1] - The Canadian government announced the cancellation of the digital services tax, originally set to take effect on June 30, to facilitate trade talks with the US [1] - The US National Economic Council Director Kevin Hassett stated that the US would "immediately resume" trade negotiations with Canada following the cancellation of the digital services tax [1] Group 2 - In 2020, the Canadian government proposed a digital services tax targeting large multinational digital companies, aiming for a fair contribution from these companies to the local market [1] - The digital services tax, set to be enacted in 2024, will impose a 3% tax on revenues from digital services provided to Canadian users, retroactive to 2022 [1] - The US Trade Representative's Office reported that most digital services taxes are discriminatory against US companies, with the Canadian tax potentially leading to an initial bill exceeding $2 billion for US firms if retroactive [2] Group 3 - Canadian Finance Minister Chrystia Freeland confirmed the implementation of the digital services tax on June 30, prompting an immediate halt to trade negotiations by the US [2] - Reactions in Canada to the US's threats were mixed, with some business leaders suggesting that Canada should cancel the digital services tax to revive trade talks [2] - Trade lawyer Lawrence Herman warned that yielding to US pressure to cancel the digital services tax could weaken Canada's negotiating position and damage relations with Europe [3]

FICC日报 | 2025-07-01 制造业PMI回升，指数上涨 市场分析 制造业PMI回升。国内方面，国家统计局公布，6月份，我国制造业、非制造业和综合PMI分别为49.7%、50.5%和 50.7%，比上月上升0.2、0.2和0.3个百分点，三大指数均有所回升。装备制造业、高技术制造业和消费品行业PMI 均连续两个月位于扩张区间。海外方面，美联储博斯蒂克重申，他仍预计美联储今年会下调一次利率，同时指出 美联储在决定采取行动之前还有时间考虑最新的数据，同时他预计美联储明年将降息三次。 指数上涨。现货市场，A股三大指数震荡回升，上证指数涨0.59%收于3444.43点，创业板指涨1.35%。行业方面， 板块指数涨多跌少，国防军工、传媒、通信、电子行业涨幅居前，仅银行、非银金融、交通运输行业收跌。当日 沪深两市成交金额小幅回落至1.5万亿元。海外市场，加拿大宣布撤回数字服务税，以推动与美国的贸易谈判重回 正轨。美国总统特朗普与加拿大总理卡尼已同意两国将重启谈判，并力争在7月21日前达成协议。美国三大股指全 线收涨，道指涨0.63%报44094.77点。 期指减仓。期货市场，基差走势分化，IC、IM近月合约贴水 ...

Core Points - The EU is willing to accept a 10% general tariff proposed by the Trump administration but seeks exemptions for key industries [2][5] - Canada has decided to abandon its digital services tax to facilitate trade negotiations with the U.S. [9][10] Group 1: EU's Trade Negotiations - The EU is negotiating a trade agreement with the U.S. that includes a 10% general tariff on many goods exported to the U.S. while requesting lower tariffs in critical sectors such as pharmaceuticals, alcohol, semiconductors, and commercial aircraft [2][4] - The EU is pushing for quotas and exemptions to reduce the 25% tariff on automobiles and parts, as well as the 50% tariff on steel and aluminum [2][5] - The EU estimates that U.S. tariffs currently cover products worth €380 billion, accounting for about 70% of the EU's total exports to the U.S. [5] Group 2: Canada’s Trade Position - Canada has canceled its digital services tax, which was set to take effect in 2024, to advance trade talks with the U.S. [9][10] - The digital services tax would have impacted major U.S. tech companies, including Amazon and Google, by imposing a tax on their digital service revenues in Canada [9][10] Group 3: Potential Outcomes of Negotiations - The EU has outlined four possible scenarios before the July 9 deadline: reaching an acceptable asymmetric agreement, the U.S. proposing an unbalanced agreement, extending the deadline for negotiations, or Trump exiting negotiations and increasing tariffs [8] - The EU is aiming for a "fair" tariff agreement that provides more predictability for businesses [6]

美加贸易谈判，传出新进展！ 当地时间6月29日深夜，加拿大宣布取消数字服务税，以推进与美国更广泛的贸易谈判。加拿大方面称， 将恢复与美国的贸易谈判，以期在7月21日前达成协议。 上述消息传开后，美股股指期货大幅拉升，截至发稿，道指期货涨0.54%，纳指期货涨0.70%，标普500 指数期货涨0.47%。汇率市场上，加元短线拉升，美元小幅跳水。 加拿大取消数字服务税 在美国总统特朗普发出关税威胁后，加拿大火速取消了数字服务税。 卡尼在一份声明中称："在我们就加拿大和美国之间新的经济和安全关系进行的谈判中，加拿大新政府将 始终以任何可能达成的协议对加拿大工人和企业最佳利益的总体贡献为指导。今天的公告将支持（美加） 在2025年7月21日恢复谈判，这是本月在卡纳纳斯基举行的七国集团领导人峰会上制定的时间表。" 加拿大财政部长商鹏飞表示："取消数字服务税，将使加拿大与美国就新的经济和安全关系进行的谈判取 得重要进展，并加强我们为所有加拿大人创造就业和建设繁荣的工作。" 据总台环球资讯广播报道，加拿大的数字服务税最早在2021年联邦选举中由时任总理特鲁多提出，并于 2024年6月正式颁布。根据这项政策，加拿大政府将对与 ...

当地时间周一（6月30日），美股集体收涨，道指涨0.63%，纳指涨0.47%，标普500指数涨0.52%。 6月美股大幅反弹，以科技股为主的纳指大涨逾6%，标普500指数全月上涨近5%，道指也累计涨逾4%。 今年上半年，道指涨3.64%，标普500指数涨5.50%，纳指涨5.48%。 美元指数在今年上半年下跌约10.8%，创下1973年以来最糟糕的上半年表现。 美股集体上涨 当地时间周一（6月30日），美股三大股指集体收涨，标普500指数和纳指再创历史新高。截至收盘，道 琼斯指数涨0.63%，报44094.77点；标普500指数涨0.52%，报6204.95点；纳斯达克指数涨0.47%，报 20369.73点。 从月线看，6月美股大幅反弹，以科技股为主的纳指大涨逾6%，标普500指数全月上涨近5%，道指也累 计涨逾4%。今年上半年，道指涨3.64%，标普500指数涨5.50%，纳指涨5.48%。 科技股集体上涨，微软、Meta、奈飞均小幅收涨并创盘中历史新高，苹果收涨2%。Robinhood收盘上涨 13%，创下4月9日以来的最佳单日表现。上半年，Meta累计上涨26.17%，微软涨18.48%，英伟达涨 1 ...

美国白宫国家经济委员会主任凯文.哈西特30日在接受媒体采访时说，在加拿大取消数字服务税后，美 国将"立即恢复"与加拿大的贸易谈判。加拿大财政部29日在一份新闻稿中说，加拿大总理卡尼与美国总 统特朗普已同意双方恢复谈判，以期在7月21日前达成协议。加财政部还宣布，将取消原定于30日生效 的数字服务税，以推进与美国的贸易谈判。美国一直反对加拿大征收数字服务税的计划。特朗普27日在 社交媒体上宣布，由于加拿大坚持推出针对美国科技公司的数字服务税，美国决定立即停止与加拿大的 所有贸易谈判。(新华社) ...

美元兑加元跌0.3%，暂报1.3639。 白宫新闻秘书Leavitt宣称，加拿大总理卡尼6月29日夜间与美国总统特朗普通电话，讨论（加方的）数字服务税计划。 ...