Core Viewpoint - The USMCA (United States-Mexico-Canada Agreement) is currently functioning well according to U.S. Secretary of Commerce Gina Raimondo [1] Group 1 - The USMCA is seen as beneficial for trade relations between the U.S., Mexico, and Canada [1]

Core Point - The U.S.-Mexico-Canada Agreement (USMCA) maintains that parts will not be subject to tariffs, and there are no changes to the related policies [1] Group 1 - The U.S. Secretary of Commerce, Gina Raimondo, confirmed that under the USMCA, components will remain tariff-free [1] - The policy regarding tariffs on parts under the USMCA has not changed, ensuring stability for businesses involved in cross-border trade [1]

Core Viewpoint - TSMC's Q1 revenue increased by 42% year-on-year, reaching approximately NT$285.96 billion, with cumulative revenue for the quarter at NT$839.25 billion (about $25.53 billion), aligning with market expectations despite concerns over potential impacts from new U.S. tariffs [1][2]. Group 1: Revenue Performance - TSMC's Q1 revenue of NT$285.96 billion and cumulative revenue of NT$839.25 billion fell within the company's forecast range of $25 billion to $25.8 billion [1]. - Analysts had initially expected a slight dip in revenue due to the January earthquake, but the actual results exceeded these expectations [1]. Group 2: Market Concerns - Investors are particularly focused on the potential weakening of global chip demand following the implementation of new U.S. tariffs on April 9 [1]. - There is anticipation regarding TSMC's upcoming investor conference on April 17, where the company may revise its annual revenue and capital expenditure targets [1]. Group 3: Competitive Position and Risks - Bloomberg analysts believe TSMC maintains a leading position in advanced process technologies, particularly in 2nm and 3nm nodes, which should mitigate the impact of U.S. tariffs [2]. - However, TSMC faces short-term profit risks due to rising operational costs from rapid overseas capacity expansion, particularly in the U.S., and low utilization rates in mature process technologies [2]. Group 4: Customer Impact - TSMC's major customer, NVIDIA, may have 40% to 60% of its U.S. system products eligible for tariff exemptions, potentially reducing the impact of tariffs [3]. - Despite some products being assembled in the U.S., approximately half of NVIDIA's components are still produced in Asia, particularly Taiwan, which may continue to face tariff risks [3].

撰 文 / 张霖郁 设 计 / 师 超 来 源 / B l o o m b e r g 2025年3月4日起已生效的针对加拿大和墨西哥25%的关税有了新的变化。 当地时间3月5日，美国白宫表示，特朗普政府将对位于加拿大和墨西哥的车企免征一个月关税，前 提是这些车企符合之前美国与墨西哥和加拿大达成三方协定（USMCA，美墨加协定）。 白宫表示，特朗普同时愿意听取有关其他应免除关税的产品制造商的意见。 但特朗普 也 明确表示，不会 解除 与加拿大和墨西哥的贸易战， 因为加征关税的目的是 要求两国 阻止芬太尼走私 入美国境内 。 他在 与加拿大总理特鲁多 （ Justin Trudeau ）电话中 表示，他并不 相信 从加拿大走私 芬太尼 的 情况有所改善。 "特鲁多说情况有所好转，但我说'还不够好'，"特朗普在社交平台上说，"双方通话以'某种'友好的 方式结束。" 公开数据显示，美国查获的所有芬太尼中，只有0.2%来自加拿大边境，绝大多数来自南部边境。 加拿大政府消息人士称，如果特朗普政府取消部分已加征的关税，加拿大愿意减少对美国关税的报 复。这位不愿透露姓名的消息人士警告称，渥太华和华盛顿之间的谈判仍在继续，但 ...

特朗普4日与美国通用汽车等三大车企的高层进行了交谈，收到了关于采取救济措施的请求。基 于美墨加协定而被认定为北美生产的进口汽车将获得一个月的额外关税宽限期。丰田在北美的生 产的汽车也符合这一标准…… 美国特朗普政府3月5日宣布，针对向加拿大和墨西哥征收25%的额外关税一事，为北美汽车产业 设置一个月的宽限期。鉴于美国汽车行业的强烈请求，特朗普政府在预定于4月实施的对等关税 之前采取救济措施。 白宫新闻秘书卡罗琳·莱维特在5日记者会上根据特朗普总统的声明文件进行了说明。在作出这一 决定之前的4日，特朗普与美国通用汽车（GM）等三大车企的高层进行了交谈，收到了关于采取 救济措施的请求。 如果仅对在北美生产的汽车加征25%的额外关税，那么这些汽车在与其他地区进口汽车的竞争中 可能会处于不利地位。莱维特解释称，设置宽限期的目的就是为了避免这种情况。 额外关税本身仍然有效。美国商务部长卢特尼克5日接受美国福克斯新闻的采访时表示，对汽车 产业的宽限期 "并非（关税政策的）倒退"。他强调这是4月2日开始实施对等关税之前的临时性措 施。 关于对等关税，卢特尼克5日接受美国彭博电视台的采访时解释称，"有的关税会立即生效，有的 ...