13 May 2025 | 6:25PM SGT Global Markets Daily: Asian FX — What's Changed, What's Not, and Where Next From Here? (Suwanapruti) Asian FX — What's Changed, What's Not, and Where Next From Here? On Monday, 12 May, the Trump administration announced a 90-day pause in retaliatory tariffs imposed on Chinese imports in April, which will leave the US tariff increases at +30pp (from +145pp, previously). Likewise, China also reduced its retaliatory tariff on US imports to +10pp (from +125pp, previously). While we expe ...

May 12, 2025 10:21 AM GMT China Economics | Asia Pacific Morgan Stanley Asia Limited US-China Tariff Cut: Sooner and Deeper US-China tariff de-escalation arrived faster and deeper than the market expected with a joint announcement today of reversal of the tit-for-tat tariff escalation and suspension of 24% of the remaining reciprocal 34% hike for a 90-day window, from May 14. This puts the effective US trade-weighed tariff on China at ~40%, down from 107%, significantly better than our baseline assumption o ...

"中美经贸高层会谈5月10日至11日在瑞士日内瓦举行，中方牵头人表示双方达成重要共识，并于当日发布了联合 声明。由于此次会谈结果超出市场预期，有利于中国纺服出口的恢复，短期内棉花期货价格有望迎来反弹。"中信 建投期货分析师陈家谊接受《华夏时报》记者采访时表示。 中美互降关税利好棉花 5月12日，新华社发布中美日内瓦经贸会谈联合声明，美国将修改2025年4月2日第14257号行政令中规定的对中国 商品（包括香港特别行政区和澳门特别行政区商品）加征的从价关税，其中，24%的关税在初始的90天内暂停实 施，同时保留按该行政令的规定对这些商品加征剩余10%的关税。与此同时，美国取消根据2025年4月8日第14259 号行政令和2025年4月9日第14266号行政令对这些商品的加征关税。 华夏时报（www.chinatimes.net.cn）记者 叶青 北京报道 受中美经贸关系缓和影响，大宗商品市场重拾乐观情绪，其中郑棉期货价格走势尤为强劲。棉花期货主力2509合 约早盘高开高走，一度刷新一个月来高位，日内涨幅为2.44%。棉纱期货价格同样走强，涨幅为1.61%。5月12日 夜盘开盘，棉花期货继续大涨，截至记者发稿时， ...

1 These are based on BOP definitions; the goods trade surplus would be 4.8% of GDP in 2025 (vs. 5.2% in 2024) based on the Customs definition. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Andrew Tilton +852-2978-1802 | andrew.tilton@gs.com Goldman Sachs (Asia) L.L.C. Hui Shan +852-2978-6634 | hui.shan@gs.com Goldman Sachs (Asia) ...