Core Viewpoint - The U.S. Department of Commerce has announced the inclusion of 407 categories of steel and aluminum derivative products in the tariff list, with a tax rate set at 50%, raising concerns among businesses about increased costs and profit margins [1] Group 1: Tariff Announcement - The U.S. has expanded the coverage of steel and aluminum tariffs, affecting a wide range of products including wind turbines and components, mobile cranes, bulldozers, rail vehicles, compressors, and pumps [1] - The new tariff will take effect from June 4, increasing the existing tariff on steel and aluminum products imported from all trade partners, except the UK, from 25% to 50% [1] Group 2: Industry Impact - Companies are worried that the 50% tariff will significantly impact their operations, with potential for heavy financial strain [1] - According to a professor from Michigan State University, the expanded steel and aluminum tariff list could affect imports worth at least $320 billion based on 2024 overall import values, further increasing inflationary pressures [1] Group 3: Strategic Shift - The Vice President of Customs Affairs at DSV International Transport indicated that the 50% tariff represents not just a tariff issue but a strategic shift in the U.S. regulatory approach to steel and aluminum derivative products [1]

Market Overview - The US dollar index fluctuated around the 98 mark, ultimately closing up 0.12% at 98.24 [1] - Spot gold initially rose to a high of 3345.25 but later fell, closing down 0.51% at 3315.60 USD/oz [1] - Spot silver decreased by 1.68%, ending at 37.37 USD/oz [1] Key News Summary - The US Department of Commerce announced the inclusion of 407 categories of steel and aluminum derivative products in the tariff list, with a tax rate of 50%, raising concerns among businesses about increased costs and profit margins [2] - The expanded tariff list includes a wide range of products such as wind turbine components, cranes, bulldozers, rail vehicles, compressors, and pumps [2] - A professor from Michigan State University estimated that the current steel and aluminum tariffs affect at least 320 billion USD worth of imports based on 2024 overall import values, indicating further inflationary pressure due to rising prices [2] Trading Insights - Gold and silver continue to trade within a narrow range as traders await the next price catalyst, with Federal Reserve Chairman Powell's upcoming speech being a potential trigger [4] - Gold prices have remained around 3350 USD over the past three months, supported by stable investment demand, while silver lacks momentum due to a combination of industrial demand and structural deficits [4] - Short-term performance of precious metals is expected to be volatile due to multiple factors including tariff trade policies, adjustments in Fed rate cut expectations, and geopolitical conflicts [4]

Core Viewpoint - The U.S. Department of Commerce has announced the inclusion of 407 categories of steel and aluminum derivative products in the tariff list, with a tax rate of 50%, raising concerns among businesses about increased costs and profit margins [1] Group 1: Tariff Announcement - The announcement expands the coverage of steel and aluminum tariffs, affecting a wide range of products including wind turbine components, mobile cranes, bulldozers, heavy equipment, rail vehicles, compressors, and pumps [1] - The increase in tariffs from 25% to 50% on steel and aluminum products imported from all trade partners except the UK will take effect from June 4 [1] Group 2: Economic Impact - The Vice Minister of Commerce for Industrial and Security, Jeffrey Kessler, indicated that this move signifies a strategic shift in the U.S. regulatory approach to steel and aluminum derivative products [1] - According to Jason Miller, a professor at Michigan State University, the current steel and aluminum tariffs impact at least $320 billion worth of imported goods based on the projected total import value for 2024 [1] - The expansion of the steel and aluminum tariff list is expected to further increase inflationary pressures on rising prices [1] Group 3: Industry Reactions - Brian Baldwin, Vice President of Customs Affairs at Swiss-based DSV International Transport, expressed that the 50% tariff will have a severe impact, indicating that this issue transcends mere tariffs [1]

新华财经北京8月20日电（马萌伟）继18日脱离逾两周低位后，19日，美元指数再次脱离逾两周低位， 且盘中一度转跌。境内外人民币持稳，延续近期窄幅波动，隐含波动率降至2024年3月以来的最低水 平。 中信证券首席经济学家明明认为，后续美元指数的变化以及国内政策或成为人民币汇率的重要影响因 素。若美联储如期降息，美元指数或因此走弱，对于我国证券账户的资本流入有望形成一定利好。央行 稳汇率政策张弛有度，将为人民币汇率的韧性提供有力支撑。 在岸人民币兑美元基本持平于7.1830，连续六个交易日波幅不到0.1%；离岸人民币兑美元持平于 7.1880，连续第五个交易日波幅不到0.1%；离岸人民币兑美元1个月隐含波动率跌至2.77%，创2024年3 月以来的最低水平。 中银证券全球首席经济学家管涛表示，人民币兑美元存在进一步升值突破7元的可能性。推动人民币走 升的情形包括美国经济疲软、美联储减息以及市场对美元信心普遍下降（美元信誉受损）。另外，还有 一种可能推升人民币的情形，就是中美能够像美国总统特朗普第一个任期那样达成一个第二阶段经贸协 议，这可能提升市场信心。 具体数据显示，美元指数围绕98关口来回震荡，最终收涨0.1 ...

Core Viewpoint - The U.S. Department of Commerce has unexpectedly added 407 products to its list of steel and aluminum derivative products subject to a 50% tariff, impacting various industries and trade operations [1][4]. Group 1: Scope and Impact - The newly added products include wind turbines and components, mobile cranes, bulldozers, rail vehicles, furniture, compressors, and pumps, among hundreds of others [4]. - The announcement took effect on August 18, with many traders caught off guard due to the lack of prior notification, affecting ongoing shipments [4]. - The new tariffs are expected to increase the overall effective tariff rate in the U.S. by approximately 1 percentage point, impacting over $200 billion in imports from the previous year [5]. Group 2: Strategic Changes and Compliance Burden - The inclusion of a wide range of products indicates a strategic shift in the regulatory approach to steel and aluminum derivatives, with implications for compliance and supply chain management [5]. - Companies will now need to provide detailed information regarding the weight of aluminum, customs value percentages, and the countries of casting/smelting, significantly increasing compliance burdens [5]. - The total value of goods affected by metal tariffs is estimated to reach around $328 billion, potentially exacerbating inflationary pressures on already rising prices [5].

Core Viewpoint - The U.S. has expanded its steel and aluminum tariffs to include 407 categories of derived products, imposing a 50% tax rate, which is expected to significantly impact costs and profit margins for various industries [1][1][1] Group 1: Tariff Expansion Details - The U.S. Department of Commerce has announced the inclusion of 407 categories of steel and aluminum derived products in the tariff list, with a tax rate set at 50% [1] - The expanded list covers a wide range of products, including wind turbines and components, mobile cranes, bulldozers, heavy equipment, rail vehicles, compressors, and pumps [1][1] Group 2: Economic Impact - According to estimates, the expanded steel and aluminum tariffs will affect imports worth at least $320 billion, based on the projected total import value for 2024 [1] - The increase in tariffs is expected to further elevate inflationary pressures by contributing to rising prices [1] Group 3: Industry Reactions - Companies are concerned that the 50% tariff will lead to increased costs and significantly impact profit margins [1] - Industry experts view this move not just as a tariff issue but as a strategic shift in the U.S. regulatory approach towards steel and aluminum derived products [1][1]

Group 1 - The U.S. Department of Commerce's Bureau of Industry and Security announced a list of 407 product categories subject to a 50% import tariff, effective from August 18, impacting at least $320 billion in imports and potentially increasing inflationary pressures [2] - The products added to the tariff list include wind turbines and components, mobile cranes, bulldozers, heavy equipment, rail vehicles, furniture, compressors, and pumps [2] - U.S. Treasury Secretary Mnuchin expects tariff revenues to significantly exceed the initial forecast of $300 billion for the year, with plans to use these funds to begin repaying the substantial U.S. federal debt [2] Group 2 - Recent gold prices have shown a downward trend, trading below key moving averages, indicating a bearish sentiment in the market [3] - The gold market is currently experiencing a weak oscillating trend, with potential support near the 100-day moving average, suggesting limited downside [3] - Resistance levels to watch include the 5-day moving average and the middle band of the Bollinger Bands, indicating potential for a price pullback [3]

Core Viewpoint - Major U.S. wire manufacturers, including Southwire Co. LLC and Cerro Wire LLC, are raising prices on copper wire products following President Trump's decision to exempt basic copper import tariffs, which is expected to benefit U.S. copper processing companies [1] Group 1: Price Changes - U.S. wire manufacturers are increasing prices on copper wire products [1] - The exemption of copper import tariffs is anticipated to enhance the pricing power of domestic producers [1] Group 2: Economic Impact - Analysts suggest that the tariff decision may lead to inflationary pressure on U.S. consumers [1] - Aisling Hubert from CRU Group indicates that domestic producers will have greater pricing authority [1] - Peter Schmitz from Wood Mackenzie states that ultimately, U.S. consumers will bear the cost of these price increases [1]

Group 1 - Global market sentiment is cautious as investors await signals from Federal Reserve Chairman Jerome Powell at the Jackson Hole annual meeting from August 21 to 23 [1][2] - Economists suggest Powell may adopt a more cautious tone this year compared to last year, where he explicitly mentioned the reasons for potential rate cuts [1][2] - The likelihood of a 25 basis point rate cut by the Federal Reserve next month is over 80%, according to the interest rate futures market [2] Group 2 - Investors are also looking forward to the release of the Federal Reserve's July meeting minutes for additional policy clues [3] - Current inflation levels in the U.S. remain above the established target, with some opinions attributing this to one-time factors rather than a long-term trend [3] - The Federal Open Market Committee (FOMC) is expected to have differing views on the possibility of a rate cut in September, with a consensus leaning towards a 25 basis point cut rather than a 50 basis point cut [3]

Group 1 - The core viewpoint of the articles indicates that the market is anticipating a potential interest rate cut by the Federal Reserve, driven by recent economic data and comments from Treasury Secretary Scott Basset [1] - The latest economic data shows a moderate increase in U.S. inflation for July, which, combined with Basset's remarks, has strengthened expectations for a rate cut [1] - Market expectations for a rate cut have surged, with the probability of a 25 basis point cut in the September meeting reaching 99.9%, the highest in recent years [1] Group 2 - The dollar index faces strong resistance between the levels of 98.245 and 98.672, which could limit its upward movement [2] - The 98.245 level corresponds to the 23.6% Fibonacci retracement of the decline in August, while 98.672 is identified as this week's high [2] - If these resistance levels hold, the dollar index may continue to decline, with an initial target set at the July 24 low of 97.107 [2]