来源：金十 美国总统特朗普周一警告各国，不要在美国最高法院否决其紧急关税后背离近期与美国谈判达成的贸易 协议，称他将依据不同的贸易法对这些国家征收高得多的关税。 特朗普在一系列社交媒体帖子中表示，他还可能对贸易伙伴征收许可费。眼下，外界对他下一步关税行 动的不确定性正困扰全球经济，并导致股市下跌。 特朗普在"真相社交"（Truth Social）上写道："任何国家若想就最高法院这荒谬的裁决'耍花招'，尤其是 那些多年来、甚至几十年来一直'占美国便宜'的国家，将面临比他们最近刚刚同意的关税高得多的关 税，以及更糟糕的后果。买家要当心！！！" 特朗普表示，尽管法院裁定他根据《国际紧急经济权力法》实施的关税无效，但该裁决确认了他能 够"以更强大、更令人反感的方式，在法律确定性的基础上"，利用其他法律授权来使用关税，"这比最 初使用的关税威力大得多"。 他暗示美国可能对贸易伙伴征收新的许可费，但没有提供任何细节。 美国贸易代表办公室的发言人未立即回应就特朗普的计划进一步置评的请求。 在布鲁塞尔，欧洲议会周一决定推迟就欧盟与美国的贸易协议进行投票，此前特朗普对所有国家的进口 商品征收了15%的新临时进口关税。 根据该协 ...

DMC Global (NasdaqGS:BOOM) Q4 2025 Earnings call February 23, 2026 05:00 PM ET Company ParticipantsEric Walter - CFOGeoff High - Vice President of Investor RelationsJames O'Leary - President and CEOStephen Gengaro - Managing DirectorConference Call ParticipantsGerard Sweeney - Managing Director and Senior Research AnalystKen Newman - Vice President and Equity Research AnalystOperatorGreetings. Welcome to the DMC Global fourth quarter earnings call. At this time, all participants are in a listen-only mode. A ...

Financial Data and Key Metrics Changes - Consolidated sales for the fourth quarter declined 6% year-over-year to $143.5 million [5] - Fourth quarter adjusted EBITDA attributable to DMC was -$1.6 million, impacted by approximately $7 million in write-offs at DynaEnergetics [9] - Net debt at year-end was $18.7 million, down 67% from the end of 2024, marking the lowest level since the Arcadia acquisition in 2021 [4] Business Line Data and Key Metrics Changes - DynaEnergetics reported fourth quarter sales of $68.9 million, an 8% improvement year-over-year but flat sequentially [6] - Arcadia's fourth quarter sales were $57 million, down 5% year-over-year and down 8% sequentially, with adjusted EBITDA of $2.4 million [5][6] - NobelClad's fourth quarter sales were $17.7 million, down 38% year-over-year and down 15% sequentially, with adjusted EBITDA of $2.1 million [7][8] Market Data and Key Metrics Changes - The Architecture Billings Index for Arcadia's core Western US region has contracted for 12 months, indicating a slowdown in architectural activity [6] - The average price of aluminum, a primary input for Arcadia, increased 55% year-over-year and 12% sequentially, contributing to a highly competitive bidding environment [6] Company Strategy and Development Direction - The company is focused on strengthening its financial position while navigating macroeconomic challenges, including tariffs and interest rates [3][4] - DynaEnergetics is exploring opportunities in the enhanced geothermal sector and expanding its presence in emerging international shale markets [15][28] - NobelClad is monitoring opportunities related to the U.S. Naval Readiness Program, anticipating increased demand for components [15][29] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about ongoing macroeconomic challenges affecting core markets, with expectations that these conditions will persist into 2026 [12][14] - The company aims to maximize operating leverage and is prepared for potential further cost reductions if business conditions do not improve [15][16] - Management acknowledged the cyclical nature of the energy and construction markets, emphasizing the need for growth avenues amid current challenges [15][16] Other Important Information - Fourth quarter SG&A expenses increased to $29.6 million, or 20.6% of sales, compared to $25.1 million, or 16.5% of sales, in the prior year [10] - The company ended the fourth quarter with cash and cash equivalents of approximately $32 million, enabling a total debt reduction of 28% from year-end 2024 [11] Q&A Session Summary Question: Discussion on DynaEnergetics' growth opportunities in geothermal and international shale - Management highlighted the potential for enhanced geothermal opportunities and the company's unique positioning in international shale markets [27][30] Question: Concerns about Arcadia's margin pressures and potential fixes - Management indicated that there is nothing specific that needs fixing, attributing margin pressures to broader industry challenges rather than internal issues [32][33] Question: Clarification on DynaEnergetics' fourth quarter revenue and margin performance - Management confirmed that while unit volume was as expected, margin pressures from tariffs significantly impacted overall performance [53][54] Question: Insights on the cyclical versus structural issues affecting DynaEnergetics - Management acknowledged the complexity of distinguishing between cyclical and structural issues, emphasizing the need for growth avenues while navigating current market conditions [58][60] Question: Commentary on first quarter expectations and segment performance - Management anticipates a challenging first quarter across all segments, with hopes for recovery in the latter half of the year [63][64]

Market Overview - The three major U.S. stock indices closed lower on February 23, with the Dow Jones Industrial Average down by 821.91 points, closing at 48,804.06, a decline of 1.66% [1] - The S&P 500 index fell by 71.76 points, closing at 6,837.75, a decrease of 1.04% [1] - The Nasdaq Composite Index dropped by 258.8 points, ending at 22,627.27, a decline of 1.13% [1] Technology Sector - Major tech stocks mostly declined, with Microsoft and Netflix down over 3%, Tesla, Amazon, and Meta down more than 2%, and Google and Intel down over 1% [2] - Apple and Nvidia saw slight increases [2] - IBM experienced a significant drop of over 13%, marking its largest decline since 2000, influenced by Anthropic's Claude announcing support for COBOL-related capabilities [2] Healthcare Sector - Novo Nordisk's stock fell over 16% after its product CagriSema showed inferior results compared to Eli Lilly's Zepbound in clinical trials [4] - Arcellx, a cancer cell therapy company, surged over 77% following news that Gilead Sciences plans to acquire the company at $115 per share [4] Chinese Stocks - The Nasdaq Golden Dragon China Index declined by 0.95%, with TSMC down 0.13%, Alibaba down 1.08%, and JD down 0.66% [6] - Pinduoduo rose by 0.78%, NIO increased by 4.34%, while Futu Holdings fell by 5.55% and Yamafin Sports dropped by 3.50% [6] Commodity Market - The FTSE A50 futures index fell by 0.21%, closing at 14,866 points [7] - International oil prices decreased, with WTI crude oil futures down by $0.19, closing at $66.29 per barrel, a drop of 0.29% [7] - COMEX gold futures rose by $167.00, a 3.29% increase, closing at $5,247.90 per ounce [7] - COMEX silver futures increased by $5.66, a 6.87% rise, closing at $88.00 per ounce [7] - Spot gold rose by $123.41, a 2.42% increase, closing at $5,227.75 per ounce [7] - Spot silver increased by $3.55, a 4.19% rise, closing at $88.20 per ounce [7] Economic Indicators - The U.S. January CPI rose by 2.4% year-over-year, below market expectations of 2.5%, and down from 2.7% in December [7] - Core CPI increased by 2.5% year-over-year, with a month-over-month rise of 0.3%, both in line with expectations [7] - The Federal Reserve's January meeting minutes revealed significant internal divisions among committee members regarding inflation risks [7] Trade Policy - Following a Supreme Court ruling that deemed the Trump administration's large-scale tariff policy illegal, Trump announced a new 10% import tariff on global goods for 150 days [8] - The tariff rate was later increased to 15% [8] - Huachuang Securities noted that while short-term U.S. tariff rates may slightly decrease, the overall tariff landscape is unlikely to change significantly [8]

23日，中国商务部新闻发言人就美国最高法院公布关税诉讼案裁决结果答记者问时表示："我们注意到 美国最高法院公布关税诉讼案裁决结果，正在对相关内容和影响进行全面评估。中方一贯反对各种形式 的单边加征关税措施，反复强调贸易战没有赢家，保护主义没有出路。美方对等关税、芬太尼关税等单 边措施既违反国际经贸规则，也违反美国内法，不符合各方利益。事实反复证明，中美双方合则两利， 斗则俱伤。中方敦促美方取消对贸易伙伴加征的有关单边关税措施。我们也注意到，美方正在准备采取 贸易调查等替代措施，以期维持对贸易伙伴加征的关税，中方将对此保持密切关注并坚定维护中方利 益。" 退款问题是一个 " 噩梦 " 据法新社报道，在美国最高法院对关税政策作出裁决后，全球股市20日全线走高。华尔街开盘时一度走 低，但在该裁决公布后逆转走势。不过受上周日美国宣布将关税税率从10%上调至15%的消息影响，美 国股指期货价格出现下跌。CNBC网站评论称，新一轮关税措施进一步加剧了市场对通胀前景及全球经 济增长态势的担忧。 除股市波动外，企业界同样受到裁决的深远影响。美国政府已利用《国际紧急经济权力法》征收了约 1750亿美元的关税。不过美最高法院并未 ...

Market Overview - The U.S. stock market experienced a significant drop, with the Dow Jones Industrial Average falling over 700 points, while the Nasdaq and S&P 500 indices both declined by approximately 1% [2][3]. Economic Impact - The market volatility is attributed to new tariffs announced by President Trump, which increased the global tariff rate from 10% to 15%, causing uncertainty regarding inflation and global growth [4][7]. - Following the tariff announcement, gold prices surged by about 2%, and silver prices rose by approximately 3% due to heightened market concerns [4]. Corporate Responses - Major technology stocks showed weakness, with OpenAI announcing plans to invest around $600 billion in infrastructure by 2030, a reduction from a previously stated commitment of over $1.4 trillion [8]. - Notably, Novo Nordisk's stock plummeted over 15% after its weight-loss drug CagriSema showed less effective weight loss results compared to Eli Lilly's competing drug, which saw its stock rise nearly 4% [9][10]. Trade Relations - Trump's recent threats to impose higher tariffs on countries attempting to exploit trade agreements highlight ongoing tensions in U.S. trade policy, particularly following a Supreme Court ruling that limited his ability to set tariff rates unilaterally [15][16]. - The European Union expressed concerns over the potential impact of these tariffs on transatlantic trade relations, emphasizing the need for transparency from the U.S. government regarding future actions [8].

And here to walk us through the economic and markets fallout that we should expect from these latest moves, is Dan Clifton. He's head of policy research at Strategus, which is a bar company. Dan, it's great to see you.And I, you know, Mike Foley always makes me laugh over at JP Morgan because he he's probably right. He usually is, but his analysis was that after everything is said and done, the effective tariff rate will go from like 8 to 9%. Uh, which is to suggest that this might be a tempest in a teapot. ...

上周五特朗普宣布加征10%的全球关税，由此成为首位根据《1974年贸易法》第122条款征收关税的美 国总统。该条款允许总统在出现"大规模且严重"的国际收支逆差时，征收最高15%的关税，最长持续 150天。 这一工具的最大优势是无需事先调查即可实施。美国国际贸易法院去年5月在裁定对等关税违法时曾指 出，若总统意图通过关税解决贸易逆差问题，应使用第122条款而非IEEPA。 但该条款存在致命缺陷。15%的税率上限和150天的期限限制意味着，相关关税只能作为短期选择。 在最高法院推翻去年大多数全球关税后，美国总统特朗普迅速动用替代法律工具，试图重建长期的关税 壁垒，但民主党可能不会让他如愿。 美东时间23日周一，美国参议院民主党领袖舒默宣布，民主党人将阻止任何延长特朗普依据《1974年贸 易法》第122条所实施关税措施的努力。此举将使特朗普第二个总统任期构建的关税体系面临崩溃风 险，因为依据122条款实施的关税将于今夏到期终止。 据新华社，美国最高法院日前公布裁决，认定美国《国际紧急经济权力法》（IEEPA）未授权总统大规 模征收关税。上周五裁决公布当天，特朗普宣布援引第122条款加征10%的全球关税作为替代，周六 ...

裁决的杀伤力立刻显现出来。 根据美国海关和边境保护局截至去年12月14日的数据，联邦政府通过依据《国际紧急经济权力法》征收的关税金额约为1335 亿美元。 而美国宾夕法尼亚大学沃顿预算模型的经济学家估计，这笔被判定为非法的税款总额可能超过1750亿美元。 这意味着，美国财政部可能面临向进 口商退还这笔巨款的压力。 包括好市多、Abercrombie Fitch和SimpliSafe在内的数百家美国公司已经提起了诉讼，要求获得退税。 特朗普本人在当天晚些时 候的白宫记者会上承认，关于是否退款的问题，"可能要打五年官司"。 2026年2月20日，华盛顿上演了一场令人瞠目结舌的政治"变脸"大戏。 上午，白宫官员向全球媒体确认，美国总统特朗普将于3月31日至4月2日对中国进行 为期三天的国事访问。 短短几个小时后，傍晚时分，特朗普在社交媒体上宣布，他刚刚签署了一项行政命令，将对所有国家输美商品加征10%的进口关 税，几乎立即生效。 就在同一天上午，美国最高法院刚刚以6比3的投票结果，裁定特朗普政府此前依据《国际紧急经济权力法》实施的大规模关税政策违 法。 一天之内，访华邀请与关税大棒齐飞，法律重锤与政策急转同在。 这 ...

特朗普的"关税魔术"：一天之内从10%变15%，1750亿美元退款成了糊涂账 2026年2月20日，美国最高法院的裁决像一颗重磅炸弹，在华盛顿的政治圈和全球贸易市场同时引爆。 九位大法官以6比3的投票结果裁定，特朗普政府依据 《国际紧急经济权力法》实施的大规模关税政策"越权"，缺乏明确的法律授权。 这意味着，自2025年初特朗普重返白宫后，挥舞了近一年的关税大棒，在 法律上被生生折断了。 这场法律与政治的角力，留下了一笔惊人的"糊涂账"。 根据美国海关与边境保护局去年12月的数据，依据已被裁定违法的《国际紧急经济权力法》征收的 关税，累计已达约1300亿美元。 宾夕法尼亚大学沃顿商学院的预算模型测算显示，这笔需要处理的税款总额可能已超过1750亿美元。 最高法院的裁决一 出，要求"退钱"的声浪立刻席卷美国商界。 截至2月21日，包括大型零售商开市客（Costco）在内的数百家公司已迅速提起诉讼，要求联邦政府退还它们已经支付的这笔"越权"关税。 法庭记录显示， 加入这场法律诉讼的企业数量已经超过1000家。 然而，退税之路注定漫长而复杂。 毕马威会计师事务所的首席经济学家戴安娜·斯旺克指出，退税流程预计 需要提 ...