Core Viewpoint - The Thai Finance Minister anticipates receiving notification from the United States regarding tariff rates applicable to Thailand by August 1 [1] Group 1 - The notification from the U.S. is expected to clarify the tariff rates that will impact Thailand's trade [1]

Core Points - India is nearing a trade agreement with the Trump administration, seeking more favorable tariff rates than Indonesia [1] - The negotiations aim to reduce proposed tariffs to below 20% [1][2] - India is striving for a competitive advantage in tariffs compared to regional peers [2] Group 1: Trade Agreement Details - Trump announced a 19% tariff on Indonesian imports, which is lower than the previously threatened 32% [1] - The U.S. is expected to gain access to the Indian market as part of the negotiations [1] - Indian officials are pushing for a tariff rate below 20% during discussions in Washington [1] Group 2: Competitive Positioning - India aims to secure a tariff rate that is more advantageous than those of Southeast Asian countries like Vietnam [2] - The Indian negotiation team hopes to lower tariffs to below 10% in exchange for significant concessions from the U.S. [2] - India is reluctant to open its agricultural and dairy sectors but may offer concessions in non-agricultural areas [2] Group 3: Tariff Trends - Recent developments indicate that tariff rates are trending towards a range of 15%-20% [3] - The U.S. is using tariff announcements as a negotiation strategy to secure better terms from trade partners [3] - Malaysia is also in negotiations with the U.S. regarding its own tariffs, emphasizing the need for mutually beneficial agreements [3]

金十数据7月17日讯，印度在与美国进行贸易谈判时寻求比印尼和越南更低的关税，而特朗普则暗示将 达成"相当不错的协议"。据周四的一份报告称，一名印度官员表示，在与特朗普政府进行的贸易谈判 中，印度希望达成一项比印尼和越南更有利的税率协议。 特朗普周二表示，将对印尼征收19%的关 税，并可实现美国商品对印尼零关税出口。这一税率较4月宣布的32%有所下调。越南的关税税率则降 至20%。外媒此前报道称，美国和印度正致力于达成一项协议，将拟议税率降至20%以下。印度相信， 其与美国的贸易协议将优于印尼和越南，因为美国并不视其为像其他东南亚国家那样的转运枢纽。 印度寻求与美达成比印尼和越南更低的关税协议 ...

Investment Rating - The report maintains a cautious outlook on the industry, projecting average effective tariff rates to settle in the mid- to high-teens, which is expected to weigh on growth and boost inflation in the second half of the year [1][2]. Core Insights - The new tariff rates announced are mostly similar to or slightly lower than those from April 2, with the effective tariff rate rising to 13.4% following the Vietnam framework [2][9]. - The report anticipates that the effective tariff rate could increase by approximately 1.2% due to new reciprocal tariffs for 14 countries, with an additional potential increase of 1.7% if other countries revert to their April 2 levels [9]. - Future tariffs on specific sectors, such as a proposed 50% tariff on copper and a 200% tariff on pharmaceuticals, could significantly impact the overall effective tariff rate [9]. Summary by Sections Tariff Rate Updates - President Trump delayed the tariff rate reset until August 1, with new rates for 14 countries to take effect on that date [1]. - The average effective tariff rate is expected to settle in the mid- to high-teens, impacting growth and inflation [1][2]. Sector-Specific Tariffs - The report highlights potential tariffs of 50% on copper and 200% on pharmaceuticals, which could significantly raise the overall effective tariff rate [9]. - The BRICS countries may face an additional 10% tariff, which could further increase the effective tariff rate by 1.8% [9]. Future Outlook - The outlook for tariff rates remains uncertain, with the possibility of country-specific carve-outs and trade deals being negotiated before the August 1 deadline [7]. - The report outlines a static estimate of effective tariff rates using 2024 trade weights, indicating various potential changes based on different scenarios [8].

Core Viewpoint - The company anticipates that the impact of tariff rates on its operations in the fiscal year 2025 will be limited due to its substantial existing product inventory in the United States [1] Group 1 - The company has a significant amount of products already available in the U.S. market, which mitigates potential tariff impacts [1]

Core Viewpoint - Trump announced plans to disclose Brazil's tariff rates, indicating potential changes in trade policy that could impact economic relations and market dynamics in the region [1] Group 1 - The announcement suggests a forthcoming transparency regarding Brazil's tariff structure, which may influence trade negotiations and economic strategies [1]

美国商务部长卢特尼克：特朗普在贸易信函中对关税税率留下了灵活性。 ...

Group 1 - The euro has appreciated by 0.15% against the US dollar, currently trading at 1.1725 [1] - The US Secretary of Commerce, Wilbur Ross, stated that the EU has presented a series of concrete trade agreement proposals [1] - President Trump is considering how to respond to the EU's proposals, which suggest an opening of the market to the US [1] Group 2 - Trump has left flexibility in tariff rates in his trade letters concerning Japan and South Korea [1]

特朗普：大多数关税税率都低于美国征收的税率。 ...

Core Viewpoint - The ongoing trade negotiations between Japan and the United States are progressing, with Japan's chief trade negotiator expressing a commitment to continue discussions despite challenges, particularly regarding the automotive industry and agricultural sector [1] Group 1: Trade Negotiations - Japan's chief trade negotiator, Akizawa Ryo, had a 40-minute phone conversation with U.S. Commerce Secretary Howard Lutnick, indicating a willingness to engage in constructive dialogue [1] - Japan is not willing to make easy compromises but feels that trust is being built with the U.S. and progress is being made in negotiations [1] - There is a strong emphasis on reaching an agreement on a wide range of issues, with a particular focus on the automotive sector as a critical point for overall agreement [1] Group 2: Tariff Discussions - Akizawa expressed regret over the new tariff rates and emphasized that there will be no overlap between industry tariffs and overall tariffs [1] - Japan has made it clear that it will not compromise on issues related to national interests, particularly in the agricultural sector [1]