中方一贯反对各种形式的单边关税措施，敦促美方取消并不再加征有关单边关税。实践已一再证明，中 美双方合则两利，斗则俱伤。中方愿与美方在将于近期举行的第6轮中美经贸磋商中开展坦诚磋商。希 望美方与中方相向而行，共同维护两国元首釜山会晤和2月4日的通话共识，在相互尊重、平等协商的基 础上，解决各自关切，妥善管控分歧，维护中美经贸关系健康、稳定、可持续发展。 记者：孟亚旭 2月24日，商务部新闻发言人就美近期关税调整举措答记者问。 问：美东时间2026年2月24日凌晨，美国海关已根据美方相关公告，停止征收《国际紧急经济权力法》 项下所加征的关税，并依据《1974年贸易法》第122条对所有贸易伙伴征收进口附加费。请问中方对上 述有何评论？是否会采取相应措施？ 答：我们注意到有关情况。2025年2月初和4月初，美方依据《国际紧急经济权力法》，先后对中国商品 加征了10%所谓芬太尼关税和34%对等关税，其中24%对等关税已暂停实施，对华实际加征关税水平为 20%。根据美最高法院关税诉讼案裁决和美国政府相关行政令、公告等，美方已停止征收上述关税，但 同时又依据122条款加征了10%的进口附加费。中方也注意到，美方在多个场合表 ...

美国海关最新通知，自美国东部时间2月24日（周一）凌晨0点起，海关将正式停止征收依据《国际紧急经济权力法》（IEEPA）实施的两项附加关税： 10%"芬太泥关税" 10%"对等关税" 新年好，开工大吉呀! 给您同步一则好消息， 并加征10%的122关税，关税总体减少10% 参考链接： CBP: 1 白宫：2 ...

法院刚判定总统没有权力随意加关税，但白宫紧接着发布了新的命令，局势反而变得更加混乱。连自己 人都搞不清楚到底应该听谁的。与此同时，欧洲方面已经签署协议、投入资金，甚至在乌克兰谈判中也 有所退让，但这些努力还没等到落实，就变成了纸上谈兵。2026年2月21日，美国突然宣布将对欧洲的 关税从10%提高至15%，这与前一天还在表示临时优惠的态度截然不同。这显然不是一时的决定，而是 在法院20号裁定总统不能随便动用《国际紧急经济权力法》加税后，白宫连夜起草了新的行政命令，设 定了150天的期限，到期之后问题还得继续拖下去。 欧盟为什么不选择硬刚美国？并非不敢，而是真心困难重重。北约的七成军费依赖美国，美国提供了九 成的乌克兰军火。更何况，欧盟对美出口接近总出口的五分之一，而德国的汽车、法国的红酒等一旦涨 价，美国消费者可能就不再买账，根本无法施加足够的压力。而欧盟去年通过的《反胁迫条例》，到现 在为止，还连一个有效的反制清单都没能完全列出。耶鲁大学的研究表明，如果美国真对德国车加25% 的关税，欧盟每年将损失120亿欧元；而欧盟能够反击的手段，加起来甚至连美国GDP的一小部分都不 及。 然而，欧盟最近的动作越来越迅速 ...

商务部新闻发言人就美近期关税调整举措答记者问。问：美东时间2026年2月24日凌晨，美国海关已根 据美方相关公告，停止征收《国际紧急经济权力法》项下所加征的关税，并依据《1974年贸易法》第 122条对所有贸易伙伴征收进口附加费。请问中方对上述有何评论？是否会采取相应措施？答：我们注 意到有关情况。2025年2月初和4月初，美方依据《国际紧急经济权力法》，先后对中国商品加征了10% 所谓芬太尼关税和34%对等关税，其中24%对等关税已暂停实施，对华实际加征关税水平为20%。根据 美最高法院关税诉讼案裁决和美国政府相关行政令、公告等，美方已停止征收上述关税，但同时又依据 122条款加征了10%的进口附加费。中方也注意到，美方在多个场合表示，将利用301、232等调查征收 关税。中方正密切关注并将全面评估美方相关举措，后续将视情适时决定调整针对美方原芬太尼关税和 对等关税的反制措施。中方将保留采取一切必要措施的权利，坚决捍卫自身合法权益。中方一贯反对各 种形式的单边关税措施，敦促美方取消并不再加征有关单边关税。实践已一再证明，中美双方合则两 利，斗则俱伤。中方愿与美方在将于近期举行的第6轮中美经贸磋商中开展坦诚磋 ...

关税压力有望释放，退税或将增厚利润 康耐特光学(2276) 康耐特光学公司事件点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | | | 范佳博(研究助理) | 021-38053328 | fanjiabo@gtht.com | S0880125120019 | [当前价格 Table_CurPrice] (港元)： | 64.80 | 本报告导读： 美最高法院裁定 IEEPA 关税违法， 关税压力有望释放，退税或将增厚 利润。 投资要点： 财务摘要(百万人民币) 2023A 2024A 2025E 2026E 2027E 营业总收入 1,760 2,061 2,375 2,800 3,265 (+/-)% 12.7% 17.1% 15.3% 17.9% 16.6% 毛利润 658 795 970 1,152 1,3 ...

关税压力有望释放，退税或将增厚利润 康耐特光学(2276) 康耐特光学公司事件点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | | | 范佳博(研究助理) | 021-38053328 | fanjiabo@gtht.com | S0880125120019 | [当前价格 Table_CurPrice] (港元)： | 64.80 | 本报告导读： 美最高法院裁定 IEEPA 关税违法， 关税压力有望释放，退税或将增厚 利润。 投资要点： 财务摘要(百万人民币) 2023A 2024A 2025E 2026E 2027E 营业总收入 1,760 2,061 2,375 2,800 3,265 (+/-)% 12.7% 17.1% 15.3% 17.9% 16.6% 毛利润 658 795 970 1,152 1,3 ...

事件背景： 关税被判无效后特朗普有哪些后手？ 一、当地时间2月20日，美国最高法院裁定，特朗普政府依据《国际紧急经济权力法》实施的相关大规模关税措施 缺乏明确法律授权。 二、同日，美国总统特朗普表示，他将签署一项命令，依据美国《1974年贸易法》第122条，在目前已经征收的常 规关税基础上，额外对全球商品加征10%的关税。 一、当地时间2月20日，美国最高法院裁定，特朗普政府依据《国际紧急经济权力法》实施的相关大规模关税措施 缺乏明确法律授权。 特朗普关税工具箱里到底有什么？ 二、同日，美国总统特朗普表示，他将签署一项命令，依据美国《1974年贸易法》第122条，在目前已经征收的常 规关税基础上，额外对全球商品加征10%的关税。 此前我们在特朗普的美国梦系列第一篇中就已总结，美国对外关税水平的调整主要可以借助三类工具：六种行政 行动、国会立法以及条约谈判或终止。 特朗普关税工具箱里到底有什么？ 此前我们在特朗普的美国梦系列第一篇中就已总结，美国对外关税水平的调整主要可以借助三 关税被判无效后特朗普有哪些后手？ 事件背景： ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints - For sugar, the current raw sugar price has fallen below the support level of the Brazilian ethanol conversion price. After the northern hemisphere gradually finishes the sugar - cane crushing season in February and the negative impact of increased production is mostly realized, the international sugar price may rebound. In China, the supply of imported sugar is gradually decreasing, and the short - term downward space is limited. It is advisable to wait and see for now [2]. - For cotton, the U.S. Supreme Court's ruling on the illegal tariff policy and the high single - week export of U.S. cotton from February 5th to 12th led to a sharp rebound in U.S. cotton prices. However, Trump's decision to raise the global import tariff from 10% to 15% on February 21st is negative for cotton prices. In the medium - to - long term, with the reduction of the new - year planting area and positive macro - expectations, cotton prices still have room to rise. Attention should be paid to the resumption of production in the downstream industry chain after the Spring Festival [7]. - For soybeans, the expectation of China's increased purchase of U.S. soybeans has pushed up the CBOT soybean price. For China, on one hand, the long - term supply pressure increases, and on the other hand, the rising U.S. soybean price raises the import cost. It is expected that the price of protein meal will continue to fluctuate in the short term [9]. - For oils and fats, driven by the bio - diesel policies of various countries, the consumption growth of oils and fats this year is greater than the production growth rate. The medium - term outlook for oil and fat prices is positive. It is recommended to wait for a pullback and then go long [14]. - For eggs, after the Spring Festival, the opening price is neutral, the overall inventory accumulation is limited, and the market sales are average. The supply side needs to pay attention to the scale of molting and cold - storage egg purchases. It is expected that the short - term spot price decline is limited. The near - month futures contract may form a bottom after a low - opening. It is advisable to wait and see or conduct short - term trading and wait for the accumulation of contradictions. For the far - end contract, under the background that the production capacity decline is less than expected, attention should be paid to the valuation pressure [17]. - For pigs, before the Spring Festival, farmers actively sold pigs, resulting in a significant decrease in the average weight and a low inventory in散户 pens. After the Spring Festival, the reluctance to sell due to losses still exists, and the high price difference between fat and standard pigs may lead to secondary fattening and inventory - building behaviors. The decline of the spot price is limited, which may support the near - month futures contract to fluctuate. It is recommended to wait and see in the short term and wait for the further accumulation and fermentation of contradictions [20]. Summary by Category Sugar - **Market Information**: As of the week of February 18th, the number of ships waiting to load sugar in Brazilian ports decreased from 53 to 43, and the quantity of sugar waiting to be loaded decreased from 1.83 million tons to 1.577 million tons. StoneX predicts a global sugar surplus of 2.9 million tons in the 2025/26 season. As of January 31, 2026, India's sugar production reached 19.305 million tons, a year - on - year increase of 16.8%. In January 2026, China produced 3.21 million tons of sugar, and the cumulative production in the 2025/26 season was 6.89 million tons, a year - on - year decrease of 602,000 tons. The cumulative sales volume was 2.7 million tons, and the cumulative sales - to - production ratio was 39.1% [2]. Cotton - **Market Information**: From February 5th to 12th, the U.S. exported 106,800 tons of cotton in the current year, with a cumulative export of 1.9899 million tons, a year - on - year decrease of 142,900 tons. The spinning mill's operating rate as of February 6th was 60.5%, a 3.7 - percentage - point decrease from the previous week. The national commercial cotton inventory was 5.53 million tons, a decrease of 120,000 tons from the previous week. The predicted global cotton production in 2025/26 is 26 million tons, a decrease of 80,000 tons from the December prediction and an increase of 200,000 tons from the previous year [4]. Soybeans - **Market Information**: From February 5th to 12th, the U.S. exported 800,000 tons of soybeans, with a cumulative export of 35.37 million tons in the current year, a year - on - year decrease of 7.63 million tons. As of February 14th, the soybean harvest rate in Brazil was 24.7%, 0.8 percentage points lower than the same period last year and 2.4 percentage points lower than the five - year average. From January 30th to February 6th, the domestic sample soybean arrival volume was 1.56 million tons, a decrease of 260,000 tons from the previous week [8]. Oils and Fats - **Market Information**: Indonesia plans to increase its palm oil exports to the U.S. to 3 million tons in the next two years. The tariff between the U.S. and Indonesia has been reduced from 32% to 19%. In January 2026, Malaysia's palm oil production was 1.58 million tons, a decrease of 250,000 tons from the previous month but an increase of 340,000 tons from the same period last year. The export volume was 1.48 million tons, an increase of 160,000 tons from the previous month and 320,000 tons from the same period last year [11]. Eggs - **Market Information**: After the Spring Festival, the opening price of eggs was neutral. For example, the price of large - sized eggs in Heishan was 2.8 yuan per catty, a decrease of 0.3 yuan per catty from before the festival. The inventory accumulation was not large, the market sales were average, and there was a reluctance to sell at low prices. It is expected that the short - term egg price will be stable, with a slight upward trend in some areas [16]. Pigs - **Market Information**: After the Spring Festival, the mainstream pig price decreased, which was in line with expectations. In the north, the demand from slaughterhouses was limited, the supply was sufficient, and the price decline was large. In the south, the local pig slaughter volume had not fully recovered, and the price decline was smaller than that in the north. After continuous price cuts in some areas, farmers were reluctant to sell, and with the increase in the number of slaughterhouses resuming work, the demand improved. In the short term, the decline of the pig price in the north may narrow, while the supply in the south continues to increase, and the pig price may continue to fall [19].

美国最高法院20日公布裁决，认定美国《国际紧急经济权力法》没有授权总统征收大规模关税后，特朗 普当日签署行政令，确认终止实施此前援引《国际紧急经济权力法》推出的相关关税措施。 特朗普还在20日签署一份文件，援引《1974年贸易法》第122条款等对来自所有国家和地区的商品加征 10%的临时进口附加关税。新的附加关税为从价关税，征收期为150天，从2月24日开始实施，直至7月 24日。他在21日宣布，对输美商品征收的"全球进口关税"税率从10%进一步提高到15%。 （文章来源：新华财经） 新华财经纽约2月23日电（记者刘亚南）美国国土安全部下属海关与边境保护局（CBP）22日夜间发布 消息，宣布将从当地时间24日起停止收取依据《国际紧急经济权力法》加征的进口商品关税。 海关与边境保护局表示，这一决定依据的是美国总统特朗普在20日签署的一项行政令，停止加征的进口 从价关税涉及特朗普从2025年2月1日至8月6日签署的7项行政令及相关修改内容。 值得注意的是，特朗普在今年1月29日和2月6日分别签署行政令，分别威胁向古巴提供石油和与伊朗有 贸易往来的国家加征关税，由于特朗普政府尚未据此加征关税，因而不在海关与边境保护 ...

从结构上看，钢铁、汽车以及部分医药产品此前谈判形成的特殊安排预计仍会保留，这些领域短期冲击相对有限。但除更多消费类商品和普通制造品将面临 与其他国家相同的关税环境。从威士忌到玩具等产品，过去依赖品牌和渠道优势的企业，如今不得不重新面对成本压力和市场份额的再分配。 英国政府一直把对美贸易关系当成一项重要成果对外宣传，此前双方沟通形成的框架中，英国商品进入美国市场大体适用约10%的对等关税水平，相比多数 国家处于更有利的位置，这让不少英国出口企业在价格竞争上占据一定空间。市场一度认为，在全球贸易摩擦加剧的背景下，这种相对优惠的安排将成为英 国稳定外贸的重要支撑。 然而美国方面提出将对各国普遍适用更高的关税水平，税率可能提升至15%。一旦这一方案全面执行，英国原本依赖的税率优势将明显削弱。相关机构测算 显示，在主要贸易伙伴中，英国面临的关税上调幅度可能最为明显，这意味着此前建立的竞争优势可能在短时间内被重新洗牌。 英国商界估算，若整体税率上行，对美出口成本可能增加约30亿英镑，涉及约4万家企业。对于依赖美国市场的制造商、消费品企业以及中小出口商来说， 利润空间将被明显压缩。一些企业已经开始重新评估订单结构和定价策略 ...