金十数据5月26日讯，据外媒报道，美国据悉在上周的会谈中要求韩国解决贸易不平衡问题。双方此前 在上周举行了一次会议。虽然报道并未提供更细节的内容，但无论如何，我们很可能只会在韩国总统大 选（将于6月3日）之后的下个月晚些时候看到两国之间的高层会晤。至于（贸易）协议，韩国方面希望 在7月初能达成协议。 外媒：美国据悉在会谈中要求韩国解决贸易不均衡问题 ...

Core Points - The second round of tariff negotiations between South Korea and the United States began on June 20 in Washington, focusing on key issues such as "reciprocal tariffs," non-tariff barriers, and trade imbalances [1][2] - This round of talks is significant as it occurs under the backdrop of the Trump administration's "America First" strategy and is seen as a test of the new and old policy directions of both countries [1] - The negotiations are expected to cover six major areas, including balanced trade, non-tariff barriers, economic security, digital trade, rules of origin, and improvement of the business environment [1] South Korea's Position - South Korea is particularly concerned about the 25% tariffs imposed by the U.S. on imports of steel, aluminum, and certain automotive products, which are framed under the "reciprocal tariffs" policy [2] - The South Korean delegation aims to negotiate significant tariff reductions from the U.S. by leveraging strategic industry cooperation and increasing U.S. product imports as bargaining chips [2] - The South Korean government emphasizes the importance of strategic industry collaboration in sectors like shipbuilding and semiconductors within the Indo-Pacific region to persuade the U.S. [2] U.S. Position - The U.S. has expressed a desire for South Korea to eliminate various non-tariff barriers, including restrictions on beef imports lasting over 30 months [2] - U.S. Treasury Secretary has warned that trade partners lacking sincerity in tariff negotiations may face the reinstatement of previously announced "reciprocal tariffs" [2] - There is uncertainty regarding whether the U.S. will accept South Korea's proposed timeline for reaching a framework agreement before the July 8 tariff buffer period expires [2] Political Context - The upcoming South Korean presidential election on June 3 adds urgency to the negotiations, as achieving a favorable outcome in tariff discussions is viewed as a key measure of the current government's economic diplomacy effectiveness [2]

2025年5月17日上午，2025清华五道口全球金融论坛在广东省深圳市盛大开幕。 波兰前总理马雷克·贝尔卡出席开幕式并发表主旨演讲。他指出，从全球视角看，世 界面临新局势、新变化，全球面临的最大挑战是不平衡、不稳定，尤其是美国社会 和经济结构出现了很大的不平衡。究其原因，美国慢性贸易赤字来自国内经济的不 平衡，特别是美国民众的低储蓄率以及消费型经济所致，因此美国推出的关税并不 会带来太多帮助。 他表示，从欧洲视角看，欧洲在不稳定的世界里显得更加脆弱。应对这些挑战，一 方面，欧洲需要直面美国新政府带来的挑战，利用好关税同盟的内部优势；另一方 面，欧洲应允许市场进行多样化调整。 在他看来，中国已成为全球科技的重要制造 者和出口者，新形势下，欧洲公司希望可以更多地进入中国市场。 图为马雷克·贝尔卡 以下为马雷克·贝尔卡在论坛上的发言： 女士们、先生们上午好，非常感谢各位能够来到这个卓越的论坛，非常荣幸能够有机会来到中国与国内 外重量级嘉宾共聚一堂，探讨全球范围内非常重量级的大事。 就接下来要讨论的内容，我会从欧洲视角下提供一些观点。当然，每次谈到国际大事的时候必须从美国 谈起，同时不得不提到美国的新政府，因为这给全 ...

Core Viewpoint - Vietnam is actively engaging in trade negotiations with the United States to address trade imbalances and enhance bilateral economic relations, with a focus on increasing imports from the U.S. and potentially reducing tariffs in response to Vietnam's measures [1][3][6]. Group 1: Trade Negotiations - Vietnam will hold its first round of bilateral trade negotiations with the U.S. on May 7, with commitments to increase imports from the U.S. and discussions on tariff reductions [1]. - The Vietnamese Minister of Industry and Trade, Nguyen Hong Dien, emphasized the strong economic complementarity between the two countries and the need for a balanced and sustainable trade relationship [1][2]. - The U.S. has expressed appreciation for Vietnam's willingness to negotiate and aims to reach a mutually beneficial agreement to stabilize trade relations [1][3]. Group 2: Economic Dependence - The U.S. is Vietnam's second-largest trading partner and the largest export market, with Vietnam's exports to the U.S. projected to reach $119.6 billion in 2024, accounting for nearly 30% of Vietnam's total exports [2]. - Vietnam's economy is heavily reliant on exports, with the total export value expected to represent about 85% of its GDP in 2024, indicating that stability in U.S. exports is crucial for Vietnam's economic growth [2]. Group 3: Trade Imbalance and U.S. Pressure - The trade deficit between the U.S. and Vietnam reached $1,235 billion in 2024, an increase of 18.1% year-on-year, prompting the U.S. to impose a 46% punitive tariff on Vietnamese goods [3][5]. - Vietnam has been proactive in addressing U.S. concerns over trade imbalances, including commitments to purchase more U.S. goods and open its market to U.S. agricultural products [4][5]. Group 4: Future Outlook - Despite Vietnam's efforts to engage positively with the U.S., there are concerns about whether these actions will lead to favorable outcomes, as past negotiations with other countries have not always resulted in beneficial agreements [7]. - Experts suggest that merely conceding to U.S. demands may not be perceived as genuine goodwill, and a demonstration of resolve may be necessary to achieve a more favorable negotiation outcome [7].

闭幕后举行记者会的 在2月于南非开普敦召开的上次会议上，虽然没有发表联合声明，但发布了主席总结，针对美国 关税称"重申了抵制保护主义的承诺"。而此次没有发表这样的总结。 主席国南非（4月24日，华盛顿） 在华盛顿举行的G20财长和央行行长会议在未发布"主席总结"的情况下闭幕。本应一直高举自由 贸易旗帜的美国挥舞起高关税大棒，转变为遭受各国批评的一方。不过，也有意见认为：在没有 美国的"G19"中，国际社会维持和重建相互信任存在困难…… 在美国首都华盛顿召开的二十国集团（G20）财长和央行行长会议于4月24日在未发布"主席总 结"的情况下闭幕。本应一直高举自由贸易旗帜的美国挥舞起高关税大棒，转变为遭受各国批评的 一方。超级大国已经主动让位国际合作的盟主宝座。全世界正在摸索着寻找新的平衡。 "这对美国国内外的经济增长都会造成损害"，法国经济和财政部长勒梅尔指出。 "贸易的不确定性已成为世界经济的强烈逆风"，加拿大财政部长尚帕涅这样说。 出席G20财长会议的各国部长们，在相关活动等场合也接二连三的批评了美国的单方面关税政 策。 会议主席国南非的央行行长康亚戈在闭幕后的记者会上称："由于报复性关税大战，对话可能无法 ...

Core Viewpoint - Charter Communications' CEO Chris Winfrey presents a positive perspective on tariffs, contrasting with other CEOs who express concerns about their impact on business forecasts and consumer behavior [1][3]. Company Overview - Charter Communications serves over 57 million U.S. families and businesses, with a 100% U.S.-based workforce, emphasizing a preference for American-made products when competitively priced [2]. Financial Outlook - CFO Jessica Fischer states that tariffs are not expected to significantly impact Charter's capital expenditures, maintaining a guidance of $12 billion in spending despite anticipated tariff effects [3]. - Charter reported total revenue of $13.74 billion, exceeding expectations, although earnings per share were $8.42, below the consensus estimate of $8.69 [5][6]. Customer Trends - The company lost 60,000 internet customers and 181,000 video customers in the first quarter, an improvement from a loss of 405,000 video customers in the same quarter the previous year [5]. - The integration of streaming services like Max, Disney+, and Peacock into Spectrum plans is seen as beneficial, with a net value to customers estimated at over $80 per month [5]. Industry Context - Other media companies, including Comcast and Netflix, report minimal concerns regarding tariffs, indicating resilience in their business operations [3][7]. - The upcoming earnings reports from tech companies, particularly Apple, are highly anticipated as they may provide further insights into the impact of trade tensions with China [7].

2025.04. 12 本文字数：1515，阅读时长大约3分钟 作者 | 第一财经 胥会云 对于美国特朗普政府以解决贸易逆差之名发起的关税战，复旦大学经济学院院长张军表示，正是贸易 不平衡，才维持了美国长达半个世纪的货币和金融霸主地位。换句话说，贸易不平衡本身不是问题， 而是答案。 在4月11日复旦大学经济学院举行的名为"特朗普的'对等关税'政策及其可能的影响"的沙龙上，张军表 示，对美国来说，如果要贸易平衡，就要失去更多，付出更大的代价。近期金融市场和美元指数的变 化也表明，这只会扰乱现有的秩序，导致混乱和不确定性的增加，也已经干扰了美元汇率。 "但我不相信美国人真的愿意付出这个代价。"张军说。 对中国而言，张军认为，中国有着超14亿人口、超4亿中等收入群体的超大规模市场，有更多机会来 处理需求的问题，来破解制造业国家的发展约束。中国也需要尽可能释放国内潜在的消费需求，形成 一个支撑内循环的总需求，让企业和投资者在国内市场有可以预期的稳定回报率和利润率。 如何看待中美贸易不平衡 张军认为，这种贸易不平衡并不代表贸易擂台上的输赢，而是两个国家在其它很多方面拥有的巨大差 异的写照。 比如，根植于自然禀赋、文化基 ...

美国财长贝森特：美国总统特朗普承诺修复贸易不平衡问题。 ...

Core Viewpoint - The new round of tariffs announced by Trump has led to a significant decline in global stock markets, with Vietnam and Japan experiencing the largest drops, while gold prices reached new highs [1][2]. Tariff Details - The new tariff policy consists of a baseline tariff increase of 10% effective from April 5, which is lower than market expectations. The retaliatory tariffs, effective from April 9, are significantly higher than anticipated, with China facing a 34% tariff (totaling 54%), the EU 20%, Japan 24%, Vietnam 46%, India 26%, and South Korea 25% [3][6]. Market Reactions - Following the announcement, stock markets globally fell, with Vietnam's market plummeting by 7% and Japan's by 3%. The A-share and H-share markets also continued to adjust, with the Shanghai Composite Index down 0.24% and the Hang Seng Index down 1.52%. The Chinese yuan depreciated to 7.35 against the US dollar [3][6]. Reasons for Tariff Increases - The Trump administration's rationale for increasing tariffs includes addressing trade imbalances, national security concerns, domestic political factors, and economic benefits. The administration believes that unfair trade practices by China contribute to the trade deficit and that tariffs can protect U.S. industries and generate government revenue [6][7]. Economic Implications - The tariffs pose a risk of "stagflation" for the U.S. economy, as consumers may face higher costs leading to reduced demand and increased economic pressure. The tariffs are expected to raise price levels and create upward pressure on inflation in the short term. Consumer inflation expectations have surged, with a significant increase noted in March [9]. The Federal Reserve may find it challenging to lower interest rates in the short term due to these economic pressures [9].

Core Viewpoint - The article discusses Trump's proposal for a "fair reciprocal trade plan" aimed at imposing equal tariffs on trade partners to address perceived trade imbalances and enhance U.S. economic security and job creation [1][4][20] Group 1: Reasons for Proposing "Reciprocal Tariffs" - Trump believes that many countries impose unequal tariffs on U.S. goods, putting American companies at a competitive disadvantage [4] - The proposal aims to correct trade imbalances and create more jobs in the U.S. [4] - Key considerations for imposing reciprocal tariffs include high tariffs imposed by other countries, unfair taxes like digital service taxes, non-tariff barriers, and currency manipulation [5][20] Group 2: Assessment of Tariff Inequality - The concept of "excess tariffs" is defined as the extent to which tariffs imposed by other economies on U.S. imports exceed those imposed by the U.S. on their exports [7] - Contrary to expectations, most economies do not impose significantly higher tariffs on U.S. goods, with China facing the highest tariffs from the U.S. [7][9] - As of February, the U.S. tariffs on China were 12% higher than those China imposes on U.S. goods, indicating that China is disproportionately affected [7][9] Group 3: Impact on Specific Industries - If reciprocal tariffs are specifically targeted at China, industries such as textiles, light manufacturing, and electronics may be significantly impacted [11][12] - The textile and apparel industry is particularly vulnerable, with China's tariffs on U.S. imports exceeding those imposed by the U.S. [11][13] - Key products like computers and accessories, toys, and fans are likely to face higher tariffs, with an example being a 25% tariff on U.S. laptops imported into China [13] Group 4: Advantages for Chinese Industries - If reciprocal tariffs are applied uniformly across all trade partners, many Chinese export industries could benefit due to lower tariffs compared to those imposed by other countries [14][15] - The electronics and machinery sectors are highlighted as having significant potential advantages, as they represent a large share of China's exports to the U.S. [15][19] - Industries such as power equipment, knitting, and chemical fibers also show strong potential advantages in the context of reciprocal tariffs [18][19]