Group 1 - The global market is focused on the new 15% tariffs announced by President Trump, which may face legal challenges, while bilateral trade agreements remain valid [4][10] - The A-share market is set to open for trading after the Spring Festival, with public funds prepared for investment, anticipating a balanced market structure with a focus on "technology growth" and "Chinese advantages" [5] - The Spring Festival box office has exceeded 5 billion yuan, marking the eighth consecutive year of over 100 million viewers [6] Group 2 - The Chinese government is pushing for modernization in agriculture, emphasizing the integration of various sectors and the development of technology-driven agriculture [2] - The steel industry in China has achieved significant reductions in energy consumption and emissions, with over 80% of crude steel capacity meeting ultra-low emission standards [6] - The AI industry is experiencing strong demand, with companies like SK Hynix and Huagong Technology reporting full order books and operational capacity [8] Group 3 - The global investment landscape is seeing a surge in capital inflow into Latin American markets, with the MSCI Emerging Markets Latin America Index reaching an eleven-year high [11] - The Chinese yuan has been appreciating against the US dollar, driven by favorable external conditions and increased corporate demand for currency exchange [11]

格里尔当地时间周日接受一档节目采访时称，这些贸易协议仍然有效。他试图将其与特朗普周六宣布的 15%全球新关税区分开来。 美国贸易代表格里尔为总统特朗普的强硬贸易路线辩护称，关税败诉不会推翻美国与贸易伙伴达成的协 议。 "我们希望他们理解，这些协议会是好协议，"格里尔表示，"我们会遵守协议，也希望伙伴们也遵守协 议。" 面对美国关税政策的不确定性，欧洲议会负责贸易事务的官员表示，他将建议在特朗普政府澄清政策之 前，欧盟暂停推进对美欧贸易协议的批准程序。另据悉，印度政府官员也以类似理由推迟了原定本周、 旨在敲定临时贸易协议的访美行程。 责任编辑：王永生 美国贸易代表格里尔为总统特朗普的强硬贸易路线辩护称，关税败诉不会推翻美国与贸易伙伴达成的协 议。 格里尔当地时间周日接受一档节目采访时称，这些贸易协议仍然有效。他试图将其与特朗普周六宣布的 15%全球新关税区分开来。 "我们希望他们理解，这些协议会是好协议，"格里尔表示，"我们会遵守协议，也希望伙伴们也遵守协 议。" 面对美国关税政策的不确定性，欧洲议会负责贸易事务的官员表示，他将建议在特朗普政府澄清政策之 前，欧盟暂停推进对美欧贸易协议的批准程序。另据悉，印度政 ...

Group 1: Domestic High-Frequency Data - Retail and catering sales showed a significant increase, with average daily sales during the first four days of the Spring Festival rising by 8.6% compared to the same period in 2025, up from a 5.4% increase in the previous year [2][10] - Travel activity also increased, with an average daily passenger volume of 30.99 million during the Spring Festival, representing a 10.9% increase from 2025. Railway travel increased by 13.3% to 11.44 million, while civil aviation travel rose by 8.9% to 2.46 million [2][10] - Box office revenue for the Spring Festival was low, with an estimated total of around 6 billion yuan, which is below the levels of the past three years and similar to 2022 [2][10] - Real estate transactions were low during the Spring Festival, with average daily sales in 30 major cities at seasonal lows, making the data less relevant for broader analysis [2][10] Group 2: Overseas Macro Environment - The U.S. is experiencing increased uncertainty regarding tariffs due to internal conflicts between judicial and executive branches, with a recent Supreme Court ruling declaring many tariffs imposed by the previous administration as legally invalid [3][25] - Economic growth in the U.S. has slowed, with Q4 GDP rising by only 1.4%, significantly lower than the 4.4% growth in Q3, influenced by government shutdowns and reduced consumer spending [4][25] - Inflation pressures remain, with the core PCE price index rising to 3.0% year-on-year in December 2025, up from 2.8%, which may complicate future interest rate decisions by the Federal Reserve [4][25] Group 3: Global Capital Markets - Most global stock indices rose during the Spring Festival, with the South Korean market leading with a 3.09% increase. The U.S. stock market also saw slight gains, with the Nasdaq up 1.51% and the S&P 500 up 1.07% [5][34] - Oil prices increased by 5.7% due to geopolitical tensions, while gold and silver prices recovered, with silver rising by 5.6% and gold by 0.7% during the same period [5][40] - Bond yields in major economies mostly declined, with the 10-year U.S. Treasury yield slightly rising to 4.08%, while other regions like Germany and France saw decreases in long-term bond yields [5][38] Group 4: Post-Festival Bond Market Outlook - The bond market is expected to continue strengthening post-festival, supported by a weak economic backdrop and low financing demand, which provides overall protection for the bond market [6][43] - Seasonal declines in funding demand and limited impact from central bank liquidity withdrawal are anticipated, maintaining a loose monetary environment [6][43] - The low positions of trading institutions and the continued allocation by investment institutions driven by lower costs and declining yields from other assets are expected to stabilize the market [6][43]

最高法院推翻了特朗普的全球关税之后，各国此前与特朗普政府签订的贸易协议，是否继续有效？一起关注下各方的最新 说法。 格里尔称：尽管关税裁决受挫，美国双边贸易协定依然有效 2月22日，美国贸易代表格里尔表示，特朗普在最高法院遭遇的关税政策挫败，并不会瓦解现任政府与贸易伙伴达成的各 项独立协议。 格里尔周日在哥伦比亚广播公司（CBS）的《面对国家》（Face the Nation）节目中表示，政府与欧盟、韩国等国家和地区 达成的协议依然有效。他试图将这些既有安排与特朗普周六宣布的15%全球关税计划区分开来。 格里尔说："我们希望他们明白，这些协议将是互利的，我们会恪守协议，同时也希望我们的合作伙伴能够恪守协议。" 朗格周日在社交媒体上写道："美国政府方面纯粹是关税混乱。没人能再理解它了——留给欧盟和其他美国贸易伙伴的只 有无法回答的问题和不断增长的不确定性。" 根据特朗普与欧盟委员会主席冯德莱恩去年夏天达成的协议，美国将对大多数欧盟出口商品征收15%的关税，同时取消对 进入欧盟的美国商品的关税。此外，美国将继续对欧洲钢铁和铝进口征收50%的关税。 欧盟此前同意这项不平等的协议，是希望避免与华盛顿爆发全面贸易战，并 ...

Group 1 - The U.S. Supreme Court ruled 6-3 that Trump's large-scale tariffs were illegal, halting the ongoing tariff controversy [4] - The ruling emphasized that the president must obtain explicit authorization from Congress to impose such significant economic measures, as the power to levy taxes and tariffs is constitutionally granted to Congress [7] - The ruling is considered a "landmark" decision, affecting global trade worth hundreds of billions and potentially involving tariff refunds amounting to billions of dollars [11][25] Group 2 - Following the ruling, Trump signed an executive order to terminate the illegal tariffs but quickly announced a new plan to increase global tariffs from 10% to 15%, using a provision from the Trade Act of 1974 [16][19] - This increase in tariffs is seen as a political maneuver aimed at reinforcing Trump's "tough" image ahead of the upcoming elections, rather than a sound economic policy [17][21] - A wave of lawsuits from U.S. companies seeking refunds for overpayments due to the illegal tariffs has already begun, indicating a significant backlash against the tariff policies [23][25] Group 3 - The tariff increase could disrupt global supply chains that have been established over decades, leading to potential economic instability both domestically and internationally [30][42] - The impact of the tariff hike may lead to increased prices for everyday consumer goods, counteracting efforts to control inflation [43] - Although China was not explicitly named in the tariff increase, it is likely to be one of the main targets, which could force Chinese industries to adapt and reduce reliance on the U.S. market [45]

Group 1 - The U.S. Supreme Court's 6-3 ruling has overturned several tariff policies implemented by President Trump, significantly altering the landscape of trade protectionism in the U.S. [1][3][24] - Following the ruling, Trump announced a new 10% tariff on global goods, which he later increased to 15%, indicating a continued commitment to his tariff agenda despite legal setbacks [1][24][34] - The ruling limits Trump's ability to impose tariffs unilaterally, requiring adherence to complex legal procedures, which may hinder his previous flexibility in trade negotiations [2][24][34] Group 2 - The ruling is seen as a pivotal moment that reinforces judicial authority over presidential economic policy, potentially reshaping the balance of power between the executive and legislative branches [5][26] - Economic indicators show that despite a temporary boost from AI investments, the U.S. economy is facing challenges, including a slowdown in Q4 and a persistent trade deficit, which contradicts Trump's core economic goals [26][29][40] - Polls indicate that voters believe Trump's tariffs have increased financial burdens on households, prompting him to consider adjustments to tariff policies ahead of the upcoming midterm elections [26][29][38] Group 3 - The Republican Party is experiencing internal divisions regarding tariff policies, with some members voting to repeal tariffs on Canadian imports, reflecting growing concerns over economic impacts [6][27] - Businesses are expressing a desire for a more stable and predictable trade environment, as current uncertainties have led to hesitance in investment and hiring decisions [31][32][37] - The expansion of tariff exemptions to cover over one-third of U.S. imports, including essential goods, suggests a shift towards a more nuanced approach to trade policy [37][40]

这一周，是特朗普的黑色一周，各种不顺，接连吃"瘪"，美国最高法院裁决"关税政策"非法，格陵兰岛 对特朗普的好意说"不"，印度叫停团队赴美。 当地时间2月20日，特朗普政府迎来了如同晴天霹雳般的消息，美国最高法院裁定"特朗普的对等关税政 策违法"。 再没有比这更让特朗普沮丧的了。 从去年4月起，特朗普团队为了关税战，四处奔波，面对巨大的阻挠，啃下了一个又一个难啃的硬骨 头，最后签订了一个个对美国有利的"关税协议"。 从去年8月后起，因为加征关税，特朗普政府为国库增加了1750亿美元的收益。 这对特朗普的打击太大了，他前面还算冷静，后来就破口大骂，称那6位法官是"白吃"和"走狗"，质疑 他们毫不爱国。副总统万斯也炮轰最高法院，称最高法院无法无天，是法外狂徒。 特朗普和万斯的逻辑是，只要做的是有利于美国的事情，何来违法一说？ 而6位法官的逻辑是，就算是总统，就算是为了美国利益，如果做了违法的决定，那也该判违法。 从法律角度讲，6位法官是对的。从爱国角度讲，特朗普好像也没啥错。 站的角度不同，看到的结果就不同。 对于最高法院裁决的结果，要么最高法院自己推翻，要么通过修改宪法否定这个裁决，两个可能几乎都 是很难出现的。 ...

【导读】此前跟美国签订的贸易协议，还有效吗？ 美国最高法院推翻了特朗普的全球关税之后，各国此前与特朗普政府签订的贸易协议，是否继续有效？一起关注下各方的 最新说法。 格里尔称：尽管关税裁决受挫，美国双边贸易协定依然有效 朗格周日在社交媒体上写道："美国政府方面纯粹是关税混乱。没人能再理解它了——留给欧盟和其他美国贸易伙伴的只 有无法回答的问题和不断增长的不确定性。" 欧洲议会贸易负责人周日表示，他将提议冻结欧盟对美贸易协定的批准程序，直到特朗普政府就其贸易政策提供详细细 节。 格里尔表示，他"本周末与欧盟同行进行了交谈"，并将与美国其他主要贸易伙伴的官员进行沟通以安抚对方。 欧盟或将冻结美欧贸易协定审批 欧洲议会贸易主管将提议冻结欧盟与美国贸易协定的批准程序，直到收到特朗普政府关于其贸易政策的详细细节。 欧洲议会贸易委员会主席贝恩德·朗格（Bernd Lange）表示，他将在周一的紧急会议上提议暂停所谓《特恩贝里协议》 （Turnberry Agreement）的立法审批工作，"直到我们获得全面的法律评估以及来自美国的明确承诺"。 2月22日，美国贸易代表格里尔表示，特朗普在最高法院遭遇的关税政策挫败，并不会 ...

由于美国关税政策转变，印度推迟了对华盛顿的贸易访问 大家好，关注一下关税的消息。 2月22日，据悉，在美国最高法院裁定推翻特朗普的多项关税措施后，印度贸易官员将推迟原定旨在敲 定临时贸易协议的访美行程。 在此之前，美国最高法院于周五裁定特朗普的关税政策非法。随后几小时内，特朗普援引《1974年贸易 法》第122条，先是征收10%的全球进口关税，随后将其提高至15%。 有消息人士称"会议将在双方方便的日期重新举行"。印度和美国一致认为，访问应"在双方都有时间评 估最新进展及其影响后"再进行。 印度首席谈判代表达潘.贾恩及其团队原定于本周晚些时候在美国开始为期三天的会议。 斯里瓦斯塔瓦表示："此前关于18%关税的谈判是基于某些利益前提的，而现在这些前提已经消失。目 前，双方都必须重新审视策略，且美国还需处理更紧迫的问题。" 印度目前面临25%的"对等关税"。在本月早些时候双方达成一项可做调整的临时协议后，该税率原定将 降至18%。 美国和印度在2月6日发布的联合声明中写道："如果任何一方商定的关税发生变化，美国和印度均同意 对方可以修改其承诺。" 全球贸易研究倡议创始人、前印度贸易谈判代表阿贾伊.斯里瓦斯塔瓦表示 ...

自家提拔的大法官带头造反，特朗普这回真是被"自己人"给狠狠背刺了一刀，但这老头可不是省油的灯，反手就是一个"加倍奉还"！ 美国政坛上演了一出"大水冲了龙王庙"的精彩戏码。咱们这位向来以"关税侠"自居的特朗普总统，这回在自己最信任的最高法院那儿，吃了个大瘪。 本来想着靠着保守派占绝对优势的法院能一路绿灯，结果没想到，几位大法官联手给了他一记响亮的耳光。 这下子，特朗普是彻底怒了，不仅大骂法官是懦夫，还立马准备掏出另一个"大杀器"。这到底是怎么一回事？美国的法律难道真的能管住这位狂人吗？ 这次美国最高法院的裁决，绝对能载入"特朗普受难记"的史册。6比3的投票结果，直接否决了特朗普推行的"对等关税"和"芬太尼关税"。 这事儿最魔幻的地方在哪儿呢？不在于特朗普输了，而在于他是怎么输的。要知道，现在的美国最高法院，保守派可是占了6席，自由派只有3席。 按理说，这是特朗普的"自家后院"，怎么判还不是他说了算？可是，现实就是这么打脸。首席大法官罗伯茨带着三位自由派法官投了反对票也就罢了。 关键是戈萨奇和巴雷特这两位浓眉大眼的保守派大法官，竟然也反水了！要知道，这两人可是特朗普在第一任期里千辛万苦提拔上去的"亲信"。 不过， ...