Group 1 - New Zealand's central bank has lowered its official cash rate by 25 basis points to 3.5% as of April 9 [2] - Uruguay's central bank has raised its monetary policy rate by 25 basis points from 9.00% to 9.25% on April 8, citing increased global uncertainty and risks of economic slowdown [3] - The rate hike in Uruguay aims to guide inflation and its expectations towards an annual target of 4.5% [3] Group 2 - A-shares have seen a significant rally, with one index surging by 7% [5] - There are reports of increased buybacks and share repurchases by A-share companies, indicating strong market support [5] - State-owned enterprises in Shanghai and Zhejiang have intervened to stabilize the stock market [5]

Core Viewpoint - The article discusses the significant adjustment in the U.S. tariff policy targeting low-value packages from China, which will impact cross-border e-commerce platforms like Shein and Temu, forcing a fundamental restructuring of their business models [1][5][6]. Summary by Sections Tariff Policy Changes - On April 8, President Trump signed an executive order to raise tariffs on low-value packages (under $800) from China, marking a major shift in U.S. customs policy [1]. - The new tariff implementation will occur in three phases: - Historical standard (before May 1, 2025): Exempt from tariffs [1]. - First adjustment (May 2 - May 31, 2025): Tariff rate increases to 90% of the value or $75 per item [2]. - Ultimate measure (from June 1, 2025): A fixed tariff of $150 per item, equating to a punitive rate of 1500% on typical $10 goods [3]. Impact on E-commerce Platforms - The tariff changes specifically target the international postal transport system, directly affecting platforms like Shein and Temu that rely on the "de minimis" exemption [5]. - In 2023, 2.3 billion packages from China entered the U.S. through this channel, accounting for 62% of the U.S. cross-border e-commerce package volume [5]. - The policy effectively cuts off the long-standing tax-free channel for these platforms, necessitating a reevaluation of their U.S. business strategies [6]. Strategic Adjustments - In response to the new tariffs, Shein has established a new logistics center in Seattle, while Temu is expanding its U.S. warehousing network [6]. - Industry expert Ram Ben Tzion predicts that the new tariffs may compel these companies to reassess their business outlook in the U.S. [6]. - FedEx has indicated its willingness to assist clients in adapting to the new regulations, emphasizing the importance of accurate customs documentation [6]. Market Projections - Market research firm eMarketer forecasts that Temu's sales in the U.S. could reach $30 billion in 2024, positioning it as a strong competitor against retail giants like Amazon [6]. - However, the loss of the tax exemption may weaken Temu's price competitiveness in the market [6]. Chinese Government Response - The Chinese Ministry of Commerce has stated that the unilateral increase in tariffs by the U.S. will harm the mutual interests of businesses and consumers in both countries [7]. - China urges the U.S. to correct its actions and resolve concerns through equal negotiations to promote stable and sustainable development of U.S.-China relations [7].

文/美国桥水投资公司创始人、首席投资官 瑞·达利欧 特朗普推出的"对等"关税， 在美国将引发显著的滞胀压力，而在被征税的国家则 导致通缩或衰退。 各国将动用政策工具（主要是金融与财政政策）实施重大调 整以抵消关税导致的负面影响。 中美可能达成某种协议例如通过汇率来降低贸 易冲突烈度。若此情景成真，中国将进而采取更为宽松的金融和/或财政政策。 关于平衡之道，建议投资者的投资组合应实现跨资产类别与地域的多元非相关 配置，并依据不同通胀与增长环境下资产的差异化表现进行动态调整。 关于"对等"关税以及几点核心事实 延续我本周早些时候发布的观点，结合昨日公布的关税政策，在我看来，这些政策的第一层面的后果将 是：在美国引发显著的滞胀压力，而在被征税的国家则导致通缩或衰退。 事关第二层面的后果：我们将看到 各国的应对措施——各国将动用政策工具（主要是金融与财政政 策）实施重大调整以抵消关税导致的负面影响。 第二层面的后果也包括美国会通过谈判来调整最终政 策。 来源 | 新经济学家智库 编辑丨王茅 责编丨兰银帆 第一，生产、贸易与资本失衡（尤其是债务问题）必须通过某种方式化解，因其在金融、经济与地缘政 治层面已危险地不可持续 ...

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Portman Ridge Finance (PTMN) Q4 2024 Earnings Call March 14, 2025 10:30 AM ET Company Participants Ted Goldthorpe - CEO, President & DirectorPatrick Schafer - Chief Investment Officer & DirectorBrandon Satoren - Chief Financial Officer, Secretary & TreasurerChristopher Nolan - Senior VP - Equity ResearchJustin Marca - VP - Equity ResearchSteven L. Martin - PresidentPaul Johnson - Vice President Operator Welcome to Portman Ridge Finance Corporation's Fourth Quarter and Full Year Ended 12/31/2024 Earnings Con ...

Oaktree Specialty Lending (OCSL) Q1 2025 Earnings Call February 04, 2025 11:00 AM ET Company Participants Dane Kleven - SVP & Head of Investor RelationsMatt Pendo - PresidentArmen Panossian - CEORaghav Khanna - Co-Chief Investment OfficerChristopher McKown - MD, CFO & TreasurerMelissa Wedel - Vice President, Equity Research Conference Call Participants Finian O'shea - AnalystMatthew Hurwit - Equity Research AnalystNone - Analyst Operator Welcome and thank you for joining Oaktree Specialty Lending Corporatio ...