特朗普在美国东部时间7月31日（北京时间8月1日）签署的总统令中，设定了对等关税的新 税率。此前只有全部国家或地区一律为10%的基本税率。自8月7日起，对约70个国家或地区 征收10%～41%的对等关税。 对日本关税为15%。由于美国对几乎所有进口汽车征收25%税率的汽车关税，虽然日本与美 国就下调至12.5%达成协议，但并未写入总统令。由于日美协议的税率与对等关税的法律依 据不同，实施时间尚不清楚。 美国总统特朗普已决定提高对世界各国征收的对等关税。特朗普挥舞着高关税的大棒，以力 量强迫各国开放市场和增加对美投资。随着作为最大经济大国的美国背弃自由贸易，世界进 入了被迫与强权支配的新经济秩序对峙的时代。 特朗普在美东7月31日签署的总统令中，设定了对等关税的新税率。高关税扰乱了世界，但给美国带来 了税收增加这一好处。统计显示，仅对等关税的10%部分，截至7月13日的税收就达到221亿美元…… 自1995年世界贸易组织（WTO）成立以来，美国的有效关税税率基本低于3%。一系列关税 上调的措施很可能使有效关税税率达到与第二次世界大战前相同的水平。如果超过20%，则 可以追溯到第一次世界大战前的水平。 特朗普政府 ...

Group 1 - The core point of the article is the escalation of the U.S.-initiated tariff war, with significant implications for global trade dynamics and relationships between countries [1][10][22] - The U.S. has confirmed a new round of tariffs, with the trade representative stating that the tariffs are "basically set" and will not be adjusted during current negotiations [1][10] - Canada has faced a sharp increase in tariffs from 25% to 35%, which is linked to its announcement to recognize Palestine, indicating a political motive behind the tariff increase [3][5][11] Group 2 - The EU and U.S. reached a framework agreement that includes a 15% uniform tariff rate and commitments for significant investments in U.S. military and energy sectors, but it has been criticized as an unequal treaty [10][12][22] - India is facing a 25% tariff on its exports to the U.S., which is higher than tariffs imposed on other countries, highlighting a shift in U.S. trade policy even towards its allies [11][12][14] - Brazil is also affected, with tariffs reaching up to 50% on certain products, indicating a broader strategy by the U.S. to exert pressure on countries that challenge its geopolitical interests [15][18][22] Group 3 - The article discusses the "three buckets" strategy proposed by U.S. Treasury Secretary, categorizing countries based on their alignment with U.S. interests, which reflects a shift in global trade policy [19][21] - The impact of tariffs on U.S. consumers is significant, with estimates suggesting an annual cost increase of $2,400 for American households due to the tariffs [24] - The ongoing tariff war is seen as detrimental to the global economy, with warnings from the IMF about potential negative repercussions on economic growth and stability [22][24]

Core Viewpoint - The announcement of a 39% tariff on Swiss goods by President Trump is seen as a "black swan" event, leading to significant declines in Swiss stocks and raising concerns about the impact on the Swiss economy and export-dependent companies [1][4][8]. Group 1: Market Reaction - Following the tariff announcement, Swiss stocks experienced a sharp decline, with UBS Group dropping nearly 4% and Swiss watchmakers falling by 6.8% in London trading [1][4]. - The Swiss stock market's reaction was delayed due to the national holiday coinciding with the tariff announcement, resulting in heightened anticipation for the market's opening [4][8]. Group 2: Economic Impact - The Swiss economy is expected to suffer a "devastating blow" due to the high tariff, particularly affecting the export-driven sectors [4][5]. - The Swissmem association indicated that the 39% tariff would have an "extremely severe impact" on Switzerland's technology industry and overall exports [5]. Group 3: Trade Negotiations - The tariff decision came as a surprise during the final moments of trade negotiations, where significant disagreements on trade balance were revealed [8]. - The Swiss government had previously approved a trade agreement framework with the U.S., which was overturned by Trump's unilateral decision [8]. Group 4: Future Projections - Analysts predict that if the 39% tariff remains in place, it could lead to a GDP loss of approximately 0.6% for Switzerland, with potential further losses if additional tariffs on pharmaceuticals are implemented [7]. - Companies like Richemont and Swatch Group are expected to face substantial challenges due to the new tariff regime [7].

Core Viewpoint - The unexpected announcement of a 39% tariff on Swiss goods by President Trump is viewed as a "black swan" event, leading to significant declines in Swiss stocks and raising concerns about the impact on the Swiss economy and export-dependent companies [1][6][9]. Group 1: Tariff Announcement and Market Reaction - The Swiss stock market's reaction to the tariff announcement was delayed due to the holiday, with significant declines expected upon reopening [1][4]. - The 39% tariff is among the highest globally, second only to Syria's 41%, and is seen as a devastating blow to the Swiss economy and its export-driven market [5][6]. - Major Swiss companies, including UBS and Swatch Group, experienced sharp declines in their stock prices following the announcement [1][8]. Group 2: Economic Impact - Analysts predict that if the 39% tariff remains in place, it could lead to a GDP loss of approximately 0.6% for Switzerland, with further losses possible if additional tariffs on pharmaceuticals are implemented [8]. - The Swiss technology industry and overall exports are expected to face "extremely severe" impacts due to the high tariff rate [7][8]. - The sudden reversal in trade negotiations highlights the unpredictability of Trump's trade policies, even after prior agreements had been reached [9][10]. Group 3: Broader Trade Implications - The new tariff policy is part of a broader trend that could elevate the U.S. actual tariff rate to 17%, marking the highest level since the Smoot-Hawley Tariff Act of 1933, which had severe consequences for international trade [11][12]. - Experts describe the day of the tariff announcement as a "dark day" for global trade, indicating long-term challenges for the established trade system [13].

Group 1: US-EU Trade Agreement - The US and EU reached a trade agreement that includes a 15% tariff on EU products entering the US, while the EU will invest $600 billion in the US and purchase $750 billion worth of US energy products[2] - The agreement aims to fulfill multiple objectives for Trump, including fiscal, investment, industrial, and promotional goals, but its implementation remains uncertain due to lack of internal coordination within the EU[2] Group 2: US Tariff Structure - The US "reciprocal tariffs" categorize countries into four tiers: 10% for surplus countries like the UK, 15% for allies and developing economies, around 20% for countries with trade deficits like Vietnam, and over 25% for countries without agreements, such as Myanmar[2] - The implementation of these tariffs is set to take effect on August 1, with potential adjustments based on ongoing negotiations[2] Group 3: US-Russia Relations - The US threatens to impose a 100% secondary tariff on countries purchasing Russian oil, targeting primarily China and India, as Russia gains ground in the Ukraine conflict[3][4] - The US aims to leverage these tariffs to pressure China and India in trade negotiations, while also attempting to curb Russian military advances in Ukraine[3][4] Group 4: Geopolitical Implications - The ongoing conflict in Ukraine has seen Russia occupy significant territory, with a reported increase of 634 square kilometers in July alone, raising concerns for US and European interests[3][19] - The US's military response includes deploying nuclear submarines near Russia, indicating a heightened level of military deterrence amid escalating tensions[29] Group 5: Future Considerations - The likelihood of the secondary tariffs being implemented is low, with a more probable scenario being a delay or selective application of tariffs on specific products[24] - Key upcoming events include monitoring the implementation of the reciprocal tariffs and the potential for further deterioration in US-Russia relations, particularly by August 8[28]

Core Viewpoint - The article discusses the recent U.S. tariff policies and their implications for various countries, particularly Brazil and Switzerland, highlighting the geopolitical tensions and economic repercussions involved [1][2][3][5]. Group 1: U.S. Tariff Policies - The U.S. Trade Representative stated that the new tariffs imposed by President Trump on multiple countries are largely fixed and will not be adjusted during current negotiations, with specific rates including 35% on Canadian goods, 50% on Brazilian goods, 25% on Indian goods, and 39% on Swiss goods [1][2]. - The tariffs are set based on bilateral trade surpluses and deficits, indicating a strategic approach to trade relations [2]. Group 2: Brazil's Response - Brazil has expressed strong opposition to the U.S. tariffs, with protests erupting in major cities against what is perceived as U.S. interference in Brazilian sovereignty [2][3]. - Brazilian officials have stated that they will not comply with U.S. demands to reduce oil imports from Russia in exchange for lower tariffs, emphasizing their stance against unilateral economic sanctions [4]. Group 3: Switzerland's Reaction - The announcement of a 39% tariff on Swiss goods has caused significant backlash in Switzerland, with political leaders and business representatives criticizing the U.S. for its aggressive trade tactics [5][6][7]. - The high tariff is expected to severely impact the Swiss economy, particularly given that the U.S. accounts for 18.6% of Swiss exports, including key products like pharmaceuticals and machinery [7][8]. Group 4: Economic Impact - Economic forecasts suggest that if the tariffs are implemented, Switzerland's GDP could decline by up to 0.7%, significantly affecting average incomes [8]. - The Swiss economy, heavily reliant on international trade, faces substantial risks due to the U.S. tariffs, which could lead to increased costs for Swiss exporters and reduced competitiveness in the global market [6][8].

Economic Overview - The U.S. GDP growth for Q2 was revised up to 3.0%, exceeding expectations of 2.6%, with net exports contributing 5 percentage points[5] - The Atlanta Fed's GDP Now forecast indicates a slight decrease in Q3 GDP growth to 2.1%[3] - The final domestic private purchases growth (consumption + investment) fell by 0.7 percentage points to 1.2%[5] Employment Data - July non-farm payrolls increased by only 74,000, significantly below the expected 104,000, with prior months' data revised down by 258,000[5] - Initial jobless claims decreased by 23,000 to 193,000, better than the expected 211,000, indicating no significant layoffs yet[3] - The unemployment rate rose by 0.1 percentage points to 4.2%, primarily due to a drop in labor force participation[5] Inflation and Monetary Policy - The core PCE inflation for June was reported at 2.6%, above the expected 2.5%, indicating persistent inflationary pressures[5] - The Federal Reserve maintained the benchmark interest rate at 4.25%-4.5% during the July FOMC meeting, with a hawkish tone from Powell[6] Market Reactions - U.S. stock indices fell, with the S&P 500, Nasdaq, and Dow Jones down by 2.4%, 2.2%, and 2.9% respectively[7] - The U.S. dollar index rose by 1% to 98.7, while the euro and yen depreciated by 2.8% and 2.1% respectively[7] Commodity Prices - COMEX gold prices increased by 1.9% to $3,399.8 per ounce, while Brent crude oil rose by 1.8% to $69.7 per barrel[7]

Market Events Preview - The central bank will have a total of 16,632 billion yuan in reverse repos maturing next week, with specific maturities of 4,958 billion, 4,492 billion, 3,090 billion, 2,832 billion, and 1,260 billion yuan from Monday to Friday [1] Economic Data Releases - On Tuesday, July PMI data from S&P Global for China will be released, along with financial reports from Haiguang Information [2] - On Thursday, July import and export data (in USD) for China will be published, alongside financial results from SMIC [3] - On Saturday, multiple economic indicators will be released, including July CPI, PPI, M2 money supply, social financing scale increment, and new RMB loans for the first seven months [4] Stock Market Developments - A total of 32 companies will have their restricted shares unlocked next week, totaling 3.363 billion shares with a market value of 93.445 billion yuan based on the closing price on August 1. The peak unlocking day is August 8, with three companies unlocking shares worth a combined 54.464 billion yuan, accounting for 58.28% of the total unlocking scale [4] - Zhigao Machinery will open for subscription on August 5 on the Beijing Stock Exchange, while two new stocks will be listed in the Hong Kong market next week: Dongyangguang Pharmaceutical and Zhonghui Biotechnology-B [4] Corporate Announcements - DJI will officially launch its first robotic vacuum cleaner named "ROMO" on August 6, expanding its product line into the home cleaning sector [8] - XPeng Motors will showcase its new XPeng P7 in China on August 6, positioning it as a stylish luxury coupe designed by a collaborative team [8] Regulatory Changes - The Hong Kong Stock Exchange announced that a reform plan for new stock market pricing and public market regulations will take effect on August 4, which includes lowering the minimum allocation ratio for IPO book-building from 50% to 40% [8] - The Ministry of Finance and the State Taxation Administration announced a policy change regarding the VAT on interest income from government bonds, effective from August 8, 2025 [7]

Group 1: Tariff Implementation - The new tariff rates will increase to 15% for most countries and regions, with some major trade partners receiving lower rates between 10% and 20% due to investment commitments to the U.S. [2] - Countries that did not make sufficient concessions in recent negotiations face significantly higher tariffs, such as Canada at 35% and Brazil at 50% [4] Group 2: Historical Context - The new tariffs will raise the U.S. actual tariff rate to 17%, the highest since the Smoot-Hawley Tariff Act of 1933, which exacerbated the Great Depression [5][6] - The actual tariff rate was only 1.2% last year, indicating a dramatic shift in trade policy that could reshape multinational production and trade cost structures [7] Group 3: Impact on U.S. Companies - U.S. companies are becoming the largest "taxpayers" under the new tariff regime, with tariff revenue soaring to $27 billion in June, nearly four times that of the previous year [8] - Companies like Ford and Hasbro are already adjusting their financial forecasts due to increased costs from tariffs, with Ford estimating an additional $800 million in expenses [9] Group 4: Consumer Impact - Retail giants like Walmart and Target are currently managing costs through inventory but are expected to raise prices as tariffs take effect, with a significant portion of manufacturers already beginning to pass on costs [9][10] - The inflationary effects of the tariffs are anticipated to become more pronounced in the fourth quarter of this year and into the first quarter of next year, impacting consumer prices directly [10] Group 5: Economic Outlook - The new tariffs are expected to erode corporate profits and market confidence, leading to potential cuts in investment and hiring by U.S. companies [10] - The overall economic impact is still being assessed, but early signs indicate that the tariffs are reigniting inflation and could slow economic growth [10]

Group 1 - The absence of China from the U.S. global tariff list is a strategic political maneuver by the Trump administration, aimed at maintaining leverage while avoiding backlash from American companies reliant on Chinese imports [3][5] - The U.S. has a significant dependency on Chinese exports, particularly in machinery and electronics, which account for 58% of exports to the U.S., indicating that imposing tariffs could adversely affect major U.S. companies like Apple and Tesla [5][19] - The tariff rates imposed on other countries reflect a blend of economic pressure and geopolitical strategy, with higher rates for countries like Syria and Myanmar, and lower rates for allies like Japan and South Korea [8][11] Group 2 - The U.S. trade deficit with China decreased by 12% in the first half of 2025, while deficits with the EU and India increased by 18% and 23% respectively, showcasing a targeted approach to trade relations [11] - The "secondary tariff" mechanism proposed by the Trump administration aims to impose additional tariffs on countries purchasing energy from Venezuela and Russia, indicating a shift in using tariffs as geopolitical tools [12][13] - The investment-for-tariff model is emerging, where countries like South Korea and Japan are making substantial investments in the U.S. to secure lower tariff rates, creating a network of economic dependencies [15]