Core Viewpoint - The U.S. International Trade Court (CIT) ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the President unlimited authority to impose tariffs, leading to the annulment of related tariff measures [1][7]. Group 1: Court Ruling Details - The CIT combined two cases, one initiated by the Liberty Justice Center on behalf of five small businesses challenging the "reciprocal tariffs" and another by the Oregon Attorney General representing twelve states against global tariffs, retaliatory tariffs, and fentanyl tariffs [3]. - The court confirmed that the IEEPA does not explicitly authorize the President to impose unlimited tariffs, which have significant economic and political implications [4][5]. - The ruling stated that the tariffs imposed by the Trump administration exceeded the authority granted by the IEEPA and violated constitutional principles [6][7]. Group 2: Implications for Trade Policy - The ruling could represent a significant policy shift, particularly benefiting small and medium-sized enterprises that struggle to absorb the costs of tariffs [6]. - The decision emphasizes that trade decisions should not be made unilaterally by the President without Congressional authorization, reaffirming the importance of legislative oversight [4][5]. - The CIT's ruling applies nationwide, affecting all importers, but does not address tariffs authorized under other laws, such as those related to steel and aluminum [7].

这番表态紧随美国和欧盟贸易局势的阶段性缓和。上周日，特朗普与欧盟委员会主席冯德莱恩通话后， 将原定于6月1日对所有欧洲商品加征50%关税的计划推迟至7月9日。 欧盟委员会首席发言人保拉·皮尼奥（Paula Pinho）周一表示，上周日的通话为谈判注入"新动力"。皮尼 奥称，"我们将以此为基础推进。看到双方领导人积极互动是积极信号，我们始终表示准备好达成协 议。" 欧盟委员会对特朗普的最新帖子拒绝置评。 美国财政部长贝森特上周也表示，特朗普发表新关税威胁的目标是为美国与欧盟的贸易谈判"点把火"。 "我以前说过，欧盟在这方面存在集体行动问题，"贝森特在《美国新闻编辑室》（America's Newsroom）节目中说。"这是个由27个国家组成的联盟。所以我得到的一些反馈是，一些国家甚至不知 道欧盟在代表他们谈判什么。" 然而，美国和欧盟通往贸易协议的道路仍然充满荆棘。双方仍有不同的优先事项，这可能会成为迅速达 成协议的障碍。目前尚不清楚谈判桌上的要求或提议是否发生了变化。 周二，美国总统特朗普宣称，其对欧盟加征50%关税的威胁取得成功，因此举促使欧盟加快了谈判进 程。 他在Truth Social上发帖称，"我对 ...

智通财经5月18日电，加拿大财政部长商鹏飞5月17日在社交媒体平台X发文称，加拿大此前对价值数百 亿美元美国商品加征的25%报复性关税中有7成仍然有效。他表示，出于健康和公共安全原因，加拿大 政府"暂时公开暂停对部分商品征收关税"。商鹏飞旨在回应加拿大保守党党魁博励治援引的一份牛津经 济研究院报告。报告称，在宣布对美关税报复措施后，加拿大政府对该国制造业、加工业、食品和饮料 包装业使用的产品，以及与医疗保健、公共安全和国家安全相关的项目实行为期六个月的关税豁免。此 外，汽车制造商也获得优惠，通用汽车等在加拿大从事生产的公司获准免关税进口一定数量汽车。报告 指出，这些豁免意味着加拿大对美国的新增关税税率"几乎为零"。 加拿大对美加征关税经豁免后已"接近零"？加财长澄清：7成报复性关税仍有效 ...

市场消息：加拿大财政部长表示，政府对价值数百亿美元的美国商品维持25%的报复性关税；3月实施 的反制关税中，70%仍在执行。 ...

观察者网消息，日前，在中美会谈取得成果后，一贯对美妥协让步的印度被曝态度突变，提议对美国加 税。但随后不久，美国总统特朗普就公开表示，印度已同意对美零关税。 短短几天，印度对美态度变了又变。这不禁让人质疑：印度，说好的硬气呢？ 见此，印度外长苏杰生急忙出面找补。据印度新德里电视台（NDTV）和美国有线电视新闻网（CNN） 报道，当地时间5月15日，苏杰生表示，印美谈判"很复杂"，一切尚未确定。 报道称，当被问及对特朗普相关表态的看法时，苏杰生回答称："印度和美国之间一直在进行贸易谈 判。这些谈判非常复杂。在一切都尘埃落定之前，一切都无法最终确定。" "任何贸易协议都必须互惠互利，必须对两国都有利，"苏杰生继续表示，"这是我们对贸易协议的期 望。在此之前，对其做出任何判断都为时过早。" 苏杰生15日回应特朗普表态视频截图 苏杰生上述表态，是对特朗普当日早些时候有关美印贸易谈判的表态的回应。 当天，特朗普在卡塔尔首都多哈与企业高管会面时表示："在印度销售产品非常困难，但他们向我们提 出一项协议，基本上愿意不向我们收取任何关税。"特朗普并未透露更多细节，也并未表示美国是否将 降低对印度关税或对印度实施零关税。 特朗 ...

印度政府12日致函世贸组织（WTO），提议根据WTO准则对美国征收报复性关税，以应对美国作为保 障措施推出的钢铝关税。该通知援引WTO规则称，印方保留"暂停减让或其他义务"以回应美国关税的 权利。印度方面称，美国钢铝关税将影响价值76亿美元的印度原产产品出口，它们将被征19.1亿美元关 税，"印度提议的暂停减让将导致对原产于美国的产品征收同等数额关税"。 印度政府未具体说明可能 受影响的商品类别。 ...

Group 1 - The EU plans to impose retaliatory tariffs on a range of US products, including civilian aircraft, automobiles, medical devices, agricultural products, and alcoholic beverages, if ongoing trade negotiations fail [1][2] - The EU has initiated a public consultation regarding countermeasures against US imports valued at €95 billion (approximately $107.4 billion), which will be implemented if no trade agreement is reached with Washington [1] - The list of products for potential tariffs includes hundreds of agricultural and industrial items, with previously excluded products like bourbon whiskey now included [1] Group 2 - The EU is seeking to negotiate an agreement to avoid a 20% "reciprocal tariff" on all US goods imported into the EU, while also facing a 25% tariff on all imported cars from the US [2] - The EU Commission has stated that the US tariffs violate fundamental World Trade Organization (WTO) rules, emphasizing the importance of adhering to international trade agreements [2] - The EU is preparing for various outcomes while remaining committed to negotiating a solution with the US, as highlighted by the EU Commission President's remarks on the negative impact of US tariff policies on the global economy [2]

Market Insights - The Hong Kong Monetary Authority (HKMA) has maintained the base interest rate at 4.75%, indicating that the supply and demand for Hong Kong dollars and overall liquidity will continue to influence the Hong Kong interbank offered rate, particularly for short-term interest rates [1] - The HKMA's CEO, Eddie Yue, stated that to enhance defensive measures, the proportion of US dollar assets in the foreign exchange fund has been reduced from over 90% to approximately 79%, and the duration of US Treasury investments has been shortened [1] - The Bank of England has lowered its interest rate to 4.25%, with the monetary policy guidance remaining "gradual and cautious," reflecting differing opinions within the central bank regarding the extent of the rate cut [2] Economic Indicators - As of the end of April, South Korea's foreign exchange reserves have decreased to $404.67 billion, the lowest level in five years, although it is expected not to fall below the $400 billion mark [3] - Initial jobless claims in the US have decreased to 228,000, with continuing claims also showing a reduction, both exceeding market expectations [4] - The US first-quarter labor productivity has experienced its first decline since 2022, while unit labor costs have significantly increased [5] Global Market Dynamics - The Dow Jones Industrial Average rose by 0.62% to 41,368.45 points, the S&P 500 increased by 0.58% to 5,663.94 points, and the Nasdaq Composite climbed by 1.07% to 17,928.14 points [6] - COMEX gold futures fell by 2.40% to $3,310.40 per ounce, while COMEX silver futures decreased by 0.57% to $32.61 per ounce [7] - The main contract for US oil rose by 3.81% to $60.28 per barrel, and the main contract for Brent crude oil increased by 3.40% to $63.20 per barrel [8] Currency Movements - The US dollar index fell by 0.73% to 100.63, with the euro to dollar exchange rate down by 0.68% to 1.1226, and the British pound to dollar rate down by 0.34% to 1.3247 [9]

Core Viewpoint - The article discusses the significant fluctuations in the exchange rate between the Japanese yen and the US dollar, driven by escalating trade tensions between the US and China, and the impact of inflation data on currency trading dynamics [1][2]. Group 1: Currency Exchange Rate Movements - On April 11, the exchange rate of the yen against the dollar rose to the range of 142 yen per dollar, surpassing the previous high of 143.99 yen on April 9, marking the largest appreciation of the yen and depreciation of the dollar since early September 2024 [1]. - The market has seen an increased tendency to sell the dollar compared to other major currencies due to heightened vigilance regarding US-China trade tensions [1]. Group 2: Trade Tariffs and Economic Indicators - The US announced an additional tariff rate of 145% on China, which is an increase from the previously stated 125% by President Trump, based on a 20% extra tariff that took effect in February and March [1]. - In retaliation, China implemented an 84% additional tariff on US goods, further escalating the trade conflict [2]. - The US Consumer Price Index (CPI) for March showed a year-on-year increase of 2.4%, which was below market expectations of 2.6%, alleviating some concerns regarding inflation in the US and contributing to the trend of selling the dollar [2].

Core Viewpoint - The article discusses the announcement by President Trump regarding a 25% tariff on all imported cars, effective April 2, which is intended to be a permanent measure aimed at boosting domestic manufacturing [1][2]. Group 1: Tariff Details - The 25% tariff will apply to imported passenger cars, light trucks, and key automotive components such as engines, transmissions, and electrical parts, with potential for additional tariffs on other components if necessary [5]. - Components that comply with the United States-Mexico-Canada Agreement (USMCA) will be exempt from these tariffs until further discussions between the Secretary of Commerce and Customs and Border Protection [5]. Group 2: Reactions and Implications - Canadian Prime Minister Carney indicated that Canada would respond to the new tariffs with potential retaliatory tariffs, viewing the announcement as a direct attack on Canadian workers [6][7]. - Trump stated that there was no input or benefit sought from Tesla's CEO Elon Musk regarding the tariffs [3].