Core Points - Thailand is making concessions to the U.S. by offering greater market access for agricultural and industrial products, and committing to increase purchases of U.S. energy and Boeing aircraft to reach a trade agreement before the July 9 deadline to avoid a 36% tariff threat from the Trump administration [1][2] - The latest proposal aims to reduce Thailand's trade surplus with the U.S. by 70% over five years, significantly accelerating the timeline compared to a previous ten-year plan [1][3] - Neighboring countries like Vietnam and Cambodia have already reached agreements with the U.S., increasing pressure on Thailand to secure favorable trade terms [1][3] Group 1: Trade Concessions - Thailand's new proposal includes commitments to provide greater market access for U.S. agricultural and industrial products, and to increase imports of U.S. energy and Boeing aircraft [2][4] - The proposal allows for the immediate cancellation of most import tariffs or non-tariff barriers, with gradual easing of restrictions on a few products [2] Group 2: Economic Context - The urgency for Thailand to finalize a trade agreement stems from economic pressures, including high household debt and weak domestic consumption, which could be exacerbated by high tariffs [6] - A favorable trade agreement is seen as crucial for protecting Thailand's trade-dependent economy from further downturns and alleviating investor concerns over political instability [6]

Employment Situation - The U.S. Bureau of Labor Statistics reported a job gain of +147K in June, exceeding the consensus estimate of +110K and the revised May figure of +144K [1][2] - The unemployment rate decreased to 4.1%, indicating a healthy labor market [1][2] Job Revisions - Revisions for the previous two months showed an increase, with May's job gain revised from +139K to +144K and April's from +147K to +158K, resulting in a total increase of +16K jobs over the past two months [3] Sector Analysis - The government sector contributed significantly to job gains in June with +73K, while the private sector saw mixed results, including a loss of -56K in Professional/Business Services [4][5] - Healthcare added +39K jobs and Social Assistance +19K, but traditional sectors like Leisure & Hospitality and Trade/Transportation/Utilities were absent from the report [5] Federal Reserve Implications - The strong jobs report may reduce the likelihood of an interest rate cut by the Federal Reserve in the upcoming FOMC meeting, potentially delaying any cuts until September [6] Jobless Claims - Initial Jobless Claims decreased to 233K from a revised 237K, which is below the expected 240K, indicating a moderation in the labor market concerns [7][8] - Continuing Claims remained stable at 1.964 million, suggesting that the labor market has not yet reached a critical threshold that would indicate weakness [8] Trade Balance - The U.S. Trade Deficit for May was reported at -$71.5 billion, aligning with expectations and showing improvement from the record low of -$138 billion in March [9]

Geopolitical Risks and Market Reactions - The recent U.S. airstrikes on Iranian nuclear facilities have become a focal point for the market, despite the expectation that geopolitical risks would increase demand for safe-haven assets [1] - The market remains cautious, partly due to the hawkish stance maintained by Federal Reserve officials [1] - If Iran were to close the Strait of Hormuz, oil prices could exceed $100, leading to heightened fear and panic among investors [1] Currency Volatility - The volatility of the USD/JPY pair is the highest across all time frames, particularly with a one-month volatility rate of -0.028 [2] - The USD/JPY pair rose to 147.39 yen following the U.S. attack on Iran, with traders holding $12.5 billion in yen long positions [2] - The Japanese yen has depreciated by 2.4% against the dollar since the Israeli missile strikes on Iranian targets began [2] Impact on Japan's Economy - Japan's heavy reliance on imported oil makes it vulnerable to rising oil prices, which threaten its trade balance and weaken the yen's attractiveness [3] - The spike in oil prices has worsened Japan's trade conditions, further diminishing its economic competitiveness [3] Eurozone Economic Indicators - The Eurozone's natural gas prices are highly correlated with the euro exchange rate, with rising gas prices likely to weaken the euro and reduce the current account surplus [5] - Natural gas prices have surged from approximately $2.8 to over $4 since late April, indicating a potential further shrinkage of the Eurozone's surplus [6] - The Eurozone's economic growth exceeded expectations at the beginning of the year, but lost momentum in April due to U.S. tariff policies [6] Swiss Franc and Safe-Haven Demand - The Swiss franc is supported by safe-haven demand and signals from the Swiss National Bank indicating no inclination to lower interest rates further [7] - The current USD/CHF pair is trading within a range established over the past week, with market participants remaining cautious about directional choices [7] UK Economic Activity - The UK's PMI data exceeded expectations, yet the GBP/USD exchange rate fell by 0.1% to $1.3430, indicating a muted market reaction [8] - Manufacturing activity in the UK has contracted for the ninth consecutive month, although the contraction rate is the smallest since January [8] - The June services PMI rose from 50.9 to 51.3, while the manufacturing PMI improved from 46.4 to 47.7, suggesting a slight recovery despite ongoing challenges [8]

Core Points - The U.S. and the U.K. have signed a trade agreement that includes a quota of 100,000 vehicles per year for U.K. car imports with a 10% tariff [1][2] - The agreement aims to enhance bilateral trade in aerospace products and includes the removal of tariffs on U.K. aerospace products [2][4] - The U.K. has made significant concessions, including allowing increased imports of U.S. beef and grains, which may not be acceptable to other countries [3][4] Group 1: Trade Agreement Details - The trade agreement includes a 10% tariff on U.K. car imports with a quota of 100,000 vehicles annually [1][2] - The U.S. will establish "most favored nation" tariff rate quotas for U.K. steel and aluminum products, contingent on U.K. compliance with U.S. supply chain security requirements [4] - The agreement also aims to facilitate tariff-free trade in certain aerospace products, enhancing the supply chain for aircraft manufacturing [2][4] Group 2: U.K. Concessions and Motivations - The U.K. has agreed to increase imports of U.S. agricultural products, including beef and grains, which contradicts its previous strict agricultural standards [3] - The U.K.'s willingness to accept a 10% baseline tariff on steel and aluminum, despite previously lower average tariffs, indicates a significant compromise [3] - The U.K. seeks to strengthen its traditional alliance with the U.S. post-Brexit, despite the economic imbalance in negotiating power [3][4] Group 3: Broader Implications and Comparisons - The trade agreement serves as a potential template for other countries, although the U.K.'s concessions may not be replicable by larger economies like the EU [6][7] - Ongoing trade negotiations between the U.S. and other countries, such as Japan and the EU, are progressing slowly, with significant issues remaining unresolved [6][7] - Analysts warn that the U.S.-U.K. agreement may encourage further protectionist measures from the U.S. in future trade negotiations with other nations [7]

Investment Rating - The report indicates a tightening trade balance with a significant drop in imports, suggesting a potential positive impact on GDP in the second quarter [1][5][10]. Core Insights - The trade balance in April tightened to -$61.6 billion, a substantial improvement from -$138.3 billion in March, driven by a nearly 20% month-over-month decline in imports [3][5]. - The decline in imports is attributed to the implementation of substantial tariffs, front-loading of goods, and uncertainty regarding future tariff policies [1][5][7]. - Imports from China are expected to decrease further due to high tariffs of 145% that were not delayed until mid-May, impacting trade dynamics significantly [8][9]. Summary by Sections Trade Balance and Imports - The trade balance with Canada improved from -$4.9 billion to -$2.6 billion, while the balance with Mexico tightened to -$13.5 billion, reflecting declines in imports of 17.2% and 10.3% respectively [4]. - Imports from the EU fell by 35.7%, contributing to a tighter trade balance of -$17.9 billion [4]. - Overall, imports from China decreased by 18.9%, leading to a trade balance of -$19.7 billion [4]. Economic Implications - The significant drop in imports is expected to provide a mechanical boost to GDP in the second quarter, although some of this effect may be offset by weaker inventories and consumption [10]. - The effective tariff rate on goods imported to the US was around 7% as of April, indicating a substantial increase in trade costs [11][13]. Future Outlook - The report anticipates a potential rebound in imports in May as tariff clarity improves, although ongoing uncertainty and policy changes are likely to create volatility in trade data throughout the year [5][7][9].

Core Viewpoint - The Governor of the Bank of England, Andrew Bailey, stated that it is unrealistic to expect trade to always remain balanced, indicating a more flexible approach to trade dynamics and economic policy [1] Group 1 - The Bank of England emphasizes the importance of understanding that trade imbalances can occur and should not be viewed negatively [1] - Bailey's comments suggest a shift in focus towards the broader economic implications of trade rather than strict adherence to balance [1] - The statement reflects a recognition of the complexities involved in global trade relationships and their impact on the UK economy [1]

Core Viewpoint - A South Korean government delegation will visit the U.S. on May 20 to engage in technical discussions regarding tariffs, particularly focusing on "reciprocal tariffs" and reductions on steel, automotive, and semiconductor tariffs, ahead of the presidential election in South Korea on June 3 [1] Group 1: Delegation Details - The delegation is led by Chang Sung-ki, the head of the Trade Policy Bureau at the Ministry of Trade, Industry and Energy [1] - This meeting is expected to be the last face-to-face working consultation between South Korea and the U.S. before the upcoming presidential election [1] Group 2: Discussion Topics - The discussions will cover six major topics: trade balance, non-tariff measures, economic security, digital trade, origin of goods, and business considerations [1] - The previously agreed "July comprehensive agreement" will be pursued by the next South Korean government [1]

Core Viewpoint - India's recent proposal to impose retaliatory tariffs on certain US goods marks a significant shift in its trade strategy, moving from a passive approach to an active defense of its economic interests in response to US tariffs on Indian steel and aluminum products [1][2][3] Summary by Relevant Sections Trade Tensions and Background - Since 2018, the US has imposed tariffs of 25% on steel and 10% on aluminum imports under the guise of "safeguard measures," which have directly impacted approximately $7.6 billion worth of Indian exports to the US, leading to an estimated tariff revenue of $1.91 billion for the US [1][2] - India's steel industry, particularly companies like Jindal Stainless in Odisha, has been significantly affected, as they rely heavily on exports to the US to maintain production capacity [1] Shift in India's Trade Strategy - Initially, India adopted a conciliatory approach, focusing on bilateral trade agreement negotiations, even reducing import tariffs on around 8,500 industrial products, including sensitive US goods [2] - However, as US tariffs escalated and procedural deficiencies in the US's actions were identified, India shifted to a more assertive stance, emphasizing the need for "substantive equivalence" in trade adjustments [2][3] Strategic Implications - India's actions at the WTO reflect a broader transition from passive adaptation to proactive utilization of international trade rules to safeguard its rights [3][4] - The country's economic growth and enhanced international standing, particularly as the G20 rotating president, have empowered it to assert its interests more vigorously [4][5] Global Trade Dynamics - India's proposal for retaliatory tariffs serves as a case study for resolving global trade disputes within the framework of multilateral rules, contrasting with the unilateral approaches often seen [5][6] - The situation underscores the necessity for the US to respect multilateral trade rules and engage in dialogue rather than relying solely on tariffs [5][6] Long-term Perspective - India's actions may signify a broader adjustment in global trade dynamics, where emerging economies increasingly influence international economic rules, promoting a more inclusive and balanced trade environment [6]

证券研究报告 | 宏观研究 gszqdatemark 2025 05 13 年 月 日 宏观点评 "东升"再强化—中美经贸会谈大超预期的 4 点理解 事件：5 月 12 日 15：00，中美发布日内瓦经贸会谈联合声明，大幅降 低双边关税水平，并建立机制、继续就经贸关系进行协商。 核心观点：中美首轮经贸会谈取得实质性进展、大超市场预期，这将为 世界经济注入更多确定性和稳定性，进一步凸显了中国制造的不可替 代性，也将进一步提升中国资产的投资价值。测算发现，最新美国对中 国的综合关税税率下降至 42.5%（2018 年以来 10.9%基础关税+20% 芬太尼关税+带豁免的 10%全球对等关税+25%的特定行业关税），预 计拖累我国出口 4.0-5.2 个百分点，拖累我国 GDP 0.5-0.7 个百分点， 指向我国经济下行压力仍大，预示不会改变我国扩张性政策的大方向， 尤其是全力扩内需、大力中央加杠杆，我们也继续提示"不宜等到花儿 枯萎了再浇水"。往后看，中美关税不确定性仍大，重点关注 3 大方面： 1）中美谈判进展，不排除出现关税反复的可能性；2）中美谈判议题， 可能主要针对关税和非关税壁垒、贸易再平衡、经济安全 ...

中金研究 中美会谈取得实质性进展，宣布缓解对彼此商品加征的关税。会谈结果好于预期，市场风险偏好明 显回升。短期来看，关税对于美国主要是供给冲击，对于中国主要是需求冲击，经贸会谈结果意味 着美国供给冲击缓解，中国需求冲击减弱。我们测算显示，最新美国有效关税率将从此前的28.4%下 降至15.5%，美国滞胀风险降低。最新关税下，中国出口下行风险得到较大缓解，后续中国国内经济 走势主要看宏观政策力度，尤其是财政政策力度。 点击小程序查看报告原文 北京时间5月12日下午3点，中美双方同步发表《中美日内瓦经贸会谈联合声明》[1] [2]。 根据声明内 容，自5月14日起，双方将仅保留对彼此商品加征的10%关税，暂停执行此前加征的24%关税，为期90 天，其余对等关税则全部取消。不过，今年2月和3月美国以芬太尼问题为由对中方额外征收的累计20% 关税并不在此次协议范围内。这意味着在协议实施后，美国对中国商品的关税将从145%降至30%，中 国对美国商品的关税则将从125%降至10%[3]。美国财政部长贝森特在记者会上表示，双方都不希望脱 钩，"我们都希望实现贸易平衡，美国将持续朝这一方向努力"[4]。根据声明，我们测算 ...