Report Summary 1. Hot News - The U.S. Trade Representative's Office extended the exemption period for the Section 301 investigation against China until August 31, originally set to expire on May 31. China has repeatedly lodged solemn representations with the U.S. over Section 301 tariffs, which violate WTO rules, disrupt international trade, and burden U.S. businesses and consumers [2] - Goldman Sachs' commodities research team said the U.S. is investigating copper imports under Section 232 and has doubled steel and aluminum import tariffs to 50%, increasing the likelihood of copper import tariffs. Goldman Sachs raised its H2 2025 aluminum price forecast by $140/ton to $2280/ton, expecting it to drop to $2100/ton in early 2026 and reach $2230/ton and $2500/ton in 2026 and 2027 respectively, lower than previous forecasts [2] - The U.S. April core PCE price index rose 2.5% year-on-year, in line with expectations and slower than the previous revised 2.7%, the smallest increase in over four years. The "super core inflation indicator" also hit a four-year low. Traders still bet on a Fed rate cut in September [3] - China's May manufacturing PMI was 49.5%, up 0.5 ppts month-on-month; non-manufacturing PMI was 50.3%, down 0.1 ppt; composite PMI was 50.4%, up 0.2 ppts. New export and import order indices rose 2.8 and 3.7 ppts respectively. Some U.S.-related enterprises reported improved foreign trade [3] - OPEC+ agreed to increase oil production by 411,000 barrels per day in July, the third consecutive monthly increase. The eight OPEC+ members will meet on July 6 to decide August production policy [3] 2. Sector Performance - Key sectors to watch: urea, lithium carbonate, asphalt, soybean oil, hot-rolled coils [4] - Sector percentage changes: non-metallic building materials 2.71%, precious metals 30.65%, oilseeds and fats 11.88%, soft commodities 2.44%, non-ferrous metals 19.05%, coal, coke, steel and ore 13.59%, energy 2.60%, chemicals 12.83%, grains 1.58%, agricultural and sideline products 2.67% [4] 3. Sector Positions - Information about the recent five-day changes in commodity futures sector positions is presented, but specific numerical changes are not clearly stated [5] 4. Performance of Major Asset Classes - Equity: The Shanghai Composite Index fell 0.47% daily, with a monthly change of 0.00% and an annual change of -0.13%. Other indices like S&P 500, Hang Seng Index, etc., also had different performances [7] - Fixed income: 10-year, 5-year, and 2-year treasury bond futures had different daily, monthly, and annual changes [7] - Commodities: CRB commodity index, WTI crude oil, London spot gold, etc., showed various changes [7] - Others: The U.S. dollar index and CBOE volatility index also had corresponding changes [7]

（原标题：关税，突发！美国宣布，延长！） 商务部发言人表示，美方申请书中充斥大量不实指责，将正常贸易投资活动曲解为损害美国家安全和企 业利益，将自身产业问题归咎于中国，既缺乏事实依据，也有悖经济常识。美多份研究报告显示，美造 船业因过度保护在多年前就已失去竞争优势。美方为本国产业提供数以千亿计美元的歧视性补贴，却指 责中方采取所谓"非市场做法"。事实上，中国产业的发展是企业技术创新和积极参与市场竞争的结果， 美方指责根本站不住脚。 美国上届政府启动对华301调查并对华加征关税，已被世贸组织裁定违反世贸规则，受到众多世贸成员 的反对。美方出于国内政治需要发起新的301调查，是一错再错。 商务部敦促美方尊重事实和多边规则，立即停止错误做法，回到以规则为基础的多边贸易体制中来。中 方将密切关注调查进展，并将采取一切必要措施，坚决捍卫自身权益。 综合自：美国贸易代表办公室、商务部网站 责编：李丹 豁免期限延长了。 当地时间5月31日消息，美国贸易代表办公室（Office of the United States Trade Representative）宣布延长 对中国在技术转让、知识产权和创新方面的行为、政策及做法 ...

豁免期限延长了。 当地时间5月31日消息，美国贸易代表办公室（Office of the United States Trade Representative）宣布延长对中国在技术转让、知识产权和创新方 面的行为、政策及做法的301调查中的豁免期限。这些豁免原定于2025年5月31日到期，现已延长至2025年8月31日。 公告显示，此次延长豁免是基于对2023年12月29日公告收到的公众意见以及四年审查过程中提交意见的持续评估，美国贸易代表决定，将2024 年5月所延长的164项排除和2024年9月新增的14项排除再次延长三个月。 该决定综合考虑了此前的公众反馈、相关咨询委员会的建议以及301条款跨机构委员会的意见。 据了解，中国商务部新闻发言人此前曾表示，中方已多次向美方就301关税问题提出严正交涉。世贸组织早已裁决301关税违反世贸组织规则。 美方301关税措施是典型的单边主义、保护主义做法，不仅严重破坏国际贸易秩序和全球产业链供应链安全稳定，也没有解决自身的贸易逆差 和产业竞争力问题，还推高了美国进口商品价格，成本最终由美国企业和消费者承担。 据中国商务部网站4月17日晚间消息，美国时间4月17日，美贸 ...

每经记者｜张韵 每经编辑｜杨夏 5月28日，中远海控（SH601919，股价16.27元，市值2544亿元）召开2024年年度股东大会，107位股东代表现场参会、踊跃提问，交流涉及市场展望、关税 影响、联盟竞争、长约签订、市值管理等内容。 《每日经济新闻》记者就美线货量变化情况进行提问，中远海控副总经理钱明表示，5月12日，中美贸易谈判取得阶段性成果，贸易商纷纷抢抓90天时间窗 口集中出货，目前货量恢复至所谓的"对等关税"实施前水平，高于平常货量的10%至20%。公司判断，该货量仍为原先滞留在仓库的存量货，后续货量的生 产周期约为1至2周，预计6月货量充足。 那么，美线的货量增长是否会导致未来出现港口拥堵？钱明向《每日经济新闻》记者表示，本轮的抢运潮与新冠疫情时期的港口拥堵程度有所不同，当时叠 加了美国港口劳工缺失等因素。但从目前收集到的信息来看，各家船公司都有增加到美国西海岸的运营计划，这些航线的船舶若同时抵达美国港口，还是会 美线签约价格同比有所提升 "今年全年尽管市场整体呈现供需平衡，但我们判断需求方面最大的黑天鹅事件就是美国的关税政策，从4月开始，新的贸易环境已对集装箱运输量与货物流 向造成了比较大的 ...

1993年1月20日，美国举行了冷战结束后的第一次总统就职典礼。这次典礼上的演讲者是一位看似稳重且果断的中年男子，他的名字叫比尔·克林顿。 克林顿能够在1992年的总统选举中击败老布什并最终胜出，并非仅仅依靠其年轻的优势。他和他的妻子希拉里都是非常老练的政治人物，深谙权谋之道。克 林顿在美国总统宝座上的时机恰好与美国的"黄金时代"契合。 在当时，世界依然被苏联解体的巨大震动所影响，没有任何国家敢质疑和挑战美国的全球霸权。正是因为这样，克林顿试图为全球设定一种新的政治经济体 系，而这一计划几乎没有受到阻碍。因此，克林顿开始着手建立一个以美国为核心的全球剥削体系。 培养"经济白手套" 至今，这一体系仍然为美国带来丰厚的收益，甚至美国还试图运用这一框架来对中国进行打压。那么，克林顿为美国设计的这一剥削体系到底具备哪些独特 的优势呢？美国是否能够依靠过去的经验有效遏制中国的发展呢？接下来，我们将一一探讨。 在克林顿的战略布局中，俄罗斯作为廉价能源的供应国，而欧洲国家则承担了大部分的工业生产任务。美国则通过掌控高科技产业，赚取巨额财富。而冷战 后的俄罗斯在美国专家的建议下，几乎完全顺从美国的战略，直至今日，俄罗斯的经济 ...

Core Viewpoint - The company firmly opposes the discriminatory decision made by the U.S. regarding the Section 301 investigation into China's maritime logistics and shipbuilding industries, arguing that it distorts fair competition and threatens the stability of global supply chains [1][2]. Group 1: Company Response - The company emphasizes its commitment to integrity, transparency, and compliance in international shipping and logistics services [1][2]. - It asserts that the U.S. measures will negatively impact the global shipping industry's normal operations and sustainable development [1][2]. - The company pledges to continue safeguarding client interests and providing reliable shipping and logistics solutions [1][2]. Group 2: Industry Impact - The company warns that the U.S. actions could undermine the security and resilience of global industrial and supply chains [1][2]. - It highlights the potential disruption to fair competition within the global shipping industry due to the U.S. decision [1][2].

Group 1 - The Chinese government urges the U.S. to respect facts and multilateral rules, and to immediately stop its erroneous practices regarding the proposed "port fees" on Chinese shipbuilding [1][3] - The Chinese Ministry of Commerce has stated that the U.S. imposition of Section 301 tariffs has been ruled as a violation of WTO rules, facing opposition from many WTO members [3] - The proposed port fees and other restrictive measures by the U.S. are seen as harmful, potentially increasing shipping costs and inflation in the U.S., while diminishing the global competitiveness of American goods [3] Group 2 - The Chinese side has repeatedly expressed its position on the U.S. Section 301 investigation, urging the U.S. to return to a rational and objective stance [3] - There is significant domestic opposition within the U.S. against the proposed measures, indicating a lack of support for the government's approach to the shipbuilding industry [3] - The Chinese government is prepared to take necessary measures to defend its legitimate rights and interests in response to U.S. actions [1][3]