白宫贸易顾问纳瓦罗：达成了几项贸易协议，但其中许多是单方面的。 ...

Core Viewpoint - The CEO of General Electric Aviation expresses optimism about the company's ability to adhere to trade agreements similar to the US-UK model with the EU or other countries [1] Group 1 - The company is optimistic about reaching trade agreements with the EU or other nations [1]

Core Points - The agreement between the U.S. and Indonesia involves Indonesia paying a 19% tariff while the U.S. pays no tariffs [1] - Indonesia commits to purchasing $15 billion worth of U.S. energy products, $4.5 billion in agricultural products, and 50 Boeing aircraft, including many 777 models [3] - The tariff rate imposed by the U.S. on Indonesia has been reduced from 32% to 19% through negotiations [5] Group 1 - Indonesia is the largest copper exporter, yet it has not received an exemption from the U.S. 50% tariff on all imported copper [3] - The agreement marks a significant achievement for Indonesia, as it is the first Southeast Asian country to reach a trade agreement with the U.S., with Vietnam facing a higher tariff of 20% [5][8] - The deal is seen as a strategic move for Indonesia to access the U.S. market while maintaining its export trade, despite the seemingly unfavorable tariff conditions [8] Group 2 - The U.S. is expected to generate significant tariff revenue, with a potential $300 billion from a minimum 10% tariff on $3 trillion in imports annually [8] - The U.S. government recently reported a rare fiscal surplus of $27 billion in June, the first since 2017, indicating a positive impact from tariff policies [8] - There has been no significant inflation resulting from the tariffs, suggesting that the U.S. may continue to implement tariffs as a regular practice without adverse economic effects [8]

Core Viewpoint - The nominee for South Korea's foreign minister believes a trade agreement may be reached before the implementation of the 25% tariffs proposed by U.S. President Donald Trump in August [1] Trade Agreement Details - The nominee did not specify what concessions South Korea is willing to make to reach the agreement [1] - U.S. concerns include the opening of South Korea's agricultural market, particularly in sensitive areas such as beef and rice, as well as easing digital regulations [1]

印度正在与特朗普政府"接近达成"贸易协议，印度方面寻求比印尼更优惠的关税税率。 据新华社报道，特朗普当地时间7月15日宣布将对印尼进口商品征收19%关税，同时美国商品可免关税 进入印尼市场。据见闻此前文章，美国对印尼征收19%的关税，低于此前威胁的32%。 据媒体报道，印度协议将"沿着同样路线"，美国将"获得进入印度的机会"。特朗普周三表示正与印度谈 判，美印双方接近达成协议。 报道称，印度官员透露，印度寻求比印尼更优惠的关税税率。目前印度谈判团队正在华盛顿推进谈判， 双方正努力将拟议关税降至20%以下。 印度争取地区竞争优势 印度希望获得相对于地区同伴的竞争优势关税税率。 据知情官员透露，印度认为美国不会将其视为像越南和其他东南亚国家那样的转运枢纽，迄今为止的谈 判表明印度的关税税率将优于这些国家。 除了宣布对印尼征收19%关税之外，7月2日据新华社，特朗普在社交媒体上称美越达成贸易协议，越南 所有对美出口商品将面临至少20%关税，并对美国"完全开放市场"。 印度国家银行首席经济学家、总理经济咨询委员会成员Soumya Kanti Ghosh表示，谈判团队希望将关税 降至10%以下。"作为交换，美国将期待其 ...

Core Viewpoint - Moody's analysis indicates that the trade agreement will have a limited impact on improving Japan's economic outlook, highlighting the severe effects of U.S. tariffs on Japanese exports [1] Economic Outlook - Japan's economic prospects are described as extremely bleak, with export data revealing the harsh impact of U.S. tariffs [1] - Even if Japan reaches an agreement to alleviate some of the stricter tariffs, a full return to pre-Trump conditions seems unlikely [1] Trade Relations - Efforts to increase imports of U.S. goods or relax restrictions on U.S. manufactured products have not resulted in tariff relief [1] - Japan, as the largest foreign investor in the U.S., has not received any special treatment in trade negotiations [1] Government Response - The Japanese government has stated it cannot afford to support the economy, further darkening the economic outlook [1] - Although the government has promised assistance to households, there is a lack of strategy to find domestic sources of growth, leading to a weakening of the export-driven growth model [1]

Core Viewpoint - Switzerland's exports to the U.S. rebounded in June, indicating strong bilateral trade amid ongoing tariff negotiations between the two countries [1] Trade Performance - Swiss exports to the U.S. increased by 26.9% in June compared to May, after seasonal adjustments [1] - Imports from the U.S. saw a slight growth of 0.2% [1] Trade Agreement Negotiations - Switzerland is in negotiations with the U.S. to reach a trade agreement, with Swiss Finance Minister Karin Keller-Sutter stating that the two countries are "very close" to an agreement [1] - Reports suggest that the draft agreement includes guarantees to avoid tariffs on Swiss pharmaceutical exports [1] Political Context - U.S. Treasury Secretary Mnuchin indicated to Switzerland that an agreement is imminent, but President Trump mentioned that global pharmaceutical tariffs could be implemented as early as August 1 [1] - Swiss left-wing lawmakers are calling for joint countermeasures with the EU in response to U.S. tariffs [1]

Market Overview - The US Producer Price Index (PPI) remained flat in June, with a year-on-year increase of 2.3%, the smallest since September[12] - The Shanghai Composite Index fell by 0.03% to 3503.78 points, while the Shenzhen Component and ChiNext both dropped by 0.22%[1] - The Hong Kong Hang Seng Index decreased by 0.29% to 24517.76 points, with the Hang Seng Tech Index down 0.24%[1] Sector Performance - In the A-share market, the pharmaceutical and automotive sectors showed notable gains, while the overall market remained weak[1] - The European stock indices closed slightly lower, while the three major US indices saw modest gains: Dow Jones up 0.53%, S&P 500 up 0.32%, and Nasdaq up 0.25%[1] Economic Policies - The Chinese government is taking measures to curb irrational competition in the new energy vehicle sector, emphasizing cost investigations and price monitoring[12] - The US economy is showing slight growth, as indicated by the Beige Book, despite the cautious approach of manufacturers in passing on tariff costs[12] Trading Activity - The total trading volume in the Hong Kong market reached 2589.506 million HKD[1] - The IPO of Valiant Bio-B (9887) attracted over 5 billion HKD in subscriptions, with cornerstone investors planning to invest approximately 690 million USD (about 5.42 billion HKD)[10]

金十数据7月17日讯，印度在与美国进行贸易谈判时寻求比印尼和越南更低的关税，而特朗普则暗示将 达成"相当不错的协议"。据周四的一份报告称，一名印度官员表示，在与特朗普政府进行的贸易谈判 中，印度希望达成一项比印尼和越南更有利的税率协议。 特朗普周二表示，将对印尼征收19%的关 税，并可实现美国商品对印尼零关税出口。这一税率较4月宣布的32%有所下调。越南的关税税率则降 至20%。外媒此前报道称，美国和印度正致力于达成一项协议，将拟议税率降至20%以下。印度相信， 其与美国的贸易协议将优于印尼和越南，因为美国并不视其为像其他东南亚国家那样的转运枢纽。 印度寻求与美达成比印尼和越南更低的关税协议 ...

锌：承压运行 莫骁雄 投资咨询从业资格号：Z0019413 moxiaoxiong@gtht.com 2025 年 07 月 17 日 请务必阅读正文之后的免责条款部分 1 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪锌主力收盘价 | 22030 | -0.25% | 伦锌 3M 电子盘收 | 2701.5 | -1.13% | | （元/吨） | | | 盘（美元/吨） | | | | 沪锌主力成交量 | 75299 | -43739 | 伦锌成交量（手） | 12169 | 2607 | | （手） | | | | | | | 沪锌主力持仓量 | 101973 | 17669 | 伦锌持仓量（手） | 187176 | -7174 | | （手） | | | | | | | 上海 0# 锌升贴水 | 30 | 0 | LME CASH-3M 升 | -9.95 | -4.45 | | （元/吨） | | | 贴水（美元/吨） | | | | 广东 0# 锌升贴水 | - ...