Core Points - The U.S. government has been ruled illegal in its use of the International Emergency Economic Powers Act to impose tariffs, marking a significant setback for the aggressive trade policies of the Trump administration [1][3] - The ruling raises questions about the validity of previous trade agreements made with the U.S. [1][5] - The ruling was upheld by the Federal Circuit Court, which stated that the power to impose tariffs is a core authority of Congress, not the President [3][5] Summary by Sections Legal Ruling - The Federal Circuit Court maintained the previous ruling that the Trump administration's tariffs imposed under the International Emergency Economic Powers Act were illegal, with a vote of 7 to 4 [3] - The court emphasized that while the Act allows the President to take certain economic measures in emergencies, it does not grant the authority to impose tariffs through executive orders [3] Economic Impact - The ruling could have direct implications for the U.S. economy and may trigger reactions in global markets, as trade partners reassess the legal standing of U.S. tariffs [5] - The Trump administration collected approximately $107 billion in tariffs from February to July, a significant portion of which was based on the now-ruled illegal measures [4] Ongoing Trade Negotiations - The U.S. is still engaged in trade negotiations with multiple countries, including the UK, Vietnam, and the EU, but the legal uncertainty surrounding tariffs may complicate these discussions [6][7] - Japan's trade representative canceled a trip to the U.S. due to dissatisfaction with proposed U.S. tariffs, indicating potential friction in ongoing negotiations [7]

上诉法院的这个判决，和当初联邦贸易法院的判决一样，又一次让特朗普破防了，他在自家的媒体上咆 哮： "所有关税都还在！这是一个高度党派化的法院错误判决，但美国最后一定会赢。如果这些关税真的取 消，对国家来说将是一场彻底的灾难。" 特朗普手下的哼哈二将——财政部长贝森特、商务部长卢特尼克也立即对上诉法院提交了"警告书"。 贝森特：如果法院真判关税非法，美国会陷入"外交尴尬"，甚至被外国觉得"软弱无力"。 美国联邦上诉法院，正式判决特朗普政府所谓的"对等关税"违法，法院的理由是： 特朗普引用的法律（1977年的《国际紧急状态经济权力法》IEEPA）里根本没写"总统可以加关税"。宪 法规定关税和税收是国会的核心权力，总统不能自己"造条款"。 这个理由，和当初联邦贸易法院判决的理由，完全一样。 关于联邦上诉法院可能的判决，我在6月份的两篇文章中已经预判过了——特朗普的"对等关税"，必然 违法。当初联邦贸易法院，不得不判决它违法；联邦上诉法院，也同样不得不判决它违法。 特朗普大战联邦司法系统「链接」 特朗普的关税，美国巡回法院会怎么判？「链接」 另外还有一件事情，就是美联储理事库克被特朗普解雇的事儿。库克将此事上诉至法院 ...

Group 1 - The U.S. Court of Appeals ruled that most of Trump's global tariff policies are illegal, stating that the International Emergency Economic Powers Act does not grant the president the authority to impose tariffs [1][2][8] - The tariffs will remain in effect until October 14 to allow the Supreme Court time to review the case, despite Trump's criticism of the ruling [3][9][10] - The ruling does not affect industry tariffs imposed under the Trade Expansion Act of 1962, particularly those on automobiles, steel, and aluminum [4][12] Group 2 - The ruling highlights the boundaries of presidential power, emphasizing that trade powers are constitutionally assigned to Congress [6][8] - Trump's administration may expand the coverage of Section 232 tariffs as a contingency plan to maintain its trade agenda, even if the "reciprocal tariffs" are overturned [5][16][17] Group 3 - The expansion of industry tariffs is accelerating, with over 400 product lines added to steel and aluminum tariffs, imposing up to 50% tariffs on these products [18][19] - The total value of imported finished products affected by the latest metal tariffs exceeds $300 billion, indicating a broad impact on various sectors [20] - The U.S. government plans to open application windows three times a year for companies to include more products under tariff coverage, with the next application window starting in September [21][22][23]

Core Viewpoint - The U.S. Court of Appeals ruled that President Trump's imposition of most global tariffs was illegal, stating that the International Emergency Economic Powers Act does not grant the president the authority to impose tariffs beyond his powers [1][2]. Group 1: Court Ruling - The majority opinion of the U.S. Federal Circuit Court found that Trump's invocation of the International Emergency Economic Powers Act to impose tariffs exceeded presidential authority [2]. - The court's ruling includes a buffer period, allowing the tariffs to remain in effect until October 14, enabling the U.S. government to appeal to the Supreme Court [3]. - The ruling means that the tariffs will continue to impact trade partners until a final decision is made by the Supreme Court [4]. Group 2: White House Response - The White House and Trump expressed strong statements in response to the judicial ruling, asserting the legality of the tariffs [5]. - White House spokesperson Kush Desai stated that President Trump was exercising the tariff powers granted by Congress to protect national and economic security from foreign threats, confirming that the tariffs would remain effective [6]. - Trump emphasized on social media that he would continue to leverage these tariffs for the benefit of the nation with the help of the Supreme Court [7].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - In the first half of 2025, the company achieved revenue of 7.027 billion yuan, a year-on-year increase of 4.9%, and a net profit attributable to shareholders of 1.273 billion yuan, up 6.6% year-on-year [1] - The company's performance growth has slowed down due to significant fluctuations in the global tool market caused by the "reciprocal tariffs" imposed by the United States, impacting domestic production capacity [2] - The company has seen growth in its electric tools and cross-border e-commerce businesses, as well as the development of its own brand, which has improved profitability [2] Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 3.371 billion yuan, a decrease of 0.7% year-on-year and a decrease of 7.8% quarter-on-quarter; net profit attributable to shareholders was 812 million yuan, an increase of 4.1% year-on-year and a significant increase of 76.3% quarter-on-quarter [1] - The gross profit margin for the first half of 2025 was 32.0%, remaining stable compared to the same period last year [1] Product Segmentation - Revenue from hand tools was 4.620 billion yuan, up 1.6% year-on-year, with a gross margin of 31.5% [2] - Revenue from electric tools was 742 million yuan, a significant increase of 56.0% year-on-year, with a gross margin of 29.0% [2] - Revenue from industrial tools was 1.632 billion yuan, up 0.1% year-on-year, with a gross margin of 34.8% [2] Business Model - The company's OBM (Original Brand Manufacturer) and ODM (Original Design Manufacturer) business accounted for 46.4% and 53.1% of revenue, respectively, with corresponding gross margins of 34.7% and 29.6% [3] - The OBM business is growing faster than the ODM business, which is expected to continue improving overall gross margins [3] Profit Forecast and Valuation - The report maintains profit forecasts for 2025-2027, estimating net profits of 2.568 billion yuan, 3.058 billion yuan, and 3.488 billion yuan, respectively, with corresponding EPS of 2.15 yuan, 2.56 yuan, and 2.92 yuan [3] - The company is expected to benefit from the development of new product lines targeting non-US regions and the gradual release of overseas production capacity [3]

（文章来源：央视新闻客户端） 据共同社报道，日本政府28日透露，日本经济再生大臣赤泽亮正原定于28日到30日的访美行程取消。报 道称，这是由于日方在与美方的关税磋商过程中，发现了需要确认的事项。目前尚不确定赤泽亮正是否 会重新前往美国。7月22日，美日达成贸易协议，日本适用的所谓"对等关税"税率将为15%。美国政 府"对等关税"新税率于8月7日生效。日本首相石破茂当天称，美方此前承诺，日本输美商品税率已达 15%以上的商品不再加征"对等关税"，税率低于15%的商品税率提高至15%，但美方并没有落实，日本 要求美方予以纠正。 ...

美国对印度的惩罚性关税如期生效，印度如今毫无"服软"之意。 据新华社报道，美国政府以印度进口俄罗斯石油为由对印输美商品加征的25%惩罚性关税27日正式生 效。至此，美国对印度产品征收的关税税率累计高达50%。 面对压力，印度政府日前已宣布多项政策，重点帮助农民和小企业主应对关税冲击，同时向美方划出不 可妥协的"红线"。此外据消息人士透露，美国总统特朗普近期曾四次尝试与印度总理莫迪通话，不过莫 迪并未接听。 上海国际问题研究院南亚研究中心主任刘宗义向第一财经记者表示，印度购买俄罗斯石油，并不是美印 关系中的新问题，印度认为这一做法早已得到了美国的默许。印度方面这是借机做文章，不愿妥协或作 过多的让步。 据新华社报道，印度工程出口促进委员会主席潘卡杰·查达表示："美国客户已停止下达新订单，受这些 额外关税影响，（印度相关产品）出口量可能会下降20%至30%。"凯投国际宏观经济咨询公司表示， 美国对印度实施的关税措施将导致印度今年和明年经济增速分别下滑0.8个百分点。 印度政府估计，美国关税将冲击价值482亿美元的印度出口。美国商务部数据显示，2024年，美印货物 贸易规模约为1288亿美元，印度对美贸易顺差为45 ...

Core Viewpoint - The U.S. has imposed a 25% punitive tariff on Indian goods due to India's import of Russian oil, raising the total tariff rate on Indian products to 50% [2][4]. Group 1: U.S.-India Trade Relations - The U.S. government has officially implemented a 25% punitive tariff on Indian imports, citing India's purchase of Russian oil as the reason [2]. - The total tariff rate on Indian products has now reached 50%, significantly higher than those imposed on neighboring countries like Pakistan (19%) and Bangladesh (20%) [5]. - U.S. trade advisor Navarro has pressured India to stop purchasing Russian oil, suggesting that compliance could lead to a reduction in tariffs [4]. Group 2: India's Response - The Indian government has announced multiple policies to support farmers and small business owners affected by the tariffs [2]. - India's Foreign Minister criticized the U.S. tariffs as "laughable," asserting that no one is forced to buy Indian oil and refined products [4]. - India has identified nearly 50 countries and regions as potential markets for export diversification, particularly in textiles, food processing, leather goods, and seafood [6]. Group 3: Economic Impact - The tariffs are expected to reduce India's export volume by 20% to 30%, according to the Engineering Export Promotion Council of India [6]. - The Indian government estimates that U.S. tariffs will impact $48.2 billion worth of Indian exports [6]. - Economic growth in India is projected to decline by 0.8 percentage points this year and next due to the tariffs [6].

印度外长苏杰生表示，在对美谈判中"划定了一些红线"。 美国对印度的惩罚性关税如期生效，印度如今毫无"服软"之意。 据新华社报道，美国政府以印度进口俄罗斯石油为由对印输美商品加征的25%惩罚性关税27日正式生 效。至此，美国对印度产品征收的关税税率累计高达50%。 面对压力，印度政府日前已宣布多项政策，重点帮助农民和小企业主应对关税冲击，同时向美方划出不 可妥协的"红线"。此外据消息人士透露，美国总统特朗普近期曾四次尝试与印度总理莫迪通话，不过莫 迪并未接听。 上海国际问题研究院南亚研究中心主任刘宗义向第一财经记者表示，印度购买俄罗斯石油，并不是美印 关系中的新问题，印度认为这一做法早已得到了美国的默许。印度方面这是借机做文章，不愿妥协或作 过多的让步。 莫迪不接电话 在50%惩罚性关税生效的8月27日，莫迪主持了内阁会议。据印度媒体报道，会议重点讨论了印度该如 何应对美国关税的影响，但莫迪本人当天未就关税争端公开表态。 而在美国，美国总统顾问纳瓦罗27日向印度进一步施压，要求其停止购买俄罗斯石油，表示印度的所作 所为让美国蒙受损失，但随后他又话锋一转，表示："如果印度停止购买俄罗斯石油，明天就可以获减 25% ...

Group 1 - Japan's Chief Trade Negotiator Akizumi Ryozo canceled his trip to the U.S. due to unresolved issues related to the U.S.-Japan trade agreement, with further technical discussions needed [2] - Japan is urging the U.S. to modify its presidential order on reciprocal tariffs and to lower tariffs on cars and auto parts, with current tariffs set at 15% for basic goods and 25% for cars [3] - The Bank of Japan's committee member Nakagawa Junko indicated that Japan's exports and industrial production are expected to face temporary negative impacts due to the ongoing tariff negotiations [3] Group 2 - The $550 billion investment plan was announced as part of an agreement reached in July, which aims to reduce reciprocal tariffs from 25% to 15% for Japan's key automotive sector [4] - There are conflicting messages regarding the $550 billion investment plan, with Akizumi Ryozo clarifying that it is not simply a handover of funds but involves contributions from both sides [5]