（文章来源：央视新闻） 人民财讯8月2日电，巴西首都巴西利亚、里约热内卢等地8月1日爆发抗议活动，反对美国对巴西商品加 征关税、干涉巴西司法事务、侵犯巴西主权。 美国方面此前在宣布将对从巴西商品加征关税的同时，要求巴西停止对前总统博索纳罗的司法调查，引 发巴方强烈不满。 ...

| 98.8489 前收 100.0654 开盘 100.0560 -1.2165 - -1.22% - 卖出 - 98.8489 - 买入 - 98.8489 | | --- | | 最高 100.2588 今年来 -8.88% 20 日 1.78% | | 最低 98.6656 10 日 0.21% 60 日 -1.77% | | 分时 五日 日K 周K 月K 更多 ◎ | 8月首个交易日，美国股市承压下行，投资者在消化疲软的经济数据与特朗普总统更新关税政策的双重打击下纷纷减仓。 截至发稿，道琼斯工业平均指数大跌520多点，跌幅达1.2%；标普500指数亦大跌1.3%；科技股为主的纳斯达克综合指数跌超1.6%。 此外，美元指数大跌1.2%至98.84，美债10年收益率下滑13bp。 与此同时，特朗普总统继续向美联储主席鲍威尔发难。他在一则言辞激烈的帖子中敦促美联储立刻降息。"太迟太少。杰罗姆'太迟'鲍威尔简直是个灾 难，快把利率降下来！" 市场的主要压力来自最新公布的7月就业报告。数据显示，非农就业岗位仅新增7.3万个，远低于经济学家此前预期的10万个。更令人担忧的是，前两个月 的就业数据被大幅下修：6月 ...

Group 1 - The South Korean Ministry of Trade plans to actively respond to U.S. copper tariffs to minimize domestic impact [1]

Core Insights - China's automotive export volume has surpassed 5.859 million units in 2024, marking a year-on-year increase of 19.33% [1] - The UK government has introduced a subsidy policy for electric vehicles totaling £650 million, which excludes most Chinese-manufactured electric vehicles, indicating a targeted approach against Chinese brands [4][15] - Chinese automakers, led by BYD, are rapidly expanding their presence in key European markets, with BYD achieving a record sales increase of 557.5% in the UK [7][10] Group 1: Export Growth and Market Presence - In the first five months of 2025, China's automotive export volume reached 2.49 million units [1] - BYD has established a significant footprint in 112 countries and regions, with overseas sales reaching 472,100 units in the first half of 2025, a historical high [11] - The UK has become the largest target market for Chinese brands due to the absence of additional tariffs on Chinese electric vehicles [7] Group 2: Policy Challenges and Market Dynamics - The UK's new subsidy policy is perceived as a protectionist measure that may hinder the growth of Chinese electric vehicles in the local market [15] - The policy requires manufacturers to meet specific carbon emission thresholds, effectively excluding many Chinese electric vehicles from eligibility [4][15] - The competitive landscape is shifting, with local UK manufacturers potentially facing pressure to reduce costs rather than innovate due to the protective measures [6] Group 3: Resilience and Adaptation of Chinese Automakers - Chinese automakers are facing various challenges, including tariffs and discriminatory policies, yet they demonstrate resilience and adaptability in international markets [14][16] - The establishment of local production bases and a robust global supply chain network is a strategic response to trade challenges faced by companies like BYD [15][16] - The ongoing expansion and innovation efforts by Chinese brands are crucial for gaining recognition and acceptance in international markets [16]

Core Viewpoint - The Hong Kong Chinese Manufacturers' Association announced that Wu Jiezhen will become the CEO starting August 1, 2025, aiming to lead the association towards new milestones [1] Group 1: Leadership Transition - Wu Jiezhen has nearly 30 years of service in the Hong Kong Customs, holding various enforcement and management positions [1] - She has experience in tax protection, drug enforcement, intellectual property protection, import and export control, and anti-smuggling enforcement [1] - Wu has previously been seconded to the Hong Kong Financial Services and the Treasury Bureau and the Security Bureau for government policy research and formulation [1] Group 2: Strategic Vision - The association's president, Lu Jinrong, welcomed Wu's appointment, highlighting her extensive cross-disciplinary knowledge and leadership skills [1] - Wu is expected to inject new thinking into the association, enhancing its role as an "enabler" and "connecting bridge" for local and mainland enterprises [1] - Wu emphasized the need for the association to improve its adaptability and foresight in response to geopolitical and trade protection uncertainties [1] Group 3: Future Initiatives - Wu plans to leverage her past experiences to deepen policy initiatives, optimize services, and expand international networks [1] - The goal is to assist the industry in navigating transformative waves and contribute to the high-quality development of Hong Kong and the nation [1]

Financial Data and Key Metrics Changes - Adjusted EBITDA in Q2 improved by $271 million from the prior quarter, driven by higher shipment volumes and operational efficiency [4] - Average selling price increased to $10.15 per ton, a $35 per ton increase from the prior quarter, primarily due to higher index pricing [20] - Unit costs decreased by $15 per ton, contrary to previous expectations of a slight increase [20] Business Line Data and Key Metrics Changes - Volumes reached 4.3 million tons, a 150,000 ton increase from the prior quarter, allowing for more efficient mill operations [20] - The stainless steel business saw a significant investment of $150 million in a bright annealing line, expected to improve quality and productivity [16] Market Data and Key Metrics Changes - The U.S. steel market remains strong, with Section 232 tariffs positively impacting both the steel and automotive sectors [5][6] - Imported steel and automotive imports hit multi-year lows, indicating a favorable environment for domestic producers [6] Company Strategy and Development Direction - The company is focused on cost-cutting and optimizing its footprint, with initiatives expected to show impact in the second half of the year [4] - Cleveland Cliffs is positioned to support the resurgence in American vehicle production, leveraging its integrated business model [14][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the macro trends aligning favorably for the company, anticipating a better second half of 2025 compared to the first half [28] - The company expects to continue reducing costs and improving EBITDA generation in the coming quarters [26] Other Important Information - The company ended the quarter with $2.7 billion in liquidity and no near-term maturities, with net debt on a downward trajectory [23] - Plans for potential non-core asset sales are underway, which could unlock significant value for shareholders [24][93] Q&A Session Summary Question: How should we think about the cadence of cost reductions from here? - Management expects costs to decrease by another $20 per ton from Q2 to Q3, with further reductions anticipated in Q4 [32] Question: Can you provide insights on CapEx expectations for 2027? - There is no reline scheduled for 2026, and the Middletown project is being revamped to enhance operations without hydrogen [34][36] Question: How should we think about free cash flow generation in the second half? - Free cash flow is expected to improve significantly, with a focus on using cash to pay down debt [41] Question: What are the expectations for average selling price and volume in Q3? - Shipments are expected to remain flat at 4.3 million tons, with continued EBITDA improvement anticipated [52][56] Question: What is the outlook for the Canadian market? - Management believes there is potential for growth in Canada, contingent on local policies and market conditions [60][62] Question: Can you discuss automotive volumes in Q2? - Automotive volumes are growing as OEMs shift production back to the U.S. and reduce reliance on imports [69][70]

Core Viewpoint - The article discusses the ongoing trade tensions between the U.S. and China regarding graphite used in lithium battery anodes, highlighting the U.S. Department of Commerce's preliminary anti-dumping duty of 93.5% on imported anode graphite from China, which could lead to a total estimated tariff of around 160% by December 5 [1][2][5]. Group 1: Trade Dynamics - The trade conflict over graphite mirrors the previous tensions over rare earth elements, characterized by a short-term "hit and talk" approach and a long-term structural confrontation [2]. - Both graphite and rare earths are strategic resources for emerging industries, with overlapping applications in sectors such as new energy, aerospace, and military [2]. - The U.S. heavily relies on imports for both graphite and rare earths, with 100% dependence on natural graphite and 90% on spherical graphite, primarily sourced from China [6]. Group 2: Tariff Implications - The anti-dumping tax applies to all anode-grade graphite materials meeting a carbon content requirement of at least 90%, covering natural, synthetic, and mixed forms [3][4]. - The U.S. producers, represented by the American Anode Materials Producers (AAAMP), argue that the current 25% tariff is insufficient to counteract the alleged dumping practices by Chinese suppliers, with claims of dumping margins as high as 920% [5][6]. Group 3: Industry Reactions - The imposition of tariffs has faced opposition from the U.S. electric vehicle industry, including companies like Tesla and Panasonic, due to potential increases in battery costs [7]. - The tariffs are seen as part of a broader strategy that intertwines trade policy with macroeconomic and geopolitical considerations, aiming to elevate the price of Chinese battery products to align more closely with U.S. or allied nations' products [7]. Group 4: Globalization Challenges - The uncertainty surrounding globalization is increasing, with implications for China's lithium battery industry and its international expansion strategies [8].

Group 1 - The core point of the news is that Trump announced a 30% tariff on all goods from Mexico and the EU starting August 1, 2025, as a pressure tactic to negotiate trade terms [1][3][5] - Trump has sent similar letters to over 20 countries, indicating that those who do not negotiate may face tariffs of 15% to 20% [3][5] - The announcement is seen as a significant escalation in trade tensions, potentially leading to a trade war if the EU retaliates with their own tariffs [5][7] Group 2 - The impact on Mexico could be severe, as the 30% tariff would disrupt established trade relationships, particularly in the automotive and agricultural sectors [5][7] - For the EU, the tariffs would affect a wide range of products, including automobiles, machinery, and luxury goods, which could lead to increased prices in the U.S. market [5][7] - Trump's approach is characterized as "extreme pressure," with clear demands for Mexico to combat drug trafficking and for the EU to open its markets [5][7]

Core Viewpoint - The article discusses the escalating tensions between the U.S. and South Korea regarding military funding and troop presence, highlighting Trump's demands for increased payments and the potential implications for regional security and alliances [1][3][5][7]. Group 1: Military Funding and Demands - Trump demands South Korea to increase its annual payment for U.S. military presence to $10 billion, threatening to withdraw 4,500 troops if not met [1][3]. - In 2024, South Korea agreed to pay $1.13 billion as "protection fees," but Trump rejected this agreement, insisting on higher payments [3]. - Additional tariffs of 25% on South Korean imports are set to take effect, impacting key sectors like semiconductors and automobiles unless market access is granted [3][5]. Group 2: Strategic Military Movements - The potential withdrawal of U.S. troops from South Korea may lead to their relocation to Guam, as part of a broader strategy to counter China in the Taiwan Strait [3][5]. - Concerns arise over Guam's military readiness, with simulations indicating a survival rate of less than 40% in the event of conflict [3]. Group 3: Regional Alliances and Reactions - The U.S. actions have strained its long-standing alliances in the Asia-Pacific region, with South Korean lawmakers discussing nuclear armament and public protests against U.S. military presence [5][7]. - Japan and the Philippines are reportedly accelerating their military capabilities, indicating a shift towards self-reliance in defense [5]. - North Korea may exploit the situation to advance its nuclear ambitions, raising fears of an arms race in the region [5][7]. Group 4: Implications for U.S. Hegemony - The article suggests that Trump's tactics reflect a desperate attempt to maintain U.S. dominance, which may ultimately backfire and weaken alliances [7]. - South Korea faces a dilemma of either continuing to pay high "protection fees" or risking U.S. military withdrawal, highlighting the precarious nature of U.S. influence in the region [7].

特朗普发起了新一轮贸易战，全球再度陷入关税的冲击波。 在特朗普发信函给日韩及南非等14国威胁征税之后，当地时间7月8日，特朗普再度威胁称，将对美国进口的药品和铜征收高额关税。这意味着特朗普政府贸 易保护政策或进一步升级。 特朗普插手医药和铜，关税再度升级 特朗普表示，希望通过关税举措，促进医药制药商将制造业务带回美国。特朗普还补充称："如果他们必须将药品和其他相关产品进口到国内，关税将高达 200%。" 很多制药公司一直对关税持反对意见，有分析指出，相关关税可能会推高成本，阻碍在美国的投资，扰乱药品供应链，使患者面临风险。美国药品行业最大 的游说团体美国药品研究与制造商协会（PhRMA）也认为，药品历来被免除关税，因为它们会增加成本并导致短缺。 至于铜方面，特朗普表示，考虑对进口到美国的铜征收50%的附加税。"懂王"的言论对资本市场造成了巨大的冲击。在特朗普发表上述言论后，美国铜价大 幅飙升，纽约商品交易所的铜期合约暴涨。此外，昨夜美国矿业巨头Freeport-McMoRan（FCX.US）的股价盘中一度大涨逾8%，截至收盘涨幅收窄至 2.53%。 值得注意的是，铜乃工业金属之首，从消费电子、汽车、房地产和A ...