据韩联社：韩国代理总统强调在电话中与美国总统特朗普讨论了将就造船、液化天然气和贸易平衡进行 合作。 ...

Summary of Key Points from Conference Call Industry and Company Involved - The discussion primarily revolves around the U.S. stock market, macroeconomic conditions, and the impact of U.S.-China trade relations, particularly focusing on the actions and statements of former President Trump regarding tariffs and trade deficits. Core Insights and Arguments - **Market Volatility**: The U.S. stock market experienced significant volatility, with the S&P 500 futures dropping approximately 5% before rebounding and then closing slightly lower, showcasing a daily fluctuation of 8.5% [3][4] - **Record Trading Volume**: The trading volume reached historical highs, with over 280 billion shares traded, following a previous day of 260 billion shares [3] - **Impact of Tariff Rumors**: Initial rumors about Trump delaying tariffs for 90 days led to market fluctuations, but these were later disproven, indicating the market's sensitivity to news regarding tariffs [3] - **Bond Market Reaction**: The U.S. 10-year Treasury yield surged above 4.1%, and the spread on high-yield corporate bonds reached its highest point since October 2023, reflecting increased market anxiety [4] - **VIX Index Surge**: The VIX index, which measures market volatility, spiked by 120% over three days, indicating heightened uncertainty in the market [4] - **Inflation Concerns**: The discussions highlighted concerns about rising inflation due to tariffs, which could lead to increased price volatility in the real economy [4] Additional Important Content - **Trade Deficit Misconceptions**: Trump's view that trade deficits are a "loss" and his insistence on tariffs as a means to achieve trade balance were critiqued. The argument was made that trade balance is a global issue rather than a bilateral one, and tariffs cannot change the competitive advantages that countries have developed over decades [6] - **Hong Kong Market Analysis**: The Hang Seng Index and related stocks reached critical support levels at the intersection of the 850-day and 200-day moving averages, indicating potential for a technical rebound [7][15] - **Government Intervention**: It was suggested that the Chinese government would likely intervene to stabilize the market, with expectations of interest rate cuts and consumer stimulus policies being introduced soon [8] This summary encapsulates the key points discussed in the conference call, focusing on market dynamics, macroeconomic implications, and the broader context of U.S.-China trade relations.

编者荐语： 日本经济新闻社与金融时报2015年11月合并成为同一家媒体集团。同样于19世纪创刊的日本和英国的两 家报社形成的同盟正以"高品质、最强大的经济新闻学"为旗帜，推进共同特辑等广泛领域的协作。此次 作为其中的一环，两家报社的中文网之间实现文章互换。 以下文章来源于FT中文网 ，作者杨超 FT中文网 . 英国《金融时报》集团旗下唯一的中文商业财经网站，旨在为中国商业菁英和决策者们提供每日不可或 缺的商业财经资讯、深度分析以及评论。 越南的服装出口在增长（资料图，reuters） 在特朗普的第二任期，美国政府在本国经济优先与拉拢越南服务美"印太战略"方面，最 终将会达到一个平衡点。 文丨杨超 特朗普喊了很久的"对等关税"，终究还是要来了。 2月13日下午，特朗普签署备忘录，要求美国商务部、贸易代表办公室和相关部门确定美国 与每个外国贸易伙伴的对等关税（reciprocal tariffs）。特朗普提名的商务部长霍华德•卢特 尼克（Howard Lutnick）说，新税率最快可能在4月2日准备就绪。 特朗普的"对等关税"既是指税率，更是要实现其所谓的"贸易平衡"。根据特朗普签署的备忘 录，美国政府将重点审查 ...