Economic Data Summary - The latest ADP report indicates an addition of +54K new private-sector jobs in August, missing expectations by 20K [1] - The four-month average for private-sector job growth is +55K, a significant decline from the previous average of +102K [2] - Large corporations added only +18K jobs, while medium-sized companies contributed +25K and small firms added +12K [3] Industry Performance - The Leisure/Hospitality sector saw the highest job growth with +50K new jobs, followed by Construction at +16K and Professional/Business Services at +15K [4] - The Trade/Transportation/Utilities sector experienced the largest decline with -17K jobs, along with Education/Healthcare losing -12K jobs [4][5] Labor Market Insights - Job Stayers experienced an average earnings gain of +4.4%, while Job Changers saw a +7.1% increase, indicating a stagnant labor market [6] - Initial Jobless Claims rose to +237K, the highest since June, while Continuing Jobless Claims decreased to 1.940 million [6][7] Productivity and Labor Costs - Q2 Productivity increased to a seasonally adjusted annualized rate of +3.3%, the strongest since Q3 2024, while Unit Labor Costs rose by only +1.0% [7] Trade Deficit - The U.S. Trade Deficit widened to -$78.3 billion in July, a significant increase from the previous month's -$59.1 billion [8]

进口激增主要受到工业用品进口增长至四个月以来的最高点的推动。消费品进口也有所攀升，除汽车外 的资本设备进口更是取得今年以来的最大增幅。 此外，今年贸易数据的月度大幅波动同样给美国政府的经济活动衡量指标——国内生产总值(GDP)带来 了类似的波动性。在特朗普政府与多家重要贸易伙伴达成协议后，企业对进口关税的了解更加清晰。不 过，特朗普政府与中国的贸易谈判仍在继续。美国联邦巡回上诉法院上周裁定，特朗普实施的大部分加 征关税措施非法。法院表示，这些加征关税措施可以维持到10月14日，以便美国政府向最高法院上诉。 特朗普已向最高法院提出上诉。 7月份的报告显示，美国与中国的商品贸易逆差六个月来首次扩大;与墨西哥的逆差小幅扩大;与加拿大 的商品贸易逆差在6月份降至2020年以来最小值后，在7月份也有所扩大。 由于企业在美国总统特朗普公布对全球贸易伙伴的新关税之前争相进口商品和原材料，美国7月份的贸 易逆差扩大至四个月高点。美国商务部周四公布的数据显示，商品和服务贸易逆差较前一个月增加近 33%，达到783亿美元，高于经济学家的预期中值780亿美元。其中，7月份进口额环比增长5.9%，为今 年以来最大增幅;出口额则环比小 ...

Core Insights - The U.S. trade deficit in July surged to a four-month high, primarily due to businesses stockpiling goods and raw materials ahead of new tariffs announced by President Trump [1][3] - The trade deficit expanded nearly 33% from the previous month to $78.3 billion, slightly above economists' median forecast of $78 billion [1][3] Group 1: Import and Export Data - July imports increased by 5.9%, marking the largest rise since the beginning of the year, while exports saw a slight uptick [3][4] - The surge in imports reflects U.S. companies' urgency to stockpile goods before the implementation of "reciprocal tariff rates" on countries without trade agreements with the U.S. [3][4] Group 2: Specific Import Trends - The increase in imports was broad-based, with industrial goods reaching a four-month high and consumer goods also rising [4] - Capital equipment imports, excluding automobiles, recorded the largest increase since the beginning of the year [4] - A significant rise in non-monetary gold imports contributed to the surge in industrial goods imports [4] Group 3: Trade Deficit with Major Partners - The trade deficit with major partners generally widened, with the deficit with China expanding for the first time in six months [4] - The deficit with Mexico slightly increased, while the deficit with Canada also grew after hitting a low in June [4] - Adjusted for inflation, the goods trade deficit expanded to $100.1 billion in July, following a record high earlier in the year [4]

每经AI快讯，9月4日消息，美国7月贸易逆差为783亿美元，预估为逆差757亿美元，前值为逆差602亿 美元。 ...

Group 1 - The case will be submitted to the Supreme Court, with Trump seeking to expedite the decision process [1] - The U.S. Court of Appeals ruled on August 29 that Trump's imposition of tariffs under the International Emergency Economic Powers Act was overreaching, but allowed current tariffs to remain in effect until October 14 [3] - Trump argues that removing tariffs could lead to another economic depression, as his administration relies on tariffs for billions in revenue and domestic manufacturing support [3] Group 2 - Trump warned that eliminating tariffs could turn the U.S. into a "third world" country, while small businesses claim these tariffs harm U.S. companies reliant on imports and raise consumer prices [4] - The appeals court ruled 7-4 that Congress likely did not intend to grant the president unlimited power to impose tariffs, stating that the law does not explicitly include the power to levy tariffs [6] - A related case is under review by another federal appeals court, which also found that tariffs exceeded presidential authority, with a deadline of October 14, 2025, for the Trump administration's tariff policy [6] Group 3 - The deadline set by the U.S. Court of Appeals means the Supreme Court must decide whether to hear the case before this date, with a potential final ruling by 2026 [8] - Regardless of the outcome, this dispute over presidential power will redefine the boundaries of presidential authority in trade policy, raising concerns about the separation of powers [8]

截至周三晚间，该案文件尚未在最高法院的在线案卷中公开。 经济利害 仅就经济利益而言，此案已是最高法院受理过的最大规模案件之一。 SHMET 网讯：美国总统特朗普已请求美国最高法院维持其全球关税政策，寻求对一桩可能影响数 万亿美元贸易、并赋予他对世界经济广泛新杠杆力的案件进行复审。 根据彭博新闻社查阅的法律文件，该上诉要求将案件纳入高度加速的审理日程，并在11月初进行口 头辩论。此前一家联邦上诉法院裁定，特朗普不能通过援引旨在应对国家紧急状态的1977年法律来实施 大规模进口征税。 被挑战的关税包括特朗普4月2日实施的"解放日"关税，该关税根据来源国对大多数美国进口商品征 收10%至50%的税款。4月2日的关税代表了自1930年以来美国进口税的最大幅度增长，使该国平均适用 关税率达到一个多世纪以来的最高水平。 特朗普将关税描绘成在长期贸易逆差中为美国企业和工人创造公平竞争环境的关键。但政府官员公 开淡化了此次诉讼的影响，称其大部分关税可以通过其他方式实施。特朗普对钢铁、铝和汽车征收的关 税是依据不同法律实施的，因此不直接受本次上诉影响。 彭博经济分析师克里斯·肯尼迪（Chris Kennedy）指出，若特朗普败 ...

Core Insights - Goldman Sachs has revised its forecast for U.S. GDP growth in Q3 down by 0.2 percentage points to 1.6% due to unexpectedly large expansion in the trade deficit in July [8] - The July core Personal Consumption Expenditures (PCE) price index rose 0.27% month-on-month and 2.88% year-on-year, aligning with previous estimates and market expectations [3] - The report highlights a significant increase in the U.S. goods trade deficit, which expanded by $18.7 billion to $103.6 billion, exceeding analyst expectations [6] Economic Indicators - Personal income in July increased by 0.4%, supported by steady growth in employment compensation, owner income, and rental income [6] - Personal consumption expenditures showed strong performance, rising by 0.5% month-on-month, slightly above Goldman Sachs' expectations [6] - The actual personal spending, adjusted for inflation, grew by 0.3%, with notable increases in goods consumption (0.9%) and a slight rise in services spending (0.1%) [6] Trade Data Analysis - The significant increase in the trade deficit was primarily driven by a $18.6 billion rise in imports, while exports saw a slight decline of $1 billion [6] - The surge in imports is believed to be a response to businesses stocking up ahead of new tariff policies set to take effect in August [6] - Notable increases in imports were seen in industrial goods and capital goods, which rose by $12.3 billion and $4.4 billion, respectively [6] Inflation and Domestic Demand - Despite the trade data being weaker than expected, core inflation and consumption expenditure data indicate that the U.S. economy is maintaining a moderate expansion [8] - The domestic final sales indicator, which measures domestic demand strength, is expected to continue showing positive growth, reflecting the underlying resilience of the U.S. economy [8]

Core Viewpoint - Trump criticized India's high tariffs on U.S. goods, claiming it has led to a one-sided trade disaster, and suggested that India's recent proposal to reduce tariffs to zero is too late [2] Group 1: Trade Relations - Trump signed an executive order on July 31, imposing a 25% tariff on Indian goods starting August 7, which was later increased to an additional 25% due to India's import of Russian oil, resulting in a total tariff rate of 50% on Indian products [4] - The U.S.-India trade negotiations have been suspended amid these tariff increases [4] Group 2: Trade Data - In 2024, the total trade volume between the U.S. and India is projected to be approximately $129.2 billion, with a trade deficit of $45.7 billion for the U.S., reflecting a 5.4% increase from 2023 [4]

Group 1 - The core viewpoint of the article highlights the decline in Hainan Province's import and export activities, with a total import and export value of 140.69 billion yuan from January to July 2025, representing a year-on-year decrease of 10.8% [1] - Exports amounted to 47.446 billion yuan, showing a significant year-on-year decline of 19.5%, while imports were 93.248 billion yuan, down by 5.6% [1] - The trade deficit for Hainan Province during this period was 45.802 billion yuan [1] Group 2 - The article references various listed companies, including Zhongcheng Co., Ltd. (000151), Yuanda Holdings (000626), and Xiamen Xinda (000701), among others, indicating their relevance to the industry [1] - A report by Zhiyan Consulting titled "2025-2031 China Digital Trade Industry Competition Strategy Research and Future Outlook" is mentioned, suggesting a focus on the digital trade sector [1] - Zhiyan Consulting is described as a leading industry consulting firm in China, providing comprehensive industry research reports and customized services to support investment decisions [1]

央视记者当地时间8月29日获悉，美国7月份贸易逆差大幅扩大22.1%，达到1036亿美元，远超市场预期 的894.5亿美元，显示第三季度贸易可能对经济增长形成显著拖累。 美国商务部普查局数据显示，7月进口额猛增186亿美元至2815亿美元，而出口额小幅下降1亿美元至 1780亿美元。 此外亚特兰大联邦储备银行目前预计，美国第三季度GDP增速将放缓至2.2%。 （文章来源：央视新闻） ...