当地时间11月14日，美股三大指数开盘后集体跳水。不过，纳指与标普500指数跌幅迅速收窄，其中纳 指翻红，而道指跌幅仍较大。 截至收盘，美股三大指数涨跌不一，道琼斯指数跌0.65%，标普500指数跌0.05%，纳斯达克综合指数涨 0.13%。 当地时间周五（11月14日），全球最大对冲基金之一桥水向美国证券交易委员会（SEC）提交了截至 2025年第三季度末的持仓情况报告，即13F表格。 文件显示，截至2025年9月30日，桥水整体持仓规模 桥水抛售65%英伟达股票 金价暴跌，油价大涨 个股方面，甲骨文涨超2%，微软、英伟达涨超1%，奈飞跌超3%，英特尔、亚马逊跌超1%。值得注意 的是，开盘时英伟达一度跌超3%，特斯拉一度跌超4%。 为255亿美元，较二季度末的248亿美元有所增加。原本排在第三大持仓的英伟达跌至第六。数据显示， 桥水三季度减持了近472万股，这也让英伟达登上了桥水的"Top Sells"榜单。 截至三季度末，桥水持有 251万股英伟达，数量相较于二季度末的723万股降低65.3%。 此前，孙正义的软银集团已宣布清仓所有英伟达股票，套现58.3亿美元。值得注意的是，英伟达创始人 黄仁勋自己也在 ...

Group 1 - The core point of the article is the adjustment of tariffs by the U.S. government, specifically the exclusion of certain agricultural products from additional tariffs under the "reciprocal tariff" executive order signed by President Trump [1] - The updated tariff exemptions and potential adjustments for "allied partners" will take effect on November 13, 2025, at 12:01 AM Eastern Time [1] - The U.S. has reduced tariffs on Swiss products from 39% to 15% following trade negotiations between Swiss officials and U.S. trade representatives [1] Group 2 - The executive order reflects an assessment of domestic product demand and capacity, as well as recommendations from government agencies [1] - The Swiss Federal Council announced the tariff reduction after negotiations held on November 13, 2023, aimed at lowering import tariffs on various Swiss goods [1] - Since August 7, 2025, the U.S. had imposed a 39% import tariff on Swiss products, which has now been significantly reduced [1]

Core Points - The U.S. White House announced an executive order signed by President Trump on November 14, adjusting the scope of "reciprocal tariffs" by excluding certain agricultural products from additional tariffs previously imposed under the "Reciprocal Tariff Executive Order" [1] - The executive order states that the adjustments are based on assessments of domestic product demand and capacity, as well as recommendations from government agencies, in response to the "national emergency" declared in the original order [1] - The updated tariff exemption list and potential adjustments for "allied partners" will take effect on November 13, 2025, at 12:01 AM Eastern Time [1] - The order also mandates modifications to the "U.S. Harmonized Tariff Schedule" and the processing of potential tariff refunds [1] - On the same day, the Swiss Federal Council announced a reduction in U.S. tariffs on Swiss products from 39% to 15% following trade negotiations [1] - The negotiations, led by Swiss Federal Councillor and Minister of Economic Affairs Parmelin, aimed to lower the current 39% import tariff on numerous Swiss goods, which has been in effect since August 7, 2025 [1]

Core Viewpoint - The Trump administration is adjusting trade policies in response to rising consumer prices, particularly in agriculture, by exempting certain products from additional tariffs to alleviate cost pressures on American consumers [1][6]. Group 1: Trade Policy Adjustments - The recent executive order signed by President Trump excludes certain agricultural products from the "reciprocal tariffs," which previously had rates ranging from 10% to 50% [2]. - The exemption aims to reduce tariffs on products like beef, tomatoes, coffee, and bananas, which are not sufficiently produced domestically to meet demand [1][2]. - The exemption list includes hundreds of food items, such as coconuts, nuts, avocados, and pineapples, and is effective retroactively from November 13 [1][2]. Group 2: Economic Impact - The Consumer Price Index (CPI) indicates that coffee prices in the U.S. rose nearly 20% year-over-year as of September [1]. - The U.S. is increasingly reliant on imports for tropical products, with imports expected to reach $39.4 billion this year, accounting for 18% of total agricultural imports, with coffee alone making up one-third of this value [2]. Group 3: Political Context and Reactions - The adjustments come after the Republican Party faced losses in recent state and local elections, where opponents highlighted the need to address cost-of-living issues [1][6]. - Critics, including Democratic lawmakers, argue that the Trump administration is acknowledging the negative impact of its trade policies on consumer prices, with inflation rising since the implementation of tariffs [6]. Group 4: Future Trade Agreements - The Trump administration has announced a framework agreement with several Latin American countries, including Argentina and Guatemala, aimed at reducing costs for goods not produced in large quantities in the U.S. [4]. - These agreements, once finalized, will eliminate tariffs on certain food and other items imported from these countries [4].

Market Overview - The three major U.S. stock indices closed mixed, with the Dow Jones down 0.65% at 47,147.48 points, the S&P 500 down 0.05% at 6,734.11 points, and the Nasdaq up 0.13% at 22,900.59 points [1] - For the week, the Dow rose 0.34%, the S&P 500 rose 0.08%, while the Nasdaq fell 0.45% [3] Employment and Economic Data - The U.S. Labor Department postponed the release of the September employment report to November 21, affecting the economic data timeline [3] - Initial jobless claims are estimated to have slightly decreased from 228,900 to 227,500, indicating a stable labor market [3] - Kansas City Fed President Esther George expressed concerns that further rate cuts could exacerbate inflation risks rather than support the labor market [3] Corporate Layoffs - Verizon Communications is planning to announce a layoff affecting approximately 15,000 to 20,000 employees, marking the largest layoff in the company's history [5] - This layoff is part of a corporate transformation strategy under new CEO Daniel Schulman, potentially reducing the workforce by up to 20% from around 100,000 employees as of February [5] Oil Prices and Geopolitical Risks - Oil prices increased due to heightened geopolitical risks, with WTI crude rising 2.39% to $60.09 per barrel and Brent crude up 2.19% to $64.39 per barrel [9] - The rise in oil prices was influenced by Ukraine's attack on a key Russian oil port and Iran's seizure of a tanker in the Strait of Hormuz [9] - Energy stocks saw collective gains, with ExxonMobil up over 1%, Chevron up over 1%, and ConocoPhillips up over 2% [9][10] Technology Sector Performance - Major tech stocks showed mixed performance, with Nvidia and Microsoft both rising over 1%, while Amazon and Google fell by over 1% and 0.78% respectively [7] - Google is adjusting its advertising strategy to comply with EU antitrust requirements, opting not to sell parts of its ad tech business [8]

Core Viewpoint - The Trump administration is adjusting trade policies in response to rising consumer prices, particularly in agriculture, by exempting certain agricultural products from additional tariffs to alleviate cost pressures on American consumers [1][6]. Group 1: Trade Policy Adjustments - An executive order signed by President Trump on November 14 exempts certain agricultural products from the "reciprocal tariffs" previously imposed, which had rates ranging from 10% to 50% [2]. - The exemption includes a wide range of food items such as beef, tomatoes, coffee, and bananas, aimed at reducing costs for consumers [1][2]. - The exemption is retroactive to November 13, 2023, and is part of a broader strategy to create tariff exemptions for key goods and industries [1][2]. Group 2: Economic Context - The decision comes after the Republican Party faced losses in recent state and local elections, where opponents highlighted the need to address living cost burdens [1][6]. - The Consumer Price Index (CPI) indicates that coffee prices rose nearly 20% year-over-year as of September [1]. - The U.S. is increasingly reliant on imports for tropical products that cannot be sufficiently produced domestically, with imports of such goods expected to reach $39.4 billion in 2023, accounting for 18% of total agricultural imports [2]. Group 3: Political Reactions - White House officials claim the adjustments are part of fulfilling commitments to negotiate trade agreements and adjust tariffs as necessary [6]. - Critics, including Democratic lawmakers, argue that the administration is acknowledging the negative impact of its trade policies on consumer prices, with inflation rising since the implementation of these tariffs [6]. - Economists warn that consumer frustration over high grocery prices may persist, with potential further price increases as businesses pass on the full impact of import tariffs [6].

Core Points - The White House announced an executive order signed by President Trump on November 14, adjusting the scope of "reciprocal tariffs" by excluding certain agricultural products from additional tariffs previously imposed under the "Reciprocal Tariff Executive Order" [1] - The executive order states that the adjustments are based on assessments of domestic product demand and capacity, as well as recommendations from government agencies, indicating a need to modify the tariff list in response to the declared "national emergency" [1] - The updated tariff exemption list and potential adjustments for "allied partners" will take effect at 12:01 AM EST on November 13, 2025 [1] - The executive order also mandates modifications to the "U.S. Harmonized Tariff Schedule" and outlines procedures for potential tariff refunds [1]

白宫：调整针对某些农产品的"对等关税"范围。 ...

Core Viewpoint - The article discusses the potential implications of the U.S. Supreme Court's review of Trump's tariff policies, particularly the legality of tariffs imposed under the International Emergency Economic Powers Act (IEEPA) and the government's readiness with alternative legal tools to maintain tariffs even if the court rules against them [1][2][3]. Group 1: Legal Challenges and Tariff Implications - The U.S. Supreme Court is reviewing the legality of tariffs imposed under IEEPA, with indications that many justices are skeptical about its use for tariff imposition [2]. - If the Supreme Court rules against the government, it could lead to significant questions regarding which tariffs would be eliminated and the process for refunding paid tariffs [2]. - A ruling against IEEPA could see the U.S. weighted average tariff rate (WATR) drop from 13.6% to 7.2%, but this low rate is expected to be temporary [2][3]. Group 2: Alternative Legal Tools - UBS reports that the government has prepared a "B Plan" to utilize other legal authorizations to maintain tariffs, indicating that a complete removal of tariffs is unlikely [3]. - The government can invoke the Trade Act of 1974, Section 122, allowing for a temporary 15% import surcharge for up to 150 days, which could serve as a short-term solution [4][6]. - Long-term strategies include using Section 301 of the Trade Act of 1974 to combat unfair trade practices, which could restore WATR to 11.8% or higher depending on the scope of investigations [7]. Group 3: Specific Tariff Provisions - Section 232 of the Trade Expansion Act of 1962 allows for tariffs based on national security concerns, which are not affected by IEEPA rulings [8]. - Ongoing Section 232 investigations could cover imports valued at up to $466 billion, potentially filling any tariff gaps created by IEEPA challenges [8]. - Section 338 of the Tariff Act of 1930 permits tariffs of up to 50% against countries discriminating against U.S. industries, though its implementation is more challenging [8].

韩国总统李在明11月14日宣布，韩美两国确定就关税及安保协商达成一致。 根据协议，韩国将向美国进行总计3500亿美元的投资，韩美一致同意推进韩国建造核潜艇，美国同 意将对韩汽车关税从25%降低至15%。 值得关注的是，这笔巨额投资将采取分期付款方式执行，以避免对本就疲软的韩元汇率造成进一步 冲击。 协议重点 根据韩美双方发布的联合事实清单文件，这项协议基于今年7月发布的"韩国战略贸易及投资协 议"框架。 韩国对美投资构成协议的核心，总额达3500亿美元。其中包括1500亿美元的造船业投资，另外2000 亿美元将依据《战略投资谅解备忘录》投入美国的先进产业。 在关税方面，协议规定韩国输美产品税率已达15%或以上的商品不再加征"附加关税"，税率低于 15%的产品则提高至15%。美国对应承诺将韩国产汽车、汽车零部件、木材等产品依照《贸易扩展法》 第232条款征收的关税降至15%。 在半导体领域，韩国也已确保关税水平不会削弱竞争力。 分期付款稳汇率 协议细节还显示，韩国承诺的3500亿美元对美投资计划分"两步走"，其中的2000亿美元为现金投 资，类似于日本的安排，每年投资上限为200亿美元，投资承诺将在2029年1 ...