特朗普最初承诺在90天内达成90项贸易协议的计划明显受挫。美贸易顾问纳瓦罗此前预测，在4月暂停 互惠关税计划并允许三个月延期后，政府将在90天内获得90项协议。实际上，美国迄今仅达成三项协 议，且部分协议缺乏关键细节。 据央视新闻报道，美国总统特朗普当地时间3日表示，将于4日开始向贸易伙伴发函，设定单边关税税 率。特朗普后来表示，新的关税税率可能在10%到70%之间，信函将于周一发出，并于8月1日前付款。 随着7月9日关税大限逼近，全球市场面临关键一周。美财政部长贝森特改口表示，8月1日将成为贸易伙 伴的最后期限，而印度虽然接近达成迷你贸易协议，但在农业和乳制品领域划下红线。 特朗普政府计划在90天暂停期结束后，对数十个国家重新征收10%至70%的互惠关税。随着周三这一大 限到来，美国可能对数十个国家重新征收关税。 但贝森特媒体采访中表示，美国将向贸易伙伴发出通知函，要求在8月1日前达成协议，否则将回到4月2 日的关税水平。美国商务部长卢特尼克也表示，特朗普的国别关税将于8月1日生效，目前税率和协议由 总统制定。 据环球时报报道，印美两国正力争在7月9日"对等关税"暂缓期结束前敲定临时贸易协定。尽管双方加紧 ...

金十数据整理：昨日今晨重要新闻汇总（7月7日） 国内新闻： 7. 关税-①特朗普：可能在周一发出12或15封与关税有关的信函。已经达成一些协议。②韩美贸易代表 在美磋商延长对等关税豁免方案。③美财长：多项重大协议已接近达成；若收到关税信函的国家未能达 成协议，税率将从8月1日起恢复到4月份水平。④白宫经济顾问哈塞特表示，部分贸易谈判可能会超过 截止日期。⑤消息人士：印度-美国小型贸易协议谈判已经完成，平均关税税率可能为10%。⑥泰国据 悉将向美国提供更多让步，以避免36%的关税。 ⑦美商务部长：关税将于8月1日生效，特朗普"现在正 在制定税率和协议"。 1. 李强出席金砖国家领导人第十七次会晤第一阶段会议并发表讲话。 2. 国务院台办：启用M503航线W121衔接航线对两岸同胞都有利。 3. 广东出台意见化解不动产登记历史遗留问题 "小产权房"一律不得登记。 4. 财政部决定在政府采购活动中对部分自欧盟进口的医疗器械采取相关措施。 5. 中缅泰达成系列共识：将继续严打电诈，全面清剿电诈园区，全量抓捕涉诈人员。 1. 韩国特检组向法院申请拘留前总统尹锡悦。 2. 也门官员：一艘商船在红海遭胡塞武装袭击。 3. ...

【导读】关税最新消息 中国基金报记者 泰勒 大家好，今晚简单关注一下关税的新消息。 美国贸易伙伴加紧达成协议 贝森特称未来72小时将异常忙碌 在特朗普表示将于周一通知大约12个国家他们对美出口将面临的新关税水平后，主要的美国贸易伙伴周末纷纷加紧努力， 力求达成贸易协议或争取额外时间。 美国财政部长斯科特·贝森特周日在节目中说道 "接下来的72小时我们会非常忙碌"，他指的是距离政府7月9日截止日期所剩的时间。 特朗普在美国国庆假期周末对记者表示，他"签署了一些函件，将在周一寄出——初步大约12封" 。 他拒绝透露涉及哪些国家，只说这些 函件中包含"不同的金额、不同的关税水平以及各自不同的说明。" 贝森特表示，几项大型协议已接近达成，但如果收到函件的国家未能达成协议，从8月1日起，他们对美出口将面临美国最严厉的关税 ——在4月2日公布的50多个经济体中，有些税率高达50%。特朗普官员数周来一直表示，多项协议即将落地，但到目前为止，仅宣布了 与英国的有限框架协议、与中国的框架以及特朗普对与越南协议的简要概述。 特朗普和贝森特的最新表态表明，距离截止日期仅剩三天，谈判仍在持续，协议仍然难以最终敲定。 贝森特 表示，华 ...

白宫国家经济委员会主任凯文·哈塞特认为，未来一周将敲定多份贸易协议。 比特币涨至接近10.92万美元，目前涨幅收窄至不足0.5%暂报10.9万美元。 ...

美国财长贝森特：接近达成多项贸易协议，预计未来几天将发布重大消息。100个较小的国家将获得固定的关税税率，许多国家甚至从未联系过我们。 ...

美国财长贝森特：接近达成多项贸易协议，预计未来几天将发布重大消息。 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 07 月 06 日 [Table_Title] 周专题：美国与越南达成最新贸易协议，关注家电行业的 越南产能布局 [Table_Title2] 家电行业周报 [Table_Summary] ► 周专题：美国与越南达成最新贸易协议，关注 家电行业的越南产能布局 据美国当地时间 7 月 2 日，美国总统特朗普宣布，美国与越 南达成贸易协议，美国将对进口越南的商品征收 20%关税， 对通过越南转运输美国的其他国家商品征收 40%关税，而越 南将对美国"完全开放市场"。其中，本次贸易协定的 20% 基础关税适用于所有从越南直接出口到美国的商品，高于此 前 10%的临时税率，但低于今年 4 月初特朗普宣布征收的 "对等关税"中针对越南出口美国商品进口关税税率 46%； 而 40%的惩罚性关税适用于"转口贸易"商品，包括仅在越 南进行简单加工或直接进行转运以规避原产国关税的第三国 商品。 我们认为，本次美国与越南达成新的贸易协议，相较于"对 等关税"时的税率有所好转，对有越南本土产能建设的企业 而言，关税成本得到一定程度上的降低，此前对相关企业的 担忧或 ...

Investment Rating - The report maintains a positive outlook on the textile and apparel industry, indicating a "Buy" rating for the sector [2]. Core Insights - The textile and apparel sector outperformed the market, with the SW textile and apparel index rising by 1.4% from June 30 to July 4, 2025, surpassing the SW All A index by 0.2 percentage points [5]. - Recent industry data shows that from January to May 2025, the total retail sales of clothing, shoes, hats, and textiles reached 613.8 billion yuan, reflecting a year-on-year growth of 3.3% [31]. - The report highlights a new trade framework agreement between the U.S. and Vietnam, which includes a significant reduction in tariffs on Vietnamese goods, potentially benefiting manufacturers with integrated supply chains [11]. - The ISPO Shanghai 2025 outdoor sports exhibition showcased over 600 outdoor sports brands from nearly 30 countries, emphasizing trends in product innovation and sustainability [13]. - The report suggests that domestic demand recovery is a key investment theme for 2025, with a focus on quality domestic brands and their potential for growth [16]. Summary by Sections Industry Performance - The textile and apparel sector showed strong performance, with the SW textile and apparel index increasing by 1.4% during the specified period, while the SW apparel home textile index remained flat [5]. - The report notes that the textile manufacturing index rose by 1.0%, slightly underperforming the SW All A index [5]. Recent Developments - The U.S. announced a new trade agreement with Vietnam, reducing tariffs on Vietnamese goods from 46% to 20%, which is expected to positively impact manufacturers with local supply chains [11]. - The ISPO Shanghai 2025 exhibition highlighted five core product directions: wool technology, sustainable innovation, fluorine-free revolution, lightweight design, and sports fashion [13]. Market Data - From January to May 2025, China's textile and apparel exports totaled 116.67 billion USD, a year-on-year increase of 1.0%, with textile yarns and fabrics seeing a 2.5% increase [31]. - Cotton prices in China rose to 15,090 yuan per ton, reflecting a 0.6% increase, while international cotton prices showed a slight decline [32]. Investment Recommendations - The report recommends focusing on high-quality domestic brands and suggests specific companies for investment, including Anta Sports, Bosideng, and HLA [16].

Core Viewpoint - The recent trade agreement between the U.S. and Vietnam is seen as a strategic move that undermines the interests of other countries, particularly China, amidst ongoing trade tensions initiated by the Trump administration [1][6]. Group 1: Trade Agreement Details - The agreement significantly reduces tariffs on Vietnamese goods exported to the U.S. from 46% to 20%, while imposing punitive tariffs of up to 40% on third-country goods transshipped through Vietnam [1][3]. - Vietnam has agreed to open its market to U.S. goods with zero tariffs across various sectors, including agricultural products and high-tech items, and has allowed U.S. customs to conduct inspections [3][4]. Group 2: Economic Implications for Vietnam - Vietnam's economy is heavily reliant on the U.S. market, with a trade surplus ranking third globally in 2024, trailing only China and Mexico [3]. - The agreement poses risks for Vietnam, as over 60% of its electronic components and 80% of its plastic materials are imported from China, making its manufacturing sector vulnerable to disruptions in trade relations with China [6][7]. Group 3: Reactions from China and Other Countries - China's Ministry of Foreign Affairs has expressed strong opposition to the agreement, emphasizing that negotiations should not harm third-party interests and warning of potential retaliatory measures [6][9]. - The agreement may encourage other ASEAN countries, such as Thailand and Malaysia, to follow suit, potentially impacting China's trade relations in the region [7][9]. Group 4: Broader Global Trade Dynamics - The U.S. stands to gain significantly from this agreement, enhancing its bargaining power in future trade negotiations and increasing customs revenue from tariffs [4][6]. - The agreement has also prompted India to accelerate its negotiations with the U.S. to prevent potential shifts in manufacturing away from India to other countries [7].

Core Viewpoint - The United States has threatened to impose a 17% tariff on EU agricultural exports, escalating trade tensions ahead of a deadline for a trade agreement [1] Group 1: Trade Conflict - The U.S. has made a last-minute demand for a trade agreement with the EU, threatening a 20% tariff on all EU goods if no agreement is reached [1] - EU Trade Commissioner Sefcovic received the U.S. demand during a meeting in Washington and communicated it to the ambassadors of the 27 member states [1] - EU Commission President von der Leyen expressed hope for a "principle agreement" to allow continued negotiations before a final deal is reached [1]