Core Viewpoint - The U.S. may consider adjusting its tariff policies based on Mexico's effectiveness in combating drug cartels and preventing fentanyl influx, or if the EU is willing to open its trade market to the U.S. by removing tariffs and other trade barriers [1] Group 1 - President Trump indicated that substantial progress by Mexico in fighting drug trafficking could influence U.S. tariff policies [1] - The potential for tariff adjustments is also linked to the EU's willingness to eliminate trade barriers with the U.S. [1]

Group 1 - The U.S. has announced a 25% tariff on certain imports from Japan and South Korea starting August 1, raising concerns about inflation, economic outlook, and global supply chain stability [1] - The adjustment in U.S. tariff policy is expected to create significant volatility in international gold prices, presenting potential investment opportunities [1] - The current economic uncertainty is driving increased interest in gold as a safe-haven asset, making it a focal point for investors [1] Group 2 - The importance of choosing a reputable trading platform is emphasized, particularly in the context of rapid gold price changes and the need for timely trading execution [3] - The company offers a robust MT4 trading system with real-time K-line charts and diverse technical indicators to enhance trading efficiency for users [3] - A comprehensive 24/7 customer service system is in place to address trading inquiries, market consultations, and operational guidance, ensuring smooth transactions for investors [3] Group 3 - The U.S. tariff policy may lead to a new round of global asset value reassessment, with the gold market poised for a potential growth cycle [3] - The current period is identified as an optimal time for investors to position themselves in the gold market ahead of anticipated changes [3] - The company is gaining trust among investors due to its professional support, advanced trading technology, and attentive customer service [3]

Investment Rating - The report does not explicitly provide an investment rating for the industry discussed Core Insights - The Trump administration has extended the tariff deadline from July 9 to August 1, with potential higher tariff rates on 14 countries unless trade policy concessions are made [1][2] - The proposed tariff rates range from 25% to 40%, which could increase the US effective tariff rate (ETR) by approximately 1.4 percentage points if implemented [3][4] - The expectation is that these proposed rates will not take effect on August 1, although there is a risk that some countries may face higher rates temporarily [5] Summary by Sections Tariff Extensions and Proposals - President Trump signed an executive order delaying the tariff deadline to August 1, indicating that it is unlikely for US tariffs to rise in the interim [2] - Letters were sent to various countries, including Bangladesh, Japan, and South Korea, outlining potential tariff increases unless trade concessions are made [3] Impact on Effective Tariff Rate - The report estimates a baseline expectation of a 14 percentage point increase in the ETR this year, with about 9 percentage points already implemented [1] - The proposed tariff increases would replace the current 10% baseline tariff for the affected countries, leading to an overall increase in the ETR [3] Trade Partner Dynamics - The report notes that the Trump administration did not send similar letters to major trading partners like the European Union and India, suggesting these partners may be in a better position to negotiate [4] - There is an anticipation of sectoral tariffs being announced soon, particularly in industries such as pharmaceuticals and electronics [5]

Group 1 - The core point of the article is that President Trump has signed an executive order extending the deadline for tariffs to August 1 [1] Group 2 - The extension of the tariff deadline may impact trade relations and economic conditions [1] - This decision could influence various industries that are reliant on imports and exports [1]

Group 1 - The U.S. White House will sign an executive order to extend the tariff deadline originally set for July to August 1 [1]

Core Point - The European Commission has removed tariff preferences for non-fuel ethanol imports from Pakistan [1] Group 1 - The decision impacts the cost structure for Pakistani ethanol exporters, potentially making their products less competitive in the EU market [1] - The removal of tariff preferences may lead to a decrease in the volume of non-fuel ethanol imported from Pakistan [1] - This change aligns with the EU's broader trade policy adjustments and could influence future trade negotiations with Pakistan [1]

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The U.S. Department of Commerce announced a 50% tariff on household appliances containing steel components, effective from June 23, which includes dishwashers, washing machines, refrigerators, ovens, and freezers [1][9] - The new tariff policy expands the range of products subject to tariffs and includes eight categories of household appliances as "steel derivative products" [1][9] - An exception clause allows products made with steel sourced from U.S. foundries to be exempt from tariffs, even if processed overseas [1][9] Summary by Sections 1. Weekly Topic: Tariff Policy Adjustment - The U.S. will impose a 50% tariff on household appliances with steel components starting June 23, affecting various products [1][9] - Eight categories of appliances are newly classified as "steel derivative products" [1][9] 2. Company Key Announcements - TCL Smart Home announced adjustments to its Southeast Asia production base, planning to invest up to 0.08 billion RMB for a new freezer production line in Thailand, with an expected capacity of 300,000 units per year [3][13] - A second phase will involve purchasing land for a new refrigerator production line with an investment budget of up to 0.6 billion RMB, aiming for an additional capacity of 1.4 million units per year [3][13] 3. Data Tracking - Exports of washing machines and dryers from China to the U.S. showed significant recovery in 2023, with continued growth expected in 2024, although growth rates may slow in early 2025 [2][10] - The share of washing machines exported to the U.S. is relatively low at 3.9%, while dishwashers have a higher share at 13.7% [2][10] - The tariff changes may temporarily suppress export growth for dryers and dishwashers, but overall, China's washing machine exports are not heavily reliant on the U.S. market [2][10] 4. Raw Material Data - As of June 13, 2025, LME copper prices decreased by 1.4%, while aluminum prices increased by 2.2% [16] - The DCE plastic settlement price rose by 2.0%, and the comprehensive steel price index increased by 0.2% [16] 5. Shipping Rates and Exchange Rates - The CCFI composite index for shipping rates increased by 7.63% as of June 13, 2025 [18] - The USD to RMB exchange rate saw a slight increase of 0.003% [18] 6. Real Estate Data - In the first four months of 2025, the sales area of commercial housing in China decreased by 3%, with housing starts down by 24% [22]

Group 1 - The Indian government has reduced the basic import tariffs on crude palm oil, soybean oil, and sunflower oil from 20% to 10%, while maintaining a high tariff of 35.75% on refined oils [1][4] - This tariff adjustment aims to control the rising edible oil prices, which have increased by 12% year-on-year, causing a 5% rise in the price of 5-kilogram packs of cooking oil in supermarkets [4] - The reduction in tariffs is a response to the significant drop in edible oil stocks in India, from 2.92 million tons at the end of last year to 1.35 million tons in May this year [4] Group 2 - The widening tariff differential has led to a surge in processing profits for refineries, increasing from $30 per ton to $80 per ton, prompting refineries in Gujarat to ramp up production [4] - The export volume from Malaysia to India surged by 35% in June, while Indonesia has redirected palm oil intended for biodiesel to the market [4] - The frequent changes in tariff policies have created confusion among traders, with intermediaries in Nepal who profited from high tariffs last year now facing a shift in their business model [4]

Core Viewpoint - The article discusses the impact of the 90-day tariff adjustment window between China and the U.S. on foreign trade enterprises and banks, highlighting the urgency for companies to deliver products to U.S. ports to avoid higher tariffs and ensure timely payment for loans [1][4][18]. Group 1: Loan Issuance and Trade Dynamics - Banks are now assessing whether foreign trade enterprises can deliver products to U.S. ports within the 90-day window before issuing new foreign trade loans [3][14]. - The recent tariff adjustments have led to a surge in production and shipping activities among foreign trade enterprises, as they aim to fulfill backlog orders during the 90-day window [5][12]. - The efficiency of order delivery to U.S. customers has become a critical factor for banks in determining loan issuance, with banks closely monitoring the progress of enterprises [8][18]. Group 2: Financial Services and Risk Management - State-owned banks are enhancing foreign exchange risk management services for foreign trade enterprises, emphasizing customized financial solutions [3][21]. - There is a growing demand for foreign exchange derivatives to hedge against currency fluctuations, particularly among small and medium-sized foreign trade enterprises [20]. - Banks are adopting a "one enterprise, one policy" approach to tailor financial services based on the specific needs and circumstances of different foreign trade enterprises [21]. Group 3: Market Reactions and Economic Indicators - The manufacturing PMI rose to 49.5% in May, indicating improved export conditions following the tariff reductions, which has encouraged enterprises to expedite production [11][12]. - The container throughput at Shanghai Port increased by 10.2% year-on-year in May, reflecting the heightened activity of foreign trade enterprises striving to secure shipping slots [12]. - The article notes that larger foreign trade enterprises generally have more confidence in meeting the 90-day deadline due to established relationships with shipping companies and robust production capabilities [19].

Group 1: Company Performance - In 2024, the company achieved revenue of 2.214 billion CNY, a year-on-year increase of 31.76% [3] - The net profit attributable to shareholders was 188 million CNY, up 18.16% year-on-year [3] - Growth driven by strong demand from European clients, expansion of MicroTouch™ brand, and new products from subsidiary Hongtong Technology entering mass production [3] Group 2: Strategic Plans for 2025 - Focus on three main business segments: ODM, MicroTouch™ brand, and smart cockpit, with strategic adjustments for collaborative development [3] - Continuous improvement of the global manufacturing system to enhance core competitiveness [3] - Ongoing enhancement of core technology R&D capabilities [3] - Development of an efficient global team to expand and maintain global customer relationships [3] Group 3: Impact of Tariffs and Trade - Current tariff rates for exports to the U.S. are between 20-30% due to recent adjustments [4] - Limited short-term impact on business due to product exemptions in the U.S. customs list, but potential long-term benefits if tariff policies stabilize [4] Group 4: Factory Developments - The Thailand factory achieved mass production in 2024, establishing a dual factory layout for smart cockpit business [5] - Plans to expand production capacity in Thailand with new assembly lines to enhance supply chain resilience [5] Group 5: Market Expansion and Product Strategy - The company is evaluating the possibility of establishing factories in Europe and the U.S. to mitigate geopolitical risks [6] - As of the end of 2024, the smart cockpit industry application increased to 30%, while retail remains the largest sector at over 40% [7] - Sufficient orders on hand for Q2 2025, with management aiming to meet revenue targets despite challenges [8] Group 6: MicroTouch Brand Development - In 2025, the focus will shift from channel construction to product development, enhancing product design capabilities to increase market share and brand value [9] Group 7: Automotive Display Business - Multiple vehicle models will enter mass production in 2025, targeting both new energy vehicles and traditional car manufacturers [10] - Strategies to improve gross margins in the automotive display sector include new customer acquisition and optimizing product structure [11]