Market Performance - The Shanghai Composite Index rose by 0.21% to close at 3387.57 points, while the Shenzhen Component increased by 0.44% and the ChiNext Index gained 0.83%[1] - The Hang Seng Index in Hong Kong closed up 0.62% at 23827.78 points, with the Hang Seng Tech Index rising by 0.51% and the Hang Seng China Enterprises Index up 0.84%[1] Economic Indicators - The 30-year U.S. Treasury yield surged to 5.1%, nearing a 20-year high, due to concerns over the fiscal impact of the Trump tax reform plan[8] - The U.S. stock market saw all three major indices decline, with the Dow Jones falling by 1.91%, the S&P 500 down by 1.61% to 5844.61 points, and the Nasdaq decreasing by 1.41%[1] Legislative Developments - The Trump tax reform plan remains stalled, facing opposition from hardline conservative members despite gaining support from high-tax state legislators[11] - The House of Representatives is expected to vote on the tax reform bill soon, amid pressure from the White House on Republican lawmakers[11] Consumer and Investment Initiatives - Shanghai has launched a special action plan to boost consumption, which includes subsidies for digital products and measures to enhance consumer protection[8] - The plan aims to increase the availability of bond-related products suitable for individual investors[8]

Market Overview - The major U.S. stock indices collectively declined, with the Dow Jones down 0.27%, Nasdaq down 0.38%, and S&P 500 down 0.39% [1] - Large tech stocks mostly fell, with Amazon and Google dropping over 1% [2] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.65%, with Ctrip down over 5%, NIO down nearly 2%, and iQIYI and Xpeng down over 1%, while Alibaba rose over 1% [3] Precious Metals - The precious metals sector saw significant gains, with Vista Gold up over 16%, Coeur Mining up over 5%, Harmony Gold up over 4%, and Pan American Silver up over 3% [3] Tesla and Political Contributions - Elon Musk announced he would "significantly reduce" future political spending, which could impact Trump's fundraising efforts for the 2026 midterm elections [3] - Musk was the largest single donor in U.S. election history, contributing approximately $250 million during the last presidential election, primarily supporting Trump [4] Tesla Stock Performance - Following Musk's announcement, Tesla's stock initially rose nearly 4% before closing at $343.82, a gain of 0.51%, with a market capitalization of $1.11 trillion [5] - Tesla's stock price has experienced volatility since Trump's election, with a 50% increase shortly after, followed by a 40% decline due to controversies surrounding Musk's government role [7][8] Tax Reform Stalemate - Trump's tax reform proposal is facing challenges, particularly from Republican lawmakers from high-tax states who are resisting changes to the state and local tax (SALT) deduction cap [9][10] - The proposed increase of the SALT deduction cap from $10,000 to $30,000 has not satisfied some Republican members, leading to a potential deadlock in passing the legislation [10][11]

美国众议院议长约翰逊：周四就税改法案投票仍是可行的。 ...

Core Points - The tax reform legislation is facing a stalemate due to Republican representatives from high-tax states insisting on raising the SALT deduction cap, which has led to difficulties in passing the bill [1] - Trump attempted to persuade key Republican members from blue states to drop their opposition to the tax reform bill but was unsuccessful [1] - The current proposal suggests increasing the SALT deduction cap from $10,000 to $30,000, which some Republican members still find insufficient [1] - A proposal to raise the cap to $40,000 for individuals earning $751,600 or less was made, but it only applies for four years before decreasing for lower-income groups [1][2] - Trump expressed frustration with the SALT group, suggesting they wait until after the tax legislation is passed to push for further increases [3] - The bill also faces opposition from conservative Republicans who demand deeper cuts to Medicaid and nutrition programs [4] Group 1 - The tax reform bill is stalled due to demands from Republican members from high-tax states for a higher SALT deduction cap [1] - Trump met with Republican members to persuade them to support the tax reform but did not succeed [1] - The proposed increase of the SALT deduction cap is still considered inadequate by some Republican members [1] Group 2 - A new proposal to raise the SALT cap to $40,000 for certain income brackets was introduced but has limitations [1][2] - Trump suggested that Republican members from high-tax states should wait for the tax legislation to pass before seeking further increases [3] - Conservative Republicans are pushing for more significant cuts to Medicaid and nutrition programs, complicating the tax reform bill [4]

Core Viewpoint - Trump denies losing patience with the tax reform bill and expresses a desire to strengthen Medicaid and Medicare [1] Group 1 - Trump is focused on enhancing healthcare programs, indicating a potential shift in policy priorities [1] - The statement reflects ongoing discussions around tax reform and healthcare funding [1]

特朗普否认对税改法案失去耐心。 ...

智通财经5月20日电，美国总统特朗普表示，不通过税改法案的替代方案是大规模增税。 ...

不过，有民主党人指责这份法案是在"劫贫济富"，是以上千万美国人的医保为代价，"给最富有的1%群 体再送上万亿美元减税大礼"。就连一些共和党议员都因质疑该法案是在"开具无法兑现的支票"而表示 反对。（央视新闻） 当地时间5月18日晚，在一场罕见的周日深夜投票中，共和党人在美国国会众议院预算委员会推进了他 们的涉税改法案。这项被美国总统特朗普形容为"伟大又美丽"的法案，预计将在本周晚些时候正式提交 给众议院表决。据悉，这项法案价值数万亿美元。 ...

智通财经5月19日电，白宫新闻秘书莱维特表示，税改法案距离通过又近了一步。 ...

美国总统特朗普：税改法案的最终细节即将出台。 ...