Core Viewpoint - The article discusses the intensifying global competition over tax benefits, highlighting the backlash against the U.S. "America First" tax policy despite the U.S. being the world's only "superpower" [1][8]. Group 1: Legislative Developments - The "Big and Beautiful" bill, introduced by President Trump, has become a focal point of international discussion, particularly due to its "retaliatory tax" provisions, which intertwine with ongoing trade disputes [2][3]. - The bill passed the House of Representatives with a narrow margin of 215 to 214 votes and is currently under review in the Senate, where any substantial amendments would require a return to the House for further voting [2][3]. - The bill's Section 899 allows the U.S. government to impose "retaliatory taxes" against what it deems "unfair foreign taxes" targeting U.S. companies and individuals [3][4]. Group 2: Tax Policy Implications - "Unfair foreign taxes" include discriminatory taxes against U.S. individuals and companies, as well as extraterritorial tax laws, with specific examples being the Global Minimum Tax rules and Digital Services Taxes (DST) [3][4]. - The Digital Services Tax, implemented by countries like the UK and France, typically ranges from 2% to 5% and is viewed by the U.S. as discriminatory against American digital firms [3][4]. - The U.S. has been actively pushing for retaliatory measures against these foreign tax policies, with Republican lawmakers advocating for legislation to counteract perceived tax injustices [4][5]. Group 3: Negotiation Dynamics - Treasury Secretary Yellen has indicated a willingness to compromise, suggesting the potential removal of Section 899 in exchange for agreements on tax policies with G7 allies [5][6]. - The U.S. may accelerate the implementation of the G20-OECD dual pillar tax reform, which could lead to a reevaluation of the retaliatory tax stance [6][8]. - Despite the potential for compromise, the emotional decision-making of President Trump could lead to a reassertion of the retaliatory tax if foreign nations continue to impose taxes on U.S. companies [7][8].

Group 1 - The core viewpoint of the articles highlights the pressure exerted by the U.S. on the G7 countries regarding tax policies and tariffs, indicating a shift in power dynamics within the G7 group [1][3][10] - The G7 group's decision to exempt U.S. companies from the so-called "minimum tax" reflects a concession to U.S. demands, showcasing the influence of the U.S. in international economic discussions [5][7][10] - The U.S. has announced a 90-day suspension of its "reciprocal tariffs," yet continues to signal potential new tariffs, emphasizing its strategy of leveraging tariffs to gain advantages in trade negotiations [1][10] Group 2 - The "global minimum tax" initiative, supported by 140 economies, imposes a 15% minimum tax rate on companies with revenues exceeding $750 million, with several G7 countries already implementing it [3] - The G7 group's current stance appears to be a retreat from its previous position, as it seeks to avoid further U.S. tariff increases by offering special tax rates to U.S. companies [5][8] - The dynamics within the G7 have shifted, with the group now appearing to prioritize U.S. interests over collective agreements, indicating a potential redefinition of its role in global economic governance [3][10]

Group 1: Monetary Policy and Economic Support - The People's Bank of China emphasized the need to implement incremental policies to stimulate economic recovery and support technology innovation and consumption [1] - The meeting highlighted the importance of financing support in key areas such as "two new" and "two heavy" sectors, and maintaining capital market stability through various financial instruments [1] Group 2: Trade Relations and Tariffs - The Chinese Ministry of Commerce condemned the unilateral imposition of "reciprocal tariffs" by the U.S., asserting that it undermines multilateral trade systems [2] - The U.S. has indicated it may set tariffs unilaterally on countries that do not reach trade agreements by July 9, which China firmly opposes [2] Group 3: Corporate Developments - The China Securities Regulatory Commission announced severe penalties for Nanjing Yuebo Power System Co., Ltd. for information disclosure violations, indicating a crackdown on corporate misconduct [5] - Xiaomi responded to media reports regarding a fire incident involving its YU7 Max vehicle, clarifying that the incident was due to high temperatures during testing and did not affect the vehicle's braking system [13] Group 4: Market Adjustments - The Shanghai and Shenzhen stock exchanges proposed to adjust the price fluctuation limits for risk-warning stocks from 5% to 10%, which is currently in the feedback stage [6][7] - The Hong Kong Stock Exchange announced an increase in transaction fees from 0.002% to 0.0042%, affecting trading costs for mainland investors [9] Group 5: Investment Insights - Analysts from Everbright Securities expect the market index to remain volatile, with a focus on domestic consumption and the impact of U.S. policies [18] - Dongwu Securities predicts a significant possibility for the index to surpass last year's high, with a focus on growth stocks in sectors like AI and commercial aerospace [19]

Core Viewpoint - The article discusses the implications of the U.S. government's "reciprocal tariff" policy, highlighting the unexpected expansion of the trade deficit and the potential economic consequences as the deadline for trade negotiations approaches [1][4][11]. Trade Data Summary - As of May, the U.S. goods trade deficit unexpectedly widened to $96.6 billion, exceeding market expectations of $86.1 billion, marking the highest trade deficit for the first five months of the year in history [2][5]. - The trade deficit has been primarily driven by a 5.2% decline in U.S. goods exports, which fell to $179.2 billion, the largest drop since the pandemic began [6]. - In contrast, some countries, such as Vietnam and Thailand, saw their exports to the U.S. surge by approximately 35%, reaching historical highs [6]. Economic Impact - The U.S. economy experienced its first contraction since 2022, with a GDP decline of 0.5% on an annualized basis, attributed to increased imports and decreased government spending [3][14]. - The first quarter saw imports rise by 37.9%, the fastest growth since 2020, negatively impacting GDP by nearly 4.7 percentage points [14]. - The core PCE price index rose by 2.68% year-on-year in May, surpassing expectations and reaching its highest level since February 2025 [14]. Trade Negotiation Status - The U.S. has only reached a trade agreement with the UK, which remains largely a framework with many details yet to be finalized [8]. - Negotiations with other major trading partners, including Japan and India, have stalled, with concerns over potential additional tariffs hindering progress [8][9]. - The U.S. government has requested trade partners to submit their best offers amid slow negotiation progress, indicating urgency in reaching agreements [10]. Employment and Economic Risks - The number of Americans filing for unemployment benefits rose to 1.974 million, the highest level since November 2021, indicating increasing job market challenges [15]. - The credit card delinquency rate reached 3.05%, the highest since 2011, while housing market pressures are mounting due to affordability and inventory issues [15]. - The World Bank forecasts a global economic growth rate of 2.3% for 2025, the lowest since the 2008 financial crisis, reflecting widespread economic weakness [15].

Core Viewpoint - The company anticipates moderate growth in revenue in the second half of the year, with a healthy overall growth outlook for the year despite uncertainties related to tariffs and currency fluctuations [1][2]. Group 1: Financial Performance - In May, the company's consolidated revenue was approximately 3.55 billion, a decrease of 3.38% month-over-month and a decrease of 0.56% year-over-year [1]. - For the first five months of the year, consolidated revenue reached approximately 19.17 billion, reflecting a year-over-year increase of 15.57% [1]. - The company's net profit after tax for Q1 was approximately 2.41 billion, representing a quarter-over-quarter increase of 30.7% and a year-over-year increase of 89.8%, marking a nine-quarter high [1]. Group 2: Market Conditions and Customer Demand - The company has observed a "dulling" effect of tariff uncertainties, with customers showing strong demand and placing urgent orders, particularly in the automotive, industrial, and consumer electronics sectors [2]. - Despite the challenges posed by tariffs, customer orders from IDM and IC design companies have increased, indicating a positive market outlook [2]. Group 3: New Facility Developments - The construction of the 12-inch fab in Singapore is progressing well, with production expected to begin in Q1 2027, potentially ahead of schedule [3]. - The company plans to move equipment into the facility in Q4 and anticipates producing samples for customers in the second half of 2026 [3]. - There is significant interest from customers regarding the new facility, and recruitment for the plant is proceeding smoothly, attracting global talent [4].

有记者问： 近日，美方官员称，正在加紧推进与有关经济体谈判，有望在7月9日"对等关税"90 天暂停期结束前与部分国家达成贸易协议。对于未达成协议的国家，可能单方面设定关税税率。 请问商务部对此有何评论？ 【导读】 商务部新闻发言人就美与有关国家关税谈判情况答记者问 来源： 商务部网站 答： 今年4月以来，美国对全球贸易伙伴加征所谓"对等关税"，这是典型的单边霸凌做法，严重 冲击多边贸易体制，严重破坏正常国际贸易秩序。对此，中方一直坚决反对。实践证明，只有坚 定捍卫原则立场，才能真正维护自身合法权益。 中方乐见各方通过平等磋商解决与美方经贸分歧。同时，呼吁各方应始终站在公平正义的一边， 站在历史正确的一边，坚决捍卫国际经贸规则和多边贸易体制。中方坚决反对任何一方以牺牲中 方利益为代价达成交易，换取所谓关税减免。如果出现这种情况，中方绝不接受，将坚决予以反 制，维护自身正当权益。 ...

Group 1 - The U.S. has been imposing "reciprocal tariffs" on global trade partners since April, which is viewed as unilateral bullying that disrupts the multilateral trade system [1] - China firmly opposes the U.S. approach and emphasizes the importance of defending international trade rules and the multilateral trade system [1] - China calls for all parties to engage in equal negotiations to resolve trade differences with the U.S. and warns against sacrificing its interests for tariff reductions [1] Group 2 - Following the consensus between the leaders of China and the U.S., both countries' economic teams reached a principle agreement on a framework during trade talks in London [3] - China will expedite the approval of export applications for controlled items, while the U.S. will lift a series of restrictive measures against China [3] - Both sides aim to enhance communication and cooperation to promote a healthy, stable, and sustainable development of China-U.S. economic relations [3]

商务部新闻发言人就美与有关国家关税谈判情况答记者问。 有记者问：近日，美方官员称，正在加紧推进与有关经济体谈判，有望在7月9日"对等关税"90天暂停期结束前与部分国家达成贸易协议。对于未达成协议的 国家，可能单方面设定关税税率。请问商务部对此有何评论？ 答：今年4月以来，美国对全球贸易伙伴加征所谓"对等关税"，这是典型的单边霸凌做法，严重冲击多边贸易体制，严重破坏正常国际贸易秩序。对此，中方 一直坚决反对。实践证明，只有坚定捍卫原则立场，才能真正维护自身合法权益。 中方乐见各方通过平等磋商解决与美方经贸分歧。同时，呼吁各方应始终站在公平正义的一边，站在历史正确的一边，坚决捍卫国际经贸规则和多边贸易体 制。中方坚决反对任何一方以牺牲中方利益为代价达成交易，换取所谓关税减免。如果出现这种情况，中方绝不接受，将坚决予以反制，维护自身正当权 益。 更多内容： 商务部新闻发言人就中美伦敦框架有关情况答记者问 有记者问：近日，美方有关官员和媒体称，中美已就落实日内瓦共识的框架达成了补充谅解，中国将加快向美国出口稀土，美方相应取消对华有关限制措 施。请问商务部对此有何评论？ 答：在中美两国元首共识指引下，双方经贸团队于6月 ...

有记者问： 近日，美方官员称，正在加紧推进与有关经济体谈判，有望在7月9日"对等关税"90天暂 停期结束前与部分国家达成贸易协议。对于未达成协议的国家，可能单方面设定关税税率。请问商 务部对此有何评论？ 答： 今年4月以来，美国对全球贸易伙伴加征所谓"对等关税"，这是典型的单边霸凌做法，严重冲 击多边贸易体制，严重破坏正常国际贸易秩序。对此，中方一直坚决反对。实践证明，只有坚定捍 卫原则立场，才能真正维护自身合法权益。 据商务部网站消息，6月28日，商务部新闻发言人就美与有关国家关税谈判情况答记者问。 中方乐见各方通过平等磋商解决与美方经贸分歧。同时，呼吁各方应始终站在公平正义的一边，站 在历史正确的一边，坚决捍卫国际经贸规则和多边贸易体制。 中方坚决反对任何一方以牺牲中方利 益为代价达成交易，换取所谓关税减免。如果出现这种情况，中方绝不接受，将坚决予以反制，维 护自身正当权益。 ...

Core Viewpoint - The article emphasizes China's strong opposition to the unilateral imposition of tariffs by the United States, highlighting the negative impact on multilateral trade systems and international trade order [1]. Group 1: Trade Relations - Since April, the U.S. has imposed "reciprocal tariffs" on global trade partners, which is viewed as a typical unilateral bullying approach [1]. - China advocates for resolving economic and trade differences through equal negotiations and calls for all parties to uphold fairness and justice in international trade [1]. Group 2: China's Stance - China firmly opposes any agreements that sacrifice its interests for tariff reductions and warns of resolute countermeasures to protect its legitimate rights [1].