Core Points - The U.S. Senate has passed a resolution to terminate the global tariff policy implemented during Trump's presidency, marking a significant challenge to presidential power in trade matters [3][5][7] - The vote was strictly along party lines, with all 51 votes in favor coming from Democrats and all 47 votes against from Republicans, highlighting deep divisions within U.S. trade policy [7][9] - The resolution faces significant hurdles, including the need for approval from the Republican-controlled House of Representatives and potential presidential veto [9][19] Economic Implications - The inflation data released by the Federal Reserve indicates that the cost of living for ordinary Americans has increased significantly, with imported goods prices rising by 18.7% since the implementation of tariffs in 2021 [13][17] - The steel tariffs, which imposed a 25% tax on imported steel, have led to job losses in downstream manufacturing sectors, with an estimated 500,000 jobs affected [17][18] - The Federal Reserve's interest rate hikes, currently at historical highs of 5.25% to 5.5%, are exacerbating the government's debt burden, with interest payments projected to exceed $1.2 trillion in the 2025 fiscal year [19][21] Global Trade Dynamics - The global trade landscape is shifting, with the Regional Comprehensive Economic Partnership (RCEP) increasing its trade share to 38.7% in the Asia-Pacific region [21][22] - The U.S. share in the Trans-Pacific Partnership has decreased from 35% in 2016 to 28% currently, as global trade increasingly bypasses the U.S. due to its tariff barriers [26][28] - The dollar's dominance in international payments is declining, with its share falling to 46.8% and the yuan's share rising to 6.2% by September 2025 [28][29] Political and Social Factors - Political donations from manufacturing groups have reached a historic high of $180 million during the 2024 election cycle, influencing trade policy decisions [19][21] - The potential repeal of tariffs could save middle-class families approximately $1,347 annually, but concerns about job losses in traditional manufacturing sectors complicate the political landscape [21][33] - The ongoing political struggle over tariffs reflects a broader global trend towards cooperation rather than confrontation, as countries seek to adapt to changing economic realities [33][34]

Core Viewpoint - Spain's manufacturing sector continued its expansion in October, with the Purchasing Managers' Index (PMI) rising to 52.1 from 51.5 in September, marking the sixth consecutive month above the 50 threshold, indicating ongoing growth in manufacturing activity [1] Manufacturing Sector Summary - The main drivers of manufacturing expansion were output and new orders growth [1] - New export orders declined for the second consecutive month, with the fastest drop in five months, attributed to weak demand from political turmoil in France and U.S. trade protectionism [1] - Employment in the manufacturing sector saw a slight decrease, with cautious signals in the labor market affecting companies' willingness to expand hiring [1] Business Confidence and Investment - Despite export pressures, manufacturing firms showed improved confidence, with most expecting a rebound in future demand [1] - Some companies plan to increase investments and enhance capacity in the coming year [1] Macroeconomic Overview - Spain's overall economic performance remains robust, supported by a thriving tourism sector, an active labor market driven by immigration, and stable domestic demand [1] - The government raised its annual economic growth forecast from 2.6% to 2.7% [1] - Official data indicated a 0.6% quarter-on-quarter growth in Q3 2024, slightly down from 0.8% in Q2, with a year-on-year growth rate of 2.8% [1]

Core Insights - The trade relationship between India and the United States is undergoing significant turbulence, with high tariffs imposed by the U.S. leading to a sharp decline in India's exports to the U.S. [1][6] - The Global Trade Research Initiative (GTRI) reported a 37.5% drop in Indian exports to the U.S. from May to September 2025, with export value plummeting from $8.8 billion to $5.5 billion [1][6] Tariff Impact - Starting in April, the U.S. imposed a 10% tariff on Indian goods, which escalated to 50% in August, partly as a punitive measure for India's continued purchase of Russian oil [3] - The cumulative effect of these tariffs has led to a drastic decline in exports, particularly in labor-intensive sectors such as textiles, gems and jewelry, chemicals, agricultural products, and machinery, which saw a total export drop of 33% from $4.8 billion to $3.2 billion [3] Sector-Specific Declines - Exports of duty-free products experienced the most severe contraction, falling from $3.4 billion to $1.8 billion, a decline of 47% [4] - Smartphone exports, which had previously surged by 197% year-on-year, fell by 58%, dropping from $2 billion in June to $880 million in September [4] - Other notable declines include pharmaceuticals down 15.7%, industrial metals and auto parts down 16.7%, with aluminum down 37%, copper down 25%, and steel down 8% [4] - The gems and jewelry sector saw a staggering decline of nearly 60% [4] - Solar panel exports also faced a significant drop of 60.8%, impacting India's competitiveness in the renewable energy sector [4] Structural Weaknesses - GTRI highlighted that the tariff situation not only compresses profit margins but also exposes the structural weaknesses in India's key export industries [5][6] - The organization called for urgent credit support for small and medium enterprises and accelerated trade negotiations to prevent further market share loss to competitors like Vietnam, Mexico, and China [6] - Ongoing trade negotiations between India and the U.S. are in the "final stages," with the U.S. claiming India has agreed to reduce its Russian oil purchases, although this has not been confirmed by Indian officials [6]

Core Points - The U.S. President Donald Trump has firmly rejected the idea of restarting trade negotiations with Canada, following a dispute triggered by an advertisement [1] - Trump has imposed an additional 10% tariff on Canadian goods after abruptly halting bilateral trade talks [1][3] - Despite the tensions, Trump maintains a good relationship with Canadian Prime Minister Mark Carney, indicating that they had a positive conversation during the APEC summit [1] Group 1 - Canada is the second-largest trading partner of the U.S. and a major supplier of steel and aluminum to American companies [3] - The breakdown of trade negotiations marks a significant shift in relations between the two historical allies since Trump's return to the White House in January [2] - Although most cross-border trade benefits from tariff exemptions under the USMCA, the global tariffs imposed by Trump have severely impacted Canada [3]

2025.11. 03 本文字数：654，阅读时长大约1分钟 此前报道 据法新社华盛顿10月31日报道，美国总统唐纳德·特朗普10月31日断然拒绝重启与加拿大的任何贸 易谈判。一周前，因一则广告引发的争执，他已中止了双边磋商。 "我非常喜欢(加拿大总理马克·卡尼)，"美国总统在"空军一号"专机上对记者表示，"但他们做的事 是错的。" 因此，当被问及尽管马克·卡尼"已道歉"是否会重启谈判时，他直截了当地回答："不。" 特朗普对加拿大的一则反保护主义广告活动作出强烈反应：在突然中止双边贸易谈判后，随后又对加 拿大输美商品加征了10%的额外关税。 不过，这位共和党人仍表示自己与卡尼"关系不错"，并在韩国举行的亚太经合组织领导人非正式会 议期间与他进行了"很好的交谈"。 几天前，在马来西亚举行的另一场峰会上，卡尼曾表示加拿大"已准备好"与华盛顿重启贸易谈判。 贸易谈判的破裂，标志着这两个历史盟友之间的关系因特朗普今年1月重返白宫而骤然生变。 加拿大是美国的第二大贸易伙伴，也是美国企业钢铁和铝的主要供应方。 尽管依据《美国—墨西哥—加拿大协定》，绝大多数跨境贸易仍享受免税待遇，但特朗普针对部分行 业加征的全球性附加税已 ...

Group 1: Core Views - The Chinese Ministry of Commerce emphasizes the importance of maintaining stable industrial and supply chains with key trading partners, including South Korea, Japan, New Zealand, and Canada, to foster economic cooperation and development [2][3][4][6]. Group 2: Meetings with South Korea - Wang Wentao, the Minister of Commerce, met with South Korean Minister of Trade, Industry and Energy, Kim Jong-hwan, discussing the need for enhanced communication and cooperation to stabilize supply chains and promote bilateral trade [2]. - Both parties agreed to strengthen dialogue mechanisms, including export control discussions and trade remedy cooperation, to ensure smooth trade relations [2]. Group 3: Meetings with Japan - During a meeting with Japan's Minister of Economy, Trade and Industry, Akazawa Ryozo, Wang highlighted the impact of unilateralism and protectionism on international trade and called for collaborative efforts to maintain supply chain stability [3]. - The Chinese side urged Japan to remove certain entities from its export control list to facilitate trade [3]. Group 4: Meetings with New Zealand - In discussions with New Zealand's Trade Minister, Damien O'Connor, Wang noted the high degree of economic complementarity between China and New Zealand and emphasized the need to deepen practical cooperation in various fields [4]. - Both sides expressed commitment to advancing the negotiations on the negative list for services trade under their free trade agreement [4]. Group 5: Meetings with Canada - Wang met with Canadian Minister of International Trade, Mary Ng, where they discussed the strong trade momentum between China and Canada and the importance of implementing the consensus reached by their leaders [6]. - The two countries agreed to enhance cooperation in trade, energy, and cultural exchanges while addressing mutual economic concerns [6].

1. Report Industry Investment Rating No information provided in the given text. 2. Core Views of the Report - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% in 2024. In 2025, high - competitiveness new car products are continuously launched, and the price war is gradually ending [3][117]. - Overseas markets are affected by severe trade protectionism in Europe and the United States, which brings volatility risks to exports. New growth points such as the Belt and Road countries and the Middle East should be focused on [3][117]. - In the competitive landscape, the market share of domestic brands continues to expand. Companies with strong product strength, smooth overseas expansion, and stable supply should be focused on [3][117]. 3. Summary by Relevant Catalogs 3.1 Financial Market Tracking - The one - week price changes of related sectors and listed companies are presented. For example, among listed companies, BYD's closing price on October 31st was 103.61 yuan with a one - week decline of 0.14%, while SAIC Motor's closing price was 16.75 yuan with a one - week increase of 0.42% [14]. 3.2产业链 Data Tracking 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports**: From January to August globally, new energy vehicle sales reached 13.257 million, a year - on - year increase of 30.6%. In China, from October 1 - 26, the retail sales of the new energy passenger vehicle market were 901,000, with a year - on - year growth of 0% and a month - on - month decline of 8%. The cumulative retail sales this year were 9.771 million, a year - on - year increase of 22% [1][106][115]. - **Inventory Changes**: Information on the monthly new inventory of new energy passenger vehicle channels and manufacturers is presented through relevant charts [25]. - **Delivery Volume of Chinese New Energy Vehicle Enterprises**: The monthly delivery volumes of companies such as Leapmotor, Li Auto, XPeng, and NIO are presented through charts [28][33]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: From January to August, new energy vehicle sales reached 13.257 million, a year - on - year increase of 30.6% [1][115]. - **European Market**: The cumulative sales in Europe were 2.442 million, with a year - on - year growth rate of 30.8% [1][115]. - **North American Market**: The cumulative sales from January to August were 1.205 million, with a year - on - year growth rate of 4.8% (cumulative sales from January to September were 1.399 million, a year - on - year increase of 8.3%). The sales and penetration rate in the United States reached record highs in August and September, mainly due to the expiration of the federal electric vehicle tax credit ($7,500) on September 30th [1][115]. - **Other Regions**: The cumulative sales in other regions were 665,000, with a year - on - year growth rate of 50.6% [1][115]. 3.2.3 Power Battery Industry Chain - Information on power battery loading volume (by material), export volume (by material), weekly average price of battery cells, and material costs is presented through relevant charts [76][80]. 3.2.4 Other Upstream Raw Materials - The daily prices of rubber, glass, steel, and aluminum are presented through relevant charts [99][100]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - On October 30th, China and the United States reached a consensus. The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff will be suspended for another year. China will suspend relevant export control measures announced on October 9th for one year [103][104]. - On October 31st, the Ministry of Industry and Information Technology stated that it will promote green products and vigorously develop green industries such as new energy vehicles [105]. 3.3.2 China: Industry Dynamics - From October 1 - 26, the retail sales of the new energy passenger vehicle market were 901,000, with a year - on - year growth of 0% and a month - on - month decline of 8%. The cumulative retail sales this year were 9.771 million, a year - on - year increase of 22% [1][106][115]. - In the first three quarters of 2025, Anhui's automobile production was 2.4044 million, ranking first in China, mainly due to the significant increase in new energy vehicle production [107]. - As of the end of September 2025, the cumulative export of domestic cars from Shanghai Waigang Haitong Wharf exceeded 5.32 million, with an average annual growth rate of 10.6%, and the proportion of new energy vehicles increased from 34% to 59% [108]. 3.3.3 China: Enterprise Dynamics - BYD sold 441,706 vehicles in October, a record high this year. In Q3, its total revenue was 194.985 billion yuan, a year - on - year decrease of 3.05% [109]. - Leapmotor delivered 70,289 vehicles in October, a year - on - year increase of over 84% [111]. - XPeng delivered 42,013 vehicles in October, a year - on - year increase of 76% [111]. - NIO delivered 40,397 vehicles in October, a year - on - year increase of 92.6% [111]. - Li Auto delivered 31,767 vehicles in October, and the orders for the Li i6 exceeded 70,000 after its launch [111]. 3.3.4 Overseas: Policy Dynamics - The US Senate voted to reject Trump's global tariff policy, but the vote may only be symbolic before the House of Representatives conducts a similar vote [111][112]. - Norway has basically achieved the 100% electrification goal and plans to gradually cancel electric vehicle subsidies within two years [2][113][116].

麦克莱表示，新西兰重视发展对华关系，两国在区域和多边领域始终保持密切沟通和合作。今年6月， 拉克森总理成功访华，新中两国发表了领导人会晤联合成果声明，一致同意进一步深化经贸等领域合 作。新方愿与中方深化区域经贸合作，维护以世贸组织为核心的多边贸易体制，推进世贸组织进行必要 改革。 王文涛指出，中方始终坚定支持和维护以世贸组织为核心的多边贸易体制。在当前国际经贸形势下，中 新双方应加强在世贸组织、亚太经合组织和相关区域贸易安排等框架下的沟通协作，共同反对贸易保护 主义，推动全球贸易在世贸组织框架下顺畅运行，为世界经济注入更多稳定性与确定性。 人民财讯11月2日电，10月31日，商务部部长王文涛在韩国庆州会见新西兰贸易部长麦克莱。双方就中 新经贸关系、区域经贸合作、多边贸易体制等议题进行交流。 ...

王文涛表示，今年6月，习近平主席会见拉克森总理时指出，要把合作放在双边关系中更加突出的位 置。中新经济高度互补，利益深度融合。在两国领导人战略引领下，双方应共同做大经贸合作蛋糕，发 掘更多利益契合点，深化各领域务实合作。同时，共同推动自贸协定服务贸易负面清单谈判早日结束， 为双边服务贸易发展创造更好条件。 王文涛指出，中方始终坚定支持和维护以世贸组织为核心的多边贸易体制。在当前国际经贸形势下，中 新双方应加强在世贸组织、亚太经合组织和相关区域贸易安排等框架下的沟通协作，共同反对贸易保护 主义，推动全球贸易在世贸组织框架下顺畅运行，为世界经济注入更多稳定性与确定性。 责任编辑：何俊熹 10月31日，商务部部长王文涛在韩国庆州会见新西兰贸易部长麦克莱。双方就中新经贸关系、区域经贸 合作、多边贸易体制等议题进行交流。 作。新方愿与中方深化区域经贸合作，维护以世贸组织为核心的多边贸易体制，推进世贸组织进行必要 改革。 麦克莱表示，新西兰重视发展对华关系，两国在区域和多边领域始终保持密切沟通和合作。今年6月， 拉克森总理成功访华，新中两国发表了领导人会晤联合成果声明，一致同意进一步深化经贸等领域合 ...

加拿大总理卡尼已证实，他本人就加拿大某地方政府委托制作的一则广告，向美国总统特朗普致歉。该广告使用了里根的影像素材，旨在批评美国的贸易 关税政策。 当地时间周六，卡尼在韩国庆州举行的新闻发布会上告诉记者，这则由安大略省政府委托制作的广告，让特朗普感到"深受冒犯"。 他补充称，若事先征求过自己的意见，绝不会批准这则广告发布。 这则广告于本月早些时候播出，剪辑拼接了里根1987年关于贸易政策的演讲片段，以及他当年对日本加征关税的相关内容，试图暗示这位已故共和党标志 性人物反对贸易保护主义。 特朗普对此反应强烈，指责加拿大人的行为"过分出格"，并宣布暂停与加拿大政府正在进行的贸易谈判。作为回应，他还对加拿大进口商品加征了额外关 税。 当地时间周五，这位美国总统透露，卡尼已主动联系他致歉，且态度"非常好"，但双方的贸易谈判仍处于暂停状态。 特朗普表示："里根是支持关税的，而他们（加拿大人）却试图把这塑造成相反的样子。" 卡尼此番表态，是在亚太经合组织峰会结束后作出的。本周，他与特朗普均出席了在韩国举行的此次峰会。 卡尼在致歉时强调，加方始终重视与美方的贸易关系，此前两国在钢铁、铝和能源领域的谈判已取得一定进展，这则广 ...