Core Point - The article discusses the Democratic senators' final attempt to block the implementation of tariffs proposed by Trump, which they argue will increase annual expenses for American families by approximately $2,400 [1] Group 1 - Democratic senators are launching a last-ditch effort to prevent the tariffs from taking effect this week [1] - The proposed tariffs are seen as a significant issue for the upcoming 2026 midterm elections, with Democrats emphasizing the financial burden on families [1] - Senator Jeanne Shaheen from New Hampshire will request the Senate to pass a motion that would prevent the government from imposing these tariffs under the International Emergency Economic Powers Act (IEEPA) [1] Group 2 - The IEEPA has been used by the Trump administration as the legal basis for imposing the tariffs [1] - The motion requires only one senator to block the tariffs, but it is expected that Republicans will support the tariff increase [1] - This situation provides an opportunity for Democrats to force Republicans to publicly declare their support for the tariff hikes [1]

Core Viewpoint - China has reiterated its stance against tariff increases, emphasizing that trade wars and tariff battles yield no winners and that protectionism is not a viable solution [1][2]. Group 1: China's Position on Tariffs - China has consistently opposed tariff wars and the use of tariffs as tools for coercion, stating that arbitrary tariff increases do not benefit any party involved [2]. - The BRICS mechanism is highlighted as an important platform for cooperation among emerging markets and developing countries, promoting openness and inclusivity without targeting any specific nation [1][2]. Group 2: U.S. Tariff Developments - The U.S. is approaching a deadline for tariff negotiations set for July 9, with President Trump indicating that a combination of letters and agreements will be sent out to various countries [3][4]. - Trump confirmed that the related tariffs are set to take effect on August 1, with potential letters involving different amounts and wording for various economies [4]. - The U.S. has proposed significant "reciprocal tariffs" on allies, with rates as high as 25% for some countries and even higher for Southeast Asian nations [5]. Group 3: Legal and Regulatory Context - The U.S. International Trade Court has ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the President unlimited authority to impose tariffs, leading to questions about the legality of unilateral tariff notifications [7][8]. - Legal experts suggest that unilateral tariff imposition may violate international law and could be challenged in the World Trade Organization (WTO) [8].

[Table_Main] 证券研究报告 | 宏观点评 宏观专题 证券分析师 张浩 资格编号：S0120524070001 邮箱：zhanghao3＠tebon.com.cn 研究助理 相关研究 2025 年 06 月 15 日 一文读懂美国的《国家紧急状态法》 宏观 ABC 系列之七 [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 2025 年特朗普政府利用 NEA 与 IEEPA 组合，以国家安全和贸易逆差为由，绕 过国会批准程序单方面宣布紧急状态，并对中国、加拿大、墨西哥及其他主要贸易 伙伴征收普遍高额关税。这一行动迅速遭遇法律挑战，美国国际贸易法庭（CIT） 裁定其违宪并颁布禁令，但随后被联邦巡回上诉法院暂时中止执行。本文将全面解 析美国的《国家紧急状态法》，从而了解特朗普是如何通过 NEA 与 IEEPA 组合， 绕开国会实行所谓的"对等关税"政策。 NEA 与 IEEPA：美国总统紧急权力的制度化与扩张。20 世纪 70 年代，美国国会 为防止总统滥用紧急状态权力，通过了《国家紧急状态法》（NEA），设立程序性限 制并规定紧急状态自动失效机制，试图加强国会监督。然 ...

Core Points - The U.S. District Court for the District of Columbia has indefinitely suspended the implementation of a previous ruling that halted the Trump administration's tariff policy until the appellate court makes a decision [1] - The ruling was made by Judge Rudolph Contreras, who stated that President Trump did not have the authority to impose tariffs on trade partners under the International Emergency Economic Powers Act [1] - This lawsuit was initiated by two toy companies, marking the second federal court ruling against the legality of the Trump administration's tariff measures [1] Summary by Sections - **Court Rulings** - On May 29, the U.S. International Trade Court ruled that Trump's use of the International Emergency Economic Powers Act to impose "reciprocal tariffs" was an overreach and deemed the measures illegal [1] - The Trump administration has appealed both court rulings to two different federal appellate courts [1] - **Current Status** - The U.S. Court of Appeals for the Federal Circuit temporarily stayed the enforcement of the International Trade Court's ruling on May 29, allowing the Trump administration to continue its tariff measures [1] - Judge Contreras announced the indefinite suspension of the "halt order" on June 3, following the appellate court's approval of the Trump administration's request [1] - **Government Response** - The White House Press Secretary, Levitt, stated that the court has "no authority to interfere" with government tariff policies, labeling the halt order as a "worrisome and dangerous trend" [2]