Fake gold bars piled up in Clermont-Ferrand France on March 25 2025.Gold futures hit $4,000 per ounce for the first time on Tuesday as investors seek a safe haven from global volatility.  Gold prices have gained more than 50% this year as President Donald Trump upends the global trade system and threatens the independence of the Federal Reserve. The precious metal has rallied on strong buying from central banks and retail investors.This is breaking news. Please refresh for updates. ...

世贸组织总干事伊维拉24日发表声明，对中国这一决定表示欢迎。声明指出，这是世贸组织的转折点； 中国的决定体现了对更平衡、更公平的全球贸易体系的承诺，为世贸组织改革发出了强有力的支持信 号，将为所有成员创造更公平的竞争环境。 央视网消息（新闻联播）：23日，中方在第80届联合国大会相关活动上宣布，中国作为负责任的发展中 大国，在世贸组织当前和未来谈判中将不寻求新的特殊和差别待遇。 ...

Core Viewpoint - The Director-General of WTO, Iweala, welcomed China's announcement that it will no longer seek Special and Differential Treatment (S&DT) in future WTO agreements, highlighting its commitment to a more balanced and fair global trade system [1] Group 1 - Iweala expressed appreciation for China's decision, stating it represents a critical moment for the WTO [1] - The decision is seen as a strong signal supporting WTO reform and will contribute to creating a fairer competitive environment for all members [1] - This move is expected to stimulate discussions and assist in building a more flexible and efficient WTO for the 21st century [1]

Core Viewpoint - The WTO is facing unprecedented challenges due to unilateral actions by the U.S., leading to concerns about the future of the global trade system, with WTO Director-General Ngozi Okonjo-Iweala emphasizing the need for reform and resilience in the current trade framework [1][2]. Group 1: Global Trade Dynamics - The average U.S. tariff rate has increased from 2.4% at the beginning of the year to 18.4% following recent agreements [1]. - Approximately 72% of global goods trade is still operating under basic "Most-Favored-Nation" tariff conditions, a decrease from 80% at the start of the year [2]. - Despite the challenges, global goods trade is projected to grow by 0.9% this year, an improvement from earlier predictions of a 0.2% contraction [1]. Group 2: Economic Outlook - The U.S. is experiencing economic risks, with the average actual tariff rate reaching 17.4%, the highest since 1935 [3]. - Economic growth in the U.S. is expected to slow down, with annualized growth rates projected to drop from over 3% in Q2 to 1.2%-1.3% in Q3 and Q4 [3]. - The potential for further U.S. dollar depreciation exists, which could lead to prolonged high interest rates from the Federal Reserve [4]. Group 3: Trade Policy Implications - The new tariff policies are anticipated to reduce the openness of the U.S. economy, with a projected 1.7 percentage point decrease in the share of goods exports in GDP by 2030 [4]. - A decline in economic openness is generally associated with reduced productivity, raising concerns about the long-term impact of protectionist policies on global economic growth [4].

Group 1 - The 138th Canton Fair promotion event was attended by the Consul Wang Chengguang from the Chinese Consulate in Auckland, along with representatives from various trade associations and local business sectors [1][3] - Former New Zealand Prime Minister Michael Moore described China's entry into the WTO as a "great historical event," highlighting China's integration into the global trade system and its role as a major trading partner for over 150 countries, including New Zealand [3] - The current international trade rules are facing unprecedented challenges, yet China's foreign trade demonstrates strong resilience, with the Canton Fair serving as a significant platform for open cooperation [3] Group 2 - Attendees expressed their commitment to leveraging the Canton Fair as a high-quality platform to achieve mutual benefits and win-win outcomes [5]

Group 1: Trade Policy Changes - The recent executive order signed by President Trump allows for adjustments to import tariffs based on agreements with foreign trade partners, potentially reducing some tariffs to zero [1][2] - The order emphasizes that the U.S. will not typically reduce tariffs or modify Section 232 tariffs before final agreements are signed, particularly those related to steel and aluminum [2] Group 2: U.S.-Japan Trade Agreement - The U.S.-Japan trade agreement, signed just before the tariff order, establishes a 15% baseline tariff on nearly all Japanese imports, with significant reductions for the Japanese automotive sector [3] - This agreement is seen as a practical template for Trump's tariff policy, with Japan offering market access in key sectors in return [3] Group 3: Legal Challenges - Trump's tariff policy faces significant legal challenges, with a federal appeals court ruling against the use of the International Emergency Economic Powers Act (IEEPA) for implementing "reciprocal" tariffs [5][6] - The outcome of these legal challenges could have far-reaching implications for global trade agreements involving the U.S. and its allies [6] Group 4: Economic Impact - The Federal Reserve's Beige Book indicates that the tariff policy has led to price increases across various regions, with many households struggling to keep up with rising costs [7][8] - Businesses are raising prices to offset increased costs due to tariffs, impacting consumer spending [8] Group 5: Global Supply Chain Disruption - Trump's tariffs are disrupting global supply chains, particularly in the automotive sector, where manufacturers are required to produce vehicles and parts domestically [9] - The elimination of tax exemptions on low-value imports is expected to further complicate supply chain dynamics [9] Group 6: Agricultural Sector Impact - The tariff policy has adversely affected the agricultural sector, with Italian wine producers facing unprecedented challenges due to increased costs and market access issues [10][11] - The burden of increased costs is expected to be shared between producers and consumers, complicating pricing strategies [11] Group 7: Federal Reserve Response - In response to economic fluctuations caused by tariffs, the Federal Reserve is considering interest rate cuts, with potential reductions of 100-150 basis points anticipated in the coming months [13] - The Fed's actions will depend on economic data and the ongoing impact of tariff policies [13] Group 8: Future of Global Trade - The uncertainty surrounding U.S. trade policies is exacerbating global trade volatility and hindering economic growth, particularly affecting developing countries [14] - The effective tariff rate has reached 25%, significantly increasing costs for average households, especially impacting low-income groups [14][15] - The ultimate impact of Trump's tariffs remains uncertain, with various factors influencing whether these policies will reshape global trade or fade into history [15]

Core Viewpoint - The Director-General of the World Trade Organization, Ngozi Okonjo-Iweala, emphasized the need for a more solid foundation for global trade amidst current disruptions and instability in the global trade system [1] Group 1: Global Trade System - The global trade system is currently facing disturbances and is in an "unstable state" [1] - Countries are encouraged to lay a stronger foundation for global trade for the coming years and decades [1] Group 2: Trade Agreements - Slovenia's State Secretary for Economic Affairs, Matjaž Frangež, highlighted the necessity to reinforce the core principles of the WTO [1] - He criticized the recent trade agreement between the EU and the US as "unfair and unbalanced" [1] Group 3: Strategic Forum - The Bled Strategic Forum, established in 2006, has become a significant diplomatic and security policy forum in Slovenia [1] - The forum attracts various political leaders, scholars, and business representatives to discuss Europe's role in a rapidly changing global landscape [1]

Group 1 - The core point of the news is the extension of the tariff suspension measures between China and the US, which temporarily eases trade tensions [1] - Brazilian President Lula contacted China to discuss the impact of US tariffs on Brazilian agricultural products, highlighting a loss of over $3 billion annually due to a 25% tariff on beef and sugar [3] - Lula's requests included seeking China's support in multilateral forums like the WTO and learning from China's strategies in dealing with US tariffs [3][4] Group 2 - China responded positively to Lula's requests, affirming its support for Brazil in defending its national sovereignty and rights [6] - Specific commitments from China included establishing a "BRICS countries tariff countermeasure coordination mechanism" and sharing trade policy analysis reports to help Brazilian businesses [6] - The event reflects a broader shift in global trade dynamics, with countries recognizing the need to unite against US trade pressures, positioning China as a key leader in promoting multilateralism [8]

Core Points - The People's Bank of China hosted a series of meetings including the 68th Deputy Governors' Meeting of the EMEAP, the 37th Monetary and Financial Stability Committee Meeting, the 44th Asian Bond Fund Supervisory Committee Meeting, and the 40th Pan-Asian Index Fund Supervisory Committee Meeting [1] - Discussions focused on global and regional economic financial conditions, monetary policy frameworks under supply-side shocks, risks from non-bank financial institutions, and the impact of artificial intelligence on economic and financial stability [1] - The Deputy Governor emphasized the resilience of the Chinese economy amidst global trade uncertainties and highlighted the need for EMEAP economies to strengthen coordination and cooperation to maintain a rules-based global trade system [1]

Group 1 - The core viewpoint is that China is expanding its zero-tariff policy to 53 African countries, which will enhance trade relations and promote deeper industrial cooperation between China and Africa [1][3][4] - The zero-tariff policy will significantly lower barriers for African products entering the Chinese market, facilitating an increase in the variety and scale of exports from Africa [3][4][6] - In 2022, the trade volume between China and Africa reached $295.6 billion, marking a historical high for the fourth consecutive year, with China maintaining its position as Africa's largest trading partner for 16 years [3][4] Group 2 - The zero-tariff policy includes a wide range of products such as oil, minerals, agricultural products, and processed goods, all of which will enjoy complete tax exemption when entering the Chinese market [4][5] - The policy aims to provide equal market access for all African partners, moving from a limited opening model to a more comprehensive approach that benefits various developing countries [5][6] - The implementation of the zero-tariff policy is expected to increase exports of minerals, energy, and agricultural products from Africa to China, supporting economic diversification and industrial upgrading in African nations [6][10] Group 3 - Chinese enterprises are actively investing in African economic zones and promoting industrial chain cooperation, contributing to local tax revenue, employment, and export earnings [8][9] - The establishment of processing bases and procurement centers in Africa by Chinese companies is anticipated to enhance global capital allocation and attract more value-added industries to local markets [10] - The zero-tariff policy is expected to create competitive pressure that encourages Chinese companies to adopt advanced technologies and improve product quality, thereby fostering a mutually beneficial relationship between China and Africa [9][10]