阿尔克明强调，美国放宽对巴西部分出口产品关税，是当前双边谈判的"最大进展"，双方将保持谈判推 进，巴西方面对此保持乐观。 当地时间11月21日，巴西副总统阿尔克明表示，美国宣布取消对咖啡、肉类和水果等部分品类巴西商品 征收40%附加关税，但仍有约22%的对美出口商品继续受到影响。 （文章来源：央视新闻客户端） ...

特朗普上台后，对中国的态度变化挺大的，到处放风要合作。2024年大选刚结束，他就透露出要访华的想法，2025年10月30日后，更是直接敲定降低关税的 事。 美国这几年折腾下来，发现硬扛不行，得调整策略。 特朗普第一任时候，从2017年就开始贸易战，2018年3月签了301调查备忘录，7月首批关税落地，覆盖340亿美金的中国货。 到拜登接手，2021年继续加码，2024年5月把电动车关税提到100%。结果呢，美国自己经济也受拖累，通胀上蹿下跳，制造业成本高企。 特朗普在2024年11月6日胜选演讲里，就没再狠批中国，转而说要通过谈判处理贸易问题。 选举后一周，11月12日，他的团队就跟中方接触，谈气候和贸易初步合作。12月，他在采访中说，如果中国在技术转让上让步，美国可以不加关税，还夸中 国基建快，美国得学学。 2025年1月20日就职那天，特朗普签行政令，评估盟友关税，但对中国没动。1月18日媒体爆出，他想上任100天内访华。 2月4日，他对加拿大和墨西哥加25%关税，说北美协定不公，但对中国维持10%到25%的税率。2月27日白宫简报，他确认不立即上调。 3月15日，签令放松对华非军用芯片出口管制，换取稀土 ...

当地时间11月20日，美国白宫宣布，总统特朗普签署行政令，修改对从巴西进口商品的关税范围。 部分商品40%从价关税维持不变，但鉴于谈判取得进展，对美东时间11月13日零点后进入美国的特定巴 西农产品取消附加从价关税。 白宫表示，特朗普的行政命令还取消了从巴西进口飞机零部件的40%关税。 白宫称，此举旨在平衡国家安全关切与推动对巴贸易关系发展。 来源 央视新闻客户端 ...

Summary of Ampco-Pittsburgh Conference Call Company Overview - **Company Name**: Ampco-Pittsburgh Corporation - **Founded**: 1929 - **Employees**: Approximately 1,500 - **Annual Revenue**: Over $400 million - **Market Capitalization**: Over $50 million - **Segments**: - Forging, Casting, and Product Segment - Air and Liquid Processing Segment - **Market Position**: - Number one in North America and Europe for forging and casting products - Number one in North America for heat exchangers in nuclear power plants [2][3] Core Business Insights - **Strategic Focus**: - Exit unprofitable assets, resulting in improved EBITDA from $78 million to a stronger position [3] - Growth in Air and Liquid Processing and operational efficiencies [3] - **Market Presence**: - 90% of nuclear power plants in North America utilize their products [3] - Leading producer of pumps for the U.S. military [3] Segment Analysis Forging, Casting, and Product Segment - **Sales Distribution**: 70% of sales in North America and Europe [4] - **Product Types**: - Backup rolls, work rolls, and forged engineered products [4] - 90% of sales are rolls, with a market size of approximately $2 billion [8] - **Tariff Impact**: - Tariffs increased from 25% to 50%, creating barriers for imports and benefiting domestic sales [5][9] - **Competitors**: - Major competitors include Lehigh Heavy Forge, Superior Steel, and Villares [9] - **Market Growth**: - Anticipated growth in steel and aluminum markets will increase demand for rolls [7][13] Air and Liquid Processing Segment - **Key Businesses**: - Aerofin (custom heat exchangers), Buffalo Air Handling (air handling units), Buffalo Pumps (custom pumps) [15] - **Market Growth**: - 55% revenue growth over the last three years, with significant barriers to entry [16][17] - **Key Customers**: - Major clients include Eli Lilly, Merck, Johnson & Johnson, and the U.S. Navy [15][16] - **Nuclear Market**: - Growth driven by the restart of nuclear plants and the emergence of small modular reactors [19] Financial Performance - **Recent Developments**: - Exited underperforming businesses, including a facility in the U.K. [23] - Anticipated increase in adjusted EBITDA by $7-8 million due to the exit of underperforming assets [24] - **Balance Sheet Improvements**: - U.S. pension plan nearing 100% funding, with a roadmap to reduce leverage from 4.0 to 3.0 [26][27] - **Future Projections**: - Expected continued growth in adjusted EBITDA and margins [24][29] Market Trends and Opportunities - **European Market Changes**: - Europe is reducing import quotas and increasing tariffs, which will benefit Ampco-Pittsburgh [12][13] - **End Market Growth**: - Mid-single-digit growth projected in key end markets over the next five years [13] - **International Expansion**: - Active steps to expand into markets outside North America, including partnerships in Australia [38] Additional Insights - **Operational Efficiency**: - Investment of approximately $30 million in equipment modernization to enhance reliability and efficiency [11] - **Customer Base**: - Top 10 customers account for roughly half of revenue, indicating a concentrated customer base [10] - **Margin Improvements**: - Recent pricing increases in the U.S. market for forged rolls, with margins improving significantly [39] This summary encapsulates the key points discussed during the conference call, highlighting Ampco-Pittsburgh's strategic direction, market position, financial performance, and growth opportunities.

Core Points - The United States and Switzerland have reached a framework agreement to reduce tariffs on Swiss imports from 39% to 15% [1] - Swiss companies have committed to invest $200 billion in the U.S., with $67 billion planned for 2026 [1] - The two countries aim to expedite trade agreement negotiations, targeting completion by early 2026 [1] Trade Impact - The U.S. tariffs on Swiss goods, which were implemented in August, have significantly impacted Switzerland's export-oriented economy, with approximately 18% of Swiss exports going to the U.S., and nearly 60% affected by these tariffs [1] - Key Swiss exports to the U.S. include watches, pharmaceuticals, chocolate, and cosmetics [1] - The Swiss mechanical and electrical engineering association noted that the reduction of tariffs to 15% only alleviates the competitive disadvantage faced by Swiss producers compared to EU or Japanese manufacturers, indicating that challenges remain [1]

Core Insights - President Trump is lowering some tariffs, which could help reduce grocery costs, but significant price drops are not expected soon [1][3] - The White House announced trade deals with Central and South American nations aimed at lowering trade barriers, focusing on items that cannot be produced in the U.S. [1][5] - Tariffs have contributed to inflation, with coffee prices increasing by 20% over the year as of September [2] Trade Deals and Tariff Reductions - The new trade deals may alleviate some price pressures but are unlikely to lead to immediate price reductions [4][6] - Specific items, such as bananas, may see price reductions due to tariff adjustments, but the overall impact on the cost of living is expected to be small [3][6] Economic Impact - Experts suggest that while some price reductions for affected goods may occur, there is no guarantee that these savings will fully reach consumers [4][6] - The percentage retail impacts will be significant for important foods like bananas, while items with smaller import shares, such as beef, may see minimal price changes [6]

Group 1 - The article discusses the recent adjustments to tariffs by the U.S. government, specifically the exclusion of certain agricultural products from additional tariffs under the "reciprocal tariff" executive order signed by President Trump [2][4] - The updated tariff exemptions and potential adjustments for "allied partners" will take effect on November 13, 2025, at 12:01 AM Eastern Time [4] - The Swiss government announced a significant reduction in tariffs on its products from 39% to 15%, following trade negotiations with U.S. representatives [5][6] Group 2 - The adjustments to tariffs are based on assessments of domestic product demand and capacity, as well as recommendations from government agencies [4] - The U.S. has imposed a 39% import tariff on Swiss goods since August 7, 2025, which will now be reduced to 15% [6]

美联储降息又添变数，11月14日美股一度承压，盘中拉升纳指收涨。黄金跳水大跌超2%。 截至收盘，美股三大指数涨跌不一，道琼斯指数跌0.65%，标普500指数跌0.05%，纳斯达克综合指数涨 0.13%。 个股方面，甲骨文涨超2%，微软、英伟达涨超1%，奈飞跌超3%，英特尔、亚马逊跌超1%。 纳斯达克中国金龙指数收跌1.61%。热门中概股多数下跌，富途控股跌超7%，小鹏汽车跌超5%，京东 跌超4%，阿里巴巴跌超3%。 国际金价大跳水，现货黄金盘中暴跌超3%，收盘仍跌逾2%，纽约期金也一度跌超3%。 关税，突发 据央视新闻报道，当地时间11月14日，美国白宫公布总统特朗普签署的最新行政令，进一步调整"对等 关税"的适用范围，将部分农业产品排除在此前依据《对等关税行政令》所征收的附加关税之外。 行政令指出，基于国内相关产品需求与产能评估，以及政府机构最新建议等因素，特朗普认为有必要修 改关税清单，以应对其在《对等关税行政令》中所宣布的"国家紧急状态"。 更新后的关税豁免表及对"结盟伙伴"的潜在调整清单将自美东时间2025年11月13日0时1分起生效。行政 令同时要求修改《美国协调关税表》，并按规定处理可能涉及的关税 ...

Core Viewpoint - The U.S. government is adjusting tariffs to address an affordability crisis, particularly focusing on food products that are either not produced domestically or produced in insufficient quantities Tariff Exclusions - The president is expected to sign an order today to eliminate or reduce tariffs on certain food products, including beef, coffee, bananas, and tomatoes [2][5] - There is uncertainty regarding the scope of these exclusions, including the number of food items affected and the countries involved [6] U.S.-Switzerland Trade Agreement - A preliminary trade agreement has been reached between the U.S. and Switzerland to lower tariffs on Swiss goods, notably reducing the tariff on watches from 39% to 15% [7][8] - Switzerland has committed to a $200 billion investment pledge over five years, with $67 billion allocated for the next year in the U.S. [9] Broader Trade Context - The agreement with Switzerland is part of a broader strategy to finalize trade deals with various countries, with India being a notable exception where negotiations have stalled [11][14] - The U.S. is also working on trade agreements with other Central and South American countries, indicating a push to finalize outstanding deals [10][11]

Core Points - The US and Switzerland have reached a breakthrough deal to reduce tariffs from 39% to 15% [1] - This agreement comes after months of intense trade tensions between the two countries [1] Summary by Categories Trade Agreement - The new tariff rate of 15% represents a significant reduction from the previously imposed 39% [1] - The deal is seen as a positive development in US-Switzerland trade relations [1] Economic Impact - The reduction in tariffs is expected to facilitate increased trade between the US and Switzerland [1] - This agreement may lead to improved economic conditions for businesses operating in both countries [1]