关税转嫁

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追踪关税的传导过程:羊毛出在谁身上?
智通财经网· 2025-07-12 10:03
智通财经APP获悉,中信证券发布研报称,特朗普政府的关税措施已落地数月之久,该行认为美国进口 商应是美国跨境贸易中关税升幅的主要承担者,中国出口商目前可能承担了关税增量的12%左右,其中 服装出口商分担关税的步伐可能较快,未来跨境贸易中大部分含税价格的涨幅可能仍需由美国买家承 担。该行在将超六万条美国进口货物统计数据映射到投入产出表体系后发现,进口含量高的美国终端消 费品价格似乎已能显现关税影响的身影,其中"中国含量"较高的消费品似乎已在所谓"芬太尼关税"落地 后开始温和涨价,而进口来源主要是欧日等其它非美贸易伙伴的消费品则尚未因"基准关税"生效而涨 价,后者对应的美国零售商目前可能自行吸收了关税成本。 美国企业有向美国居民转嫁关税成本的意愿和能力 现有研究指出在特朗普首届任期内,虽然美国进口商在与非美出口商交易时几乎承担了全部关税增幅, 但彼时企业进口成本的大幅上升并未导致终端零售价格随之大涨。不过,白宫今年关税的涉及范围显著 更广,且多数贸易伙伴在8月后可能仍会至少面临10%的基准关税,这意味着美国相关企业现已较难通 过牺牲自身的利润率来平稳终端售价。该行测算若美国零售商完全吸收今年以来白宫的关税增幅,则 ...
美国5月CPI报告:关税转嫁推升商品通胀,美联储立场会否改变?
Sou Hu Cai Jing· 2025-06-11 08:03
Group 1 - The upcoming CPI report is expected to show a slight increase in inflation, particularly in goods inflation, due to companies gradually passing on higher import tariffs to consumers [1][5] - The market anticipates a year-on-year CPI increase to 2.5% from the previous 2.3%, with a monthly CPI rate holding steady at 0.2% and a core CPI monthly increase of 0.3%, marking the largest rise in four months [1][5] - Businesses are increasingly transferring tariff costs to consumers, with a significant portion of manufacturers and service providers fully passing on these costs through price increases [5][6] Group 2 - The inflation report will provide insights into the impact of tariffs, as investors remain cautious about rising inflation [3][5] - Consumer expectations regarding future inflation have eased, with one-year inflation expectations dropping to 3.2% from 3.6% in April, and five-year expectations decreasing to 2.6% from 2.7% [6] - The CPI report is a critical data point ahead of the Federal Reserve's upcoming meeting, with expectations that the Fed will maintain interest rates unless there is a significant unexpected rise in inflation [8][10]
特朗普要沃尔玛吞下关税不许涨价
news flash· 2025-05-18 07:30
智通财经5月18日电,据美国有线电视新闻网5月17日报道,美国总统特朗普在社交媒体上发帖称,沃尔 玛应"吞下关税",不应通过涨价将关税成本转嫁给消费者,特朗普还警告沃尔玛,"我会盯着你们,顾 客也一样"。 (CCTV国际时讯) 特朗普要沃尔玛吞下关税不许涨价 ...