Core Viewpoint - The article discusses the recent trade agreements between the United States and Vietnam, highlighting the differences in negotiation outcomes with Japan and the implications for U.S. trade policy under Trump [3][4][6]. Group 1: U.S.-Vietnam Trade Agreement - The U.S. has agreed to reduce tariffs on Vietnamese products from 46% to 20%, while imposing a 40% tariff on goods transshipped through Vietnam to the U.S. Vietnam will maintain zero tariffs on U.S. goods [3][4]. - The agreement reflects a broader strategy by the U.S. to maintain a competitive tariff differential with other countries, with a minimum differential of 8.2% and a maximum of 20% [6][15]. Group 2: U.S.-Japan Trade Negotiations - Japan's negotiations with the U.S. have stalled, with Japan insisting on comprehensive exemptions from tariffs, while the U.S. focuses on specific tariff rates [11][16]. - The U.S. has threatened to impose tariffs as high as 35% on Japanese goods, indicating a tougher stance compared to the agreement with Vietnam [10][24]. - Japan's position as a major investor in the U.S. has not translated into favorable trade terms, as the U.S. perceives Japan as a "spoiled ally" [11][24]. Group 3: Broader Implications for Trade Policy - The article suggests that the U.S. may adopt a phased approach to tariff negotiations, granting exemptions to countries making progress while applying pressure to those lagging behind [21]. - The potential for a trade agreement with India is highlighted, with India facing a 26% tariff and seeking a similar arrangement as Vietnam [18][19]. - The article notes that the U.S. is likely to be more flexible in negotiations with non-allied countries compared to traditional allies like Japan [17][21].

上周以来，美国政府不断释放关税立场的缓和迹象，多次表示有意降低对华关税。分析师表示，市场的 负面反馈、潜在的经济受损现实以及与多国谈判陷入停滞等因素，令美国政府立场软化，同时这也是一 种谈判策略，中美贸易博弈已经从"极限施压"走向"间歇缓和"的转折点。 4月22日以来，多位美国政府官员释放软化信号。先是美国总统唐纳德·特朗普22日在白宫表示，他"乐 观地"认为能够"相当迅速地"与中国达成协议。"145%这个数字非常高，会大幅下降，但不会降为 零。"特朗普说。当天早些时候，美国财政部长斯科特·贝森特在一场闭门会议上对投资者承认，中美关 税对峙僵局"难以为继"，预计将出现"降级"迹象。 随后，《华尔街日报》进一步爆料细节称，特朗普正考虑将中国整体有效关税税率降至50%-65%的提 议，可能采用区分商品类型的分层制度。此外，特朗普还多次对外宣称正在与中国谈判。 不过，25日，特朗普表态再次反复，表示除非中国做出实质性让步，否则不会取消对华加征的关税。 英国机构凯投宏观认为，这是特朗普政府迄今发出的最明确信号，表示他渴望降低对中国的关税。中国 社会科学院美国研究所经济室主任罗振兴也对智通财经表示，在多重压力下，特朗普 ...