Group 1 - The EU will suspend its two sets of countermeasures against US tariffs for six months following an agreement with President Trump [2] - The agreement leaves many unresolved issues, including the tariff rates on spirits and the lack of exemptions for cars and auto parts in Trump's recent executive order [2][3] - EU officials expect more executive orders to be announced soon, with a focus on finalizing a joint statement based on the consensus reached on July 27 [2] Group 2 - The EU will face a 15% tariff on most of its export goods to the US, which will also apply to cars, differing from the current 25% rate [3] - The US executive order confirms that this universal tariff will serve as the ceiling for the EU, while other trade partners will see an increase based on their existing most-favored-nation tariffs [3] - Limited goods, including some non-patented drugs and aerospace products, are expected to receive lower than 15% tariff rates [4] Group 3 - The EU is negotiating an agreement to allow a certain quantity of steel and aluminum to be exported to the US at rates lower than the current 50% [4] - Any indication that the US fails to comply with its agreed political commitments could prompt EU member states to call for a response [4] - The EU has countermeasures ready to be swiftly reinstated against approximately €100 billion (about $116 billion) worth of US goods if necessary [4]

Group 1 - The core point of the news is the announcement by Trump that starting August 1, EU goods exported to the US will face a 30% tariff, significantly higher than previous speculations of 15%-20% [1] - Following the announcement, European stock markets lost over 50 billion euros, with the German DAX index dropping 2.3% in a single day [1] - EU Commission President Ursula von der Leyen announced a delay in the EU's countermeasures originally set for July 14, aiming to buy time for negotiations [1] Group 2 - The new tariff rate will severely impact EU exports valued at 379 billion euros, with Germany, as the largest economy in the EU, being particularly vulnerable [6] - Internal divisions within the EU are evident, with German Chancellor Merz warning of significant damage to the German export sector, while French President Macron calls for a strong defense of European interests [6][5] - The EU Trade Ministers' meeting on July 14 revealed these divisions, with differing opinions on how to respond to the US tariffs, highlighting a split between larger and smaller member states [6] Group 3 - Amidst the trade tensions, von der Leyen and European Council President Costa are visiting China, indicating a complex geopolitical landscape for the EU [6] - The EU's reliance on US energy, following sanctions against Russia, has raised concerns about economic independence and the potential loss of access to the Chinese market [9][16] - The EU's global GDP share has been declining, with European companies' representation in the MSCI World Index dropping from 33% in 2001 to an estimated 14% in 2024, indicating a weakening competitive position [17]

Core Points - The Irish Deputy Prime Minister Simon Harris warned that a potential 30% tariff imposed by the U.S. could lead to a significant employment crisis in Ireland [1][3] - The EU is actively working to avoid a full-scale trade war with the U.S., with a deadline for negotiations set by President Trump for August 1 [1][3] Group 1 - Harris emphasized that if new tariffs are implemented, Ireland would face economic shocks and a catastrophic wave of unemployment [3] - The proposed retaliatory tariff list by the EU, amounting to €72 billion, could result in a "lose-lose" situation for both sides [3] - Harris expressed optimism about reaching a breakthrough in negotiations within the coming days, indicating that discussions were nearing consensus [3] Group 2 - The Deputy Prime Minister highlighted the importance of the pharmaceutical industry in Ireland, particularly in light of the U.S. Section 232 investigation targeting this sector [3] - Harris called for EU unity in addressing potential challenges, emphasizing the strength of the 460 million-person single market [3] - The Irish government plans to assess sensitive items in the EU's expanded retaliatory tariff list that may impact national interests [3]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Gold: With the easing of the EU - US trade war and the decline of the US dollar, the gold price is expected to rise. The premium of Shanghai gold remains at around 5 yuan/gram. Due to potential tariff issues and fluctuations in the US tax - cut bill, the gold price remains bullish [4]. - Silver: As the EU - US trade war eases and the US dollar falls, the silver price will oscillate upwards. The premium of Shanghai silver converges to around 520 yuan/kg. With optimistic trade negotiations, the silver price will fluctuate [5]. 3. Summary by Directory 3.1 Previous Day's Review - Gold: The EU - US trade war eased, the US stock market was closed, most European stock markets rose, the US dollar index fell 0.15% to 98.98, the offshore RMB depreciated slightly, and COMEX gold futures fell 0.7% to $3342.2 per ounce [4]. - Silver: The EU - US trade war eased, the US stock market was closed, most European stock markets rose, the US dollar index fell 0.15% to 98.98, the offshore RMB depreciated slightly, and COMEX silver futures rose 0.11% to $33.645 per ounce [5]. 3.2 Daily Tips - **Gold** - Basis: The gold futures price is 777.3, the spot price is 774.33, and the basis is - 2.97, indicating that the spot is at a discount to the futures, a neutral signal [4]. - Inventory: The gold futures warehouse receipts are 17,247 kg, unchanged, a bearish signal [4]. - Disk: The 20 - day moving average is downward, and the K - line is above the 20 - day moving average, a neutral signal [4]. - Main Position: The main net position is long, and the long position of the main force is decreasing, a bullish signal [4]. - **Silver** - Basis: The silver futures price is 8280, the spot price is 8243, and the basis is - 37, indicating that the spot is at a discount to the futures, a neutral signal [6]. - Inventory: The Shanghai silver futures warehouse receipts are 957,380 kg, a daily decrease of 3261 kg, a neutral signal [6]. - Disk: The 20 - day moving average is upward, and the K - line is above the 20 - day moving average, a bullish signal [6]. - Main Position: The main net position is long, and the long position of the main force is decreasing, a bullish signal [6]. 3.3 Today's Focus - Economic data: The preliminary value of US durable goods orders in April, the US housing price index in March [4]. - Speeches: Speeches by the Governor of the Bank of Japan and Federal Reserve members [4]. 3.4 Fundamental Data - **Gold** - Bullish factors: Global turmoil leading to high - risk aversion, rising stagflation expectations in the US and renewed expectations of interest - rate cuts, tense situations in Russia - Ukraine and the Middle East leading to resurgent inflation, and tariff concerns [14]. - Bearish factors: Cessation of interest - rate cuts and improved economic expectations, less - than - expected European fiscal expansion with the US taking the lead again, deterioration of risk appetite, and the end of the Russia - Ukraine conflict [14]. - Logic: After Trump took office, the world entered a period of extreme turmoil. The inflation expectation shifted to a recession expectation, and the gold price was difficult to fall. The verification between the expected and actual policies of the new US government continued, and the gold price sentiment was high, remaining prone to rise and difficult to fall [10]. - **Silver** - Bullish factors: Similar to gold, and the tariff on non - ferrous metals supports the silver price [14]. - Bearish factors: Similar to gold [14]. - Logic: The silver price mainly follows the gold price. Tariff concerns have a stronger impact on the silver price, and there is a risk of an enlarged increase [13]. 3.5 Position Data - **Gold** - Shanghai Gold Top 20 Positions: On May 26, 2025, the long - position volume was 202,103, an increase of 1.22% from May 25; the short - position volume was 81,225, a decrease of 1.55%; and the net position was 120,878, an increase of 3.17% [27]. - SPDR Gold ETF: The ETF position is oscillating and decreasing [31]. - Warehouse Receipts: The Shanghai gold warehouse receipts show a certain trend, and the COMEX gold warehouse receipts are slightly decreasing but still at a high level [35][36]. - **Silver** - Shanghai Silver Top 20 Positions: On May 26, 2025, the long - position volume was 469,661, an increase of 1.13% from May 23; the short - position volume was 321,277, an increase of 2.00%; and the net position was 148,384, a decrease of 0.69% [29]. - Silver ETF: The ETF position continues to increase, higher than the same period last year [34]. - Warehouse Receipts: The Shanghai silver warehouse receipts are slightly increasing, higher than the same period last year, and the COMEX silver warehouse receipts are decreasing [38].

智通财经APP获悉，分析师警告称，尽管美国总统特朗普推迟对欧盟实施50%关税，但投资者仍需"系 好安全带"以应对更多市场波动，因为贸易战风险尚未完全消除。 这位美国总统最初要求自6月1日起对欧盟商品加征50%关税，并在社交媒体发文指责欧盟"极其难缠"， 称与欧盟的贸易谈判"毫无进展"。 欧洲股市周一早盘出现反弹并转为上涨，此前周五因特朗普新的关税威胁而下跌。 特朗普周日宣布，在与欧盟委员会主席冯德莱恩通话后，同意将惩罚性关税的实施时间推迟至7月9日。 冯德莱恩周末在X平台上表示，欧盟"准备迅速而果断地推进谈判"。她指出："欧美拥有世界上最重要、 最紧密的贸易关系。要达成好的协议，我们需要利用好7月9日前的这段时间。" 欧盟贸易委员塞夫科维奇周一晚些时候在X平台上表示，已与美国商务部长霍华德·卢特尼克进行了"良 好的通话"，双方将"保持持续联系"。但尽管关税推迟为双方争取了喘息空间，市场观察人士周一警告 称，局势仍充满变数。 谈判策略博弈 贝伦伯格首席经济学家霍尔格·施米丁表示，六周的窗口期不足以"解决所有细节问题"，但应该足够达 成贸易协议框架。 他表示："这足够达成类似美英协议的成果。这本质上取决于政治意愿 ...