Core Viewpoint - The recent increase in tariffs imposed by the U.S. on Swiss goods, reaching 39%, has shocked Switzerland, which had anticipated a lower rate following negotiations [1][2]. Group 1: Tariff Impact - The new tariff rate of 39% is the highest among European countries and affects nearly 60% of Swiss exports to the U.S. [1] - The previous expectation was for a 10% tariff, with Swiss officials expressing disappointment over the significant deviation from prior negotiations [1][2]. Group 2: Economic Context - The U.S. cites a trade deficit of $38.3 billion with Switzerland as a reason for the high tariffs, claiming that the U.S. is at a disadvantage in bilateral trade [2] - Switzerland has been labeled a "currency manipulator" by the U.S. due to its attempts to devalue the Swiss franc to boost exports [2]. Group 3: Government Response - The Swiss government plans to continue negotiations with the U.S. to lower tariffs and may implement support measures for Swiss companies facing pressure from the tariffs [3] - Proposed measures include more flexible policies regarding working hours and wages to prevent layoffs [3].

在特朗普掀起的贸易战里，显然没有"中立国"之说。特朗普关心的只有你的拳头够不够硬，或者愿不愿意 让步更多…… 据央视新闻报道，根据美国总统上周五发布的行政令，从8月7日起，美国将对从瑞士进口的商品征收39% 的关税。 这也意味着，瑞士这个向来以"中立国"而闻名于世的国度，被特朗普征收的关税税率将仅次于巴西、老 挝、缅甸和叙利亚等寥寥少数几个国家。同时，瑞士也就此成为了少数几个，在8月被征收的对等关税税率 高于特朗普4月"解放日"威胁的国家。 而令不少瑞士人感到尤为耻辱的，或许是上周五这一天——8月1日，也恰好是瑞士的国庆日！ 瑞士报纸《Blick》就直言不讳地表示，这是自1515年瑞士在马里尼亚诺战役中惨败给法国以来，该国遭遇 的最惨痛失败！ 那么，特朗普在本轮对等关税的加征中，缘何会对向来以中立著称的瑞士痛下狠手呢？39%的美国高关 税，又将对瑞士经济产生怎样的冲击呢？ 一、特朗普的贸易逆差"眼中钉"：瑞士 毫无疑问，瑞士官员对特朗普突然宣布的高关税，是深感措手不及的——因为他们此前曾认为与美国贸易 代表格雷尔和财政部长贝森特的谈判进展顺利，并已达成了初步共识。 据知情人士称，今年4月，瑞士就曾表示对与美国 ...

Group 1 - The U.S. will impose a 39% tariff on goods imported from Switzerland starting August 7, making Switzerland one of the few countries facing such high tariffs, second only to Brazil, Laos, Myanmar, and Syria [1][2] - The announcement coincided with Switzerland's National Day on August 1, which has been described as a significant humiliation for the country [2] - The trade deficit between the U.S. and Switzerland has surged, reaching nearly $50 billion in the first five months of the year, ranking Switzerland as the fifth largest trade deficit partner of the U.S. [5] Group 2 - Swiss officials were caught off guard by the high tariffs, as they believed negotiations with U.S. representatives were progressing well, with Switzerland expressing confidence in reaching a trade agreement [3][9] - The Swiss economy is heavily reliant on foreign trade, with approximately 19% of its exports going to the U.S., making it the largest export market for Switzerland [9] - The Swiss pharmaceutical industry, which exports about 60% of its products to the U.S., is under scrutiny, as it has been suggested that it may have hindered negotiations with the U.S. [12] Group 3 - The Swiss stock market is expected to open lower following the tariff announcement, with major companies like Novartis, Roche, and Nestlé listed on the Swiss exchange [12] - Analysts predict that if the tariffs remain unchanged, Switzerland's GDP could decline by approximately 0.6 percentage points, with more severe impacts if pharmaceuticals are excluded from tariff exemptions [13]

Core Viewpoint - The U.S. Treasury Department has added Ireland and Switzerland to its "currency monitoring list," increasing the total number of closely monitored countries to nine, despite no major trading partners being accused of currency manipulation for unfair trade advantages in 2024 [1][3]. Group 1: Currency Monitoring List - Ireland and Switzerland were added to the currency monitoring list due to their significant trade surplus with the U.S. exceeding $15 billion and a current account surplus over 3% of their GDP [3]. - The report indicates that countries are automatically placed on the monitoring list if they meet specific criteria related to trade surplus and foreign exchange purchasing behavior [3]. Group 2: Responses and Implications - The Swiss National Bank denied any currency manipulation, asserting that it does not attempt to distort trade balances or gain unfair competitive advantages [3]. - The report marks the first currency policy report since Trump's return to the White House, with a noticeably stronger tone compared to previous reports during Biden's administration, which did not label any country as a currency manipulator [3]. - The overall strength of the U.S. dollar has increased by an average of 7% against major currencies in 2024, reducing the incentive for countries to devalue their currencies [3].

Core Viewpoint - The U.S. Treasury has placed South Korea back on the "currency manipulation watch list" due to its significant trade surpluses, indicating a political maneuver rather than a purely technical assessment of currency practices [1][3][4]. Group 1: Economic Data and Trends - South Korea's trade surplus with the U.S. surged from $14 billion in 2024 to $55 billion, while its current account surplus increased from 1.8% to 5.3% of GDP [3]. - The U.S. Treasury's criteria for "currency manipulation" lack international consensus and are unilaterally defined, leading to inconsistent application based on political contexts [3][4]. Group 2: Political Implications - The re-inclusion of South Korea on the watch list serves as a warning signal in the context of U.S.-Korea trade and industrial competition, aiming to pressure South Korea into concessions regarding its industrial policies and exports to the U.S. [4][6]. - The U.S. strategy reflects a broader trend of exerting pressure on allied nations in the Indo-Pacific region, highlighting growing tensions in trade, finance, and technology sectors despite strong military ties [6][8]. Group 3: Global Financial System Impact - The U.S. Treasury's actions undermine the multilateral mechanisms for currency monitoring established by the International Monetary Fund (IMF), contributing to the politicization of the international financial system [6][8]. - The use of the "currency manipulation watch list" as a policy tool may lead to increased uncertainty in global finance, affecting investor confidence and the stability of smaller economies [8].

Core Viewpoint - The Swiss National Bank has acknowledged the U.S. Treasury's report regarding currency manipulation and unfair trade practices [1] Group 1 - The Swiss National Bank is aware of the U.S. Treasury's concerns about currency manipulation [1] - The report from the U.S. Treasury highlights issues related to unfair trade practices that may affect international economic relations [1]

报告对日本高度的透明性等予以肯定，同时还提到了日本的货币政策。增加了新的表述称，"日本银行 的货币紧缩政策应该配合包括经济增长和物价上涨在内的国内经济基础条件继续实施，这将有助于推动 日元对美元贬值的正常化，以及双边贸易的结构性再平衡"。 美国财政部高级官员在被记者问及（报告中有关日本内容的）真实意图时表示，"并非在提出某种主 张"。并评价称，"作为七国集团（G7）成员之一，日本有不通过国内政策操纵汇率的坚定承诺"。 此次的报告还在有关日本的表述中指出，"大规模公共养老金基金等政府投资机构，应该出于确保收益 和分散投资的目的进行海外投资，不应该以操纵汇率为目的进行投资"。 美国发布外国汇率政策报告，没有指定"汇率操纵国"，但明确提出中国未来可能被列入对象名 单。中国大陆、日本等被列入密切关注是否进行汇率操纵的"监视名单"…… 美国财政部6月5日发布了半年一次的外国汇率政策报告。虽然没有指定作为制裁讨论对象的"汇率操纵 国"，但明确提出中国未来可能被列入对象名单。这份报告针对日本提到，日本银行（央行）趋于收紧 货币政策的动向有助于纠正日元贬值。 这是特朗普第二次上台执政后首次发布外汇报告。此次针对2024年的情 ...

Domestic News - Xi Jinping held a phone call with US President Trump, indicating ongoing diplomatic engagement between the two nations [1] - The US plans to tighten regulations on foreign companies listed in the US, prompting a response from China's Foreign Ministry urging adherence to fair competition principles and cessation of politicizing economic issues [1] International News - The conflict between Trump and Musk escalated, resulting in Tesla's market value dropping by $150 billion [1] - The European Central Bank lowered three key interest rates by 25 basis points, with Lagarde suggesting the end of the rate-cutting cycle, leading the market to no longer fully price in another 25 basis point cut within the year [2] - Initial jobless claims in the US surged to an eight-month high, while the trade deficit decreased sharply by 55.5% to $61.6 billion due to a significant drop in imports caused by Trump's tariffs [2] - The US is showing flexibility in reducing additional tariffs on Japan, and negotiations with India may lead to a temporary agreement on tariff reductions and market access [2] - The US Treasury's semi-annual report did not label any country as a currency manipulator, indicating a potential easing of trade tensions [3]

Core Viewpoint - The U.S. Treasury Department's semiannual report indicates that no country has been designated as a currency manipulator, reflecting a stable exchange rate environment among major trading partners [1] Summary by Relevant Sections - **Report Overview** - The report assesses the macroeconomic and foreign exchange policies of major U.S. trading partners, which account for approximately 78% of U.S. goods and services trade [1] - **Currency Manipulation Findings** - As of the four quarters ending December 2024, the Treasury found no major trading partners manipulating their currencies against the U.S. dollar [1] - **Monitoring List** - The current "monitoring list" includes nine economies: Japan, South Korea, Singapore, Vietnam, Germany, Ireland, and Switzerland [1]

Core Viewpoint - The United States has not designated any country as a currency manipulator, indicating a stable approach to international currency relations [1] Group 1 - The U.S. government maintains that no countries are currently labeled as currency manipulators, which may reflect a diplomatic strategy to foster better trade relations [1]