Core Points - The article discusses the recent U.S.-China trade negotiations and the implications of various trade agreements made by the Trump administration, highlighting the fragility and questionable authenticity of these agreements [1][4][19] Group 1: Trade Agreements and Commitments - The U.S. and China have agreed to pause the implementation of 24% tariffs for 90 days, marking a continuation of trade negotiations [1] - Various countries have made significant purchasing commitments, such as the EU agreeing to buy $750 billion worth of U.S. oil and gas, but the feasibility of these commitments is widely questioned [8][9] - Vietnam has committed to purchasing $2 billion in U.S. agricultural products, yet this pales in comparison to a 49% drop in U.S. agricultural exports to China [10] Group 2: Economic Impact and Criticism - The Trump administration's trade policies have led to the highest tariffs in nearly a century, costing American households an average of $2,400 annually [6] - Job losses in the manufacturing sector have been significant, with 37,000 jobs lost since the announcement of tariffs [6] - The article argues that the trade agreements have not resulted in the promised economic benefits and have instead harmed the U.S. economy and its global standing [4][5] Group 3: Uncertainty and Lack of Clarity - There is a lack of clarity regarding the specifics of the trade agreements, with no official texts released, leading to uncertainty among businesses and investors [7] - Many of the purchasing commitments lack legal enforceability, raising doubts about their actual implementation [10][13] - The Trump administration's new tariffs on indirect imports could further complicate trade relationships and increase costs for countries reliant on Chinese components [15] Group 4: Shifts in Global Trade Dynamics - Traditional allies are seeking to reduce their dependence on the U.S., with countries like the EU, Japan, and South Korea looking to strengthen ties with China [18] - The article suggests that the Trump administration's approach may lead to the emergence of a "anti-U.S. alliance" in global trade [2][19] - The potential for a new global trade framework that does not prioritize U.S. interests is highlighted as a significant outcome of current trade negotiations [19]

Core Viewpoint - Despite the passage of Trump's "Big Beautiful" plan in the Senate, market reactions have been relatively muted, with investors remaining cautious ahead of the upcoming tariff reimplementation date on July 9 and the U.S. non-farm payroll data due on Thursday [1]. Market Performance - Global stock markets are trading within a narrow range, with European and U.S. stock index futures showing slight increases, while most Asian markets experienced minor declines, notably the Nikkei 225 index which fell by 0.6% [1][2]. - U.S. stock index futures, including the S&P 500, rose approximately 0.3%, while European stock index futures increased by about 0.4% [6]. Currency and Commodity Trends - The U.S. dollar index is hovering near a three-year low, with the New Taiwan dollar surpassing the 29 mark against the dollar for the first time since late June [5][6]. - The euro has slightly decreased by 0.2% to 1.1781 against the dollar, while the Japanese yen depreciated to 143.82 per dollar [8][11]. - Gold prices have seen a minor decline of 0.15%, settling at $3333 per ounce after a 2% increase in the previous two trading days [18]. - Both Brent and WTI crude oil prices dropped by approximately 0.2% [21]. Employment Data Expectations - Investors are closely monitoring the upcoming non-farm payroll data, with economists predicting an addition of around 110,000 jobs in June, down from 139,000 in the previous month, and a slight increase in the unemployment rate to 4.3% [1].

Group 1 - The meeting between President Trump and Federal Reserve Chairman Powell did not reach a consensus on interest rate policy, with both parties seemingly speaking past each other [1] - Trump continues to pressure Powell to lower interest rates, arguing that the Fed's refusal puts the U.S. at an economic disadvantage [1] - Powell emphasized that future actions will depend on economic data and will be based on non-political analysis [1] Group 2 - The meeting was the first face-to-face discussion between Trump and Powell since the latter's appointment, highlighting the ongoing tension between the White House and the Fed [2] - Economists suggest that Trump's public pressure on the Fed may be counterproductive, as it could remind markets of the political risks faced by the central bank [1][2] - The current federal funds rate is maintained in the range of 4.25%-4.5%, with expectations that rates will remain stable until the impact of Trump's trade policies becomes clearer [3]