Core Viewpoint - The global trade friction index reached 110 in July, indicating a high level of trade tensions, with trade friction measures increasing by 6.6% year-on-year and 27.6% month-on-month [1] Group 1: Global Trade Friction - The trade friction measures are significantly influenced by the U.S. repeatedly adjusting its tariff policies, leading to a resurgence in global trade tensions in July [1] - Among 20 monitored countries and regions, the U.S., EU, and Brazil have the highest trade friction indices, with the U.S. having the largest amount of trade friction measures for 13 consecutive months [1] Group 2: Industry-Specific Insights - Trade friction conflicts are concentrated in 13 major industries, particularly in electronics, chemicals, transportation equipment, machinery, pharmaceuticals, light industry, and non-ferrous metals, with the electronics industry having the highest trade friction index [1] Group 3: China-Specific Trade Friction - The trade friction index concerning China among 19 countries and regions is at a high level of 107, with the U.S. having the highest index. Key sectors include drones, solar cells, and AI chips [1] - In July, the trade friction measures involving China decreased by 16.4% year-on-year but increased by 11.9% month-on-month [1]

中国方面保持克制。官方表态一如既往，强调对话与合作，同时展现出必要的反制手段。几次关税应对精准落子，让外界看到中国市场的韧性。于是到了第 四轮谈判前夕，舆论场出现一个微妙转折——不少美媒开始自嘲：美方看似强硬，实则已经被现实拖累。 这种背景下的马德里舞台充满戏剧感。一边是美国财政部长带着国内压力上桌，一边是中国高层淡定赴会。斗牛场的观众等待激情对抗，谈判桌上的观察者 也在等谁先亮底牌。结果如何谁都不敢断言，但悬念感已经被推到高点。 第四轮谈判定在马德里，美财政部长贝森特准备出场。地点有意思，斗牛场的城市迎来经济较量，舞台感十足。美方带着压力上桌，中方则稳住阵脚。至于 结果，还要看谈判桌上的牌怎么打。 2025年9月，美国财政部对外宣布，财政部长贝森特将代表华盛顿政府前往马德里，同中方展开第四轮经贸谈判。消息一出，外界立刻把焦点投向西班牙首 都。一个以斗牛闻名的城市，突然成了中美关税大战的会场，让不少评论员忍不住调侃：斗牛场换成谈判桌，观众还是那群盯紧走向的全球市场。 三轮交锋走过，美方不断加码关税，中方接连反制，节奏像是棋局里互相加重子。前几轮里，美方动作急，中方动作稳。到第四轮之前，外部媒体已经喊 出"谁顶 ...

Group 1 - The U.S. announced a 90-day suspension of the 24% tariffs on Chinese goods while maintaining the existing 10% tariffs, indicating a desire to ease tensions without relinquishing leverage in negotiations [1][3] - Following the U.S. announcement, China quickly retaliated by launching an anti-dumping investigation against Canadian and Japanese imports of halogenated butyl rubber, which had been under investigation since September 2024 [3][5] - The Chinese authorities determined that the imports from Canada and Japan were indeed dumping and causing substantial harm to domestic industries, leading to the imposition of a deposit requirement for these imports starting August 14 [5][7] Group 2 - The swift response from China demonstrates adherence to anti-dumping regulations and WTO rules, targeting U.S. allies to signal that countries supporting U.S. actions against China will face consequences [7] - Japan's cooperation with the U.S. on tariff negotiations and its efforts to assist in resolving issues related to rare earth materials have been noted, indicating a strategic alignment with U.S. interests [5][7] - Canada's previous actions, including imposing tariffs on Chinese electric vehicles and steel products, have led to its current predicament, highlighting the interconnectedness of international trade policies and retaliatory measures [5][7]

Core Viewpoint - The Indian government criticizes the U.S. for imposing additional tariffs on Indian products, labeling the actions as "unfair, unjust, and unreasonable" and indicating that India will take necessary actions to protect its national interests [1] Group 1: U.S. Tariffs on India - The U.S. President signed an executive order imposing an additional 25% tariff on Indian exports, citing India's import of Russian oil as the reason [1] - The Indian government has expressed regret over the U.S. decision to impose tariffs, emphasizing that its oil imports are based on market factors and aimed at ensuring energy security [1] Group 2: U.S.-India Trade Relations - The U.S. has been pressuring India on trade issues, threatening to significantly increase tariffs on Indian products due to India's purchase of Russian oil [1]

Group 1 - The Indian government and major opposition parties have strongly responded to the U.S. threats of imposing tariffs on Indian products due to India's purchase of Russian oil [1] - U.S. President Trump has threatened to impose a 25% tariff on Indian goods, citing high tariffs and non-tariff barriers as burdensome [1] - India's ruling party and opposition have criticized Trump's comments, emphasizing the need to protect national dignity and economic interests [1] Group 2 - Indian Prime Minister Modi stated the necessity for India to protect its economic interests amid global uncertainties, possibly in response to Trump's previous remarks [2] - Trade negotiations between the U.S. and India have stalled, with India refusing to grant tariff concessions on agriculture and dairy as requested by the U.S. [2] - The U.S. Department of Commerce reported that the trade volume between the U.S. and India is projected to be approximately $128.8 billion in 2024, with India having a trade surplus of $45.8 billion [2]

Domestic News - The Ministry of Commerce expressed China's expectation to deepen dialogue with the U.S. to achieve more win-win results following the recent economic talks held in Stockholm [1][2] - China's manufacturing PMI for July was reported at 49.3%, a decrease of 0.4 percentage points from the previous month, marking the first decline in four months [2] - The National Development and Reform Commission announced a new pricing mechanism for newly launched drugs, adding over 100 price items related to new medical technologies [2] International News - The Bank of Japan maintained its current interest rate level amid uncertainties regarding the impact of U.S. tariff policies on the Japanese economy [5] - The German government plans a total expenditure of €520.5 billion for the 2026 federal budget, a 3.5% increase from the previous year, with a focus on infrastructure and digital development [5] Market Overview - The Shanghai Composite Index closed at 3573.21, down 1.18% [6] - The Hang Seng Index ended at 24773.33, down 1.6% [6] - The onshore RMB was quoted at 7.193, appreciating by 62 points [6]

Core Viewpoint - The U.S. Treasury Secretary's claims about China withholding rare earth exports are contradicted by the American Chamber of Commerce, which states that delays are due to new approval processes rather than outright bans [1][3]. Group 1: Rare Earth Exports - The American Chamber of Commerce president, Michael Hart, indicated that China is not blocking rare earth exports but that the approval process is slower than expected [1]. - U.S. Treasury Secretary's comments about China withholding rare earths came after President Trump accused China of violating agreements [1]. - China accounts for nearly 70% of global rare earth production, making it a critical player in the supply chain for high-end products [3]. Group 2: Export Control Measures - In response to trade tensions, China announced a temporary suspension of export control measures on 28 U.S. entities, effective from May 14, 2025 [3]. - The Chinese Ministry of Commerce stated that export controls on dual-use items are a common international practice, reflecting China's commitment to maintaining global peace and stability [3]. - The U.S. has implemented several discriminatory measures against China, including restrictions on AI chip exports and visa cancellations for Chinese students, which have escalated trade tensions [4]. Group 3: Bilateral Relations - The Chinese Ministry of Commerce criticized the U.S. for unilaterally escalating trade tensions and urged the U.S. to correct its actions to maintain healthy bilateral economic relations [4]. - The ongoing trade disputes and accusations from the U.S. are seen as detrimental to the consensus reached in previous economic talks [4].

Group 1 - The Ministry of Commerce spokesperson criticized the U.S. for unilaterally escalating trade tensions, which increases uncertainty and instability in bilateral economic relations, and accused the U.S. of unjustly blaming China for violating agreements [1] - The Chinese Ministry of Industry and Information Technology announced plans to intensify efforts to regulate "involution" competition in the automotive industry to maintain a fair and orderly market environment [1] - As of June 1, the sales volume of consumer goods through the trade-in program has exceeded 1 trillion yuan this year [1]