Core Viewpoint - The article discusses the significant decline of the US dollar, which has experienced an 8.4% drop in the first five months of the year, marking the worst start in history against a basket of global currencies. This decline is exacerbated by a controversial tax provision in the latest federal tax and spending bill, which could lead to a capital war by imposing new taxes on foreign investments deemed unfair [1][2]. Group 1: Dollar Performance - The US dollar has recorded an 8.4% decline in the first five months of the year, the worst performance on record [1]. - The dollar index is currently trading near its lowest level since spring 2022 [1]. - The decline in the dollar is seen as a signal that could further weaken its position in the global market [1]. Group 2: Tax Provision Impact - A hidden provision in the federal tax bill, referred to as the "retribution tax," allows the government to impose new taxes on foreign investments from countries with perceived unfair tax systems [1]. - This provision could escalate trade tensions into a capital war, threatening trillions of dollars in US assets held by foreign investors [1]. Group 3: Global Capital Flows - The potential "asset tax" could impose additional costs on European investors when repatriating capital gains, dividends, or US Treasury coupon payments [2]. - Major market participants are already reacting, with the euro appreciating by 11% this year despite a weak Eurozone economy [2]. - The Japanese yen has risen by 9% and the British pound by 8%, despite their respective central banks also cutting interest rates [2].

财报季警报 关税与美元颓势重创全球企业营收 金十数据4月24日讯，在这个财报季，不断上升的关税以及美元的走弱给全球各地公司的盈利预期蒙上 了一层阴影，预计在未来几个季度还会造成更多损害。随着美元兑欧元跌至三年来的低点，兑瑞士法郎 跌至十年来的低谷，欧洲各地的公司已然拉响了警报。对于正努力应对因特朗普总统的贸易政策而带来 的经济放缓风险的股市而言，这又是一个令人头疼的问题。欧洲市值最高的公司之一，思爱普就指出了 汇率问题带来的困扰。这家软件制造商的首席财务官向投资者表示，美元疲软是中期内影响公司盈利的 不利因素，随着货币套期保值措施开始到期，这种影响在明年将会变得十分明显。与此同时，对于荷兰 啤酒制造商喜力公司而言，欧元对一系列货币的走强预计将使该公司今年的营收减少17.2亿欧元。法国 医疗诊断公司生物梅里埃和英国零售商WH史密斯公司在其财报中也强调了汇率风险。龙柏资本宏观研 究主管弗洛里安・耶尔波表示："欧洲公司必须清醒地认识到，它们的价格竞争力不能再依赖于美元的 走强了。" ...