Core Viewpoint - Swiss Post announced the suspension of postal goods to the United States starting August 26, due to new U.S. tariff regulations affecting all postal companies globally [1] Summary by Relevant Sections Service Suspension - Swiss Post will not accept postal goods destined for the U.S., except for expedited letters and express items, effective August 26 [1] - This decision follows the U.S. announcement that, starting August 29, it will no longer provide tax exemptions for imported packages valued at $800 or less, requiring all goods to be shipped with duties paid [1] Impact on Global Postal Services - The new U.S. tariff regulations differ from those of the Universal Postal Union, impacting postal operators worldwide [1] - Other countries' postal services, including those in the UK, France, Germany, Italy, Austria, Belgium, and several Nordic countries, have also suspended parcel services to the U.S. due to these tariff changes [1] Future Plans - Swiss Post is exploring solutions to resume services as soon as possible, particularly for personal gifts valued under $100 [1]

Group 1 - The U.S. government has signed an executive order to suspend tax exemptions on imported packages valued at $800 or less starting from August 29 [1] - Multiple countries have announced temporary suspensions on sending packages to the U.S., including India, Italy, France, Sweden, and Norway [2][3] - Belgium's postal service has stated that the suspension currently affects packages containing goods but does not impact letters [3] Group 2 - Spain's postal service will stop accepting low-value packages (valued at $800 or less) to the U.S. and Puerto Rico starting August 25, while allowing non-commercial letters and gifts valued under $100 [3]

Group 1 - The core viewpoint is that multiple European postal companies are suspending parcel shipments to the United States due to new U.S. tariff policies [1][3][5] - Italian postal company announced the suspension of parcel shipments to the U.S. starting August 23, while still accepting non-goods mail [1] - French postal group will suspend parcel shipments to the U.S. from August 25, except for private gift parcels valued under 100 euros [1] Group 2 - Several European postal services, including those from Germany, Belgium, Spain, and Austria, have announced similar suspensions of parcel shipments to the U.S. [2] - Swedish and Norwegian postal companies have also halted shipments, citing the need for clarification on the new U.S. customs policies [3] - Belgium's postal group specified that the suspension currently affects parcels containing goods but does not impact letters [4]

Core Viewpoint - Multiple countries have suspended parcel shipments to the United States due to new U.S. customs policies, which are expected to create significant disruptions in international shipping [2][12]. Group 1: Countries Affected - France's postal service announced a suspension of parcel shipments to the U.S. starting August 25, except for private gifts valued under 100 euros [2]. - Nearly 20 countries, including Germany, Spain, Sweden, Norway, South Korea, and Japan, have also announced similar suspensions [2]. - In Asia, South Korea's postal service will stop accepting air parcels and some express services to the U.S., while Singapore Post will only allow non-declarable documents to be sent [4]. - Japan Post has also announced a suspension of services, pending further information [5]. - In Europe, the UK Royal Mail plans to pause shipments for one to two days to transition to a new system for collecting new tariffs [6]. Group 2: Policy Details and Implications - The new U.S. customs policy, effective August 29, will end the tax exemption for parcels valued at $800 or less, leading to increased costs for international shippers [2][14]. - DHL has joined the suspension of shipments due to unclear procedures regarding tariff collection and data submission requirements [12]. - The U.S. Customs and Border Protection (CBP) has outlined that imported goods will be subject to tariffs based on their country of origin, with a 15% tariff for packages from the EU [14]. - Carriers must provide detailed information about the parcels, including quantity, origin, and value, and must pay tariffs through a specific system [15]. Group 3: Market Reactions - Following the announcement of the new policies, DHL's stock price fell by over 2.4% [12]. - Conversely, shares of UPS and FedEx saw increases of 3.1% and 5.11%, respectively, as they are certified to collect and remit tariffs on behalf of international postal carriers [16][18].

Core Viewpoint - Multiple countries have suspended parcel shipments to the United States due to new U.S. customs policies, which are set to take effect on August 29, impacting international postal services significantly [1][11]. Group 1: Countries Affected - France's postal service announced a suspension of parcel shipments to the U.S. starting August 25, with exceptions for private gifts valued under 100 euros [1]. - Nearly 20 countries, including Germany, Spain, Sweden, Norway, South Korea, and Japan, have also announced similar suspensions [1]. - In Asia, South Korea's postal service will stop accepting air parcels and some express services to the U.S., while Singapore Post will restrict shipments starting August 25, 2025 [3]. Group 2: Impact on Postal Services - The UK Royal Mail plans to suspend shipments to the U.S. for one to two days to transition to a new system for collecting new tariffs [4]. - Germany's postal service has announced a halt to shipments to the U.S. [5]. - Czech and Austrian postal services have also suspended parcel deliveries to the U.S. [6][7]. Group 3: Uncertainty in Policy Implementation - The specifics of the new tariff and data reporting requirements remain unclear, leading to confusion among international carriers [11]. - DHL has joined the suspension of shipments due to unresolved key procedures regarding tariff collection and data submission [12]. - The U.S. Customs and Border Protection has outlined new tariff calculations, including a 15% tariff on packages from the EU and fixed fees ranging from $80 to $200 for international postal shipments [14]. Group 4: Market Reactions - Following the announcement of the new policies, DHL's stock price fell by over 2.4% [12]. - Conversely, shares of UPS and FedEx saw increases of 3.1% and 5.11%, respectively, as they are certified to collect and remit tariffs on behalf of international postal carriers [14][16].

Group 1 - The Trump administration has expanded the scope of tariffs on steel and aluminum imports to include hundreds of derivative products, with a 50% tariff rate effective from August 18 [1] - The U.S. Department of Commerce announced that 407 product codes have been added to the tariff list due to their steel and aluminum content [1] - The average trade-weighted tariff rate for the U.S. has risen significantly to 20.11% as of August 7, compared to 2.44% at the beginning of the year [3] Group 2 - The simple average tariff rate for all U.S. goods has increased from 2.08% at the start of the year to 17.39% as of August 7 [4] - The affected global trade volume has surged from $288.46 billion at the beginning of the year to $2.747 trillion currently [4] - The average effective tariff rate has reached 18.6%, the highest level since 1933, according to a report from Yale University's budget laboratory [4] Group 3 - Experts from Japan have criticized the U.S. government's approach to tariff negotiations as a serious infringement on the interests of trade partners and a significant threat to global economic development [6] - The Swiss Federal Council has not considered retaliatory measures against the U.S. tariff increases, citing potential additional costs to the Swiss economy [6] - Mexico and Canada are discussing collaborative strategies to respond to U.S. tariff policies and enhance bilateral cooperation [6]

Core Insights - The trade-weighted average tariff rate imposed by the United States on all products has surged to 20.11% as of August 7, significantly higher than the 2.44% at the beginning of the year [1] - The simple average tariff rate on all goods has increased from 2.08% at the start of the year to 17.39% as of August 7 [1] - The global trade volume affected by these tariffs has escalated from $288.46 billion at the beginning of the year to $2.747 trillion currently [1] - The average effective tariff rate in the U.S. has reached 18.6%, marking the highest level since 1933, according to a report from Yale University's budget laboratory [1] - The U.S. government announced the applicable tariff rates for 69 trading partners on July 31, with new rates taking effect from August 7 [1]

Group 1 - The trade-weighted average tariff rate imposed by the United States on all products has risen to 20.11%, significantly higher than the 2.44% at the beginning of the year [1] - The simple average tariff rate on all goods has increased from 2.08% at the start of the year to 17.39% as of the 7th [1] - The global trade volume affected by these tariffs has surged from $288.46 billion at the beginning of the year to $2.747 trillion currently [1] Group 2 - The average effective tariff rate in the United States has reached 18.6%, marking the highest level since 1933 [1] - A report from Yale University's budget laboratory indicates that the adjustments in U.S. tariff policy have led to this increase [1] - New tariff rates applicable to 69 trading partners were announced by the U.S. government on July 31, with implementation starting on August 7 [1]

Core Viewpoint - Fitch Ratings anticipates that European natural gas prices will continue to experience high volatility, particularly in the context of ongoing adjustments to U.S. tariff policies [1] Group 1 - European natural gas prices are expected to remain highly volatile [1] - The volatility is influenced by the adjustments in U.S. tariff policies [1]

Export Performance - In April, exports showed resilience with a growth rate of 8.1%, surpassing the first quarter's growth of 6.4% and significantly exceeding the consensus expectation of 0.8%[1] - Month-on-month, April exports increased by 0.6%, indicating sustained export momentum despite a surge in March[1] Regional Analysis - Exports to ASEAN, Canada, and Latin America saw significant increases, with exports to ASEAN nearly doubling to 20.8% and to Vietnam reaching 22.5%[2] - Conversely, exports to the United States declined by 21.0%, while exports to Canada and the EU increased by 15.0% and 8.3%, respectively[2] Product Categories - Labor-intensive and consumer electronics exports weakened, with declines in categories such as plastic products (-1.2%), bags (-9.1%), and clothing (-1.2%) indicating a significant impact from tariffs[3] - Mechanical and high-tech products maintained resilience, with integrated circuit exports accelerating by 1.5%[3] Import Trends - Imports showed a slight recovery with a year-on-year decline of only 0.2%, an improvement of 4.1 percentage points from the previous month[4] - Notably, copper imports surged by 48.9%, driven by increased prices due to U.S. tariffs on copper ore[4] Trade Policy Outlook - Short-term exports to the U.S. are expected to recover, but long-term dynamics will depend on ongoing U.S.-China trade negotiations and tariff policy adjustments[5] - The U.S. has reduced tariffs on Chinese goods to 30%, with a temporary suspension of 24% tariffs for 90 days, creating uncertainty for future export demand[5]