Core Viewpoint - The U.S. Department of Energy Secretary Chris Wright believes that reducing Russian natural gas sales to Europe is the most direct way to pressure Russia to end the Ukraine conflict [1][3]. Group 1: U.S. Strategy on Russian Energy - Wright stated that cutting off natural gas sales is easier than oil due to the complexity of gas transportation infrastructure, which includes pipelines and LNG terminals [1]. - He emphasized that if the five pipelines supplying gas to Europe are shut down, Russia would lose significant revenue [1]. - The U.S. is exploring creative ways to pressure Russia, particularly regarding the tracking of Russian oil sales to India and Turkey [3]. Group 2: European Energy Transition - Wright urged European countries to stop purchasing Russian oil and gas to enable the U.S. to impose stricter sanctions on Russia [4]. - He highlighted that European nations should instead buy U.S. LNG and other fossil fuels to fulfill trade agreements, which require the EU to purchase $750 billion worth of U.S. energy products by the end of 2028 [4]. - The EU is planning to phase out Russian LNG imports by early 2027, a year earlier than initially planned, and is negotiating to stop all imports of Russian fossil fuels by 2028 [5]. Group 3: Regulatory Concerns - Wright expressed concerns that EU climate regulations and the goal of achieving net-zero emissions by 2050 pose significant threats to U.S.-EU trade agreements [5]. - He warned that unless there are major adjustments, EU regulations on carbon border adjustments and methane emissions could create substantial legal risks for U.S. fossil fuel companies [5].

2025 年 09 月 25 日 铜：铜矿不可抗力扰动，价格大涨 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 国 泰 君 安 期 货 研 究 所 【基本面跟踪】 铜基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪铜主力合约 | 79,960 | 0.05% | 82610 | 3.31% | | | 伦铜3M电子盘 | 10,320 | 3.27% | - | - | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | 沪铜主力合约 | 51,727 | -11,472 | 172,444 | -850 | | | 伦铜3M电子盘 | 47,088 | 35,670 | 290,000 | 405 | | | | 昨日期货库存 | 较前日变动 | 注销仓单比 | 较前日变动 | | | 沪铜 | 27,419 | -308 | - | - | | | 伦铜 | 144,775 | -200 | 8.13% | - ...

美国正式公告：实施美欧贸易协议，征收欧盟汽车15%关税。 当地时间9月2 4日，美国特朗普政府发布正式公告，实施美国与欧盟达成的贸易协议，确认自8月1日起，对欧盟进口汽车及汽车产品征 收15%的关税。此外，文件还列出了对某些药物化合物、飞机零部件及其他进口商品的关税豁免。 当地时间7月2 7日，美国总统特朗普表示，美国已与欧盟达成新贸易协议，对欧盟输美商品征收15%的关税。欧盟委员会主席冯德莱恩 称，15%税率是欧委会能够达成的最佳结果。 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c ne ne rgy） 责编丨李慧颖 国际返程深研究院 在右工業周正被布货座研究院 新质生产力人才计划 暨2025ESG能源青年企业家 创新创业TOP30 案例征集 指定申报邮箱 zqnyb_2009@163.com 咨询电话 010-6536 7131 / 9485 / 9497 来源：央视新闻客户端 征集时间 2025年6月-9月30日 寻找ESG新商业文明时代的定义者 让世界听到青年企业家商业向善的声音 ...

关税最新。 当地时间9月24日，美国特朗普政府发布正式公告，实施美国与欧盟达成的贸易协议，确认自8月1日起，对欧盟进口汽车及汽车产品征收15%的关税。此外， 文件还列出了对某些药物化合物、飞机零部件及其他进口商品的关税豁免。 冯德莱恩：15%税率是欧委会能够达成的最佳结果 当地时间7月27日，在与特朗普宣布欧盟美国达成重大贸易协议后，欧盟委员会主席冯德莱恩对外解释其在对美贸易谈判中的部分决定。 冯德莱恩称，欧盟目前仍然过度依赖俄罗斯液化天然气，因此，从美国进口更多价格可承受的液化天然气是非常受欢迎的。 在关税安排方面，冯德莱恩确认，协议中对汽车行业的关税统一定为15%。她表示，在当前形势下，15%的关税水平是欧委会能够达成的最佳结果。 此外，她还证实，欧盟与美国在医药行业也达成一致，将实施15%的统一关税税率。冯德莱恩承认，欧盟与美国尚未就烈酒领域做出决定，当天签署的贸易 协定框架的细节将在未来几周内公布。 总台记者观察丨美欧新贸易协议：一次欧盟的"屈服"与"失败" 近日，美欧达成新贸易协议。其中，汽车关税看似降至15%，实则远高于特朗普重返白宫之前的关税，与此同时，欧盟还将对美汽车关税降至零，凸显了该 协议 ...

据央视新闻，美 国特朗普政府当地时间9月24日发布正式公告，实施美国与欧盟达成的贸易协议，确认自8月1日起，对欧盟进口汽车及汽车产品征 收15%的关税。此外，文件还列出了对某些药物化合物、飞机零部件及其他进口商品的关税豁免。 当地时间7月27日，美国总统特朗普表示，美国已与欧盟达成新贸易协议，对欧盟输美商品征收15%的关税。欧盟委员会主席冯德莱恩称，15%税率 是欧委会能够达成的最佳结果。 ...

Core Viewpoint - The European Central Bank (ECB) decided to maintain its three key interest rates unchanged during its monetary policy meeting, which was the first after the recent US-EU trade agreement, amid concerns about economic growth and inflation stability in the Eurozone [1][2]. Group 1: Monetary Policy Decisions - The ECB's deposit facility rate, main refinancing rate, and marginal lending rate remain at 2.00%, 2.15%, and 2.40% respectively [2]. - Since starting the rate cut process in June 2024, the ECB has lowered rates eight times, with the last decision in July 2024 to keep rates unchanged [2]. Group 2: Economic Forecasts - The ECB maintains a medium-term inflation target of 2% for the Eurozone, with projected overall inflation rates of 2.1% in 2025, 1.7% in 2026, and 1.9% in 2027 [2]. - The latest economic growth forecast for the Eurozone is 1.2% for 2025, an increase from the previous prediction of 0.9% made in June [2]. - The Eurozone economy grew by 0.7% in the first half of the year, supported by resilient demand [2]. Group 3: Risks and Uncertainties - Higher tariffs, a stronger euro, and increased global competition are expected to suppress growth in the Eurozone [3][4]. - Geopolitical tensions and potential deterioration in international trade relations pose significant uncertainties that could further inhibit exports, investment, and consumption [4]. - The recent political turmoil in France, including the resignation of former Prime Minister Béru, raises concerns about debt levels and political stability in the Eurozone's second-largest economy [4]. Group 4: Future Challenges - The ECB's primary challenge may shift from inflation to political and fiscal risks within Europe [5]. - Analysts suggest that while the threshold for further rate cuts is high, the ECB may be forced to reconsider its stance in the coming months if inflation remains below target or economic growth stagnates [4].

Group 1 - The EU is seeking to quickly advance legislation to eliminate all tariffs on U.S. industrial goods to meet the U.S. government's condition for reducing auto export tariffs [1] - Currently, EU automotive and parts exports to the U.S. face a 27.5% tariff, while a trade agreement would reduce U.S. tariffs on nearly all European products to 15% [1][2] - The EU acknowledges that the trade agreement is more beneficial to the U.S., but it is crucial for ensuring stability and certainty for European businesses [1] Group 2 - The EU is under pressure to complete the reduction of auto tariffs, with a potential 15% tariff on European auto exports to the U.S. retroactive from August 1 if the proposal is made by the end of the month [2] - The automotive sector is a significant export for the EU, with Germany alone exporting $34.9 billion worth of new cars and parts to the U.S. in 2024 [2] - A survey indicated that 55% of respondents believe the tariff agreement imposes a heavy burden on the European economy, with 54% of companies with U.S. operations reporting a decrease in trade volume [3]

西雅尔多指出，如果未来欧盟无法履行承诺，美国很可能对欧盟征收更高的关税。目前，匈牙利政府与 企业已经成立了联合工作组，以制定一项工业和就业保护行动计划。 （文章来源：央视新闻） 当地时间11日，匈牙利外长西雅尔多表示，美欧贸易协议存在多处疑问。此前，欧盟委员会主席冯德莱 恩与美国达成价值数千亿美元的投资和能源采购协议，但没有人知道由谁、何时以及如何实施，还有由 哪方来支付这些账单。此外，美欧贸易协议诸多细节尚未敲定。 ...

数据显示，6月德国国内需求维持，来自欧元区20国的订单也有所增加。作为德国制造业的核心部分， 机械制造商上半年收到的来自欧元区的订单大幅增加，表明他们已经将注意力从美国转移开。 这份数据突显出德国在经历了前两年大部分时间衰退后的脆弱状态。尽管近期市场信心逐步改善，制造 业产出也在增加，但美国关税的大幅提高已成为现实。当地时间7月27日，美国总统特朗普表示，美国 已与欧盟达成贸易协议，对欧盟输美商品征收15%的关税。 智通财经APP获悉，由于美欧贸易协议前景在6月远未明朗，德国工业订单在6月连续第二个月环比下 滑。数据显示，德国6月工业订单环比下滑1%，不及市场预期的环比增长1.1%，经修正后的前值为环比 下滑0.8%。 德国经济部在一份声明中表示："鉴于贸易和地缘政治的持续高度不确定性，订单数量仍然受到强烈波 动的影响，这并不令人意外。""由于对美出口商品关税的提高似乎是永久性的，德国工业未来可能面临 国外需求低迷的局面。" 不过，德国政府的财政承诺以及该国一些主要公司至少投资1000亿欧元的计划为经济增长提速带来了希 望。经济学家Martin Ademmer表示："我们仍然认为，由于基础设施和国防开支的增加 ...

Core Viewpoint - The European Union has decided to suspend the countermeasures against U.S. tariffs that were set to take effect on August 7, as it engages in discussions to implement a trade agreement reached last month with the U.S. [1] Group 1: EU's Decision and Trade Agreement - The EU Commission spokesperson announced the suspension of the countermeasures against U.S. tariffs [1] - The decision follows ongoing negotiations between the EU and the U.S. to finalize the trade agreement [1] - EU officials retain the option to reinstate countermeasures if negotiations do not proceed satisfactorily [1] Group 2: Member States' Reactions - Several EU member states have expressed dissatisfaction with the recent trade agreement with the U.S., feeling that the EU has been too lenient [1] - There are calls for a firmer stance from the EU in future negotiations [1] - The framework agreement reached between the U.S. and EU still requires clarification on various points [1] Group 3: Preparedness for Future Actions - The EU has prepared a list of U.S. goods for potential tariffs, including soybeans, airplanes, cars, and whiskey, to be enacted if negotiations fail [1]