转自：贵州日报 美国最高法院日前裁决，美国《国际紧急经济权力法》未授权总统征收大规模关税。此后，美国总统特 朗普宣布援引其他法律条款对进口商品加征15%关税。英国和澳大利亚相关人士对此表示强烈关切，认 为此举将推高出口成本，削弱企业竞争力，进一步加剧全球贸易环境的不确定性。 特朗普政府宣布新增关税后，除英美去年达成的贸易协议涵盖的商品外，英国输美商品关税税率将从 10%升至15%。澳大利亚与美国的自由贸易协定取消了几乎所有澳大利亚输美商品的关税，如今澳大利 亚产品实际可能面临更高关税。 英国商会贸易政策主管威廉·贝恩23日说，英国对美出口企业"深感失望"。此举将使英国对美出口的关 税成本增加20至30亿英镑（1英镑约合1.35美元）。他认为，提高关税"对贸易不利，对美国消费者和企 业不利，也将削弱全球经济增长"。企业迫切需要更加清晰和稳定的政策环境，"更高的关税绝不是实现 这一目标的方式"。 （《英澳反对美新关税措施》由贵阳日报为您提供，转载请注明来源，未经书面授权许可，不得转载或 镜像。） 澳大利亚国家党领导人、影子农业部长戴维·利特尔普劳德告诉澳大利亚广播公司，美方征收这样的关 税是"非理性的"，"我们需 ...

的关税政策。听说，白宫内部已经悄悄启动了新的301条款调查，这无疑是为150天后的长期关税铺路。 整个过程，就像是一套精心设计的连环计，先让人适应过渡，后面则有更强硬的政策大招。 就在我们全家团聚、吃饺子、看春晚的欢愉时刻，远在大洋彼岸的美国，却突然抛出了一颗令人震惊的 炸弹。2月20日的深夜，美国白宫官网悄然发布了一道新行政令。特朗普一挥手，宣布自2月24日起，将 对全球所有国家加征10%的关税。这一消息来的突如其来，让全球都感到措手不及。很多人甚至还没从 过年的喜庆气氛中完全回过神来，就被这一重磅炸弹直接打懵了。 仔细分析，这背后其实隐藏着一场惊心动魄的法律极限操作。就在当天早晨，美国最高法院向特朗普泼 了一盆冷水，裁定总统试图通过紧急状态法征税的行为是违法的。用简单的话来说，就是法官明确告诉 特朗普：你以前那种手段行不通了，赶紧收手。然而，特朗普显然不是那种轻易认输的人。他迅速掏出 一本新的法律宝典，搬出《1974年贸易法》第122条，巧妙地施展了一招移花接木。这一手操作，可谓 高明无比，竟然硬生生地跟最高法院的裁定碰撞出了火花。 去年美国的加税是主动出击，试图通过关税扭转美国的贸易逆差。而今年，这一招 ...

据央视报道，当地时间2月20日，美国总统特朗普表示，他将签署一项命令，依据美国《1974年贸易 法》第122条，在目前已经征收的常规关税基础上，额外对全球输美商品加征10%的关税，为期150天， 以取代稍早前被美国最高法院认定违法的一些紧急关税。 间20日，特朗普在白宫新闻发布会上 特朗普当天在美最高法院裁定其关税政策违法后召开新闻发布会时作出了上述表态。他还表示，该10% 的关税政策预计将在"约三天内"开始生效。 分析认为，与特朗普此前加征关税不同，根据上述条款，这项新关税最多只能持续150天，除非国会批 准延期。 美国最高法院当天上午公布裁决，认定美国《国际紧急经济权力法》没有授权总统征收大规模关税，这 意味着特朗普政府关税政策受到重大挫折。 对此，特朗普声称有众多"其他选择"，表示美国政府还将启动几项依据《1974年贸易法》第301条进行 的所谓"不公平贸易行为"调查，"以保护我国免受其他国家和企业不公平贸易行为的侵害"。 特朗普当天还在社交媒体发文，称美国所有以"国家安全"为由征收的关税以及根据《1962年贸易扩展 法》第232条和《1974年贸易法》第301条征收的关税将继续有效。 另外，特朗普在记 ...

Core Viewpoint - The Federal Reserve, represented by St. Louis Fed President Alberto Musalem, is leaning towards supporting another interest rate cut at the upcoming FOMC meeting, while cautioning against excessive easing due to ongoing inflation risks [1][3]. Summary by Sections Interest Rate Outlook - Musalem indicated that he could support a policy rate cut if labor market risks increase and inflation risks remain manageable, with inflation expectations anchored [3]. - The market anticipates a 25 basis point cut following the September reduction, with the current federal funds rate target range at 4% to 4.25% [3]. Inflation Concerns - Musalem emphasized the need for caution, stating that the space for easing is limited until the task of controlling inflation is completed [3]. - He highlighted persistent inflation risks stemming from tariffs, reduced labor supply, and sticky service prices, which require ongoing vigilance [3][4]. Labor Market Insights - Musalem noted that the labor market might face greater pressure, with the necessary monthly job additions to maintain stable unemployment potentially decreasing to a range of 30,000 to 80,000 [4]. - He expressed that negative growth in non-farm employment could occur, but this may not necessarily lead to a significant rise in the unemployment rate [5]. Future Projections - Musalem projected that the impact of tariffs on inflation would continue to transmit through the economy for the next two to three quarters, with a return to the 2% inflation target expected by the second half of 2026 [4].

Core Insights - The U.S. soybean farmers are facing a historic crisis due to the absence of new orders from Chinese buyers, who previously accounted for over half of U.S. soybean exports, leading to a stockpile of over 7 million tons and prices dropping below production costs [1][3] - The crisis originated from the trade tariff policies, with U.S. tariffs on soybeans reaching 245%, making U.S. soybeans significantly more expensive than Brazilian soybeans, resulting in a drastic drop in U.S. soybean imports by China to a five-year low [3][5] - Brazil is capitalizing on the market opportunity, with a projected increase in soybean exports to China, while Argentina is enhancing its sorghum export standards to meet Chinese quality expectations, further solidifying South America's position in the global agricultural supply chain [5][7] Summary by Sections U.S. Soybean Market Crisis - U.S. soybean farmers are experiencing unprecedented market conditions, with no orders from China compared to 13 million tons ordered last year [1] - The U.S. soybean futures price has fallen 40% over three years, currently at $10.10 per bushel, below the estimated production cost of $11.03 per bushel [3] Trade Policy Impact - The U.S. tariffs on soybeans have led to a significant decline in imports from the U.S. by China, with a 40% increase in Brazilian exports to China during the same period [3][5] - The U.S. government is attempting to mitigate the impact through subsidies and seeking new buyers, but these efforts have had limited success [3][5] South America's Growing Influence - Brazil's agricultural sector is thriving, with a forecasted soybean import of 74.65 million tons by China in 2024, representing over 70% of China's total imports [5] - Argentina's new sorghum export standards are aimed at enhancing trade with China, reflecting a strategic shift in the agricultural export landscape [5][7] Broader Agricultural Industry Effects - The crisis is affecting the entire agricultural supply chain in the U.S., with a 40% decline in soybean throughput at Mississippi River ports and over 30% idle rates in storage companies [7] - The U.S. soybean inventory-to-consumption ratio is projected to rise to 18.7% in 2024, the highest in nearly a decade, indicating a lack of domestic demand to offset export losses [7][8]

Group 1 - The S&P Global Australia Manufacturing PMI decreased from 53 to 51.4 in September 2025, indicating a continued but weak expansion in the manufacturing sector for the ninth consecutive month [1][2] - Domestic new orders in the Australian manufacturing sector slightly declined due to a weakening domestic market, while new export orders also fell, primarily impacted by U.S. tariff policies [1][2] - Manufacturing output growth slowed in September, but employment in the sector increased for the sixth consecutive month, indicating a positive trend in job creation despite the slowdown in production [2][3] Group 2 - Supply conditions in the Australian manufacturing sector worsened in September, with extended delivery times due to supply shortages, shipping delays, and adverse weather conditions [2][3] - Input cost inflation reached a five-month high, driven by rising raw material and fuel prices, leading manufacturers to increase product prices, although both input and selling price increases remained below historical averages [2][3] - Despite the challenges, manufacturers maintained an optimistic outlook for future sales and output growth, although business confidence dropped to a three-month low due to concerns over the negative impact of trade tariff policies [2][3]

Core Viewpoint - The latest Consumer Price Index (CPI) report indicates that inflation in the U.S. is ongoing, significantly impacting household expenses due to rising prices of essential goods and services [2] Price Increases - Ground beef prices have reached a historic high of $6.63 per pound, driven by a 75-year low in U.S. cattle inventory, drought-related feed cost increases, and high tariffs of 35% and 50% on beef imports from Canada and Brazil respectively [2] - Banana prices have surged to a historic high of $0.67 per pound, primarily due to tariffs ranging from 10% to 25% imposed on major banana-exporting countries like Mexico and Ecuador [2] Contributing Factors - Domestic production declines and avian influenza outbreaks are contributing to rising prices of other goods, with orange production hitting a near 90-year low, pushing prices close to historical highs [2] - The avian influenza may lead to new challenges for egg prices in the fall [2] - Energy costs are also rising, with electricity prices reaching new highs, increasing monthly expenses for average households [2] Economic Challenges - The report outlines multiple challenges facing the U.S. economy, including trade barriers, supply chain bottlenecks, and extreme weather impacts, all contributing to a comprehensive rise in living costs for ordinary families [2]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The increasing expectation of a bumper US soybean harvest has led to a slight decline in the Dalian Commodity Exchange (DCE) soybean meal futures. The domestic soybean meal market shows a pattern of strong domestic and weak external performance, with limited upside potential for prices due to inventory pressure. - The current supply of live pigs is steadily increasing, while demand is in the off - season. The impact of macro - policies still dominates the market, and the near - month contracts are expected to be weak, with opportunities to short sell far - month contracts on price rebounds [20]. 3. Section Summaries 3.1 Market Overview - The DCE soybean meal main contract 2509 fell 0.33% to 3000 yuan/ton, while the coastal oil mills' quotes showed mixed changes. The DCE live pig main contract 2509 remained unchanged at 14075 yuan/ton. The national average ex - farm price of outer ternary live pigs rose, and the overnight CBOT US soybean main contract dropped 1.21% [2]. 3.2 Weather in Major Producing Areas - The US Midwest planting belt will have rain this week, with good soil moisture. There will be scattered showers from Monday to Tuesday in both the west and east, with above - normal temperatures until Tuesday. Future weather will have intermittent showers, and the temperature will drop on Wednesday and be near or below normal from Thursday to Sunday. The good soil moisture can relieve crop stress [3][4]. 3.3 Macro and Industry News - Brazil's 2025/2026 soybean production is expected to reach 1.829 billion tons, and corn production is expected to be 1.409 billion tons. - On July 31, the US soybean import cost reached a 4 - month low, and Brazilian and Argentine soybean import costs also declined. - On July 30, domestic mainstream oil mills' soybean meal trading volume decreased, but the average trading price ended a four - day decline. - Forecasts for US soybean and soybean meal export net sales in different market years were given. - As of July 23, Argentine farmers' soybean sales data were reported. - As of July 25, the national main oil mills' soybean meal inventory increased for twelve consecutive weeks but was lower than in 2024 and the three - year average. - Brazil is expected to export 213 million tons of soybean meal in July 2025, up 6% from last year. - From July 14 - 20, 2025, the average purchase price of live pigs by designated slaughtering enterprises decreased both month - on - month and year - on - year. - The USDA estimated US soybean production at 1.18 billion tons, while analysts' surveys estimated it at 43.2 billion bushels. - In July, China's PMI dropped to 49.3% due to factors such as the traditional production off - season and natural disasters, with different performances in key industries [5][6][7]. 3.4 Analysis and Strategies - **Soybean Meal**: US soybean futures hit a low since April due to favorable weather. Trade tariffs put the US at a disadvantage in soybean export competition. The decline in US soybean prices has increased China's soybean import costs. The domestic soybean meal market shows a strong - domestic - weak - external pattern, with limited rebound momentum for futures and potential price constraints in August due to inventory. Oil mills are adjusting strategies to promote far - month basis sales [17][18][19]. - **Live Pigs**: The supply of live pigs is increasing, while demand is in the off - season. There is no new policy guidance currently, and the market is mainly dominated by macro - policies. Near - month contracts are expected to be weak, and opportunities to short sell far - month contracts on price rebounds are recommended [20].

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: July 22, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The peak of the shipping season is approaching, and the SCFIS has dropped by about 21 points to around 2400 points compared to last week. Online quotes are relatively stable. Attention should be paid to shorting opportunities in October, a traditional off - season, and positive spread arbitrage opportunities between the 08 and 10 contracts [8]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Spot Market**: The peak of the shipping season is about to appear. The SCFIS has dropped to around 2400 points. Most shipping companies have slightly lowered their quotes for late July, and the quotes for August from some airlines remain at the late - July level. Historically, the peak usually appears in the third week of July, and freight rates in late August will return to the early - July level. The 08 contract's discount space is limited. Focus on shorting opportunities in October and positive spread arbitrage between 08 - 10 contracts [8]. 3.2 Industry News - **Overall Market**: From July 14 to 18, the China export container shipping market was generally stable, with most route freight rates falling, dragging down the composite index. In the first half of 2025, China's foreign trade increased steadily, which will support the export container shipping market in the long term [9]. - **European Routes**: The eurozone's July ZEW economic sentiment index rose, and the German index reached a new high since February 2022. However, Trump's tariff announcement and the EU's counter - measures bring uncertainty. On July 18, the freight rate from Shanghai Port to European basic ports decreased by 1.0% [9]. - **Mediterranean Routes**: The market situation is in sync with European routes, and the spot market booking price has slightly declined. On July 18, the freight rate from Shanghai Port to Mediterranean basic ports decreased by 5.2% [9]. - **North American Routes**: In June, the US CPI increased, and import prices showed upward pressure. The freight rates from Shanghai Port to the US West and East basic ports decreased by 2.4% and 13.4% respectively [10]. - **Israeli Ports**: Due to the blockade by the Yemeni Houthi rebels, the Eilat Port in Israel has stopped operations, which may weaken Israel's shipping logistics capacity in the Red Sea and cause security concerns [10]. - **Trade Policies**: The US will maintain a 25% tariff on Japanese goods and may reach a trade agreement with India soon. The US has also set different tariff rates for other countries [10]. - **Red Sea Situation**: The Yemeni Houthi rebels have prohibited ships related to Israel from passing through the Red Sea, and two cargo ships have been sunk in the Red Sea [10]. 3.3 Data Overview - **Container Shipping Spot Prices**: On July 21, the SCFIS for European routes decreased by 0.9% compared to July 14, while the SCFIS for US West routes increased by 2.8% [12]. - **Container Shipping Index (European Line) Futures Quotes**: The report provides trading data for multiple contracts on July 21, including opening prices, closing prices, settlement prices, price changes, and trading volumes [6].

Group 1 - The article emphasizes the importance of urban work meetings and the need for a new model of real estate development, focusing on urban renewal and community building [1] - The U.S. retail sales have rebounded across various sectors, alleviating some concerns about consumer spending, with 10 out of 13 retail categories showing growth, primarily driven by a recovery in auto sales [1] - The Chinese Ministry of Housing and Urban-Rural Development has highlighted the need for comprehensive implementation of various livelihood projects and safety engineering [1] Group 2 - In the steel market, the profitability of steel mills remains stable, with a gradual decline in iron water production, while steel inventory continues to decrease [2][21] - The overall steel market is not facing significant supply-demand imbalances, and short-term exports are expected to remain resilient despite tariff impacts [2][21] - The macroeconomic outlook is strong, contributing to price increases in black commodities, including steel [2][21] Group 3 - The U.S. stock market indices have risen, with the defense and military sector leading gains, while the banking sector has lagged [3][8] - The financing balance has increased, indicating a growing interest in long-term investments in the capital market, which may reduce stock market volatility [3][8] - A-shares are considered to have high investment value, particularly the CSI 500 and CSI 1000 indices, which are supported by technology innovation policies [3][8] Group 4 - The European shipping index has shown fluctuations, with the EC contract closing at 1581.3 points, down 4.28% [4][25] - Despite a general decline in shipping rates, the European line has not followed the U.S. line's downward trend, indicating a potential recovery in market expectations [4][25] - The focus is on the upcoming August shipping rates, with limited information currently available from shipping companies [4][25] Group 5 - The State-owned Assets Supervision and Administration Commission reported that central enterprises achieved a total added value of 5.2 trillion yuan in the first half of the year [6] - The emphasis is on transitioning from labor-intensive growth to innovation-driven growth for high-quality development [6] - The National Intellectual Property Administration has reported an increase in the industrialization rate of invention patents from 44.9% in 2020 to 53.3% in 2024 [7]