由墨参众两院通过的这份「增税提案」，对1463个关税细目加征关税，税率5%到50%不等，大多数产品关税设定在35%以下，但汽车、纺织品、服装、鞋 类和钢铁等关键行业上限达到50%，法案于2026年1月1日正式生效。这提案名义上是面向多个亚洲国家，不过按照墨西哥外贸的实际现状，说其实就是针 对中国也不为过。 从特朗普1.0打到2.0的中美贸易战，就有这么一号获利巨大的「凡人」——墨西哥。 这不，就在这个12月，老墨向懂王递上了一份投名状。 来源：乌鸦校尉 俗话说神仙打架凡人遭殃。不过这事儿其实也未尽然，且不说真想当个小透明完全可能，甚至还有一些「凡人」还能把握时机成为「神仙打架」的获益 者。 但你凡人想要掺乎神仙的战争，甚至明摆着拉偏架，那你就是放着好日子不过，打算当遭殃的那个了。 墨西哥经济部长埃布拉德说得明白：如果想在墨西哥销售，就在这里生产。 潜台词再明显不过——中国企业别光卖货，得来建厂交保护费。 投名状这东西，向来都是拿血写的。这次老墨选择用中国供应链的血。 作为第一轮中美贸易战以来全球渔利最大的国家之一，两头吃、两头不得罪，非要在这个节骨眼上跳下来主动站队？ 乌鸦今天就来讲讲墨西哥这摊子事。 火速通 ...

Investment Rating - The report indicates a positive outlook on China's export resilience, highlighting strong growth in exports, particularly to emerging markets [2][3]. Core Insights - China's exports have demonstrated surprising strength, achieving double-digit growth since Q4 2023, driven by factors such as front-loading of export orders and trade re-routing [2][3][4]. - The report emphasizes the shift of China's export flows from developed markets to emerging markets, particularly ASEAN, which has become a key trading partner [2][3][4]. Summary by Sections Export Growth Dynamics - Real exports from China have shown double-digit year-over-year growth since Q4 2023, with significant contributions from emerging markets [2][3]. - Front-loading of export orders has played a crucial role in maintaining high export levels, particularly in anticipation of US tariffs [5][6]. Trade Patterns and Destinations - Exports to ASEAN accounted for 16% of China's total exports in 2024, surpassing exports to the US, indicating a strategic shift in trade routes [2][3][4]. - The report notes that strong trade growth with major emerging economies has been a significant contributor to China's export strength over the past decade [2][3]. Sectoral Analysis - Exports of vehicles and electrical machinery to emerging markets have risen sharply, driven by supply chain diversification and increasing local demand for electric vehicles [2][3][4]. - The report highlights a transition in China's export product mix from traditional goods to new sectors such as electric vehicles, lithium-ion batteries, and solar cells [26][35]. Impact of US Tariff Policies - US tariff policies have induced front-loading and trade re-routing, which have helped stabilize China's overall export growth despite a decline in US-bound exports [5][6][18]. - The report estimates that cumulative front-loading of US-bound exports during Q4 2024 to Q1 2025 was around 30% of trend-implied monthly export values [5][6]. ASEAN's Role in Trade - The ASEAN-China Free Trade Agreement has significantly reduced tariffs, contributing to the rise in ASEAN-bound exports from China [37]. - Trade data discrepancies suggest potential transshipment of goods through ASEAN to avoid US tariffs, indicating a complex trade dynamic [39][41].