新华财经北京8月21日电瑞士7月对美出口实现小幅增长，延续了此前一个月的扩张势头，尚未受到随后 加征的高额关税影响。 （文章来源：新华财经） 商业游说团体瑞士商会（Swissmem）指出，7月成为政策剧变前的最后一个完整月份，此后关税负担 将"有效消灭"部分行业的跨境贸易。该组织代表的机械与技术制造商正面临严峻出货压力，受影响尤为 严重。 瑞士海关与边境保护办公室周四公布数据显示，经季节性调整后，当月对美出口环比增长1.1%，与整 体出口下降2.7%的走势形成鲜明对比。与此同时，自美国进口下降7.9%，推动瑞士对美贸易顺差升至 30亿瑞士法郎（约37亿美元），略高于6月的29亿法郎，接近过去两年的平均水平。 ...

美国关税政策的负面冲击或将进一步显现，叠加我国上半年"抢出口"和"转出口"效应逐渐消退，外需对 我国经济增长的扰动有可能进一步增强，稳增长需要有效释放内需潜力。 今年上半年，我国主要经济指标表现良好，实际国内生产总值（GDP）累计同比增长5.3%，增速同比 高出0.3个百分点，外需拉动作用功不可没。同期，货物和服务净出口对经济增长的拉动作用同比上升 1.0个百分点，最终消费支出和固定资本形成的拉动作用分别回落0.3和0.4个百分点。 不过，二季度外需拉动作用有所回落。当季，实际GDP同比增长5.2%，增速较上季回落0.2个百分点。 其中，外需和消费的拉动作用环比分别回落0.9和0.1个百分点，投资的拉动作用上升0.8个百分点。 下半年，美国关税政策的负面冲击或将进一步显现，叠加我国上半年"抢出口"和"转出口"效应逐渐消 退，外需对我国经济增长的扰动有可能进一步增强，稳增长需要有效释放内需潜力。 今年对美出口减少几成定局 受关税政策影响，今年上半年中美双边贸易萎缩。从中方统计看，上半年，中国对美出口（美元口径， 下同）同比下降10.7%，进口下降9.2%，贸易顺差下降11.5%；中国整体出口增长5.9%，进口下 ...

"若协议得以执行，结果将是：欧盟对美货物出口缩减、部分产业竞争力下降并向美转移；欧盟购买更 多美国能源产品，为美能源行业提供支撑，这显然更符合美国利益" 【观察】 数据显示，2024年，美国对欧盟的货物贸易逆差为2356亿美元。药品、汽车零部件和工业化学品是欧盟 对美国出口的主要产品。美国政府曾就此指责欧盟"欺骗"美国，要求欧盟方面进行"公平贸易"。 对于美欧贸易协议，美方乐见其成。白宫表示，"这将从根本上重新平衡世界两大经济体之间的经济关 系"。美国前商务部长卡洛斯·古铁雷斯称之为"美国对欧盟的巨大胜利"。据白宫消息，美国航空协会、 农场主联合会、钢铁协会等相关行业协会均表示满意。 欧盟方面则批评声音不断。西班牙《国家报》称，该协议强化了美欧关税的不对等。15%的关税不仅远 高于美国4月2日对欧盟实施的10%"对等关税"，更高于本届美国政府上台前约1.32%的平均关税。彭博 社称，协议激怒了欧盟国家商界和许多行业组织。德国工业联合会称其发出了"灾难性信号"。欧洲汽车 制造商协会总干事西格丽德·德弗里斯警告，美国对进口汽车及零部件维持高关税，将削弱欧盟汽车产 业的国际竞争力。 根据美国与欧盟日前达成的一项框架 ...

近日，毛里塔尼亚经济与人口统计分析局发布了2025年二季度对外贸易报告。据该报告，受进口增长拉 动，二季度毛对外贸易额944.91亿乌吉亚（约合23.69亿美元）、同比增长8.4%、环比增长9.4%，其中 进口额506.51亿乌吉亚（约合12.7亿美元）、出口额438.4亿乌吉亚（约合10.99亿美元），虽存在贸易逆 差68.11亿乌吉亚（约合1.7亿美元）但与主要贸易伙伴均保持顺差状态。从双边贸易额看，二季度中 国、阿联酋、西班牙、加拿大、瑞士为毛前五大贸易伙伴，分别占毛对外贸易总额的16.7%、9.1%、 9.3%、7.3%、6.8%。 从地区看，欧洲、亚洲、非洲、美洲分别占毛二季度对外贸易额的36.7%、26.8%、14.4%、12.7%，欧 洲贸易伙伴主要包括西班牙、瑞士、比利时、法国，四国合计占毛与欧洲贸易额的71%；中国、日本是 毛在亚洲的主要贸易伙伴，两国合计占毛与亚洲贸易额的74%，其中中国占比达62.3%；加拿大、美 国、巴西为毛在美洲的前三大贸易伙伴，其中加拿大占毛与美洲贸易总额的57.3%；阿尔及利亚、南 非、摩洛哥为毛在非洲的前三大贸易伙伴，分别占毛与非洲国家贸易额的24.5%、19. ...

新华社东京7月17日电（记者刘春燕）日本财务省17日公布的贸易统计结果显示，由于美国关税政策导 致日本对美汽车出口额锐减，6月日本对美出口额连续第三个月同比下降。 数据显示，6月日本对美汽车出口额同比下降26.7%。受此影响，当月日本对美国出口额同比下降11.4% 至1.71万亿日元（1美元约合148日元），连续3个月同比下降，且降幅呈现扩大之势。 数据同时显示，今年上半年，受半导体制造设备、汽车及食品出口扩大拉动，日本出口总额同比增长 3.6%；受医药、通信设备、计算机等产品进口增加影响，进口总额同比增长1.3%。上半年，日本贸易 逆差扩大至2.22万亿日元，但对美贸易实现顺差4.13万亿日元。 日本媒体和专家评论说，汽车及汽车零部件约占日本对美出口额的三分之一，美国对进口汽车产品加征 25%关税对日本出口影响巨大。为对冲美关税政策影响，日本汽车制造商被迫降价或优先出口低价车 型，这势必挤压厂商的盈利空间。 【纠错】 【责任编辑:谷玥】 当月，日本出口总额同比下降0.5%至9.16万亿日元，连续2个月同比下降。 ...

Core Viewpoint - The article discusses the impact of the 39% tariffs imposed by the Trump administration on Switzerland, highlighting the potential economic repercussions for the Swiss economy, particularly in its export sectors [4][5]. Group 1: Economic Impact on Switzerland - Switzerland's economy is heavily reliant on trade, with exports projected to reach 283 billion Swiss francs in 2024, a 3% increase from 2023 [6]. - The U.S. is Switzerland's most significant trading partner, accounting for 19% of its total exports, despite a trade deficit of nearly 40 billion francs [6][7]. - The pharmaceutical sector is a major contributor to Swiss exports, with expected exports to the U.S. reaching 35 billion dollars in 2024 [8]. - The high tariffs create a significant disadvantage for Swiss exporters, especially when compared to the 15% tariffs imposed on EU products [7][8]. Group 2: Response to Tariffs - The Swiss government is actively seeking to negotiate with the U.S. to mitigate the impact of the tariffs, with proposals likely to include increased investments in the U.S. as leverage [9][11]. - The Swiss Federal Council has introduced a "partial unemployment" scheme to help businesses cope with reduced demand due to tariffs, allowing for reduced working hours while retaining employees [12][13]. Group 3: Consumer Behavior and Local Products - Despite the tariffs, Swiss consumers remain loyal to local products, often preferring them over imported goods, which may be affected by the tariffs [17][20]. - The cultural inclination towards local products is reinforced by strict Swiss production standards and a strong sense of community support for local agriculture [20][22].

Report Industry Investment Rating No relevant content provided. Core View of the Report - The current overcapacity is mainly concentrated in the mid - and downstream sectors. In July, the rise in commodity futures prices did not significantly boost inflation, and the PPI remained at a low level. After the implementation of new US tariffs, the "rush to export" phenomenon subsided, putting pressure on external demand. Domestic demand took over from external demand, reversing the trend of the trade balance, and the trade surplus narrowed in July. The policy hedging in areas such as preschool education is still insufficient. Meanwhile, the "anti - involution" concept cannot be falsified in the short term, and the pricing of major asset classes is unlikely to return to the "deflation" narrative of the second quarter due to the total demand shock. If the yield decline is too large, consider taking profits gradually [1]. - The yield of the 10 - year treasury bond slightly declined to 1.69%, and the interest rate structure became steeper. On August 8, the central bank announced a 700 - billion - yuan outright reverse repurchase operation, indicating a loosening of liquidity. Although the interest rate has reached a peak in the short term, the decline of long - term interest rates is not smooth due to the disturbances in the stock market and commodity prices [1]. Summary by Related Catalogs Domestic Market News - **Diplomatic Response**: The Ministry of Foreign Affairs responded to questions about secondary oil tariffs. China conducts normal economic and energy cooperation with countries including Russia, which is legitimate [8]. - **Central Bank Operations**: The central bank carried out a 700 - billion - yuan outright reverse repurchase operation on August 8, 2025, with a term of 3 months. China's gold reserves increased by 600,000 ounces in July, marking the 9th consecutive month of increase [8]. - **Industrial and Financial Policies**: The State Council issued an opinion on gradually implementing free preschool education, exempting the tuition fees of children in the first year of public kindergartens from the 2025 autumn semester. The Ministry of Agriculture and Rural Affairs will guide the reduction of about 1 million breeding sows. Seven departments including the People's Bank of China jointly issued a guidance on financial support for new - type industrialization. The National Development and Reform Commission will accelerate the approval of new - type policy - based financial instruments, and government bond issuance is expected to speed up, which is expected to drive the recovery of infrastructure investment in the second half of the year [8][9]. - **Economic Data**: In July, the CPI increased by 0.4% month - on - month, up from a 0.1% decline in the previous month, and was flat year - on - year. The core CPI increased by 0.8% year - on - year. The PPI decreased by 0.2% month - on - month, with the decline narrowing by 0.2 percentage points compared to the previous month. China's trade surplus in July was $98.24 billion, down from $114.75 billion in the previous month [10]. - **Off - shore Market**: The RWA registration platform was officially launched in Hong Kong, and three Web3.0 standards were established [10]. Overseas Key Data and Events - **Interest Rate Expectations**: Federal Reserve Vice Chair for Supervision Michelle Bowman expects three interest rate cuts this year [11]. - **Tariff Policies**: The US may impose additional tariffs on semiconductors and pharmaceuticals. The EU will suspend tariff counter - measures against the US for 6 months [11].

Group 1 - The U.S. government announced a 39% tariff on Swiss imports, effective August 7, which is higher than the previous 31% tariff and more than double the tariff on EU imports, making Switzerland the hardest-hit European country by U.S. tariffs [2] - Switzerland's trade surplus with the U.S. exceeded $38 billion in 2024, prompting the U.S. to impose these high tariffs due to concerns over trade imbalances [2] - The Swiss government expressed dissatisfaction with the U.S. decision, highlighting that the trade surplus is not based on unfair practices and that they have unilaterally eliminated all industrial tariffs since January 1, 2024, allowing over 99% of U.S. goods to enter Switzerland duty-free [3] Group 2 - The imposition of the 39% tariff is expected to significantly impact the Swiss job market, with potential increases in short-term work and layoffs, particularly affecting key industries [3] - The pharmaceutical sector, which accounts for over half of Switzerland's exports to the U.S., is currently not covered by the new tariffs, but any future inclusion could lead to a GDP decline of at least 0.7% [3] - A high-level Swiss delegation, including the Federal President and the Minister of Economy, has been sent to Washington to negotiate and propose more attractive terms to reduce the tariff levels on Swiss exports [3] Group 3 - The situation illustrates the U.S. government's unilateral approach to trade, focusing primarily on trade surpluses without considering the broader economic context [4] - The case of Switzerland serves as a lesson for other countries on how to engage in trade with the U.S. and the challenges they may face [4]

这一下降主要归因于阿曼石油和天然气出口下降15.2%，截至2025年5月底，出口额为63.15亿阿曼 里亚尔，而2024年同期为74.44亿阿曼里亚尔。 相比之下，阿曼非石油商品出口大幅增长7.2%，截至2025年5月底，出口额为27.01亿阿曼里亚尔， 而2024年同期为25.21亿阿曼里亚尔。 数据显示，阿曼商品进口总额增长7.7%，截至2025年5月底达到71.85亿阿曼里亚尔，而2024年同期 为66.70亿阿曼里亚尔。 （原标题：阿曼2025年1-5月贸易额达168.24亿里亚尔） 阿曼《观点报》7月29日报道，截至2025年5月底，阿曼苏丹国贸易顺差24.54亿阿曼里亚尔，较 2024年同期的39.89亿阿曼里亚尔顺差下降38.5%。 阿曼国家统计和信息中心（NCSI）发布的初步数据显示，商品出口总额下降9.6%，截至2025年5月 底，出口额为96.39亿阿曼里亚尔，而2024年同期为106.59亿阿曼里亚尔。 ...

Export Performance - In July 2025, China's exports increased by 7.2% year-on-year, up from 5.9% in the previous month, exceeding market expectations of 5.8%[1] - The trade surplus for July was $98.245 billion, down from $114.751 billion in the previous month[1] - Exports to non-US countries showed strong growth, particularly to the EU, Australia, Africa, and Latin America, while exports to the US declined by approximately 5.5 percentage points to -21.7%[2] Import Dynamics - Imports in July 2025 rose by 4.1% year-on-year, significantly higher than the previous month's growth of 1.1% and market expectations of 0.3%[1] - The contribution of integrated circuits and high-tech products to overall import growth was approximately 4.3 percentage points[3] - Imports from Africa, Latin America, and India increased, while imports from Europe and the US fell by 2.0 and 3.3 percentage points, respectively, to -1.6% and -18.9%[3] Future Outlook - Export growth is expected to moderate due to high inventory levels and interest rates in the US, which will likely suppress demand[4] - The recent increase in tariffs by the Trump administration on certain countries adds uncertainty to the export environment[4] - Export pressures are anticipated to become more evident by the end of Q3 2025, although the overall slowdown is expected to be manageable[4] Risks - Geopolitical risks may elevate global trade uncertainties, impacting market risk appetite[6] - Unexpected changes in economic conditions or policies could lead to adjustments in related policies, especially given the current economic transition phase domestically[6]