巴西《四驱报》近日报道，巴西政府对进口汽车CKD和SKD散件免税配额制度已于1月31日到期， 将逐步恢复至35%的进口关税。SKD散件进口关税将于2026年7月恢复至35%，CKD散件进口关税将于 2027年1月恢复至35%。 （原标题：巴西政府对进口汽车CKD和SKD散件关税将逐步恢复至35%） ...

Core Viewpoint - The article discusses President Trump's announcement to increase the import tariff on global goods from 10% to 15% following a Supreme Court ruling that deemed previous tariffs illegal [2] Group 1: Tariff Increase Announcement - President Trump stated that the import tariff on global goods will be raised to 15% based on a comprehensive review of the Supreme Court's ruling on tariffs [2] - The new tariff policy is set to take effect immediately and will be legally permissible as per the recent court ruling [2] - Trump indicated that the government will determine and announce new legally allowed tariff measures in the coming months [2] Group 2: Legal Context and Duration - The new 10% tariff, which is set to replace previously deemed illegal emergency tariffs, will last for 150 days unless Congress approves an extension [2] - The announcement was made during a White House press conference following the Supreme Court's decision on Trump's tariff policy [2] - The new tariff policy is issued under the Trade Act of 1974, Section 122 [2]

Core Viewpoint - The article reports that President Trump announced an increase in the import tariff on global goods from 10% to 15%, citing a recent Supreme Court ruling on tariffs as the basis for this decision [1] Group 1: Tariff Increase - The current tariff rate of 10% on global goods will be raised to 15% immediately [1] - This decision follows a comprehensive review of the Supreme Court's ruling on tariffs, which Trump described as "absurd" and "extremely anti-American" [1] - The U.S. government plans to determine and announce new legally permissible tariff measures in the coming months [1]

Core Viewpoint - Brazil's Ministry of Industry and Foreign Trade has approved anti-dumping duties on color-coated steel plates imported from China and India for five years, while maintaining temporary anti-dumping measures on polyester fabric imports from China [1] Group 1: Anti-Dumping Measures - Brazil will impose a five-year anti-dumping tax on color-coated steel plates imported from China and India [1] - The temporary anti-dumping measures on polyester fabric imports from China will not be lifted [1] Group 2: Tariff Adjustments - Import tariffs on hydrochloric acid chloramine solution and integrated nasal spray devices have been reduced from 7.2% to 0% [1] - Import tariffs on various medications, including Amprenavir, have also been reduced to 0% [1] - Tariffs on polyester fiber yarn and titanium dioxide have been set to 0% due to supply shortages, with quotas of 4,000 tons and 5,000 tons respectively [1]

Group 1 - The core point of the article is the announcement by the State Council Tariff Commission regarding the implementation of a 5% temporary import tariff on whiskey starting from February 2, 2026 [1] Group 2 - The whiskey product falls under the tariff code 22083000 as per the "Import and Export Tariff of the People's Republic of China (2026)" [1]

Report Industry Investment Rating - Copper: Cautiously bullish [8] - Arbitrage: Suspended [8] - Options: Sell put options [8] Core Viewpoints - Currently, driven by funds, the prices of metals like silver and copper have deviated significantly from fundamentals. Due to short - term supply bottlenecks, prices are supported, but there's a risk of price decline due to reduced year - end positions [8]. - High copper prices have suppressed downstream consumption, and the industry is expected to remain weak in the short term [6][8] Summary by Relevant Catalogs Market News and Important Data Futures Quotes - On December 30, 2025, the opening price of the main SHFE copper contract was 97,020 yuan/ton, closing at 98,090 yuan/ton, a 0.78% decrease from the previous trading day's close. The overnight session opened at 99,140 yuan/ton and closed at 99,220 yuan/ton, a 0.09% increase from the afternoon close [1] Spot Situation - According to SMM, the spot price of SMM 1 electrolytic copper was at a discount of 330 yuan/ton to a premium of 150 yuan/ton against the main contract, with an average premium of 240 yuan/ton, up 90 yuan/ton from the previous day. The spot price ranged from 97,190 to 98,050 yuan/ton. The market was quiet, and it's expected to remain so on the last trading day of the year, with a possible slight narrowing of the spot discount [2] Important Information Summary - **Macro and Geopolitical**: The Fed's December meeting minutes showed agreement on a rate cut, but there was in - depth debate on economic risks. The committee will start buying short - term Treasury bills to maintain sufficient reserve supply and remove the total limit on standing repo operations [3] - **Mine End**: The Indian Supreme Court suspended a previous ruling on redefining the Aravalli Mountains, which aims to clarify protection and mining restrictions. The court will review the case on January 21, 2026, and the suspension of new mining leases remains in effect [4] - **Smelting and Import**: Starting from January 1, 2026, the provisional import tariffs for various copper products will be 0, unchanged from 2025 [5] - **Consumption**: The operating rates of refined copper rod and copper cable enterprises decreased. Under the influence of high copper prices, downstream procurement was weak, and inventories showed different trends. Next week, the operating rates of both industries are expected to decline slightly [6] - **Inventory and Warehouse Receipts**: LME warehouse receipts decreased by 2,450 tons to 149,475 tons. SHFE warehouse receipts increased by 5,860 tons to 71,738 tons. The domestic electrolytic copper spot inventory was 214,800 tons on December 30, a change of 21,200 tons from the previous week [7] Strategy - For copper, downstream enterprises are advised to conduct on - demand hedging at current prices and increase buying hedging when prices fall to 95,000 - 96,000 yuan/ton [8] - Arbitrage operations are suspended [8] - For options, sell put options [8]

Group 1 - The core point of the news is the adjustment of import tax rates for certain goods starting from January 1, 2026, aimed at enhancing domestic and international market synergy and expanding the supply of quality products [1] - A total of 935 items will have their import tariffs set below the most-favored-nation (MFN) rates, including key components and advanced materials to promote high-level technological self-reliance and modernization of the industrial system [1] - The adjustment will also lower import tariffs on resource-based products to support green transformation and improve public health, including medical products like artificial blood vessels and diagnostic kits for infectious diseases [1] Group 2 - In 2026, China will continue to implement preferential tax rates for certain imported goods from 34 trade partners based on 24 free trade agreements and preferential trade arrangements, further reducing tariffs as per the agreements [2] - The agreements include those with countries such as New Zealand, Peru, Switzerland, South Korea, and Australia, as well as the Regional Comprehensive Economic Partnership (RCEP) [2] - Additionally, 43 least developed countries will continue to receive zero-tariff treatment on 100% of products, promoting economic cooperation and development [2]

Core Viewpoint - Thailand plans to eliminate tariffs on feed corn and significantly increase import quotas as part of concessions in trade negotiations with the United States [1] Group 1: Policy Changes - The Thai government will raise the annual import quota for feed corn from 54,700 tons to 1 million tons [1] - The existing 20% tariff on the quota will be reduced to zero, enhancing competitiveness for U.S. corn [1] Group 2: Trade Implications - This move is aimed at fulfilling Thailand's commitment to purchase more U.S. agricultural products in exchange for lower tariffs on its exports [1] - The elimination of import tariffs will make U.S. corn, the largest supply source globally, more competitive compared to Southeast Asian producers who currently benefit from duty-free access under regional trade agreements [1]

Group 1 - Switzerland proposes to invest in the U.S. gold refining industry to persuade the Trump administration to reduce the recently imposed 39% import tariff [1] - The proposal includes transferring the least profitable operations to the U.S., such as melting gold bars traded in London and recasting them into smaller bars popular in New York [1] - The Swiss government has optimized the conditions presented to the U.S. to expedite an agreement and continues diplomatic and political exchanges to swiftly lower the additional tariffs [1] Group 2 - Spot gold maintains approximately a 1.8% increase, stabilizing near its historical high of $3,832.79 [1]

Group 1 - The Russian government has increased import tariffs on malt beer and cider from unfriendly countries, effective seven days after the announcement [2] - The tariff on beer has risen from €1 per liter to €1.5 per liter, while the tariff on cider, perry, and other sparkling beverages has increased from 22.5% to 30% [2] - The European Union is preparing its 19th round of sanctions against Russia, targeting six Russian banks and energy companies, and expanding to payment systems, credit card networks, and cryptocurrency platforms [2] Group 2 - President Putin has requested a list of individuals from unfriendly countries who have suspended or reduced their operations in Russia since February 22, 2022, with updates to be reported quarterly [2]