海关总署副署长王令浚在国务院新闻办举行新闻发布会表示，海关坚决贯彻落实"两个毫不动摇"，深化 改革，创新监管制度，积极帮助民营企业稳预期、抓订单、拓市场。以俗称全球贸易"绿色通行证"的 AEO认证为例，海关持续加大对重点领域民营企业的培育力度，让更多企业通关速度"快人一步"，贸易 成本"胜人一筹"。仅第一季度3个月，获得海关AEO认证的民营企业就增加了116家，达到了2670家。一 季度，获AEO认证的民营企业出口、进口分别增长了8.6%、8.5%，比民营企业整体出口、进口增速分 别高1.6和5个百分点。 ...

Core Viewpoint - The "Foreign Trade Quality Products China Tour" was launched in Haikou, Hainan, aimed at promoting the export of quality products and enhancing domestic sales of foreign trade goods [1] Group 1: Event Overview - The launch ceremony took place on April 13, with the participation of Vice Minister of Commerce, Sheng Qiuping [1] - The Ministry of Commerce mobilized and deployed activities for the entire year regarding the foreign trade quality products initiative [1] Group 2: Industry Participation - Six major import and export trade associations, including those for machinery and electronics, textiles, light industry crafts, food and livestock, mineral chemicals, and pharmaceuticals, jointly released an initiative to promote foreign trade products for domestic sales [1] - Five major industry and circulation associations, such as the China General Chamber of Commerce and the China Textile Industry Association, were involved in the initiative [1] Group 3: E-commerce and Experience Sharing - E-commerce platforms announced measures to support the domestic sales of foreign trade products [1] - Relevant departments, foreign trade provinces, and key enterprises shared their experiences and practices during the event [1]

Core Insights - In the first quarter, China's private enterprises' import and export reached 5.85 trillion yuan, an increase of 5.8%, accounting for 56.8% of the total [1] Group 1: Trade Performance - Private enterprises achieved import and export growth with nearly 180 countries and regions [1] - Exports to ASEAN, Africa, and Latin America grew by 7.4%, 9.6%, and 5.2% respectively, while exports to the EU and Japan increased by 7.1% and 4.8% [1] Group 2: High-tech Products - The import and export of high-tech products by private enterprises reached a historical high of nearly 1 trillion yuan, maintaining their position as the largest import and export entities [1] - Exports of industrial robots surged by 67.4%, and high-end machine tools increased by 16.4% [1] - Imports of high-end equipment rose by 25.6%, with surgical robots increasing by 47.5% [1]

特朗普（资料图） 与此同时，美国政府内部矛盾也开始激化。有消息人士透露，美国财长贝森特在特朗普的核心圈子里格 格不入，特朗普不听其建议，贝森特甚至在考虑跳槽去美联储，因其在市场上的信誉受损。加州作为美 国经济强州，率先对特朗普的关税政策"发难"。加州州长纽森公开表示，特朗普不代表所有美国民众， 尤其是加州民众，加州支持全球贸易关系稳定。2024年，加州进口总额近5000亿美元，其中来自中国的 商品占比达25%，位居第一。 若特朗普政府的"对等关税"政策实施，加州经济将首当其冲，面临多重打击，还将引发严重的就业危 机。加州港口吞吐量占全美的近三分之一，一旦贸易中断，大批港口员工将失业。美国企业家们也心急 如焚。有首席执行官表示，特朗普关税政策的广度和极端性超乎想象，许多公司此前已为其关税政策做 了业务调整，如今仍难应对。部分企业私下向特朗普官员表达担忧，却被告知关税可能再提高一倍以迫 使工厂搬迁。 美国（资料图） 近日，据央视新闻报道，美国总统特朗普公开威胁中国，若不取消对美34%关税，4月9日将再加征 54%，引发国际社会广泛关注。消息一出，全球市场震荡，美国国内更是反对声浪滔天，加州甚至公 开"叫板"，美国 ...

西班牙经济、贸易和企业大臣卡洛斯.奎尔波在新闻发布会上表示，美国政府截至目前宣布的关税政策 将影响到西班牙对美国出口产品的80%，出口金额相当于约149亿欧元。奎尔波同时表示，鉴于目前面 临的巨大不确定性，现在计算关税政策对西班牙可能产生的影响还为时过早，西政府将与受关税政策影 响的部门进行会面，以讨论可能产生的影响。(央视新闻) ...

路透社4月3日报道，美国总统特朗普打破了已有75年历史的全球贸易体 系，对所有国家的商品征收10%的基准关税，并对其政府认为对美国进口设置 高壁垒的国家征收更高的关税。美国还宣布对欧盟征收20%的关税，对越南征 收46%的关税，印度、韩国、日本则分别为26%、25%和24%。2024年对美国 存在贸易逆差的英国、巴西和新加坡仍享受10%的基准税率。根据美国政府的 数据，尽管俄罗斯在2024年对美国的商品贸易顺差为25亿美元，但俄罗斯并不 在此次加税名单上。由于美国全球商品贸易逆差巨大且持续存在，特朗普已宣 布国家进入紧急状态。美国全球商品贸易逆差已增长超过40%，2024年达到1.2 万亿美元。 （原标题：美国宣布关税政策引发多国回应和反制） 对此，世界多国政府表示将对美国采取反制措施。欧盟委员会表示，欧盟正在 拟定一揽子措施以应对美国关税政策，如谈判失败则将进一步采取反制措施以 保护企业利益。加拿大政府表示，将采取有针对性的强力行动，旨在对抗美国 的关税措施。英国政府表示，将继续努力与美国达成贸易协议，因为贸易战不 符合国家利益。澳大利亚政府表示，将寻求与美国进行谈判，取消关税，避免 诉诸两国自由贸易协定中 ...

Core Viewpoint - The Chinese government has announced retaliatory measures against the U.S. for imposing "reciprocal tariffs" on Chinese goods, including a 34% tariff on all imports from the U.S. and various export controls on U.S. entities [1][2][9]. Tariff Measures - Starting from April 10, 2025, a 34% additional tariff will be imposed on all imports from the U.S. on top of the existing tariff rates [2][3]. - Existing tax exemption policies remain unchanged, and the new tariffs will not be waived [3]. Export Control Measures - The Chinese government has placed 16 U.S. entities on an export control list, prohibiting the export of dual-use items to these entities due to potential threats to national security [5][6]. - Export controls have been implemented on seven categories of rare earth materials, including samarium, gadolinium, and dysprosium, to safeguard national interests [7][8]. Legal and Regulatory Actions - China has filed a complaint with the World Trade Organization (WTO) against the U.S. for its "reciprocal tariffs," arguing that such actions violate international trade rules and harm the multilateral trade system [9]. - The Ministry of Commerce has initiated an investigation into the competitiveness of the domestic medical CT tube industry, responding to concerns about the impact of imports on local production [15][16]. Suspension of Import Qualifications - The General Administration of Customs has suspended the import qualifications of six U.S. companies due to health and safety concerns related to their products, including sorghum and poultry [10][11][13].

Core Insights - The implementation of "reciprocal tariffs" is significantly stronger than market expectations, with a baseline tariff of 10% and additional tariffs based on the perceived tariff levels of trading partners, leading to potential increases in average import tariffs in the U.S. by approximately 17 percentage points to around 22% [2][4] - The tariffs are particularly high for countries with significant trade surpluses with the U.S., such as China (34%), Vietnam (46%), and Japan (24%), indicating a strategic aim to reduce trade deficits and promote domestic manufacturing [3][4] - The unexpected introduction of these tariffs may serve as a starting point for new trade negotiations, with a more lenient approach towards Canada and Mexico, suggesting that countries willing to negotiate may avoid the highest tariffs [3] Industry Implications - The new tariff measures are likely to accelerate the risk of "stagflation" in the U.S., with inflationary pressures and economic growth risks expected to be more pronounced than during previous trade disputes [4] - The broader scope and magnitude of the tariffs could lead to retaliatory measures from trade partners, further exacerbating negative economic impacts on the U.S. economy [4] - The U.S. stock market is anticipated to enter a comprehensive downward trend, influenced by the global trade disruptions and the potential for an economic recession [4]

Trade Data Summary - In January-February 2025, China's total goods trade value was 6.54 trillion RMB, a year-on-year decrease of 1.2%[8] - Exports amounted to 3.88 trillion RMB, growing by 3.4%, while imports fell to 2.66 trillion RMB, down by 7.3%[8] - The trade surplus reached 1,226.06 billion RMB (170.52 billion USD), maintaining a high level despite the decline in trade volume[19] Export and Import Trends - Exports to the EU and the US saw significant declines, while exports to Japan increased slightly[9] - Major export products, except for mobile phones, experienced a downturn, particularly labor-intensive goods and automotive exports[14] - Import growth was weaker overall, with declines in most major imported goods except for soybeans and crude oil[18] Policy and Economic Outlook - The external trade environment is impacted by rising uncertainties, including increased tariffs from the US[4] - Domestic policies are expected to focus on boosting consumption and investment to expand domestic demand and support economic recovery[24] - The report highlights the importance of China's manufacturing position in the global economy, which contributes to the sustained trade surplus[4] Risks and Considerations - Potential risks include worsening geopolitical events, changes in international financial conditions, and unexpected shifts in US-China policies[25]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights a dual contraction in both export and import growth rates due to high base effects, with exports growing by 2.3% and imports declining by 8.4% in January-February 2025 compared to the previous year [8][19] - The external environment is described as complex and variable, suggesting that foreign trade growth may experience fluctuations in the future [22] Summary by Sections Export Analysis - In January-February 2025, China's total export value reached 539.94 billion USD, reflecting a year-on-year growth of 2.3%, which is a decrease of 3.6 percentage points from 2024 [8][10] - High base effects from 2024, where exports grew by 7.1%, are identified as the primary reason for the decline in growth rate [10][12] - Traditional export categories such as bags and footwear saw significant declines, with footwear exports down by 18.3% [16] - Exports of mechanical and electrical products accounted for 60% of total exports, growing by 4.2% [16][18] Import Analysis - The total import value for January-February 2025 was 369.43 billion USD, with a year-on-year decline of 8.4%, marking a 9.5 percentage point drop from 2024 [19][21] - The report attributes the decline in import growth to high base effects and ongoing domestic economic structural adjustments, particularly a reduced demand for traditional bulk commodities [19][21] - Specific imports from major trading partners showed varied growth rates, with imports from the US increasing by 2.7% while those from the EU and Japan decreased [19][21] Future Outlook - The report anticipates that the external environment will remain complex, with both risks and opportunities for exports in 2025, influenced by political changes in major trading partners [22] - For imports, a gradual recovery is expected due to domestic economic stabilization policies, although challenges remain from the real estate market and global trade barriers [24]