美国关税"混乱"升级 美媒：加剧企业困境 徒增消费者负担 中新网2月25日电 综合报道，美国最高法院20日公布裁决，认定美国《国际紧急经济权力法》未授权总 统大规模征收关税。随后，美国总统特朗普宣布对来自所有国家和地区的商品加征15%的关税，引发广 泛关注。多家美媒指出，新的关税措施不仅会拖累共和党选情，且将进一步加剧企业经营的不确定性， 令消费者徒增负担。 美国《华尔街日报》日前发表题为《无休止的特朗普关税混乱》的文章，称特朗普此举虽意在反击最高 法院，但最终受到负面影响的，将是美国经济及国会中的共和党人。 评论分析称，新的关税措施至少在短期内将进一步加剧企业经营的不确定性。随着美国中期选举临近， 在民众对生活成本深感焦虑的背景下，特朗普政府此时扩大关税，无疑会令共和党的选情雪上加霜。 另据美联社分析，尽管美国最高法院否决了特朗普政府的紧急关税政策，但此举难以消除过去一年来令 企业深陷困境的贸易政策不确定性。 储亿银行美国区经济主管迈克·斯科德莱斯进一步分析称，虽然最高法院的裁决理论上可能通过降低关 税为经济带来小幅提振，但"由此带来的任何好处，都将被不确定性引发的轻微负面效应完全抵消。" 来源：中国新闻网 ...

关税政策带来的负担，也早已让美国企业与民众不堪其扰，引发激烈反对。据杜克大学与多家联邦储备 银行联合发布的调查，美国企业2025年约三分之一的价格上涨可归因于关税，若无关税影响，美国通胀 率有望降至美联储设定的2%目标水平，而到2026年，关税仍将占企业价格上涨因素的四分之一左右。 迫于通胀压力与企业、民众的不满情绪，特朗普政府此前已取消对咖啡等进口商品的关税，推迟对家具 加征关税。而新的关税举措提高了5个百分点，只会进一步加剧通胀压力，并继续引发民众反对。 当地时间2月20日，美国最高法院作出裁决，明确认定《国际紧急经济权力法》(IEEPA)并未授权总统征 收大规模关税，此举直接宣告特朗普政府此前依据该法律推出的关税措施违法。 美国实体经济的空心化，根源并非外部竞争，而是其自身经济结构、财政政策选择、全球分工格局共同 作用的结果，关税无法解决根本问题，反而会掩盖真实矛盾。 裁决公布当天，特朗普政府迅速作出回应，接连推出新的关税举措——先是计划对所有国家和地区的商 品加征10%关税，次日又宣布将税率提升至15%，新关税依据《1974年贸易法》第122条款实施，有效 期最长150天。 新的15%关税对各个国家或 ...

23日，中国商务部新闻发言人就美国最高法院公布关税诉讼案裁决结果答记者问时表示："我们注意到 美国最高法院公布关税诉讼案裁决结果，正在对相关内容和影响进行全面评估。中方一贯反对各种形式 的单边加征关税措施，反复强调贸易战没有赢家，保护主义没有出路。美方对等关税、芬太尼关税等单 边措施既违反国际经贸规则，也违反美国内法，不符合各方利益。事实反复证明，中美双方合则两利， 斗则俱伤。中方敦促美方取消对贸易伙伴加征的有关单边关税措施。我们也注意到，美方正在准备采取 贸易调查等替代措施，以期维持对贸易伙伴加征的关税，中方将对此保持密切关注并坚定维护中方利 益。" 退款问题是一个 " 噩梦 " 据法新社报道，在美国最高法院对关税政策作出裁决后，全球股市20日全线走高。华尔街开盘时一度走 低，但在该裁决公布后逆转走势。不过受上周日美国宣布将关税税率从10%上调至15%的消息影响，美 国股指期货价格出现下跌。CNBC网站评论称，新一轮关税措施进一步加剧了市场对通胀前景及全球经 济增长态势的担忧。 除股市波动外，企业界同样受到裁决的深远影响。美国政府已利用《国际紧急经济权力法》征收了约 1750亿美元的关税。不过美最高法院并未 ...

Group 1: Geopolitical Uncertainty - The ongoing military tensions involving Iran and the U.S. have escalated, with the U.S. deploying over 60 attack aircraft to Jordan, tripling their usual presence, indicating a serious military threat [4][5] - The potential for conflict in the Middle East, particularly around the Strait of Hormuz, poses a significant risk to global oil supply, which could lead to soaring oil prices and impact U.S. voters ahead of midterm elections [5][8] Group 2: Energy Supply Uncertainty - The geopolitical situation has led to a spike in international oil prices, with the Middle East accounting for about one-third of global oil supply and nearly 20% of oil transport passing through the Strait of Hormuz [4][5] - Any disruption in this critical shipping lane could severely impact the global energy supply chain, heightening uncertainty in energy markets [5] Group 3: Climate Governance Uncertainty - The U.S. Energy Secretary has threatened to withdraw from the International Energy Agency (IEA) if it does not abandon its "net-zero emissions" agenda, undermining global climate efforts and multilateral governance [7] - The U.S. withdrawal from the Paris Agreement has already had a detrimental effect on global climate action, exacerbating divisions in international governance [7] Group 4: Trade Uncertainty - A recent U.S. Supreme Court ruling has limited the President's ability to impose large tariffs, creating uncertainty in trade policy and potentially leading to a refund of up to $175 billion in tariffs [8] - In response, the Trump administration has announced a new global import tariff of 10%, which is set to increase to 15%, further complicating the trade landscape and impacting global economic recovery [8][11] Group 5: Overall Impact on Global Stability - The combination of geopolitical, energy, climate, and trade uncertainties is likely to create a more volatile global environment, affecting millions of ordinary citizens worldwide [11] - The call for collective action in addressing these uncertainties highlights the challenges posed by the U.S.'s unpredictable strategies in international relations [11]

Core Viewpoint - The U.S. Supreme Court's decision to overturn President Trump's global tariff measures has led to a rise in the stock market, while bonds and the dollar have declined, prompting investors to assess the implications for U.S. trade policy [1][6]. Economic Impact - Over 300 stocks in the S&P 500 index rose, contributing to an expanded weekly gain for the index following the Supreme Court ruling [1][6]. - The ruling stated that Trump's use of federal emergency powers to implement "reciprocal" tariffs and targeted import taxes to combat fentanyl trafficking exceeded his authority [1][6]. Future Trade Policy - Brian Jacobsen from Annex Wealth Management indicated that the Trump administration will likely shift to tariffs targeting specific countries and industries, which will take longer to implement [3][8]. - Jacobsen also noted that while Trump could issue temporary comprehensive tariffs, their amounts and duration would be more limited, allowing time to complete necessary procedural steps [3][8]. - Steve Chiavarone from Federated Hermes mentioned that the ruling does not clarify the future path, which will be a key focus for the market, raising questions about potential tax refunds and the President's next steps [3][8]. Economic Data - Adjusted for inflation, the annualized GDP growth for the fourth quarter was 1.4%, down from 4.4% in the previous quarter, with a projected growth of 2.2% for the entire year of 2025 [3][8]. - The core PCE price index, favored by the Federal Reserve, increased by 0.4% month-over-month in December, marking the largest rise in nearly a year, with a year-over-year increase of 3% [3][8]. Monetary Policy Outlook - Art Hogan from B. Riley Wealth stated that the recent economic data sends "mixed signals," with inflation higher than expected and growth lower than anticipated [3][8]. - These confusing signals reinforce the Federal Reserve's current inclination to maintain a patient stance on monetary policy [4][9].

Core Insights - In January 2026, U.S. tariff revenue surged by 304% year-on-year, reaching $30 billion, with a total of $124 billion collected in the first four months of the fiscal year, significantly slowing the growth of the federal deficit [1][3][4] Tariff Revenue Impact - The substantial increase in tariff revenue has provided a crucial buffer for the U.S. federal budget, helping to reduce the deficit, which was approximately $95 billion in January, down 26% from the previous year [7][10] - The total deficit for the first four months of 2026 was $697 billion, a 17% decrease compared to the same period last year [7] Legal and Political Implications - The legality of the tariff policy is under scrutiny, with the U.S. Supreme Court set to rule on whether the Trump administration had the authority to impose such high tariffs without Congressional approval [11][12] - A ruling against the government could require the return of hundreds of billions of dollars in tariffs already collected, posing a significant risk to the federal budget [11][12] Global Trade Dynamics - The situation highlights the increasing politicization and legal complexities surrounding trade policies, with supporters arguing that tariffs correct unfair trade practices, while critics warn of potential negative impacts on global supply chains and consumer costs [14][15] - The outcome of the Supreme Court's decision will influence not only U.S. fiscal policy but also global trade rules and corporate strategies [15][17]

当地时间2月18日，高市早苗当选日本第105任首相。 在宽松财政预期提振下，今天日股高开高走。 日债上涨，日本10年期国债收益率下行至2.134%附近。日元承压，美元/日元短线上行，报153.781。 日经225指数收盘上涨1.02%，报57143.84点；日本东证指数上涨1.21%至3807.25点。 | ■ .N225 分时 多日 日K 周K 月K 季K 年K 1分 3分 5分 10分 15分 30分 1小时 1天：分K v 显示 √ 〔〕 | | --- | | キャン・アット・ | 日本第105任首相 今天上午，日本政府召开内阁会议，高市早苗内阁集体辞职。 日本宪法规定，众议院选举结束后30天内须召集特别国会，进行首相指名选举。 在本届特别国会召开当日，现任内阁集体辞职，由新当选议员组成的众议院与现有参议院阵容分别进行投票，选出新一任首相，并据此重新组阁。 下午，在日本参议院首相指名选举第二轮投票中，自民党总裁高市早苗获得过半票数，确认当选日本第105任首相。 其中，在众议院首相指名选举中，高市在464张有效选票中获得354票；在参议院首相指名选举中，经过两轮投票，高市最终在246张选票中获得125票 ...

Core Viewpoint - *ST Hu Ke's stock price has declined by 6.89% this week, raising concerns about its financial stability and potential delisting risks [1] Company Announcements - As of February 13, 2026, *ST Hu Ke's stock closed at 3.38 yuan, down from 3.63 yuan the previous week, with a total market capitalization of 1.112 billion yuan, ranking 13th in the trading sector and 5181st in the A-share market [1] - The company has issued a risk warning regarding the potential termination of its stock listing if it encounters financial delisting criteria again in the 2025 fiscal year [1] - The company is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure, which may lead to administrative penalties [1] - The annual audit for 2025 has not been completed, and the final financial data may differ from preliminary estimates, with uncertainties surrounding the company's net profit [1]

截至2026年2月13日收盘，中成股份（000151）报收于13.42元，较上周的13.61元下跌1.4%。本周，中 成股份2月10日盘中最高价报13.87元。2月12日盘中最低价报13.38元。中成股份当前最新总市值45.28亿 元，在贸易板块市值排名8/13，在两市A股市值排名3777/5189。 本周关注点 中成进出口股份有限公司于2026年2月13日收到中国证券监督管理委员会《关于同意中成进出口股份有 限公司发行股份购买资产并募集配套资金注册的批复》（证监许可〔2026〕296号）。批复同意公司向 中国技术进出口集团有限公司发行13,535,558股股份购买相关资产，同意公司发行股份募集配套资金不 超过15,140万元。批复自下发之日起12个月内有效。公司将在规定期限内办理本次交易相关事宜，并及 时履行信息披露义务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 股本股东变化：截至2026年2月10日股东户数为2.53万户，较前期减少5.53%。 公司公告汇总：中成股份于2026年2月13日收到证监会批复，同意其发行股份购 ...

Core Viewpoint - The company emphasizes the importance of hedging strategies to mitigate risks associated with price volatility in its operations [2] Group 1: Hedging Strategy - The company's subsidiary engages in hedging based on actual operational needs to avoid adverse impacts from significant price fluctuations [2] - The hedging mechanism is designed to reduce losses caused by unfavorable changes in product prices, thereby enhancing the company's risk resilience [2] - The company encourages stakeholders to monitor its annual report for detailed information on the hedging activities [2]