5月29日，商务部新闻发言人何咏前就"近期中美双方经贸团队是否又进行了磋商"的相关问题回应表示， 中美日内瓦经贸会谈以来，双方利用多双边场合，在多个层级就经贸领域各自关切保持沟通。近期中方围 绕美方在半导体领域滥用出口管制措施等做法，多次与美方进行交涉。中方再次敦促美方立即纠正错误做 法，停止对华歧视性限制措施，共同维护日内瓦高层会谈共识。 来源：商务部 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 两大板块，涨停潮！ 丨 关税突发！A股高开，A50狂拉！ 丨 突发！特朗普全球关税被裁定越 权！美股期指拉升 丨 深夜，暴涨超200%！ 丨 官方通报！"英之园"已被拆除！违建豪宅估价过亿 丨 退市！又一A股公司摘牌，涉近3万股东 丨 比亚迪，突然刷屏！发生了什么？ 丨 沙特等4国，免 签！ 丨 涨停潮！热门赛道大爆发！ 丨 昨夜，大涨！道指猛拉超700点 丨 停牌！两家A股公司，控 制权拟变更 丨 拼多多，盘前大跌！陈磊最新发声！ 责编：叶舒筠 校对： ...

Core Viewpoint - The trade volume between ASEAN, China, and the Gulf Cooperation Council (GCC) is on the rise, with a projected total trade volume of $943.9 billion in 2024, approximately double that of ASEAN's trade with the United States, which stands at $472.7 billion [1][3]. Group 1: Trade Dynamics - ASEAN has invited China to participate in its economic summit with the GCC, marking a significant step in enhancing regional trade and economic cooperation [1][2]. - The trade volume between ASEAN and the GCC has increased significantly, with a total increase of $4.142 billion since the first term of the Trump administration, surpassing the $2.375 billion increase in trade with the United States [3]. - The combined GDP of ASEAN, GCC, and China accounts for over 20% of the global total, with a population of approximately 2.15 billion, indicating a substantial market potential [3]. Group 2: Geopolitical Context - The protectionist policies of the Trump administration have led to a shift in trade dynamics, prompting ASEAN to seek alternative markets outside the U.S., particularly focusing on China and the GCC [2][3]. - The ASEAN chair, Malaysia's Prime Minister Anwar, emphasized the historical and enduring connections among the three regions, highlighting the potential for a stronger and wealthier future through collaboration [2]. - Japan's influence in Southeast Asia may decline as ASEAN strengthens ties with China and the GCC, with trade figures showing a growing disparity between Japan and China in the region [5].

上周五，特朗普声称对欧洲的谈判策略感到不满。据央视新闻，当地时间5月23日，特朗普在社交媒体上表示，建议自6月1日起对欧盟征收50%的关 税。 然而，周日，在与欧盟委员会主席乌苏拉·冯德莱恩通话后，新华社报道称，特朗普同意将对欧盟征收50%关税的起征时间从6月1日延至7月9日。 对此，诺贝尔经济学奖得主保罗·克鲁格曼27日通过一篇"公开信"向欧洲领导人发出严厉警告，敦促他们停止对美国前总统唐纳德·特朗普的"哄骗"策 略，并呼吁欧洲像一个真正的"大国"一样行事。 他指出，欧洲在经济上并非弱者，其对美出口政策已然有利，且贸易顺差存在会计因素。欧洲需要克服"习得性无助"。 "你比你想象的要强大。行动起来。" 克鲁格曼的劝告：勿向特朗普妥协 冯德莱恩25日稍早前在社交媒体X上发文说，她与特朗普有一次"好的通话"，但"要达成好的协议，我们需要时间，直至7月9日"。冯德莱恩表示，欧盟 准备好"迅速且果断地"推进与美方的谈判。 克鲁格曼表示，"我不知道冯德莱恩说了什么"，但他强调，"一个可能发生或可能不发生、威胁巨大的关税，在6周内会大大增加破坏性的不确定性。" 他随即向欧盟委员会和整个欧盟提出了建议： "不要试图安抚特朗 ...

Group 1 - The core viewpoint of the articles is that the recent trade agreement between China and the U.S. has temporarily eased global trade tensions, while India's attempt to adopt a similar hardline stance against the U.S. quickly backfired, highlighting the complexities of international trade dynamics [1][3][6] - The trade agreement signed in May 2025 between China and the U.S. reduced tariffs back to 10% and prevented further tax increases, which was seen as a significant diplomatic win for China [1][3] - India's initial response to the China-U.S. agreement was to announce tariffs on U.S. goods, reflecting a desire to exert pressure on the U.S. regarding high tariffs on Indian steel and aluminum, which cost India $1.91 billion annually [3][5] Group 2 - India's attempt to adopt a hardline approach was influenced by domestic political pressures, particularly with the upcoming 2024 elections, where a strong international stance could boost voter support [5][6] - The trade relationship between India and the U.S. is imbalanced, with India's exports primarily consisting of agricultural and low-end manufactured goods, making it vulnerable to U.S. retaliation [5][6] - India's rapid shift from a hardline stance to a more conciliatory approach within two days indicates the economic limitations it faces in engaging in a prolonged trade conflict with the U.S. [6][8] Group 3 - The incident serves as a lesson for India, emphasizing that international trade success cannot solely rely on mimicking other countries' strategies, as India's lack of sufficient leverage against the U.S. became evident [8] - The need for India to strengthen its domestic economy and supply chain capabilities is crucial for establishing a more assertive position in international trade [8]

全球金融市场周一早盘呈现震荡走势，受美欧关税谈判进展影响，美股期货全线走高，而贵金属市场承 压。截至发稿，标普500指数期货上涨0.88%，道指期货涨0.74%，纳指期货涨幅达1.06%。现货黄金价 格下跌16美元至3347.58美元/盎司，加密货币市场表现活跃，比特币突破109337美元关口，日内涨幅近 2%。 最新消息显示，美国与欧盟已同意将关税谈判最后期限延长至7月9日。美国总统特朗普25日表示，应欧 盟请求，双方就关税问题进行了"非常愉快"的对话，并同意延长谈判期限。 这场贸易争端始于23日特朗普在社交媒体上的强硬表态。他声称欧盟成立的目的是"在贸易上占美国便 宜"，并威胁自6月1日起对欧盟商品加征50%关税，仅豁免美国本土生产商品。这一言论立即引发欧盟 方面强烈反应。 欧盟委员会执行副主席特雷莎·里贝拉24日明确表态："面对勒索，欧盟不会退缩。"她在布鲁塞尔强 调，欧盟不会接受损害欧洲企业和社会利益的条件，并指责美方的"恐吓行为不可容忍"。 德国经济与能源部长卡特琳娜·赖歇指出："关税冲突没有赢家。"德国副总理兼财政部长拉尔斯·克林拜 尔25日进一步警告，若谈判破裂，欧盟将采取"坚决果断的反制措施" ...

Group 1: Benefits of Hainan's Free Trade Port in 2025 - Trade liberalization and facilitation will enhance the flow of goods, capital, and personnel between Hainan and foreign countries, promoting international trade development [2] - The import and export trade is expected to increase significantly due to the exemption of import tariffs on most goods entering Hainan, stimulating both imports and exports [2] - The corporate income tax rate for registered companies in Hainan will be reduced to 15%, attracting more businesses and promoting economic diversification [3][15] - Personal income tax for individuals residing in Hainan for over 183 days will be levied at a maximum rate of 15%, significantly lower than the mainland's highest rate of 45%, attracting high-end talent [3][17] - The zero-tariff policy will lower the cost of imported goods, enhancing consumer purchasing power and quality of life [3] - The simplification of the tax system will reduce the overall tax burden and improve tax management for businesses [3] Group 2: Economic Development and Employment Opportunities - The construction of the free trade port will attract global resources, capital, and talent, creating numerous job opportunities across various sectors [7] - Hainan's international status will be elevated, enhancing its participation in global economic cooperation and contributing to China's economic standing [7] - The development of modern service industries, such as finance and consulting, will be prioritized, supported by favorable policies and an open environment [9][10] Group 3: Consumer and Lifestyle Improvements - The zero-tariff and duty-free policies will lead to lower prices for imported goods, enhancing shopping experiences for consumers [8][21] - The convenience of international travel will be improved, with more international routes and better tourism infrastructure [8] - The optimization of the shopping experience through enhanced duty-free policies will further stimulate consumer confidence and market prosperity [8] Group 4: Regulatory and Compliance Framework - The "one line open, one line controlled" regulatory model will allow for freer entry of goods into Hainan while maintaining strict controls for goods entering the mainland [28] - The negative list for foreign investment will be reduced, allowing for greater access to various industries [30] - Companies must establish a substantial operational presence in Hainan, including local management and compliance with social security requirements [32][43] Group 5: Company Registration and Tax Incentives - Companies can still register in Hainan post-closure, benefiting from tax incentives and a favorable investment environment [36] - The corporate income tax rate of 15% will apply to all compliant businesses, significantly lower than the mainland's standard rate [38] - The establishment of Free Trade Accounts (FT Accounts) will facilitate foreign exchange transactions, enhancing cross-border trade [41]

特朗普关税政策的变数仍在。 据高盛的最新报告，美国国际贸易法院将在未来几周内就一项初步禁令动议作出裁决，一旦法院通过禁令，特 朗普政府在4月2日公布的关税政策或存在被叫停的可能性。 高盛指出，虽然法院批准初步禁令的可能性不大，但这是市场普遍忽视的潜在利好。 与此同时，美国与贸易伙伴的关税谈判也有最新进展。据报道，日方谈判代表、日本经济再生大臣赤泽亮正24 日表示，第三轮部长级关税谈判较之前"更加坦诚深入"，日美正着眼以6月七国集团（G7）峰会的领导人线下 会面为契机，敲定协议。 但美国与欧盟的关税谈判却陷入僵局。特朗普甚至威胁称，将于6月1日起对欧盟进口商品加征50%关税。对 此，德国财政部长克林拜尔紧急呼吁在欧盟与美国不断升级的贸易争端中保持克制。 关税的变数 在美国总统特朗普再次试图升级"关税战"的背景下，一则潜在的重大利好正引起市场关注。 据华尔街见闻报道， 高盛首席政治经济学家AlecPhillips在最新报告中提醒，美国国际贸易法院将在未来几周 内就一项初步禁令动议作出裁决，该禁令可能会叫停美国总统特朗普在4月2日公布的关税政策。 高盛的报告称，这项裁定最早可能在本月底前落地。 这场法律挑战的核心是 ...

关税风云再起！ 5月23日，美国总统特朗普在其社交媒体上表示，建议从2025年6月1日起对欧盟直接征收50%的关税。 受此消息影响，美股三大指数导致期货、纳指期货、标普500指数期货纷纷跌超1%。 | 0 10 14 0 46 1 491 2 20:12 == 2 = | | | | --- | --- | --- | | COMEX黄金 | | 7 | | GC00Y | | | | 3352.5 今开 3295.1 最高 3354.2 最低 3285.5 | | | | 175% 575 忌寺 10.26万 持仓 15.21万 日曜 -8801 | | | | 结算 -- 昨结 3295.0 | | 重宝 | | 分时 五日 日Ｋ 周Ｋ 月Ｋ 更多・ | | | | 均价:3320.0 最新:3352.5 57.5 1.75% | | | | 3354.2 | | 1.80% 卖1 3352.5 | | 型1 | | 3352.2 | | 分时成交 | | | | 08:02 3352.3 | | | | 08:02 3352.14 | | | | 08:02 3352.04 | | | | 08:02 ...

Group 1 - The core viewpoint of the articles highlights the ongoing negotiations between China and the U.S. regarding the imposition of high tariffs and the need for the U.S. to eliminate unreasonable tariffs completely [1][2] - The U.S. has committed to canceling 91% of the unreasonable tariffs imposed on China on April 8 and 9, and has temporarily suspended 24% of the 34% "reciprocal tariffs" for 90 days to allow for further negotiations [1] - There is a general consensus that China has achieved positive results in its response to the U.S. tariff actions, demonstrating a responsible stance as a major power [1] Group 2 - The U.S. domestic political and economic landscape has changed significantly due to the imposition of "reciprocal tariffs," leading to consumer difficulties with rising prices and shortages, as well as opposition from major U.S. businesses [2] - Economic indicators in the U.S. have shown negative trends, with warnings of potential recession and stagflation, indicating the seriousness of the tariff issue [2] - There is a possibility that the U.S. may adopt a delaying strategy to mitigate economic damage, especially if economic indicators show significant decline in the second quarter [2]

Group 1: China's Role in Global Trade - China remains a key player in the global trade environment, as highlighted by various international organizations and business leaders at the 2025 Global Trade and Investment Promotion Summit [1] - The Chinese market is viewed as a significant opportunity for foreign investment, with 70% of Australian companies prioritizing China as an investment destination [2] - Chinese companies are recognized for their strengths in various technology sectors, attracting increasing interest from Japanese firms looking to collaborate [2] Group 2: Innovation and Technological Cooperation - Technological collaboration is a major focus of the summit, with emphasis on China's advancements in new technologies [3] - U.S. companies are encouraged to remain in China to leverage the ongoing market growth and innovation, particularly in the automotive sector [3] - Malaysia's businesses are set to collaborate with Chinese firms, benefiting from high-tech capabilities [3] Group 3: Confidence in Multilateralism - The summit participants reaffirmed their support for multilateralism, recognizing China's critical role in promoting cooperation and a win-win approach [4] - China is seen as a responsible participant in global trade, continuously opening its market and fostering a fair competitive environment amidst rising protectionism [4] - China's commitment to promoting globalization is viewed as essential for global stability [4]