Core Viewpoint - The article discusses the significant impact of tariff policies under the Trump administration, highlighting the adverse effects on U.S. businesses, supply chains, and the broader economy, while also emphasizing the potential long-term consequences for global trade governance [1][10]. Group 1: Impact on U.S. Businesses - Tariff-induced uncertainty has led to a decline in product demand, making it difficult for U.S. companies to pass on rising costs to customers, with some businesses facing potential bankruptcy [4]. - The Dallas Fed's manufacturing survey indicated a sharp decline in the business activity index to -35.8 in April, reflecting the turmoil caused by tariff policies [3]. - Many companies are experiencing increased operational costs due to the need to shift supply chains, with estimates suggesting an 18%-25% increase in operational costs for those relocating production [4]. Group 2: Employment and Economic Consequences - The imposition of tariffs has resulted in negative employment growth in the manufacturing sector, with job losses projected to increase significantly as tariffs rise [5]. - The agricultural sector, particularly U.S. farmers, is facing declining net income and increasing bankruptcy rates due to canceled orders from China, a major buyer of U.S. agricultural products [5]. Group 3: Environmental and Social Implications - The shift in supply chains to countries with weaker industrial bases, such as Vietnam and Mexico, is expected to increase carbon emissions and environmental pollution [7]. - The tariff policies disproportionately affect low-income households, as they spend a larger portion of their income on essential goods that are sensitive to tariff increases, exacerbating income inequality [8][9]. Group 4: Global Trade Governance - The unilateral tariff actions have led to a breakdown of the global trade governance system, replacing multilateral agreements with bilateral coercion, which undermines the effectiveness of the WTO [10]. - The article argues that the tariff policies represent a blend of populism and monopolistic capitalism, posing a legitimacy crisis for global governance and pushing the world towards a "zero-sum game" scenario [10].

Group 1 - The article discusses the significant impact of Trump's tariff policies on American businesses, highlighting the confusion and chaos experienced by various industries due to these measures [2][3][4] - Many companies are facing increased costs and supply chain disruptions, leading to a decline in product demand and potential bankruptcies [2][4][5] - The tariffs have prompted some businesses to relocate production to countries like Vietnam and Mexico, resulting in higher operational costs and longer supply chains [3][5] Group 2 - The agricultural sector is particularly affected, with reports of canceled orders from China for U.S. agricultural products, leading to decreased net income for American farms [4][6] - The environmental impact of the tariffs is also noted, as companies shift production to regions with less developed industrial bases, potentially increasing carbon emissions [5][6] - The article emphasizes that the tariffs disproportionately harm low-income households, as they face higher prices for essential goods, exacerbating income inequality [6][7] Group 3 - The article suggests that Trump's tariff strategy is a form of unilateral protectionism that undermines global trade governance, replacing multilateral agreements with bilateral coercion [9][10] - The long-term consequences of these policies may lead to a breakdown of the World Trade Organization's dispute resolution mechanisms, pushing the global economy towards a "zero-sum game" scenario [9][10] - Overall, the article argues that the tariffs represent a blend of populism and monopolistic capitalism, with far-reaching implications beyond just economic factors [10]

"青神竹编"劳务品牌让指尖技艺变致富密码。卿 萱摄（中经视觉） 另一朵"花"是"斑布"，即四川环龙新材料有限公司生产的全国首张竹纤维本色生活用纸。该企业以当地漫山 遍野的竹子为原料，截至目前，累计使用竹材超400万吨，累计销售额突破120亿元，助力农民增收近25亿 元。近年来，斑布在"双11"购物节中始终稳居本色纸销量榜首，是星巴克、肯德基等品牌的重要供应商。公 司相关负责人刘玮哲表示，斑布备受青睐，得益于其低温萃取不漂白技术，在环保性与安全性上优势显著。 2022年，斑布健康竹产业园一期项目建成投产，年产值超25亿元。待二期项目全面建成投产后，整个产业园 预计可实现产值100亿元，带动5000余人就业，帮助农民增收10亿元。 创新驱动产业突围 青神的产业发展，不仅在于竹韵悠长，机械制造产业同样奏响了高质量发展的强音。如今，青神机械制造产 业聚集成链，成功培育两家本地上市企业、4家国家级专精特新"小巨人"企业、14家国家级高新技术企业，跻 身全国机械产业集群百强。 30年前，四川德恩精工科技股份有限公司还是一家小作坊。如今，德恩精工已成长为涵盖工业机器人、数控 切削机床、机械传动与传动联结件、机械非标定制件产 ...

Core Opinion - The audit report for Tangshan Jidong Equipment Engineering Co., Ltd. indicates that the financial statements for the year ending December 31, 2024, fairly represent the company's financial position and operating results in accordance with accounting standards [1][2]. Financial Statements - The audit covered the consolidated and parent company balance sheets, income statements, cash flow statements, and changes in equity for both consolidated and parent company [1]. - As of December 31, 2024, the company reported accounts receivable of 1.112 billion yuan, with a provision for bad debts of 100 million yuan, reflecting a decrease in bad debt provision of 10.6653 million yuan for the year [2][3]. Key Audit Matters - Significant audit matters included the evaluation of related party transactions, which accounted for 1.980 billion yuan, representing 79.34% of total revenue. The authenticity and fairness of these transactions were critical due to their substantial impact on the financial statements [1][2]. - The audit procedures involved assessing the design and effectiveness of internal controls related to related party transactions, including verification of agreements and sales invoices [1][2]. Management Responsibilities - The management is responsible for preparing financial statements that fairly reflect the company's financial position and for maintaining necessary internal controls to prevent material misstatements due to fraud or error [4][5]. - The governance layer oversees the financial reporting process, ensuring compliance with accounting standards [4]. Auditor Responsibilities - The auditor's goal is to obtain reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes an opinion [5][6]. - The auditor must identify and assess risks of material misstatement and design appropriate audit procedures to address these risks [5][6]. Company Overview - Tangshan Jidong Equipment Engineering Co., Ltd. was established in 1998 and operates in the machinery manufacturing sector, focusing on equipment manufacturing, maintenance services, and engineering projects [10][12]. - The company has undergone significant asset restructuring, with a registered capital of 227 million yuan and a focus on cement machinery and related services [10][12].