Core Points - President Trump signed an executive order on July 31 to modify the "reciprocal tariff" policy, adjusting additional tariff rates on goods from multiple countries to address what the U.S. claims is a "national security emergency" due to long-standing trade deficits [1][2] - The new tariff rates include an increase for Canada from 25% to 35%, effective August 1, and a uniform 10% tariff for countries not listed in the executive order [2][6] - The order also stipulates a 40% tariff on goods found to be rerouted through third countries to evade tariffs, with a public "evasion list" updated semi-annually [1][2] Tariff Adjustments - For Japan, South Korea, and New Zealand, the tariff rate is set at 15% [1] - For EU countries, if the current tariff is below 15%, it will be raised to 15%, while those above 15% will not see additional increases [1] - The executive order is part of a broader series of tariff adjustments by the Trump administration [2] Specific Measures - An additional 50% tariff will be imposed on imported copper semi-finished products and high-copper content derivatives starting August 1 [6][7] - From August 29, the U.S. will suspend the tax exemption for imported packages valued at $800 or less [6] - A 40% tariff will be applied to products imported from Brazil starting August 6, with certain exceptions for specific goods [7] Trade Negotiations - President Trump indicated that Canada's stance on Palestine will not affect the tariff agreement, emphasizing that Canada must "pay a fair tax rate" [4] - The U.S. and Mexico have agreed to extend their tariff agreement for 90 days, during which they will negotiate further [5]

相较之下，铜矿、精矿、锍铜、阴极铜、阳极铜以及废铜等"铜输入材料"被明确排除在关税之外，暂不 受"232条款"或对等关税约束。 此前市场广泛预期，此轮关税将针对精炼铜本身，从而引发了自2月以来的套利交易热潮，并导致纽约 铜价远高于伦敦市场。消息公布后，芝加哥商品交易所（CME）近月铜合约当日暴跌超过20%。截至发 稿前，CME铜期货价格较伦敦金属交易所（LME）溢价已进一步收窄至不足150美元/吨，相比此前接 近1200美元的峰值几乎被完全抹平。 由于大量精铜抢在关税生效前运抵美国，CME仓库库存大幅飙升。截至7月30日，注册库存升至232195 吨，为2004年以来最高水平。 截至7月底，累计运往美国的铜量已超50万吨，远高于美国每年约90万吨的进口均值。 在经历数月政策博弈与市场押注后，美国对铜征收关税的细节终于落地，却与多数交易员预期大相径 庭。 据新华社报道，根据美国白宫网站7月30日发布的事实清单，特朗普当日签署公告，从8月1日起对进口 的铜半成品和铜含量高的衍生品统一征收50%的关税。 公告称，对进口铜加征关税的依据是《1962年贸易扩展法》第232条款，针对的产品包括铜管、铜线、 铜棒和铜片等半 ...

Group 1 - The U.S. will impose a 50% tariff on imported copper semi-finished products and high-copper-content derivatives starting August 1 [1] - The tariff is based on Section 232 of the Trade Expansion Act of 1962, affecting products such as copper pipes, wires, rods, and sheets, as well as derived products like fittings, cables, connectors, and electrical components [1] - The majority of copper consumed in the U.S. is imported, and the tariffs are expected to increase costs for U.S. manufacturers without incentivizing appropriate economic behavior [1] Group 2 - Starting August 29, the U.S. will suspend the tax exemption for imported packages valued at $800 or less, requiring all applicable taxes to be paid [1] - From August 6, a 40% tariff will be imposed on products imported from Brazil, raising the tariff rate on most Brazilian products to 50%, with exceptions for certain items like aircraft, nuts, orange juice, and some metal products [2] - Brazilian officials have indicated that they may consider retaliatory tariffs on U.S. products if the U.S. tariffs are implemented, criticizing U.S. unilateralism and trade protectionism [2]