Tax Policy Impacts - The "One Big Beautiful Bill" Act (OBBB) aims to extend and expand tax cuts from the 2017 Tax Cuts and Jobs Act (TCJA), reducing the corporate tax rate from 35% to 21% permanently[1][7] - The Act repeals provisions from the Biden administration aimed at reducing traditional energy consumption, benefiting traditional energy companies[1][7] Indirect Support for Infrastructure and AI - OBBB does not directly fund traditional manufacturing or infrastructure projects but focuses on tax policy and deregulation, which may indirectly support infrastructure and AI development by reducing corporate costs[2][8] - Permanent full expensing provisions for equipment, R&D, and plants allow companies to deduct the full cost of capital investments immediately, reducing financial burdens and encouraging investment in advanced manufacturing[3][9] Opportunity Zones and Investment Attraction - The Act expands Opportunity Zones to attract private capital into economically distressed areas, enhancing investment in projects like smart city technology and logistics hubs[4][10] - Deregulation measures simplify the approval process for infrastructure projects, potentially accelerating project timelines[4][10] Economic Growth and Local Industry - Tax cuts and capacity expansion incentives are expected to enhance the profitability and competitiveness of domestic industrial enterprises in the U.S. market[5][11] - Increased production capacity is anticipated to improve market share and meet local manufacturing demands, while personal tax reductions may boost overall consumption[5][11] Investment Recommendations - Companies that may benefit from the policy's tax cuts and required equipment investments include Vistra, Constellation, Talen Energy, GE Vernova, Schneider Electric, Eaton, Vertiv, Honeywell, Cummins, and Caterpillar[6][12] Risk Factors - Potential risks include slower-than-expected U.S. economic growth, changes in U.S. policy, and geopolitical uncertainties[6][13]

Core Viewpoint - The initial negotiations between Vietnam and the United States regarding reciprocal tariffs on May 7, 2025, in Washington yielded "positive preliminary results," with both parties agreeing to continue technical discussions without disclosing specific tariff adjustments [2][11]. Group 1: Overview of Negotiation Results - Vietnam's Prime Minister Pham Minh Chinh stated that Vietnam has taken multiple flexible measures and achieved positive preliminary results at the opening stage of the negotiations [3]. - The focus of the discussions included clarifying the rules of origin calculation and preventing illegal transshipment to ensure that "Made in Vietnam" products have actual added value [3]. - The U.S. Trade Representative's Office (USTR) and Vietnam's Ministry of Industry and Trade did not disclose new tariff rates but agreed to maintain a 10% temporary tariff for 90 days and consider reducing the highest tariff of 46% to a lower level [3][10]. Group 2: Commitments and Suggestions - Vietnam committed to enhancing the inspection of goods transported from China to Vietnam to prevent illegal transshipment [4]. - Vietnam plans to increase imports from the U.S. of agricultural products, liquefied natural gas (LNG), aircraft, and high-tech components to balance the trade deficit [4]. - The Vietnamese Ministry of Finance will expedite the process of VAT refunds for businesses, including U.S. companies operating in Vietnam [4]. Group 3: U.S. Proposals - The U.S. Trade Representative's Office proposed a detailed timeline for the next round of negotiations, expected to take place in May and June, including both in-person and online meetings [5]. - The U.S. hinted that if Vietnam can provide sufficient evidence of origin reform measures, tariffs could be adjusted to a range of 22% to 28% [6]. - The U.S. emphasized the need for enhanced cooperation to investigate and address trade fraud, including counterfeit documentation and tax evasion [7]. Group 4: Next Steps - Technical discussions are expected to continue, with both negotiation teams meeting again at the end of May to focus on rules of origin, specific tariff rates, and regulatory measures [8]. - The results of the technical discussions will be reported to the Vietnamese Prime Minister and the U.S. Trade Representative for final decision-making [9]. - The 10% temporary tariff will remain in effect until a final agreement is reached or the 90-day period expires [10].