Let's begin in Washington where the president announcing new tariffs impacting trucks, furniture, and the pharma market. Our Aean Jabber is in DC with more. Hey, Aean.>> Carl, that's right. President Trump announced a slate of new tariffs late yesterday focused on pharmaceuticals and trucks as the big headline. He said the US is going to impose a 100% tariff on any branded or patented pharmaceutical product entering the country.That'll begin on October 1st. But that will not apply to companies that are buil ...

US President Donald Trump's latest executive actions and trade moves sent global markets reeling on Friday. From new tariffs on pharmaceuticals, furniture, and heavy trucks to a TikTok US divestiture ... ...

President Donald Trump announced Thursday that the U.S. will impose a 100% tariff on "any branded or patented Pharmaceutical Product" entering the country from Oct. 1.The measure will not apply to companies building drug manufacturing plants in the U.S., Trump added.He said that the exemption covers projects where construction has started, including sites that have broken ground or are under construction."There will, therefore, be no Tariff on these Pharmaceutical Products if construction has started," Trum ...

Key TakeawaysPresident Trump announced a 25% tariff on all heavy trucks manufactured outside the U.S., effective October 1, 2025, aimed at protecting domestic industry.Bank reserves at the Federal Reserve have fallen below $3 trillion, signaling a significant liquidity drain in the financial system.Australian miner Lynas Rare Earths Ltd (LYC) is experiencing its strongest market gains in nearly a decade, benefiting from escalating US-China trade tensions.Economic growth in EBRD countries is edging higher, b ...

纪要涉及的行业或者公司 主要涉及美国贸易政策下的各行业和贸易伙伴，行业包括制药、铜、关键矿物、重型卡车、飞机、半导体、电子、木材等 贸易伙伴有欧盟、墨西哥、中国大陆、加拿大、日本、越南、韩国、台湾、印度、英国等众多国家和地区 [24] 纪要提到的核心观点和论据 - **贸易政策变化** - 特朗普总统将7月9日关税截止日期推迟至8月1日，提议对占美国进口3/4的国家提高关税，基线关税可能升至15 - 20%，宣布对铜征收50%部门关税，制药关税可能推迟18个月 [2] - 特朗普向多数主要贸易伙伴致信宣布8月1日起生效的更高关税税率，如巴西从4月2日提议的10%升至50%，欧盟从20%升至30%，加拿大和墨西哥分别为35%和30% [5] - 特朗普考虑将无协议贸易伙伴的10%基线关税提高到15%或20%，若实施，对除加、墨和“协议”国家外的进口分别增加1.3pp或2.6pp [6] - **关税预测更新** - 预计8月1日关税截止日期会使基线关税增量上升，更可能是从10%升至15%，而非特定国家关税生效 假设对铜和关键矿物征收50%关税，对重型卡车和飞机征收新的部门关税，大部分制药关税推迟至2027年1月 [2] - 近期有效关税税率上升比之前预期稍慢，但年底比年初高约14pp，与之前预测一致 最终有效关税税率比之前预期高约3pp [2][21] - **关税风险分析** - 关税上升风险包括特定国家关税实施、基线关税提高、部门关税高于预期 下降风险包括部门关税实施延迟或范围变窄、法律挑战导致关税降低 [12][13][14] - 此前关税截止日期模式是特朗普宣布高于预期的关税上调，但实施前或后又撤销部分 预计8月1日截止日期仍可能遵循类似模式 [11][12] 其他重要但是可能被忽略的内容 - **预测市场对制药关税的预期**：7月8日特朗普首次表态后，预测市场暗示2025年底前实施制药关税的几率降至10%；7月15日再次表态后，几率升至80%，目前约为60% [10] - **各贸易伙伴关税影响**：附录列出各贸易伙伴已实施和提议关税对美国有效关税税率的潜在增量影响，如欧盟为1.2pp，墨西哥为0.6pp [24] - **研究相关披露**：包括分析师观点独立性、公司交易情况、不同地区监管披露要求、研究分发实体、研究服务水平差异等内容 [26][27][29][33]