CITIC Futures: Decrease in short-term uncertainty brought by tariffs.

According to the research report of CITIC Futures, since April 2, 2025, up to August 1, the United States has announced new tariff rates on 72 economies, ranging from 10% to 50%. Among the 72 economies, the US has lowered the tariff rates for nearly 60% since April 2, with rates of 15% for Europe, Japan, South Korea, and New Zealand, 19-20% for Southeast Asia, and an additional 40% tariff on re-exports. Currently, the US has postponed the implementation of tariffs on China and Mexico for another 90 days. With the widespread announcement of new tariff rates by the US on major economies, the short-term uncertainty brought about by tariffs has decreased. With the signing of trade agreements, the US dollar index has slightly rebounded recently, the euro has weakened, copper prices have fallen due to the implementation of tariffs, and oil prices have shown some resilience due to expectations of tightening supply brought about by tariff threats. Looking ahead, it is necessary to pay attention to the progress of negotiations between the US and China, Mexico, and other economies, the threat of a 100% tariff increase by the US on Russia, and the implementation of sanctions on economies purchasing energy from Russia.