欧盟和美国在特朗普8月1日关税最后期限之前敲定汽车贸易协议。欧盟正在与美国谈判一个贸易框架，旨在保护其汽车行业免受高额关税的影响，包括华盛顿4月份征收的25%的进口关税。谈判进展迅速，有进口配额、降低关税和出口信贷等选择。

EU and US race to finalize car trade deal ahead of Trump's August 1 tariff deadline.The European Union is negotiating a trade framework with the U.S. aimed at shielding its auto industry from steep tariffs, including the 25% import duty imposed by Washington in April. Talks are advancing quickly, with options on the table such as import quotas, reduced tariffs, and export credits.

美国股市周三收盘走高，投资者权衡了扩大关税对企业收益和美联储未来政策的影响。标准普尔500指数上涨0.6%，结束了连续两天的下跌，道琼斯指数上涨217点，纳斯达克100指数上涨0.7%，此前英伟达短暂触及4万亿美元的市值。美联储6月会议纪要显示，官员们认为新宣布的关税具有通胀性，导致他们推迟了今年早些时候恢复降息。在特朗普总统从8月1日开始扩大面临美国关税的国家名单后不久，包括菲律宾、伊拉克，以及可能的巴西。此前，早些时候宣布对铜征收50%的关税，并计划在宽限期后对半导体征税，对药品征收200%的关税。科技股领涨，英伟达（1.8%）、博通（2.2%）、Alphabet（1.4%）和Meta（1.7%）均收高。

US stocks closed higher on Wednesday as investors weighed the impact of expanding tariffs on corporate earnings and future Federal Reserve policy. The S&P 500 rose 0.6%, snapping a two-day losing streak, while the Dow added 217 points and the Nasdaq 100 climbed 0.7% after Nvidia briefly touched a $4 trillion market cap. Minutes from the Fed’s June meeting revealed that officials viewed the newly announced tariffs as inflationary, leading them to hold off on resuming interest rate cuts earlier this year. The release came shortly after President Trump expanded the list of countries facing US tariffs starting August 1, including the Philippines, Iraq, and potentially Brazil. This followed earlier announcements of a 50% tariff on copper, as well as plans for levies on semiconductors and a 200% duty on pharmaceuticals after a grace period. Tech stocks led the day’s gains, with Nvidia (1.8%), Broadcom (2.2%), Alphabet (1.4%), and Meta (1.7%) all closing firmly higher.

周三，美元指数稳定在97.5左右，交易员权衡了联邦公开市场委员会的最新会议纪要和贸易方面的发展。美联储6月会议纪要显示，大多数官员仍预计今年将降息，尽管意见仍存在分歧——一些人认为最快将在7月降息，而另一些人则认为没有必要降息。官员们对关税的通胀影响也存在分歧。市场继续对2025年两次降息25个基点进行定价，9月被视为首次降息的最可能时机。在贸易方面，特朗普总统宣布从8月1日起向菲律宾、文莱、摩尔多瓦、阿尔及利亚、伊拉克、利比亚和斯里兰卡发出新的关税信函，征收25%至30%的关税。他还表示，将向巴西发出类似的信函。周二，特朗普宣布了对铜进口征收50%关税的计划，并暗示将采取进一步针对特定行业的措施。在一项更为激进的举措中，他威胁对进口药品征收高达200%的关税。

The dollar index held steady around 97.5 on Wednesday as traders weighed the latest FOMC minutes and developments on the trade front. Minutes from the Federal Reserve’s June meeting showed most officials still expect to cut rates this year, though views remain divided—some see a cut as soon as July, while others believe no reductions are warranted. Officials were also split on the inflationary impact of tariffs. Markets continue to price in two quarter-point rate cuts in 2025, with September seen as the most likely timing for the first move. On the trade front, President Trump announced new tariff letters to the Philippines, Brunei, Moldova, Algeria, Iraq, Libya, and Sri Lanka imposing duties of 25% to 30% starting August 1. He also said a similar letter to Brazil would be released. On Tuesday, Trump announced plans for a 50% tariff on copper imports and hinted at further sector-specific measures. In a more aggressive move, he threatened tariffs of up to 200% on pharmaceutical imports.

周三，10年期美国国债收益率降至4.35%，市场消化了贸易政策的新发展，并评估了其对未来利率和风险溢价的潜在影响。联邦公开市场委员会上次会议的纪要显示，大多数政策制定者认为，今年将有必要多次降息。尽管如此，部分成员认为关税会引发通货膨胀，促使一些人预测今年不会削减关税。利率期货继续反映出9月份降息的押注，随后是12月份的降息。最新拍卖中的强劲需求也支撑了10年期国债。与此同时，特朗普总统扩大了对更多国家的新关税，并威胁对铜、半导体和药品征收高额关税。债券投资者还收到特朗普的信号，即基金利率应降低约300个基点，这与明年鸽派候选人的预期一致，并增加了长期通胀预期。

The yield on the 10-year US Treasury note fell to 4.35% on Wednesday as markets digested fresh developments on trade policy and assessed their potential impact on future rates and risk premia. Minutes from the FOMC’s last meeting indicated that most policymakers believe that multiple rate cuts will be warranted this year. Still, a portion of members believe that tariffs are inflationary, prompting some projections of no cuts for the year. Rate futures continued to reflect bets of a cut in September followed by a cut in December. The 10-year note was also supported by strong demand in the latest auction. Meanwhile, President Trump broadened fresh tariffs on more countries, in addition to threatening aggressive levies on copper, semiconductors, and pharmaceuticals. Bond investors also headed to signals by Trump that the Funds rate should be around 300bps lower, aligning with expectations of a dovish nominee for next year and adding to inflation expectations in the longer term.