特朗普总统周二宣布，他的政府将要求最高法院加快审查，以推翻最近上诉法院的一项裁决，该裁决推翻了他的大部分互惠关税。美国联邦巡回上诉法院周五裁定，特朗普在征收关税时超越了他的行政权力，这些关税构成了他第二任期贸易措施的大部分。尽管做出了裁决，法院仍允许关税继续有效至10月14日，以便有时间上诉。特朗普警告说，取消关税将意味着对国家的“破坏”，并表示最高法院的文件可能会在周三提交。

President Trump announced Tuesday that his administration will request an expedited Supreme Court review to overturn a recent appeals court ruling that struck down most of his reciprocal tariffs. The U.S. Court of Appeals for the Federal Circuit ruled Friday that Trump exceeded his executive authority when imposing the tariffs, which form the bulk of his second-term trade measures. Despite the ruling, the court allowed the tariffs to remain in effect until October 14 to give time for appeal. Trump warned that removing the tariffs would mean “devastation” for the country and said the Supreme Court filing would likely occur Wednesday.

周三，10年期美国国债收益率升至4.28%以上，标志着在财政担忧加剧的情况下连续第三次上涨。一波公司债券发行浪潮扩大了固定收益市场的供应，重新引发了人们对华盛顿扩张性财政立场后美国债务不可持续增长的担忧。因此，收益率曲线急剧变陡，短期债券受到美联储降息押注的支持，而长期债券面临大量抛售。欧洲也出现了类似的压力，财政担忧给英国国债带来了压力，荷兰养老基金的长期债券销售引发了恐慌，该地区债券发行量创下历史新高。投资者现在将注意力转向美国JOLTS职位空缺和美联储褐皮书，以获得新的信号。周五公布的8月就业报告，以及失业和私人招聘数据也在等待中。

The yield on the 10-year US Treasury rose above 4.28% on Wednesday, marking a third consecutive advance amid mounting fiscal concerns. A wave of corporate bond issuance swelled supply in fixed-income markets, reviving worries over the unsustainable rise in US debt following Washington’s expansionary fiscal stance. As a result, the yield curve steepened sharply, with shorter maturities supported by Fed rate-cut bets while long-dated bonds faced heavy selling. Similar pressures emerged in Europe, where fiscal worries weighed on UK Gilts, long-maturity sales by Dutch pension funds sparked jitters, and the region saw a record day of bond issuance. Investors now turn their attention to the US JOLTS Job Openings and the Fed Beige Book due later today for fresh signals. The August payrolls report on Friday, alongside unemployment and private hiring figures are also awaited.

周三，美元指数攀升至98.4以上，在投资者等待可能影响美联储政策前景的经济数据公布之际，美元指数继续上涨。交易员们将在今天晚些时候关注美国JOLTS职位空缺和美联储褐皮书，而注意力也将转向周五的8月就业报告，以及失业和私人招聘数据。随着市场加大对美联储降息的押注，美元最近走软，本月加息25个基点的可能性接近92%。尽管如此，在全球经济不确定性加剧、贸易紧张局势加剧和地缘政治风险持续的情况下，美元因避险需求增强而重新获得动力。对主要经济体债务负担上升的担忧进一步提振了人们对避险资产的兴趣。

The dollar index climbed above 98.4 on Wednesday, building on prior gains as investors awaited economic releases that could influence the Federal Reserve’s policy outlook. Traders look to the US JOLTS Job Openings and the Fed Beige Book later today, while attention also turns to Friday’s August payrolls report, along with unemployment and private hiring figures. The dollar had recently softened as markets increased bets on Fed rate cuts, with odds of a 25 basis point move this month standing near 92%. Still, the greenback regained traction on stronger safe-haven demand amid elevated global economic uncertainty, renewed trade tensions and ongoing geopolitical risks. Concerns over rising debt burdens across major economies further bolstered appetite for safe-haven assets.

美国撤销了台湾半导体制造有限公司向其中国主要工厂运送关键设备的授权，终止了其被称为验证最终用户（VEU）的快速出口特权，自12月31日起生效。这意味着，未来向台积电南京工厂运送美国芯片制造工具将需要出口许可证。台积电表示，正在评估情况，并仍“致力于确保台积电南京分公司的不间断运营”。三星和SK海力士的中国工厂也发布了类似的撤销令，将在120天后生效。尽管特朗普总统最近努力放宽限制，包括计划取消拜登时代对人工智能芯片的限制，以及批准英伟达向中国销售H20芯片，但此举还是发生了。美国商务部表示，将向外国公司发放许可证，以继续现有业务，但不得扩大或升级，时间表不明确，可能会延误发货。

The U.S. has revoked Taiwan Semiconductor Manufacturing Co.’s authorization to ship key equipment to its main China facility, ending its fast-track export privilege known as Validated End User (VEU) status effective December 31. This means future shipments of U.S. chipmaking tools to TSMC’s Nanjing plant will require export licenses. TSMC said it is evaluating the situation and remains “committed to ensuring the uninterrupted operations of TSMC Nanjing.” Similar revocations were issued for Samsung and SK Hynix’s China plants, effective in 120 days. The move comes despite President Trump’s recent efforts to ease restrictions, including plans to roll back Biden-era AI chip curbs and approvals for Nvidia’s H20 chip sales to China. The Commerce Department said licenses will be granted for foreign firms to continue existing operations, but not expand or upgrade, with unclear timelines that could delay shipments.