周三，美元指数稳定在99左右，本周交易区间狭窄，因为投资者在最新的消费者价格指数报告发布之前仍持谨慎态度，该报告可能提供对最近关税对经济影响的洞察。市场也在密切关注美中贸易谈判的进展。美国商务部长霍华德·卢特尼克表示，两国已达成一个框架，以落实日内瓦共识，并履行最近总统通话中作出的承诺。他还对中国将取消对稀土出口的限制表示乐观，而美国正在考虑放宽对中国先进技术销售的限制。尽管贸易乐观，但美元仍接近2022年初以来的最低水平，这是由于投资者对特朗普总统的贸易和财政政策对更广泛的经济影响日益担忧造成的压力，这些政策促使人们从美国资产转移。

The US dollar index held steady around 99 on Wednesday, trading in a narrow range this week as investors remained cautious ahead of the latest Consumer Price Index report, which could offer insight into the economic impact of recent tariffs. Markets are also closely watching developments in US–China trade talks. US Commerce Secretary Howard Lutnick said both countries have reached a framework to implement the Geneva consensus and follow through on commitments made during a recent presidential call. He also expressed optimism that China will lift its restrictions on rare earth exports, while the US is considering easing its curbs on advanced technology sales to China. Despite the trade optimism, the dollar remains near its lowest levels since early 2022, pressured by growing investor concerns over the broader economic impact of President Trump’s trade and fiscal policies, which have prompted a shift away from US assets.

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The US and China have reached a trade agreement framework following two days of high-level talks in London. “We have reached a framework to implement the Geneva consensus and the call between the two presidents,” said US Commerce Secretary Howard Lutnick, echoing remarks from China’s trade representative Li Chenggang. The deal follows a recent phone call between Presidents Trump and Xi, which helped ease tensions after mutual accusations of violating the Geneva trade deal. In May, both nations agreed to a 90-day pause on reciprocal tariffs and to roll back some measures. Lutnick said he and US Trade Representative Greer will seek Trump’s approval before moving forward. A key part of the deal involves resolving China’s restrictions on rare earth exports and the US easing its recent tech export curbs. Treasury Secretary Scott Bessent returned to Washington to testify before Congress.

美国联邦上诉法院维持了特朗普总统全面的“解放日”关税，允许它们在审查下级法院阻止它们的裁决时继续有效。下级法院认定特朗普越权。这些关税影响了包括加拿大和中国在内的大多数美国贸易伙伴。尽管上诉法院尚未决定这些关税是否符合《国际紧急经济权力法》（IEEPA），但它已暂时中止了下级法院的裁决。5月28日，美国国际贸易法院裁定，只有国会有权征收关税，特朗普滥用了IEEPA，这是一项通常用于制裁外国威胁的法律。特朗普是第一位使用IEEPA征收关税的总统，他认为这是对芬太尼贩运和贸易逆差的回应。这些由小企业和12个州提起的诉讼是至少五项法律挑战中的一项，这些挑战都没有使特朗普的紧急关税授权生效。

A US federal appeals court has upheld President Trump's sweeping "Liberation Day" tariffs, allowing them to remain in effect while it reviews a lower court’s ruling that blocked them. The lower court had found that Trump exceeded his authority. These tariffs affect most US trading partners, including Canada and China. Although the appeals court has yet to decide whether the tariffs comply with the International Emergency Economic Powers Act (IEEPA), it has temporarily suspended the lower court’s ruling. On May 28, the US Court of International Trade ruled that only Congress has the power to impose tariffs and that Trump misused IEEPA, a law typically invoked for sanctioning foreign threats. Trump, the first president to use IEEPA for tariffs, justified them as responses to fentanyl trafficking and trade deficits. The lawsuits, filed by small businesses and 12 states, are among at least five legal challenges, none of which have validated Trump’s emergency tariff authority.

周三，美国股指小幅下跌，因为投资者在最新的消费者价格指数报告发布之前采取了谨慎的立场，该报告可能会提供对最近关税对经济影响的见解。市场参与者还希望进一步明确美中贸易谈判。商务部长霍华德·卢特尼克表示，谈判进展“非常非常顺利”，并表示如有必要，谈判可能会持续到周三。在周二的常规交易中，标准普尔500指数和纳斯达克综合指数分别上涨0.55%和0.63%，连续第三个交易日上涨。道琼斯指数也上涨了0.25%。涨幅广泛，标普500指数11个板块中有10个板块收高，能源、非必需消费品和医疗保健板块领涨。科技股也表现优异，受特斯拉（+5.7%）、元平台（+1.2%）和Alphabet（+1.3%）的显著波动推动。展望未来，Chewy和Oracle的盈利结果将于周三晚些时候公布。

US stock futures inched lower on Wednesday as investors adopted a cautious stance ahead of the latest Consumer Price Index report, which may offer insights into the economic impact of recent tariffs. Market participants also looked for further clarity on US–China trade negotiations. Commerce Secretary Howard Lutnick said talks were going “really, really well,” suggesting discussions could continue into Wednesday if necessary. In regular trading on Tuesday, the S&P 500 and Nasdaq Composite rose 0.55% and 0.63%, respectively, for their third straight positive session. The Dow also gained 0.25%. Gains were broad-based, with 10 of the 11 S&P 500 sectors finishing higher, led by energy, consumer discretionary, and healthcare. Technology stocks also outperformed, driven by notable moves from Tesla (+5.7%), Meta Platforms (+1.2%), and Alphabet (+1.3%). Looking ahead, earnings results from Chewy and Oracle are due later Wednesday.