Late-night outbreak! The tariff war escalates: The Trump administration is in a deadlock, and the EU's countermeasures are strong.
创建于06.04
On June 2nd local time, the US stock market performed positively, with all three major indices achieving gains. The details are as follows:
- The Dow Jones Industrial Average (DJIA) rose by 0.08%, closing at 42,305.48 points;
- The Standard & Poor's 500 Index (S&P 500) rose 0.41%, closing at 5,935.94 points;
- The Nasdaq Composite Index (Nasdaq) had the largest increase, rising by 0.67%, closing at 19,242.61 points.
Performance of tech stocks and Chinese concept stocks
Technology stocks:
Most large tech stocks performed strongly. AMD (AMD.O) rose over 3%, Meta Platforms (META.O) rose over 3%, Nvidia (NVDA.O) rose over 1%, and Broadcom (AVGO.O) rose over 2%. However, Tesla (TSLA.O) and Google's parent company Alphabet (GOOGL.O) both fell over 1%.
Chinese concept stocks:
Most popular Chinese concept stocks rose, with the Nasdaq China Golden Dragon Index (HXC) up 0.53%. Among them, Baidu (BIDU.O), JD.com (JD.O), and iQIYI (IQ.O) all rose over 1%; while Li Auto (LI.O) and Zhihu (ZH.N) both fell over 1%.
Trump's Tariff Policy and Legal Disputes
On June 2 local time, the Trump administration requested the federal appeals court to block the order from the U.S. District Court for the District of Columbia that previously ruled its tariff policy "unlawful."
This legal dispute stems from the ruling of the U.S. District Court for the District of Columbia on May 29, which issued a preliminary injunction against the Trump administration's measures to impose tariffs on multiple countries under the International Emergency Economic Powers Act.
EU's response to US tariff policy
EU Warning:
The EU expressed "strong regret" over the tariff policy of the Trump administration, believing that this move undermines efforts by both sides to resolve trade disputes. EU Commission spokesperson Olov Gill stated that if the US implements new tariff measures, the EU may accelerate the implementation of retaliatory measures.
Negotiation and Countermeasures:
The European Union's Trade Commissioner Šefčovič plans to meet with U.S. Trade Representative Tai in Paris this Wednesday, while a delegation from the European Commission will also head to Washington to continue technical-level negotiations. If the two sides cannot reach an agreement, the EU's existing and potentially new countermeasures will take effect on July 14 and may even be implemented earlier.
Specific countermeasures:
The European Union has previously approved tariffs on U.S. products worth 21 billion euros, including soybeans, agricultural products, poultry, and motorcycles. In addition, the EU has prepared an alternative list of U.S. products for tariffs worth 95 billion euros, involving Boeing aircraft, American-made cars, and bourbon whiskey.
The urgency of U.S. tariff policy
According to a report by Reuters, the Trump administration wants countries involved in high tariff negotiations to submit their "best offers" before Wednesday to expedite the trade negotiation process. There is a sense of urgency within the U.S. government to complete the deal within a tight deadline, hoping that countries will outline their best proposals in several key areas, including tariff and quota concessions as well as non-tariff barrier plans.
U.S. Economic Data
The ISM manufacturing import index in the United States recorded 39.9 in May, the lowest level since 2009; the ISM export orders index fell to a five-year low of 40.1.
Reference materials:
Tariff policy advancement hindered, Trump administration seeks help from appellate court - CCTV News
Trump escalates trade war, EU warns: may accelerate implementation of countermeasures - Caixin News
Deep Night Sudden Incident! Tariff Upgrade, Trump Seems a Bit Anxious Phoenix Finance
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