Trump unleashes sweeping new tariffs in a blow to global trade
特朗普推出全面新关税，打击全球贸易

The currencies of some countries affected by higher tariffs pulled back Friday. The Swiss franc was last down by around 0.5% against the U.S. dollar. Switzerland is facing 39% tariffs from later this month — however the country’s government has said it is still seeking a “negotiated solution.”
受关税上调影响的一些国家的货币周五回落。 瑞士法郎兑美元最后下跌约 0.5%。从本月晚些时候开始，瑞士将面临 39% 的关税——但该国政府表示仍在寻求“谈判解决方案”。

Elsewhere, the South African rand was last down around 0.6% against the U.S. dollar as the country is set to see 30% tariffs on its goods.
在其他地方，南非兰特兑美元最后下跌约 0.6%，因为该国将对其商品征收 30% 的关税。

The Canadian dollar was last down around 0.1% against the U.S. dollar. Canada has been hit with 35% tariffs, a development which Prime Minister Mark Carney described as “disappointing.”
加元兑美元最新下跌约 0.1%。加拿大受到 35% 关税的打击，总理马克·卡尼 （Mark Carney） 称这一发展“令人失望”。

— Sophie Kiderlin  — 苏菲·基德林

The news of Switzerland facing 39% tariffs is “disappointing,” Rahul Sahgal, CEO of the Swiss-American Chamber of Commerce told CNBC’s “Squawk Box Europe” on Friday.
瑞士美国商会首席执行官拉胡尔·萨加尔 （Rahul Sahgal） 周五告诉 CNBC 的“Squawk Box Europe”，瑞士面临 39% 关税的消息“令人失望”。

Switzerland has invested a lot of time and gone through many rounds of negotiations with various U.S. bodies and officials, he said, suggesting that an agreement had not been far off.
他说，瑞士投入了大量时间，与美国各个机构和官员进行了多轮谈判，这表明达成协议的时间并不遥远。

“That we then get slapped with 39% is at this point very disappointing,” he said, noting that he however does not think the end point has been reached.
“在这一点上，我们被打了 39% 的耳光，这是非常令人失望的，”他说，并指出他认为还没有达到终点。

The CEO also said that it was hard to tell what the reason behind the higher tariff rate was, but noted that the Swiss-U.S. goods trade balance had apparently been flagged by Trump.
这位首席执行官还表示，很难说出关税率上升背后的原因是什么，但指出瑞士-美国货物贸易平衡显然已被特朗普标记。

The U.S. goods trade deficit with Switzerland amounted $38.5 billion last year, according to the Office of the United States Trade Representative.
根据美国贸易代表办公室的数据 ，去年美国对瑞士的商品贸易逆差达 385 亿美元。

But, Switzerland is a much smaller country than the U.S., Sahgal pointed out, saying that therefore even “if every Swiss was to drink a bottle of bourbon and eat a steak every single day and buy a Harley Davidson, we will not be able to balance the trade in goods.”
但是，萨加尔指出，瑞士是一个比美国小得多的国家，因此即使“如果每个瑞士人每天喝一瓶波旁威士忌，吃一块牛排，买一辆哈雷戴维森，我们也无法平衡商品贸易。

— Sophie Kiderlin  — 苏菲·基德林

European stocks pulled back Friday, with the pan-European Stoxx 600 last trading around 1.3% lower at levels last seen in early July.
欧洲股市周五回落，泛欧斯托克 600 指数最后下跌约 1.3%，上次达到 7 月初的水平。

The German DAX index tumbled 1.7%, while France’s CAC 40 fell by 2.1%. The British FTSE 100 also pulled back and was last 0.6% lower.
德国 DAX 指数下跌 1.7%，法国 CAC40 指数下跌 2.1%。英国富时 100 指数也回调，最后下跌 0.6%。

European pharmaceutical stocks broadly pulled back on Friday after U.S. President Donald Trump sent letters to various companies, including U.S. firms, demanding cheaper drug prices.
在美国总统唐纳德·特朗普致函包括美国公司在内的多家公司要求降低药品价格后，欧洲制药股周五普遍回落。

— Sophie Kiderlin  — 苏菲·基德林

South Korean official Yeo Han-Koo on Friday said there was no written agreement on the trade deal between the country and and the U.S., Reuters reported.
据路透社报道，韩国官员杨汉九周五表示，该国与美国之间没有就贸易协议达成书面协议。

Because of time constraints, the negotiations had been oral, he told reporters.
他告诉记者，由于时间限制，谈判是口头进行的。

U.S. President Donald Trump on Wednesday had announced a trade deal between the two countries. It includes 15% tariffs on South Korean goods, lower than the 25% Trump had threatened the country with in a letter last month.
美国总统唐纳德·特朗普周三宣布两国之间达成贸易协议。其中包括对韩国商品征收 15% 的关税，低于特朗普上个月在一封信中威胁该国的 25%。

— Sophie Kiderlin  — 苏菲·基德林

The latest U.S. tariff policy is “still not the end of the story,” Stephen Brown, deputy chief North America economist at Capital Economics, said Friday.
凯投宏观（Capital Economics）北美副首席经济学家斯蒂芬·布朗（Stephen Brown）周五表示，美国最新的关税政策“仍然不是故事的结局”。

“President Trump’s latest flurry of tariffs implies that the US effective tariff rate will rise to about 18%, from 2.3% last year,” he noted. That’s higher than expected and carries downside risks for global economic growth projections, as well as some upside risk for U.S. inflation forecasts, Brown said.
“特朗普总统最近的一系列关税意味着美国的有效关税税率将从去年的 18% 升至 2.3% 左右，”他指出。布朗表示，这高于预期，给全球经济增长预测带来下行风险，也给美国通胀预测带来一些上行风险。

“That said, this is unlikely to be the final word, as it still seems likely that some other countries will reach their own deals with the US, while there is a chance that the US courts will eventually strike down these tariffs,” he said.
“也就是说，这不太可能是最终决定，因为其他一些国家似乎仍有可能与美国达成自己的协议，而美国法院最终有可能取消这些关税，”他说。

— Sophie Kiderlin  — 苏菲·基德林

Switzerland’s biggest business lobby hit out at the U.S. tariffs, saying it is “neither justified nor understandable why Switzerland should be subject to one of the world’s highest tariff rates.”
瑞士最大的商业游说团体抨击了美国的关税，称“瑞士要受到世界上最高的关税税率之一的约束，既不合理也不可以理解”。

Economiesuisse said the tariffs represent a very serious burden for Swiss export companies warning that the new duties would make make Swiss exports “more expensive, weaken companies’ competitiveness, and strain the investment climate.”
Economiesuisse 表示，关税对瑞士出口公司来说是一个非常严重的负担，并警告说，新关税将使瑞士的出口产品“更加昂贵，削弱公司的竞争力，并使投资环境紧张”。

The group said Switzerland doesn’t impose any levies on U.S. imports and the country is the sixth-largest foreign investor in the U.S., with Swiss companies responsible for approximately 400,000 jobs.
该组织表示，瑞士不对美国进口商品征收任何税，该国是美国第六大外国投资者，瑞士公司负责约 400,000 个工作岗位。

A “rapid and advantageous” solution to the crisis is necessary, the lobby group said.
该游说团体表示，有必要“快速而有利”地解决危机。

— Michael Considine
— 迈克尔·康斯丁

The latest changes to U.S. President Donald Trump’s tariff policies are, in some ways, “not the worst-case scenario, as Trump had previously indicated that the universal 10% baseline rate could double,” Berenberg U.S. economist, Atakan Bakiskan, said in a Friday note.
贝伦贝格美国经济学家阿塔坎·巴基斯坎（Atakan Bakiskan）在周五的一份报告中表示，美国总统唐纳德·特朗普关税政策的最新变化“在某些方面并不是最坏的情况，因为特朗普此前曾表示，普遍的 10%基准税率可能会翻倍”。

Bakiskan nevertheless added that the new levies mark a “huge blow to global commerce” and forecast that the U.S. will suffer the hit of the new levies by way of higher domestic inflation and slower growth.
尽管如此，巴基斯坎补充说，新征税标志着“对全球商业的巨大打击”，并预测美国将因国内通胀上升和增长放缓而遭受新税收的打击。

“The tariffs distort competition between companies that produce in the US to serve the US market relative to those that produce abroad. But many European Japanese and South Korean-based producers compete more against each other than against US-based producers in the US market,” the economist said.
“关税扭曲了在美国生产以服务于美国市场的公司与在国外生产的公司之间的竞争。但许多欧洲、日本和韩国的生产商在美国市场上相互竞争，而不是与美国生产商的竞争，“这位经济学家说。

“As they all face a 15% levy, the competition between them is distorted by less than would have been the case if Trump had imposed widely different country-specific US tariffs against these key advanced economies,” Bakiskan added.
巴基斯坎补充说：“由于它们都面临 15% 的征税，它们之间的竞争被扭曲得比特朗普对这些主要发达经济体征收截然不同的美国特定国家关税的情况要小。

— Ruxandra Iordache
— 鲁克桑德拉·约尔达奇

Malaysia’s semiconductor exports — which are a major pillar of its economy — will be exempt from U.S. tariffs, its trade minister Tengku Zafrul Aziz said Friday.
马来西亚贸易部长东姑扎夫鲁尔·阿齐兹周五表示，作为其经济主要支柱的马来西亚半导体出口将免征美国关税。

According to the country’s trade ministry, Malaysia is the sixth largest semiconductor exporter globally.
根据该国贸易部的数据，马来西亚是全球第六大半导体出口国 。

A number of semiconductor companies are operating in Malaysia, including Intel, Micron, AMD and Broadcom.
许多半导体公司都在马来西亚开展业务，包括英特尔 、 美光 、AMD 和博通 。

Besides semiconductors, the country’s pharmaceutical products will also be exempted from the duties, Zafrul added. Malaysia saw its tariff rate lowered to 19% from the 24% rate set earlier.
扎夫鲁尔补充说，除了半导体，该国的药品也将免征关税。马来西亚的关税税率从早些时候设定的 24% 降至 19%。

— Victor Loh  — 维克多·洛

Asia-Pacific markets ended the day lower on Friday.
亚太市场周五收低。

Hong Kong’s Hang Seng Index declined 1.07% to close at 24,507.81, while mainland China’s CSI 300 index decreased by 0.51% to 4,045.93.
香港恒生指数下跌 1.07%，收于 24,507.81 点，中国大陆沪深 300 指数下跌 0.51%，至 4,045.93 点。

Japan’s Nikkei 225 benchmark ended the day 0.66% lower at 40,799.60, while the broader Topix index ticked up 0.19% to 2,948.65.
日本日经 225 指数收盘下跌 0.66% 至 40,799.60 点，而更广泛的东证指数上涨 0.19% 至 2,948.65 点。

Meanwhile, South Korea’s Kospi index retreated 3.88% to close at 3,119.41, while the small-cap Kosdaq plunged 4.03% to 772.79.
与此同时，韩国 Kospi 指数下跌 3.88%，收于 3,119.41 点，而小盘股 Kosdaq 指数暴跌 4.03% 至 772.79 点。

Australia’s S&P/ASX 200 benchmark fell 0.92% to end the day at 8,662.
澳大利亚 S&P/ASX 200 基准指数下跌 0.92%，收于 8,662 点。

Over in India, the 50-stock benchmark Nifty 50 was down 0.48%, while the BSE Sensex index lost 0.34% as of 2:02 p.m. Indian Standard Time (4:32 a.m. ET).
在印度，截至印度标准时间下午 0.48：0.48（美国东部时间凌晨 2：02），由 50 只股票组成的基准 Nifty 50 指数下跌 32%，而 BSE Sensex 指数下跌 0.34%。

— Amala Balakrishner  — 阿姆拉·巴拉克里希纳

Much uncertainty remains over the extent to which the pharmaceutical sector will be affected by tariffs.
制药行业在多大程度上将受到关税的影响仍然存在许多不确定性。

A spokesperson for the Swiss Federal Department of Economic Affairs told Reuters on Friday that the government understands that the 39% tariffs the country is facing are not set to include the pharmaceutical sector.
瑞士联邦经济事务部发言人周五告诉路透社，政府了解到该国面临的 39% 关税并不包括制药行业。

The White House did not immediately respond to CNBC’s request for comment.
白宫没有立即回应 CNBC 的置评请求。

Other countries, including South Africa, on Friday also flagged expected exceptions for the pharmaceutical sector.
包括南非在内的其他国家周五也指出了制药行业的预期例外情况。

— Sophie Kiderlin  — 苏菲·基德林

The injection of wide-spanning tariffs is expected to impact global trade, with market uncertainty triggering a “large impact on business and household sentiment around the world and on global financial and capital markets,” the Bank of Japan said in its quarterly report out Aug. 1.
日本央行在 8 月 1 日发布的季度报告中表示，预计大范围关税的注入将影响全球贸易，市场不确定性将引发“对全球商业和家庭情绪以及全球金融和资本市场的巨大影响”。

The institution noted that Japan’s automakers have likely absorbed the cost hit from the U.S. levies, as reflected in a 20% drop in export prices for their vehicles since April.
该机构指出，日本汽车制造商可能已经吸收了美国征税带来的成本打击，自 4 月份以来其汽车出口价格下降了 20%。

“These developments suggest that while Japanese automakers have avoided a decrease in sales volume due to an increase in local prices, their profits are declining, taking the form of a deterioration in export profitability,” the bank said.
该银行表示：“这些事态发展表明，虽然日本汽车制造商避免了因当地价格上涨而导致销量下降，但其利润正在下降，表现为出口盈利能力恶化。

Japan secured a lower preferential tariff rate for its automobile sector as part of its trade agreement struck with the U.S. for a 15% levy.
作为与美国签订的 15% 征税贸易协定的一部分，日本为其汽车行业获得了较低的优惠关税税率。

— Ruxandra Iordache
— 鲁克桑德拉·约尔达奇

South African President Cyril Ramaphosa expressed “concern” over the White House’s updated tariffs that will impose a 30% duty on South African goods bound for the U.S.
南非总统西里尔·拉马福萨 （Cyril Ramaphosa） 对白宫更新后的关税表示“担忧”，该关税将对运往美国的南非商品征收 30% 的关税。

Ramaphosa said his country will continue negotiations with Washington toward a trade deal, noting the government is finalizing a package to support companies, producers and workers affected by the levies.
拉马福萨表示，他的国家将继续与华盛顿就贸易协议进行谈判，并指出政府正在敲定一项一揽子计划，以支持受征税影响的公司、生产商和工人。

“All applicable exceptions published in the previous US Executive Order are set to remain in force and these exceptions covered products such as copper, pharmaceuticals, semiconductors, lumber articles, certain critical minerals, stainless steel scrap and energy and energy products,” he said.
“之前美国行政命令中公布的所有适用例外情况将继续有效，这些例外情况涵盖铜、药品、半导体、木材制品、某些关键矿物、不锈钢废料以及能源和能源产品等产品，”他说。

— Ruxandra Iordache
— 鲁克桑德拉·约尔达奇

Washington’s new tariffs regime — which also confirmed rates agreed in recent days with trading partners such as Japan and the EU — “reflect the first results of the EU-US deal, esp. the 15% all-inclusive tariff cap,” according to the 27-nation bloc’s trade chief.
华盛顿的新关税制度——也确认了最近几天与日本和欧盟等贸易伙伴达成的税率——“反映了欧盟-美国协议的初步结果，尤其是 15% 的全包关税上限，”这个 27 国集团的贸易负责人表示。

“This reinforces stability for businesses as well as trust in the transatlantic economy. EU exporters now benefit from a more competitive position. The work continues,” Commissioner for Trade and Economic Security Maros Sefcovic said in a social media update.
“这加强了企业的稳定性以及对跨大西洋经济的信任。欧盟出口商现在受益于更具竞争力的地位。工作仍在继续，“贸易和经济安全专员马罗斯·塞夫科维奇在社交媒体更新中说 。

The EU and White House carried out tumultuous negotiations in recent weeks, which ultimately resulted in a trade agreement on July 27.
欧盟和白宫最近几周进行了动荡的谈判，最终于 7 月 27 日达成了贸易协议。

— Ruxandra Iordache
— 鲁克桑德拉·约尔达奇

U.S. President Donald Trump signed an executive order Thursday that modified “reciprocal” tariffs on dozens of countries, with experts warning more tariff hikes could be on the table.
美国总统唐纳德·特朗普周四签署了一项行政命令，修改了对数十个国家征收的“互惠”关税，专家警告说，可能会提出更多关税上调。

“Of particular concern is the continued uncertainties [trading partners] will face with new sectoral tariffs coming and possibilities of additional tariffs if the Administration believes countries are not operating in good faith in their implementation efforts,” said Wendy Cutler, a former deputy U.S. trade representative.
美国前副贸易代表温迪·卡特勒（Wendy Cutler）表示：“特别令人担忧的是，如果政府认为各国在实施工作中没有真诚地运作，[贸易伙伴]将面临新的部门关税以及可能征收额外关税的持续不确定性。

“No doubt about it — the executive order and related agreements concluded over the past few months tears up the trade rule book that has governed international trade since WW2. Whether our partners can preserve it without the United states is an open question,” added Cutler, who is also a senior vice president of the Asia Society Policy Institute.
“毫无疑问，过去几个月达成的行政命令和相关协议撕毁了自二战以来管理国际贸易的贸易规则手册。我们的合作伙伴能否在没有美国的情况下保护它是一个悬而未决的问题，“卡特勒补充道，他也是亚洲协会政策研究所的高级副总裁。

Stephen Olson, senior visiting fellow at ISEAS-Yusof Ishak Institute and a former U.S. trade negotiator, was of the same view: “Don’t assume this is the end of the story ... more deals and further tariff increases are almost certain to follow.”
ISEAS-Yusof Ishak Institute 高级访问研究员、前美国贸易谈判代表斯蒂芬·奥尔森 （Stephen Olson） 持同样观点：“不要以为这就是故事的结局......几乎肯定会有更多的交易和进一步的关税上调。

“Countries wishing to trade with the U.S. will now face dramatically higher tariffs that could be further increased at the whim of a president who has shown a disdain for trade rules and agreements, even those he himself has signed,” Olson added.
奥尔森补充说：“希望与美国进行贸易的国家现在将面临大幅提高的关税，而这位总统一时兴起可能会进一步提高关税，因为总统对贸易规则和协议表现出蔑视，甚至是他自己签署的那些。

Read more about the latest tariff announcement here.
在此处阅读有关最新关税公告的更多信息。

— Anniek Bao  — 包安妮克

Canadian Prime Minister Mark Carney said the U.S. increasing tariffs to 35% on the country had “disappointed” its government. The duties have already come into effect and are the latest escalation in the months-long U.S.-Canada trade conflict.
加拿大总理马克·卡尼表示，美国将该国的关税提高到 35% 让其政府“失望”。这些关税已经生效，是长达数月的美加贸易冲突的最新升级。

“While we will continue to negotiate with the United States on our trading relationship, the Canadian government is laser focused on what we can control: building Canada strong,” he said in a statement.
他在一份声明中说：“虽然我们将继续与美国就我们的贸易关系进行谈判，但加拿大政府专注于我们可以控制的事情：建设加拿大强大。

While goods that are covered by the Canada-United States-Mexico agreement will not be affected by tariffs, Carney said.
卡尼说，虽然加拿大-美国-墨西哥协议涵盖的商品不会受到关税的影响。

Other sectors including lumber, steel, aluminium and autos would be “heavily impacted,” he added.
他补充说，包括木材、钢铁、铝和汽车在内的其他行业将受到“严重影响”。

The prime minister also pushed back against the U.S. justifying higher tariffs with cross-border drug flows — an argument Trump has repeatedly made.
首相还反驳了美国为跨境毒品流动征收更高关税辩护的理由——特朗普一再提出这一论点。

— Sophie Kiderlin  — 苏菲·基德林

Mexico welcomed news it was granted a 90-day reprieve on a U.S. boost to tariffs to 30% on many goods, to allow for further negotiations.
墨西哥对美国将许多商品的关税提高到 90% 的 30 天缓刑期表示欢迎，以便进行进一步谈判。

“We avoided the increase of tariffs announced for tomorrow and we prevailed with 90 days to build a large-scale agreement based on dialogue,” Mexican President Claudia Sheinbaum Pardo said in a social media update, according to a CNBC translation, citing a phone call with U.S. President Donald Trump.
墨西哥总统克劳迪娅·谢因鲍姆·帕尔多（Claudia Sheinbaum Pardo）在社交媒体更新中说，“我们避免了明天宣布的关税上调，我们以 90 天的时间在对话的基础上达成了一项大规模协议，”墨西哥总统克劳迪娅·谢因鲍姆·帕尔多（Claudia Sheinbaum Pardo） 在社交媒体更新中说 ，援引与美国总统唐纳德·特朗普的电话。

— Ruxandra Iordache
— 鲁克桑德拉·约尔达奇

Switzerland is assessing the new situation after it was hit with a new 39% tariff rate under U.S. President Donald Trump’s updated trade regime, the Federal Council said on the X social media platform.
联邦委员会在 X 社交媒体平台上表示，瑞士在美国总统唐纳德·特朗普更新后的贸易制度下受到 39% 的新关税税率的打击后，正在评估新形势。

“The Federal Council notes with great regret that, despite the progress made in bilateral talks and Switzerland’s very constructive stance from the outset, the US intends to impose unilateral additional tariffs on imports from Switzerland,” it noted.
“联邦委员会非常遗憾地注意到，尽管双边谈判取得了进展，瑞士从一开始就采取了非常建设性的立场，但美国打算对从瑞士进口的产品单方面征收额外关税，” 它指出 。

The council added that it remains in contact with Washington and will continue pursuing a “negotiated solution.”
该委员会补充说，它与华盛顿保持联系，并将继续寻求“谈判解决方案”。

— Ruxandra Iordache
— 鲁克桑德拉·约尔达奇

In Asia, leaders from Taiwan, Cambodia and Japan have reacted to the new tariff rates from U.S. President Donald Trump, with some expressing optimism over lower levy rates.
在亚洲，台湾、柬埔寨和日本的领导人对美国总统唐纳德·特朗普的新关税税率做出了反应，一些人对降低征税率表示乐观。

Some governments, like those of Japan and Thailand, had also promised support to help businesses cope with the impact of the tariffs.
日本和泰国等一些政府也承诺提供支持，帮助企业应对关税的影响。

Australia, which received the lowest tariff of 10%, saw its trade minister reportedly hail this as a “vindication” for the government, adding that the country had conducted diplomacy with the U.S. in a “cool and calm” way.
据报道，澳大利亚的关税最低，为 10%，据报道 ，其贸易部长称赞这是对政府的“平反”，并补充说该国以“冷静和冷静”的方式与美国进行了外交。

Read more reactions to the Trump tariffs here.

— Lim Hui Jie, Sophie Kiderlin

US President Donald Trump has updated tariff rates for a spate of countries, ramping up trade barriers with some of Washington’s closest trading allies.

Among those hit, Canada has been slapped with a 35%, while Switzerland’s rate is now 39%, while Taiwan faces a 20% duty. Trump had previously announced India would be hit with a 25% rate.

All of the newly unveiled tariff rates come into effect from Aug. 7. 

Mexico has been granted a 90-day extension as negotiators continue trade talks.

— Michael Considine