中美贸易战再起：美国加征关税

economist.com/the-world-this-week/2025/10/16/business Listen to this story收听此故事 0:000:00/ 0:00/ 0:00 AmericathreatenedChinawith an extra tariff of 100%and export controls on “critical software” from November1st, reigniting the trade war between the two countries.President Donald Trump said the measures were inresponse to new Chinese restrictions on exports of rare-earth minerals, used in high-tech products fromsmartphones to electric vehicles (EVs). Stockmarketsslumped after Mr Trump’s announcement. On October10th theS&P500, an index of big American firms, fell by2.7% (its biggest one-day drop since he unveiled his“Liberation Day” tariffs in April) before recovering some ofits losses. 美国威胁⾃11⽉1⽇起对中国加征100%额外关税并对“关键软件”实施出⼜管制，点燃了两国之间的贸易战。唐纳德·特朗普总统称，此举是回应中国对稀⼟矿出⼜实施的新限制，稀⼟矿被⽤于从智能⼿机到电动汽车（evs）等⾼科技产品。特朗普宣布后股市暴跌。10⽉10⽇，代表⼤型美国公司的标普500指数下跌了2.7%（为他在四⽉公布“解放⽇”关税以来的最⼤单⽇跌幅），随后部分回升。 Meanwhile America and China introduced tit-for-tatportfees. America now charges Chinese ships $50 per tonne ofcargo to dock at its ports. In return Chinese ports will collect a levy of 400 yuan ($56) per tonne from Americanships, as well as those controlled by firms that are morethan 25% American-owned. China will increase its feesover the next three years. 与此同时，美中互相实施港⼜费报复性措施。美国现在对停靠其港⼜的中国船舶按每吨货物收取50美元。作为回报，中国港⼜将对美国船舶以及由美国持股超过25%的公司控制的船舶按每吨收取400元⼈民币（56美元）的费⽤。中国将在未来三年内逐步提⾼其费⽤。 The Netherlands took control ofNexperia, a Dutch-based,Chinese-owned firm that makes chips for consumer goodsand cars. In 2024 America accused Wingtech, Nexperia’sowner, of helping China acquire semiconductor equipmentand placed it on a blacklist that makes it near-impossiblefor American firms to do business with it. Last monthAmerica said it would put restrictions on the subsidiariesof blacklisted firms, too. The Dutch government said that,if Nexperia lost its ability to deliver chips, it could pose arisk to “economic security”. 荷兰接管了Nexperia，这是⼀家总部位于荷兰、由中国控股的公司，⽣产⽤于消费品和汽车的芯⽚。2024年，美国指控Nexperia的所有者Wingtech协助中国获取半导体设备，并将其列⼊⿊名单，使美国公司⼏乎不可能与其开展业务。上个⽉，美国表⽰也将对⿊名单公司旗下的⼦公司施加限制。荷兰政府表⽰，如果Nexperia失去交付芯⽚的能⼒，可能对“经济安全”构成风险。 Jerome Powell indicated that theFederal Reservemightcut interest rates at its next meeting on October 29th. TheFed’s chair warned that “downside risks to employment have risen”. The Fed lowered its main interest rate to 4-4.25% on September 17th, its first cut since December2024. 杰罗姆·鲍威尔表⽰，美联储可能在10⽉29⽇的下⼀次会议上降息。美联储主席警告称“就业的下⾏风险已上升”。美联储在9⽉17⽇将其主要利率下调⾄4-4.25%，这是⾃2024年12⽉以来的⾸次降息。 The price ofsilverhit a record $53 an ounce, beating theprevious nominal high of $49.95 that it reached in 1980.The precious metal’s price has risen by more than 80% thisyear, beating even gold’s blistering rally. The surge hasbeen driven by investors seeking protection from inflation,as well as growing industrial demand: silver is used ineverything from solar panels toEVs. ⽩银价格达到创纪录的每盎司53美元，超过了1980年创下的49.95美元的名义⾼点。今年这种贵⾦属的价格已上涨超过80%，甚⾄超过了黄⾦的猛烈涨势。此次暴涨由寻求通胀保护的投资者推动，同时⼯业需求增长也是原因之⼀：⽩银被⽤于从太阳能电池板到电动汽车等各种产品。 Over a barrel⾛投⽆路 Oil pricesslumped after the International Energy Agency,a forecaster, said it expects a surplus of 4m barrels a day in2026. Brent crude, the global benchmark, fell to $62 abarrel, its lowest level since May. 国际能源署（⼀家预测机构）表⽰，预计2026年每天将出现400万桶的供过于求，油价因此⼤幅下跌。全球基准布伦特原油跌⾄每桶62美元，为⾃5⽉以来的最低⽔平。 Shares inLVMHrose by 12.2%, their biggest daily increasesince January, after the French luxury group reported thatits revenue grew by 1% year on year in the third quarter.LVMH’s revenue declined in the first and second quarters of2024 because of weakening demand from China andAmerican tariffs. European luxury stocks jumped asinvestors bet on a turnaround for the sector.在法国奢侈品集团报告第三季度收⼊同⽐增长1%后， LVMH的股价上涨了12.2%，为⾃1⽉以来的最⼤单⽇涨幅。由于来⾃中国需求疲软和美国关税，LVMH在2024年第⼀和第⼆季度的收⼊有所下降。随着投资者押注该⾏业将实现回暖，欧洲奢侈品股普遍跳升。 Third-quarter profits atAmerican bankssoared. Goldman Sachs’s profit rose by 37% year on year to $4.1bn;JPMorgan Chase’s rose by 12% to $14.4bn. MorganStanley’s equity-trading division made $4.1bn in revenue,beating Goldman’s traders for the first time since 2022. Anupswing in mergers pushed earnings from investment-banking fees to their highest since 2021. 美国银⾏业第三季度利润飙升。⾼盛利润同⽐上升37%⾄41亿美元；摩根⼤通上升12%⾄144亿美元。摩根⼠丹利的股票交易部门营收为41亿美元，⾸次⾃2022年以来超过⾼盛的交易部门。并购回暖将投⾏顾问费推⾄⾃2021年以来的最⾼⽔平。 A group of firms includingBlackRock, an asset-management titan, andNvidia, America’s leadingchipmaker, agreed to acquire one of the world’s biggestdata-centre operators for $40bn. They aim to double thecapacity of Aligned Data Centres, which runs nearly 80sites across the Americas. The deal is the latest in a wave ofinvestments intended to provide extra computing power torun artificial-intelligence models. 包括资产管理巨头BlackRock和美国领先芯⽚制造商Nvidia在内的⼀组公司同意以400亿美元收购全球最⼤的部分数据中⼼运营商之⼀。它们计划将运营近80个美洲站点的Aligned Data Centres的容量增加⼀倍。此项交易是为 提供额外计算能⼒以运⾏⼈⼯智能模型⽽掀起的新⼀轮投资浪潮中的最新⼀笔。 HSBCoffered to take its Hong Kong-based rival,HangSeng, private forHK$106bn ($13bn). The British bankalready owns around 60% of Hang Seng, which holds agrowing n