A-share index futures at midday: CSI 300 (IF) most-active contract down 1.73pct; SSE 50 (IH) down 1.28pct; CSI 500 (IC) down 2.35pct; CSI 1000 (IM) down 2.67pct.

The Trump administration has announced tariffs on about 60 economies of roughly 10–12.5%, yet evidence of market impact is limited. Polling shows roughly 60% of Americans lack confidence in the trade policy; manufacturing has not picked up despite some investment announcements. The recent narrowing of the goods deficit mainly reflects import front‑loading ahead of tariffs. Academic studies indicate exporters absorbed about 60% of tariff costs—US import prices stayed largely unchanged—and when US buyers switched suppliers an 8 percentage‑point tariff increase was associated with about a 5% drop in pre‑tariff import prices, roughly half caused by lower quality. Supreme Court rulings against some tariff measures and repeated unfulfilled threats have eroded the policy's deterrent effect.

歐盟外交與安全政策高級代表卡拉斯：歐盟制裁旨在切斷俄羅斯對烏克蘭戰爭的資金支持。