HSTECH ETF

03032

Tariffs slashed, great news to celebrate!On May 12, the results of the US-China trade negotiations in Geneva were announced today: significant tariff reductions!Original news quote:Foreign media reported that the US reduced tariffs on China from 145% to 30%, with another 24% temporarily suspended for 90 days. China reduced tariffs on the US from 125% to 10%, with another 24% temporarily suspended for 90 days.However, Chinese media stated that in the reciprocal tariffs, the US cut to 10%, China cut to 10%, and both sides temporarily suspended another 24%.Contradictory? How to understand?Note that this is not contradictory. After Trump took office, the tariffs imposed on us were divided into multiple rounds:a. February this year: Initially, using fentanyl as an excuse, a 10% tariff was imposed on Chinese exports to the US.b. By March, another 10% was added, bringing the cumulative tariff rate to 20%.This was the 20% tariff Trump imposed separately on China using fentanyl as an excuse before universally imposing &#34;reciprocal tariffs&#34; on global trade partners. Dolphin Research here briefly refers to it as the &#34;fentanyl tariffs.&#34;Then, in this wave of uniform global trade war, reciprocal tariffs were first imposed on China:April 2: A 34% tariff was imposed on China (the one allegedly exported with one click in Excel)—bringing it to 54%.April 8: Both sides retaliated, and the US added an additional 50% tariff, bringing the reciprocal tariff portion to 84% and the total tariff to 104%.April 9: Escalation continued, with an additional 41% added to the reciprocal tariff on top of the 84%, bringing it to 125%. Combined with the fentanyl tariffs, the total reached 145%.What is the actual negotiation result?The current negotiation result is:a. US to China: 1) Reciprocal tariff portion: The 40% and 50% retaliatory tariffs added on April 8 and 9 are completely canceled. Of the 34% tariff exported with one click on April 2, 10% remains, and 24% is temporarily suspended for 90 days to leave room for negotiation. 2) Fentanyl portion: The full 20% remains.b. China to the US: Since it’s mainly reciprocal tariffs, China’s response is a one-to-one replication of the US’s actions. China has no other substantive universal tariffs on the US.The final temporary result is, counting from Trump’s second term, the US imposes 30% + 24% (suspended) on China, and China imposes 10% + 24% (suspended) on the US.How to interpret?Clearly positive: With overall tax rates kept relatively low, the key is the 90-day suspension period. This is undoubtedly great news for global markets.Of course, there will be ongoing tug-of-war, but in today’s globalized division of labor: rare earths vs. semiconductors, both sides still have cards to play.The capital market will definitely celebrate with a rally. $Vista GLD(VGZ.US) $HSTECH ETF(03032.HK)

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