On March 14, 2026, the Interdepartmental Commission on International Trade of Ukraine issued a notice stating that, pursuant to Resolution No. AD-598/2026/441-01 of the Commission dated March 10, 2026, it had made an affirmative final ruling in the third sunset review of the antidumping measures on steel wire ropes and cables originating in China, and decided to continue imposing antidumping duties on the products concerned for another five years at an unchanged rate of 123. The period of investigation in this case was from January 1, 2022 to March 31, 2025. The Ukrainian tariff codes of the products concerned were 7312 10 49 00, 7312 10 81 00, 7312 10 83 00, 7312 10 98 00, and 7312 10 65 00. The measures took effect from the date of publication of the notice. On August 17, 2007, Ukraine initiated an antidumping investigation into steel wire ropes and cables originating in China. On July 23, 2008, pursuant to Resolution No. AD-183/2008/143-48 of the Ukrainian Commission, Ukraine began imposing antidumping duties on the Chinese products concerned. Thereafter, Ukraine conducted two sunset reviews, and made affirmative rulings and extended the duty period on September 19, 2014 and May 28, 2020, respectively. On August 24, 2022, the Interdepartmental Commission on International Trade of Ukraine issued a notice amending the product description of Chinese steel wire ropes and cables as determined in Resolution No. AD-183/2008/143-48 dated July 23, 2008. Upon application by a Ukrainian producer, and pursuant to Resolution No. AD-582/2025/441-01 of the Commission dated May 21, 2025, Ukraine initiated the third sunset review investigation of the antidumping measures on the Chinese products concerned. (Compiled from: Ukrainian Government Website) Source: https://ukurier.gov.ua/uk/news/povidomlennya-201/

Work is progressing on a 96 MW floating solar project at the De Slufter dredging depot in the Port of Rotterdam, Netherlands. In March 2025, the Sun Float Power consortium was selected to develop, build, and operate the 80-hectare array. Scheduled for completion in 2027, the project is expected to generate 87 GWh of energy annually. Due to grid congestion in the area, the electricity will bypass the main grid and be supplied directly to surrounding businesses. A statement on the port's website notes that ‘This creates local added value and the solar farm will not put additional strain on the electricity grid.’ Once operational, it will be one of Europe's largest floating solar systems, aligning with Wood Mackenzie's forecast that the Netherlands could deploy 1 GW of floating solar by 2033.

SMM June 16 News: According to an official announcement from Yunnan Copper Science & Technology Development Co., Ltd., the company recently offered approximately 30 mt (metal content) of selenium ingots for public sale. Metal grade: selenium ≥99% (subject to the factory test results of Yunnan Copper Science & Technology, which only guarantees the main element, selenium). Product packaging: Barreled and palletized, with 48 barrels per pallet, and each pallet weighing approximately 1.68 mt of selenium (subject to the actual packing list). The bidding sales announcement (Inquiry No.: 202506XSS020010) was released by the Marketing Center of Yunnan Copper Science & Technology Development Co., Ltd. on the Sunshine Procurement Platform of China Copper Corporation Limited before 11:00 on June 16, 2025. Deadline for quotation submission: Bidders must log in to the Sunshine Procurement Platform of China Copper Corporation Limited (https://cg.chncopper.com/epsw/portal/index) and click on "Sunshine Purchase and Sales" to complete the relevant quotation submission before 11:00 on June 19, 2025. Late quotations will not be accepted. The successful bidder is required to pay the full contract amount in full before June 25, 2025.

On May 30, Hyundai Hydrogen Mobility System (Guangzhou) Co., Ltd. (hereinafter referred to as "HTWO Guangzhou") successfully held the "Riding the Hydrogen Wave, Embracing the New Journey"—Batch Delivery Ceremony for 20 4.5-mt Fuel Cell Refrigerated Trucks, injecting new momentum into the cold chain business of Guangzhou Yanghua Logistics Co., Ltd. (hereinafter referred to as "Yanghua Logistics"). As a market-oriented commercial order, this marked a crucial step forward in the large-scale application of hydrogen fuel cell vehicles in the logistics and distribution sector. That morning, 20 hydrogen fuel cell refrigerated trucks with pure white auto bodies were lined up like a flock of doves on the internal roads of the HTWO Guangzhou factory. The large red flowers on the front of the trucks swayed gently in the wind, complementing the blue elements of the factory buildings. The slogan "Riding the Hydrogen Wave" on the welcome board shone brightly in the sunlight. At around 10 a.m., the delivery ceremony officially commenced within the factory premises, attended by enterprise representatives including Yu Changfu, Chairman of Yanghua Logistics, and Zhang Yuanshuo, Deputy General Manager of HTWO Guangzhou and General Manager of Hyundai Hydrogen Energy Technology (Guangzhou) Co., Ltd. (hereinafter referred to as "Hyundai Hydrogen Energy Guangzhou"). At the delivery ceremony, Zhang Yuanshuo, Deputy General Manager of HTWO Guangzhou, stated, "This delivery not only represents a breakthrough in commercial cooperation but also marks an important milestone in the market-oriented implementation of hydrogen fuel cell technology. Leveraging over 25 years of hydrogen fuel cell technology accumulation from the Hyundai Motor Group, HTWO Guangzhou has deepened its roots in Guangzhou. Through continuous localization efforts, we have achieved 'Made in Guangzhou' for complete vehicles and core components. In the future, we will continue to drive the commercialization process of the hydrogen energy industry with reliable products." In his speech, Yu Changfu, Chairman of Yanghua Logistics, emphasized, "Choosing hydrogen-powered vehicles is an inevitable choice for Yanghua Logistics in response to the national 'dual carbon' strategy. We particularly value the significant advantage of the long driving range of hydrogen fuel cell refrigerated trucks, which perfectly meets our intensive transportation needs in the Pearl River Delta region, allowing drivers to completely bid farewell to range anxiety. Yanghua Logistics will take this cooperation as a starting point to accelerate the low-carbon transformation of cold chain logistics and empower the development of green logistics." Hydrogen Vehicles Join the Fleet, Accelerating Low-Carbon Operations in Cold Chain Logistics The collaboration between the two parties this time was not coincidental but a mutual endeavor in line with the development logic of the times. As early as the end of March this year, HTWO Guangzhou had engaged in in-depth business exchanges with Yanghua Logistics. Yanghua Logistics actively responded to the call of the national new energy policy and, combined with its business expansion needs, planned to invest in new energy logistics vehicles featuring "long driving range, high efficiency, and low emissions." HTWO Guangzhou, on the other hand, was able to provide a zero-emission hydrogen vehicle solution with "5-minute hydrogen refueling and a driving range exceeding 500 kilometers." Leveraging the profound technological accumulation of the Hyundai Motor Group and the reliable validation of previously delivered products, the two parties swiftly reached a cooperation intention, demonstrating efficient cooperation based on trust and reflecting the market's full recognition of HTWO Guangzhou's products. It is understood that Yanghua Logistics will deploy its first batch of 20 hydrogen fuel cell refrigerated trucks into the fresh food transportation system in the Pearl River Delta region, safeguarding the freshness of the dining tables of residents in the Greater Bay Area with the new "hydrogen" power. As a professional enterprise with 16 years of experience in cold chain logistics, Yanghua Logistics' business covers the entire supply chain, including warehousing, transportation, and trading, serving core customers such as supermarkets, chain restaurants, and express delivery companies. The support from HTWO Guangzhou's hydrogen-powered vehicles this time will not only reduce the company's carbon emission costs but also enhance social acceptance of hydrogen energy through actual operational data, providing a replicable and scalable valuable model for the green and low-carbon transformation of the logistics industry. HTWO Guangzhou's "Answer Sheet" for Hydrogen Energy The 4.5-ton hydrogen fuel cell refrigerated trucks delivered this time boast superior performance, with the entire vehicle, hydrogen fuel cell system, and five core parts all developed and produced locally. Their driving range and reliability have been verified by the market, meeting the high timeliness and long-distance operational needs of cold chain logistics. Since its establishment, HTWO Guangzhou has developed products covering multiple scenarios such as sanitation, logistics, cold chain, and public transportation, continuously breaking the stereotype that "hydrogen vehicles are limited to demonstration projects." Since expanding its dedicated vehicle factory and obtaining production qualifications in May 2024, HTWO Guangzhou has continuously become a core driver for the commercialization of hydrogen-powered vehicles in South China with its stable production capacity and technological strength. This delivery marks a critical period in HTWO Guangzhou's market-oriented strategy. From serving the Guangzhou Development Zone with its first batch of vehicles in 2024 to now collaborating with Yanghua Logistics to explore cold chain scenarios, HTWO Guangzhou is promoting the comprehensive development of hydrogen fuel cell vehicles from policy demonstrations to commercial promotion through the model of "localized technology + diversified scenarios." In the future, HTWO Guangzhou will continue to deepen cooperation with top-tier enterprises in industries such as logistics and shipping, contributing hydrogen energy to the construction of a green transportation system in the Guangdong-Hong Kong-Macao Greater Bay Area and the achievement of the "dual carbon" goals through continuous technological innovation and capacity expansion. This batch of hydrogen-powered refrigerated trucks is about to embark on the transportation network in the Pearl River Delta region. They not only carry fresh food but also the future hope of green logistics. HTWO Guangzhou is taking practical actions, joining hands with partners to "ride the hydrogen wave" and accelerate towards a new journey towards a zero-carbon future!

On May 8, the Ministry of Industry and Information Technology released the "Preliminary List of the First Batch of Pilot Platforms for Key Cultivation by the Ministry of Industry and Information Technology." According to the list, a total of 242 platforms were selected. Among them, six platforms are related to the hydrogen energy sector, namely: the Liaoning Dongda Hydrogen Metallurgy - Zero-Carbon Steel Metallurgy Short-Process Pilot Platform, operated by Dongda Industrial Technology Research Institute of Shenfu Reform and Innovation Demonstration Zone, Liaoning Province; the Dongfang Electric Hydrogen Industry Technology Pilot Platform, operated by Dongfang Boiler Group Co., Ltd. of Dongfang Electric Corporation; the Sungrow Hydrogen MW-Level Water Electrolysis Hydrogen Production Pilot Platform, operated by Sungrow Hydrogen Energy Technology Co., Ltd.; the Hydrogen Energy Storage and Transportation Equipment Pilot Platform, operated by Hefei General Machinery Research Institute Co., Ltd.; the Hydrogen Fuel Cell Stack and Key Parts Pilot Platform, operated by Guochuang Hydrogen Energy Technology Co., Ltd.; the JISCO Coal-Based Hydrogen Metallurgy Pilot Platform, operated by Hongxing Iron & Steel Co., Ltd. of Gansu JISCO Group.

On April 18, 2025, the Internal Market Protection Department of the Eurasian Economic Commission issued the final disclosure of the first sunset review of the anti-dumping case concerning galvanized steel sheets originating from China and Ukraine (Russian: оцинкованный прокат) (see Announcement No. 2025/436/AD26R1). It was determined that if the current anti-dumping measures were lifted, the dumping of the products involved from China and Ukraine and the resulting damage to the relevant industries of the Eurasian Economic Union would continue or recur. Therefore, it was recommended to extend the validity of the anti-dumping measures determined by Resolution No. 209 on December 3, 2019, for another five years. The Eurasian Economic Union tariff codes for the products involved are 7210490001, 7210490009, 7210610000, 7212300000, 7212506100, and 7225920000. Interested parties should submit case review comments by May 5, 2025 (inclusive). On June 29, 2018, the Eurasian Economic Union Commission initiated an anti-dumping investigation into galvanized steel sheet products originating from China and Ukraine. On December 6, 2019, the Eurasian Economic Commission issued an announcement, based on Resolution No. 209 of December 3, 2019, deciding to impose anti-dumping duties of 12.69% to 17.00% on Chinese galvanized steel sheets and 23.90% on Ukrainian products involved. At the same time, the Eurasian Economic Commission reached price undertakings with five Chinese companies, temporarily exempting them from anti-dumping duties. These five companies are Angang Steel Company Limited, Shandong Esdawn Metal Technology Development Co., Ltd., Xinjiang Bayi Iron & Steel Co., Ltd., DongE Yike Panel Co., Ltd., and Gansu JISCO Group Hongxing Iron And Steel Co., Ltd. The measures took effect on January 5, 2020, and were valid until January 4, 2025. On September 2, 2024, the Eurasian Economic Commission initiated the first sunset review investigation of the case. On November 22, 2024, the Eurasian Economic Commission extended the validity of the anti-dumping duties on the products involved from China and Ukraine until September 1, 2025. (Compiled from the official website of the Eurasian Economic Union) (Translated by Lu Wen) (Proofread by Yong Cui) Original text: https://docs.eaeunion.org/upload/iblock/366/vtspvpnrdt6em6cudp8jh1ndlnffbe8z/AD26R1_notice_publication.pdf

As expected, the prices of spot gold and New York futures gold further broke through the $3,500 per ounce mark during the Asian trading session on Tuesday... It can be said that since April 8 (when the gold price was still below $3,000), the international gold price has almost consistently crossed a "milestone" of $100 every two trading days. Given the ongoing turbulence in the US stock, bond, and currency markets during the same period, more and more industry insiders are beginning to speculate whether the global financial system, long dominated by the US dollar, is facing deeper issues. Alex Deluce, an analyst at GoldTelegraph, recently wrote that the global financial system is not only undergoing transformation, but the old order is beginning to collapse. The status of the US dollar as the global reserve currency is no longer so unquestionable. For years, Deluce has been documenting the growing dangers of the West's over-reliance on financial weapons. These financial weapons include sanctions, reserve freezes, and the weaponization of the SWIFT system. Deluce believes these are not tools of diplomatic strategy but early signs of deeper problems: desperation, vulnerability, and a crumbling world order. Deluce stated that just in the past year, driven by record central bank gold purchases, the purchasing power of the US dollar against gold has fallen by more than 35%. This is not a trend but a signal. Meanwhile, the BRICS countries are strengthening coordination, while cracks among traditional Western allies are widening. From Europe to Asia, leaders are reassessing their risks in a no longer stable dollar system. More and more countries are realizing that true monetary sovereignty begins with one principle: zero counterparty risk—and this path leads directly to gold. Deluce said that as trust fades, gold is no longer just a safe-haven asset. It is becoming the foundation of a new system—a shared conclusion he recently reached in discussions with Matthew Piepenburg, a partner at VON GREYERZ. The Safe-Haven Status of US Treasuries Is Weakening, Gold Becomes the Ultimate Safe Haven For decades, US Treasuries have been the cornerstone of the global financial system, seen by investors and institutions as the ultimate safe haven. But this narrative is clearly fading this month. Piepenburg believes there is now a liquidity crisis, "the lubricant of this system is no longer sufficient to keep it running." US government bonds are not providing stability during turbulent times but are instead starting to behave more like risk assets. During the market turbulence earlier this month, US Treasury yields rose when they should have fallen, underscoring the increasing fragility of the system. "During periods of stress, US Treasury yields have actually been rising, not falling. Why are US Treasuries no longer acting as a safe haven?" Piepenburg asked and answered himself, "The answer lies in debt, which is burying the US economy." US federal debt is expected to exceed $37 trillion, and when household, corporate, and long-term welfare debts are included, it surpasses $100 trillion. The entire system is teetering under the weight of its own commitments. "When buried under such massive debt, even Santa Claus can't solve the liquidity crisis," Piepenburg warned. "Without helicopter money, without currency devaluation, there isn't enough lubricant to keep the wheels of this debt turning." He added that this is why gold is being quietly remonetized by global central banks, not as a safe-haven asset but as a foundational reserve asset. "Gold is now a Tier 1 asset. Central banks are net settling in gold. They are moving away from US Treasuries," Piepenburg said. "This is not about getting rich. It's about not getting poor." The Rise of BRICS and Global De-Dollarization The trend of de-dollarization has been discussed in policy circles for a long time, but after the US sanctioned Russia in 2022, it became an observable reality. Initially a statement of geopolitical power, it has now accelerated the adjustment towards a multipolar financial system. "Since the weaponization of the dollar in 2022, 45 countries have started trading outside the dollar system. 30 countries have repatriated physical gold. This is not a coincidence but a reaction," Piepenburg said in his discussion with Deluce. He pointed to the critical shift that occurred when the US froze the assets of the Russian central bank. For many governments, this action shattered the illusion of the dollar as a neutral global reserve. "When you weaponize the world's reserve currency," he said, "you undermine the very trust it relies on." This shift is most evident in the BRICS countries (Brazil, Russia, India, China, South Africa). Despite the rumors about a BRICS currency, Piepenburg believes they may also trust gold more. He noted that the BRICS plan is not to replace the dollar overnight but is undoubtedly moving away from it. Conclusion After their discussion, Deluce and Piepenburg concluded, "What we are witnessing now is not the end of the dollar, but the end of its hegemony." The petrodollar system is breaking. Gold is being quietly reshaped as a strategic reserve asset. The once unshakable cornerstone of global markets—US Treasuries—is being reassessed by the very institutions that once relied on them. The implications of these changes are profound. Central banks are no longer hiding their actions... they are rapidly and decisively turning to gold. Deluce said the real question is no longer whether gold will continue to rise, but whether the public can understand the deeper logic driving this shift.

According to Choice data, as of last Sunday, a total of 278 publicly listed firms in the Shanghai and Shenzhen stock markets received institutional surveys this week. By industry, electronics, machinery equipment, and basic chemicals saw the highest frequency of institutional surveys. Additionally, industries such as communications and food & beverages gained more attention. In terms of specific sectors, auto parts, general equipment, and chemical products ranked as the top three most followed by institutions. Moreover, components and computer equipment industries also saw increased institutional attention. Among specific listed firms, Yunnan Baiyao and CIMC Vehicles received the most surveys, each reaching four times. In terms of institutional visits, 12 companies hosted over 100 institutional visits, with Luxshare Precision, Anker Innovations, and Jinpan Technology ranking top three, hosting 500, 262, and 262 institutional visits respectively. Market-wise, domestic chip concept stocks performed actively this week. On Friday, Bright Power Semiconductor released an institutional survey summary, stating that in 2024, the company saw varying increases in the sales revenue share of its AC/DC power supply chips and motor control driver chips. Its high-performance computing power supply chips have entered mass production, with sales revenue up 1,402.25% YoY. Additionally, the company's product, the 16-phase dual-rail digital PWM controller BPD93136, among other combined solutions, complies with NVIDIA's latest OpenVReg power specifications OVR16 and OVR4-22, making it the first domestic power supply chip company to enter NVIDIA's recommended supplier list. Furthermore, the company currently does not directly import from or export to the US, with existing business mainly focused on domestic sales, and the latest US tariff policy has not had a substantial impact on its business. In the secondary market, Bright Power Semiconductor's stock closed up nearly 18% on Friday. On Wednesday, Maxscend released an institutional survey summary, stating that its 6-inch filter production line has achieved a comprehensive product layout, with mass production capabilities for duplexers/quadplexers and single-chip multi-band filters, and has reached the first-phase capacity target of 10,000 wafers per month, with the second-phase capacity planned to increase to 16,000 wafers per month. Integrated self-produced filter modules and other products have been successfully introduced to multiple brand customers and are continuously scaling up. Additionally, by the end of 2024, the company's 12-inch wafer production line is expected to achieve a capacity of 5,000 wafers per month. Moreover, based on self-supply and technological capability building, the relevant tariff policies have had a relatively small impact on the company's operations. In the secondary market, Maxscend's stock closed up over 13% on Friday. On Thursday, Chipsea released an institutional survey summary, stating that in the robotics field, the company has explored and cooperated with relevant customers around key applications such as electronic skin and six-dimensional force sensors. Additionally, the company has broken through markets long monopolized by overseas companies in areas such as mobile phones, laptops, and drones, with multiple chips successfully achieving domestic substitution, such as high-precision ADC chips, EC series chips, PD chips, BMS chips, and sensor conditioning chips. In the secondary market, Chipsea's stock closed up over 10% on Friday. On Friday, MicroChip released an institutional survey summary, stating that the automotive electronics field is a key focus for the company, with about 7 million automotive-grade MCU products shipped in 2024. In 2025, the first-generation automotive-grade products have started scaling, and the second-generation products have been produced. Additionally, for mid-to-high-end application markets, reciprocal tariffs have increased the price of imported chips, reducing their competitiveness and providing opportunities for domestic chips, potentially accelerating the process of domestic substitution. Therefore, the reciprocal tariff policy presents a rare opportunity for the company's products to enter mid-to-high-end application markets. On Friday, ZKLink released an institutional survey summary, stating that the company's BLE chips are currently used in Honor's personal care and sports health products. Cloud platforms such as Tencent and Honor have been connected and achieved mass production shipments. In the smart wearable sector, the company's AB569x chips have been applied in the smartwatches of Titan's sub-brand Fastrack in India. Additionally, based on the company's tracking and communication with downstream customers, foreign end-user customers are mainly distributed in third-world countries and emerging markets such as India, Southeast Asia, and Africa, with a small proportion exported to the US, and the recent US government's tariff hike on China has had a relatively small impact on the company's overall business. On Friday, Raytron released an institutional survey summary, stating that in 2024, the company continued to deepen its focus on AI, achieving several important advancements from chip design to end-use products. The second-generation ASIC image processing chip has been fully introduced in new products. The prototype development of the third-generation infrared image processing SOC chip has been completed, reconstructing the AI-ISP algorithm for infrared image processing, significantly improving the overall image quality and scene adaptability, while iteratively upgrading the AI super-resolution algorithm for better image contrast and detail presentation. On Friday, Lihe Micro released an institutional survey summary, stating that the company's chip products have a vast market space in the PV field. In the smart PV field, the company has independently developed a PLC power line communication PV module rapid shutdown chip and module that complies with the SUNSPEC protocol standard, becoming the first domestic chip to pass the certification of the international CSA testing and certification agency, and has been awarded the certification for compliance with the SUNSPEC communication specification for PV module-level rapid shutdown. The company has launched a narrowband PLC SoC chip and module with a built-in 32-bit Risc-V MCU that complies with the EN50065-1 standard for the European market, meeting the application needs of PLC transmission communication for PV intelligence in the European market.

When the Nasdaq fell 10% and 20% from its highs, Trump, who maintained a stance of aggressive tariff policies, seemed to "not even blink." However, after US bonds faced intense selling this week, Trump "lightning-fast" suspended the "reciprocal tariffs" on most countries before the sun set on April 9, the "Reciprocal Tariff Day"... This inevitably made many industry insiders curious: Was the US government's tariff suspension largely to "save US bonds"? It is reported that US President Trump said on social media on the 9th local time, "Given that more than 75 countries have called US representative agencies to negotiate solutions on issues related to trade, trade barriers, tariffs, currency manipulation, and non-monetary tariffs, I have approved a 90-day suspension for these countries, which applies to reciprocal tariffs. During this period, general tariffs will be reduced to 10%, and the suspension takes effect immediately." After Trump's major shift in tariff policy, the S&P 500 index recorded its largest gain since 2008 overnight, and the Nasdaq surged more than 12% in a single day. At the same time, US bond prices generally halted their decline during the Asian session on Wednesday. The yield on the 10-year US Treasury narrowed its gain to 12.6 basis points, closing at 4.386%. Earlier, it had reached 4.515%, the highest since February 20. The yield on the 30-year US Treasury also narrowed its gain to 6.1 basis points, closing at 4.776%, after hitting a high of 5.023% during the day, the highest since November 2023. As previously reported by Caixin, the epic sell-off in the US bond market reached an extremely dangerous moment during the Asian session on Wednesday. The yield on the 30-year US Treasury rose 56 basis points in less than three trading sessions—the last time yields rose this much in three days was on January 7, 1982. Nomura interest rate trader Ryan Plantz even warned in an internal memo, "In the Treasury space, swap spreads and basis trades are melting. The US Treasury market is experiencing unprecedented large-scale unwinding, and a liquidity vacuum has formed." Famous economist Peter Schiff even claimed that if the US Fed did not take emergency "rate cuts + QE" on Wednesday, a stock market crash similar to the "Black Monday" of 1987 could recur. However, in the end, although people did not get the "Powell put" on Wednesday, they unexpectedly received a "Trump put"—the "King of Understanding" finally made concessions on reciprocal tariffs... Trump and Besant faced a "soul-searching question" So, did the US government really suspend tariffs to "save US bonds"? Interestingly, both Trump and US Treasury Secretary Besant were asked about this topic last night... On Trump's side, when a reporter asked, "Did the bond market convince you to make the (tariff) reversal?" Trump said, "The bond market is very tricky, I've been watching it. But if you look at it now, it's beautiful. I felt a bit sick last night. You have to be flexible to get things done." Clearly, Trump seemed to tacitly acknowledge that US bond volatility had become one of the factors in his decision-making changes. However, US Treasury Secretary Besant denied any connection between US bond volatility and the tariff suspension last night. Besant was also asked at the White House—did the shocking rise in US bond yields, which raised concerns about a liquidity crisis and questions about whether US Treasuries were losing their safe-haven status, prompt Trump to make some concessions? Besant pointed out, "This was driven by the president's strategy. He and I had a long talk on Sunday, this has always been his strategy." Earlier in the day, Besant also downplayed the potential impact of US bond turmoil. He said that the current turmoil in the US bond market is not systemic and expects the bond market to stabilize. "I don't think this is a systemic issue, I think the deleveraging happening in the bond market is a disturbing but normal process." What does Wall Street think? It is worth noting that some Wall Street figures do not agree with Besant's seemingly evasive statements. Allianz Group's chief economic advisor Mohamed El-Erian said on Wednesday, "Just an hour ago, people were debating what could convince the US government to choose some form of tariff suspension. Was it Congress, the president's advisors, business leaders, the judiciary, the market, or something else?" "We got the answer today: it was the government bond market—especially how close it came to the line between extreme price volatility and market failure." Former JPMorgan chief global strategist Marko Kolanovic also said, "The bond market collapse likely put the White House in a difficult position." "After the bond market collapsed, their entire narrative fell apart, their first excuse was, 'Well, this (tariff suspension) works for the bond market,' it was probably the bond market that forced them to do it." KLARITY FX managing director Amarjit Sahota pointed out, "Why today? I think almost everyone was discussing this morning what was going on with the US 10-year Treasury yield?" "Why did yields rise sharply? People were selling bonds, who exactly was selling these bonds? There was speculation about hedge fund sellers and foreign investors." "This might have been enough to scare the government into providing a tariff suspension." In addition, F/M Investment Company's chief investment officer Alex Morris also believes that it was the bond market that prompted the president to take action—it had already started signaling that the situation would continue to deteriorate. Market volatility was definitely a heavy blow... Stock trading is influenced by tweets, market sentiment, and concerns about foolish policies being introduced. But currently, liquidity is still sufficient, and the market structure remains sound. In fact, since officially taking office at the beginning of this year, the US Treasury under Besant's leadership has always placed far more importance on US bond volatility than on US stocks. As early as early February, when his nomination was just approved, Besant said that the Trump administration was more focused on the 10-year US Treasury yield than the US Fed's short-term benchmark rate in reducing borrowing costs. Whether it is the policy measures already implemented by the Trump administration, or many plans still under discussion or in the works, such as tariffs, DOGE, Bitcoin reserves, checking the treasury, immigration gold cards, the US sovereign wealth fund, the Mar-a-Lago agreement, etc., the ultimate goal seems to revolve around two words: "debt reduction"!

On March 27, YANGWANG, BYD's premium automobile brand, officially put its flagship electric sedan, the YANGWANG U7, onto the market.