Analysis of the Core Content of Trump's Speech on the Evening of August 5!
At 8 PM on August 5, Trump's speech attracted widespread attention, with the core content closely related to the market summarized as follows:
1. New Tariff Policy for Semiconductors and Chips to be Implemented
Trump clearly stated that a special tariff policy for semiconductors and chips is planned to be released next week. The core goal is to promote the return of chip manufacturing to the United States, and the specific tariff details for the import and export of chips will be announced at that time. This measure may directly impact the global chip supply chain.
2. Phased Increase in Drug Tariffs
Regarding the pharmaceutical sector, Trump reiterated that a phased tax increase plan will be implemented: initially granting pharmaceutical companies a 1 to 1.5-year grace period, followed by raising the tax rate to 150%, potentially reaching as high as 250%. Although the intention is to suppress drug prices, high tax rates may lead to a surge in costs for the U.S. pharmaceutical industry, affecting industry profit expectations.
3. Differentiated Statements on Tariff Policy
It is noteworthy that this speech did not mention adjustments to tariffs on China; however, it clearly threatened to significantly raise tariffs on India within 24 hours, primarily due to India's substantial purchases of Russian oil, which indirectly targets Russian energy trade.
4. Ongoing Personnel Adjustments at the Federal Reserve
On the issue of Federal Reserve personnel, Trump continued the previous tone, revealing that current official Bessent has no intention of serving as Federal Reserve Chair, and is currently considering four other potential candidates. The uncertainty regarding the future direction of monetary policy still remains.
5. Other Focus Topics
In addition, Trump mentioned the controversy over last week's employment data being manipulated by the labor department, but did not elaborate; on the issue of the Russia-Ukraine conflict, he proposed alleviating pressure on the Russian economy by lowering oil prices (targeting a $10 per barrel drop) to promote the idea of a ceasefire in the conflict.
Overall, this speech focused on industrial policy, tariff adjustments, and key personnel arrangements, and the subsequent implementation of related measures may have a chain reaction on global trade and market sentiment.
