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  [SMM Analysis] Impact of US Tariff Adjustments on China's New Energy Terminals After the "Geneva Talks"

  [SMM Analysis] On April 3, 2025, the US imposed a 125% reciprocal tariff on China, leading to a peak tariff rate of 155.9% on ESS battery cells exported from China to the US. This caused a near halt in the direct export of Chinese ESS battery cells and energy storage systems to the US. The 90-day window period is bound to trigger a surge in rushed exports by Chinese ESS enterprises. Despite this, due to the advantages of Chinese ESS battery cells in terms of production costs, battery cell performance, and capacity and production, their competitiveness in the US market remains strong even under a 40.9% tariff policy.

• China-U.S. Economic and Trade Negotiations Concluded, Macro Sentiment Rebounds Triggering Copper and Aluminum Rebound [Institutional Commentary]

• Rio Tinto and Sumitomo Metal Mining Sign Final Joint Venture Agreement for Winu Copper-Gold Project in Western Australia

• First Quantum Maintains "Cautious Optimism" on Restart of Panamanian Copper Mine

• Silicon Coal Prices Experience Another General Decline, Short-Term Market Pressure Intensifies [SMM Analysis]

  [Silicon coal prices experience another round of widespread decline, with short-term market pressure intensifying] Since May, the domestic silicon coal market has once again witnessed a wave of price reductions, with the current price drop in silicon coal showing a trend of multi-regional linkage.