Macroeconomics

1. [Anti-Circumvention Investigation] The Ministry of Commerce announced the ruling in China's first anti-circumvention investigation, determining that US exporters circumvented China's anti-dumping measures on US non-dispersion-shifted single-mode optical fiber products by exporting relevant cut-off wavelength-shifted single-mode optical fiber to China. The Ministry of Commerce decided to implement anti-circumvention measures starting September 4th. The Ministry of Commerce stated that this case is China's first anti-circumvention investigation and has groundbreaking significance in enriching China's trade remedy investigation tools.

2. [US-Japan Trade Agreement] The White House announced that Trump signed an executive order formally implementing the US-Japan Trade Agreement. The order will reportedly clarify tariff adjustments to ensure that Japanese imports previously subject to higher tariffs will not be subject to double taxation, while goods previously subject to tariffs below 15% will be adjusted to the new rates. Furthermore, the White House stated that Japan is committed to accelerating its plan to increase US rice purchases by 75%.

3. [US ADP Employment] US ADP employment increased by 54,000 in August, significantly below market expectations of 68,000 and a significant slowdown from the revised 104,000 increase in July.

4. [Indian Taxation] Indian Finance Minister Sitharaman announced tax cuts on hundreds of consumer goods, from soap to small cars, to stimulate domestic demand and offset the economic headwinds from US tariffs. The Indian Goods and Services Tax (GST) panel approved lowering tax rates on a range of everyday items, streamlining them to 5% and 18%. The tax cuts will take effect on September 22.

Building Materials

1. [Glass] As of September 4th, the float glass industry's operating rate was 76.01%, an increase of 0.34 percentage points from the 28th. Capacity utilization remained stable at 79.78%. Daily output remained at 159,600 tons for six consecutive weeks, bringing weekly output to 1.117 million tons, remaining flat month-over-month and narrowing the year-over-year decline to 4.95%.

2. [Wastepaper] On September 4th, Zhejiang Shaoxing Huayu Paper Industry's wastepaper purchase price remained unchanged. The adjusted ex-factory price without invoice is 1,690 RMB/ton.

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