2018年经济学人 一周要闻 中美贸易战升级 小米IPO首日破发次日股价暴涨13%（在线收听）

The world this week Business

一周要闻 商业

The Trump administration intensified its trade war with China, threatening to impose tariffs on a further $200bn-worth of goods, including tuna, chemicals and handbags. This came a few days after America fired its first salvo, levying duties on $34bn-worth of Chinese industrial exports, to which China retaliated with tariffs on an equivalent value of American goods. America’s latest round of duties will not come into force until after a consultation process. Some who support targeting China’s trade practices question the broad imposition of tariffs, fearing it will drive up American consumer prices.

特朗普政府加强了与中国的贸易战争，威胁要对价值2000亿美元的中国商品加征关税，包括金枪鱼、化学品和手袋。几天前，美国打响了贸易战第一枪，宣布对价值340亿美元的中国工业出口产品征收关税，随后中国以同等规模对美国商品征收关税作为回应。美国最新一轮的关税措施经过磋商后才会生效。一些支持针对中国贸易行为的人对广泛征收关税的做法提出质疑，担心这会推高美国国内的消费价格。

One way to get around tariffs

规避关税的途径

Following China’s decision to loosen restrictions on foreign carmakers, Tesla signed a memorandum of understanding with the authorities in Shanghai to build a factory there. Once the project obtains the necessary permits, Tesla thinks it will take two years to build the plant, its first outside America, which will eventually make half a million cars a year. Tesla has had to raise the price of its electric cars in China to offset the cost of the government’s retaliatory tariffs on American vehicles.

在中国决定放宽对外国汽车制造商的限制后，特斯拉与上海市政府签署了合作备忘录，打算在上海建厂。特斯拉方面表示，一旦该项目获得必要的许可，这座工厂可在两年内落成，这是特斯拉在境外的第一家工厂，每年将生产50万辆汽车。为了平衡中国政府对美国汽车征收的报复性关税成本，特斯拉不得不提高在华电动汽车的价格。

Xiaomi’s IPO was a damp squib. The share price of the Chinese smartphone-maker closed just below the offer price of HK$17 ($2.17) on the first day of trading in Hong Kong. But it climbed by 13% on the second day after news that the company is to be included in the Hang Seng stockmarket index. That will allow mainland Chinese investors to buy shares in Xiaomi through a scheme that connects the Hong Kong and Shanghai exchanges.

小米的IPO是一个失败的例子。这家中国智能手机制造商在香港上市首日的收盘价低于每股17港元(合2.17美元)的发行价。但在小米被纳入香港恒生股票指数的消息传出后的次日，其股票暴涨了13%。这也意味着内地投资人有望通过香港股市和上海股市的联通机制进行小米股票的交易。

In a surprise move, Broadcom agreed to buy CA Technologies for $18.9bn. Broadcom is one of the world’s biggest chipmakers. Its acquisition of CA Technologies takes it into a new market, for infrastructure software. Earlier this year Broadcom’s hostile bid for Qualcomm, another chipmaker, was blocked by the White House. It has since completed the relocation of its domiciled headquarters from Singapore to San Jose, which should spare this deal from such close scrutiny.

博通公司（Broadcom）出人意料地同意，以189亿美元收购CA Technologies公司。博通公司是全球最大的芯片制造商之一。这次收购CA技术公司使其进军基础设施软件的新市场。年初，博通公司恶意收购另一家芯片制造商高通(Qualcomm)时遭到了白宫方面的阻挠。此后，该公司将总部从新加坡搬迁至圣何塞(San Jose)，此举使这笔收购案免受过于严密的审查。

Samsung said it expects to make an operating profit of 14.8trn won ($13.2bn) in the second quarter. It had chalked up four consecutive quarters of record profits, something the electronics giant may find hard to repeat given waning sales of its flagship Galaxy S9 smartphone and falling prices for its flash memory chips.

三星称，第二季度营业利润预计将达到14.8万亿韩元(合132亿美元)。三星已连续四个季度实现创纪录利润，鉴于其旗舰智能手机Galaxy S9销量不断下滑以及闪存芯片价格不断下跌，这家电子巨头可能很难再现这一光辉业绩。