0710 Dolphin Research Key Focus: 🐬 Macro/Industry 1. U.S. President Trump issued a tariff letter to eight countries including Brunei, Algeria, Moldova, Iraq, the Philippines, Libya, Sri Lanka, and Brazil. Among them, the U.S. will impose tariffs of up to 50% on all Brazilian products, the highest level since the announcement of the new 'reciprocal tariffs.' Brazil is an important supplier of raw materials to the U.S., especially in the fields of steel and agricultural products. The increased tariffs may lead to higher import costs for the U.S., thereby affecting the competitiveness of related industries...