高盛 -美國經(jīng)濟(jì)分析：關(guān)稅與報(bào)復(fù)關(guān)稅風(fēng)險(xiǎn)(摘要)

n雖然特朗普總統(tǒng)在就職日宣布的關(guān)稅政策比預(yù)期溫和，但我們?nèi)匀活A(yù)計(jì)白宮將提高對汽車和來自中國進(jìn)口商品的關(guān)稅稅率，并認(rèn)為其他關(guān)果白宮確實(shí)征收關(guān)稅，美國的貿(mào)易伙伴可能會(huì)進(jìn)行報(bào)復(fù)。n上次貿(mào)易戰(zhàn)為其他國家如何報(bào)復(fù)美國關(guān)稅提供了線索。中國對美國農(nóng)產(chǎn)品、原材料和其他出口產(chǎn)品實(shí)施了報(bào)復(fù)性關(guān)稅。其他國家則通過對鋼鐵重，至少在貿(mào)易模式發(fā)生變化之前的短期內(nèi)是如此。n外國關(guān)稅公告也導(dǎo)致美國股市下跌，加劇了美國關(guān)稅的初步影響。在其他國家宣其他國家將把目標(biāo)瞄準(zhǔn)與美國關(guān)稅相同的產(chǎn)品（例如汽車），或與稅相同的產(chǎn)品，包括食品和動(dòng)物產(chǎn)品；木材、金屬、礦物和其他家具；化工品和塑料；以及機(jī)械。我們預(yù)計(jì)大部分國家會(huì)堅(jiān)持征投資者不應(yīng)視本報(bào)告為作出投資決策的唯一因素。有關(guān)分析師的申明和其他重要PossibleFinalChina25%Lists1-2(noconsumergoods)List3(minimalconsumer)List4a(mostlyconsumer)List4b(mostlyconsumer)34104841164505%21%35%Sec.301RevokePermanentNormalTradeRelations(requirescongressionalapproval)Global40%25%CriticalImports500310031002.7%2.7%11.6%12.7%Sec.232IEEPA,Sec.122,orSeFairandReciprocalTradeAct(requirescongressionalapproval)20%Autos(electricvehiclesfromChineseproducers)~04700-2.5%97.525%25%Sec.232Autos8060011.2%Sec.232Canada20%38025%25%Country?Non-tariffbarrierstoagricultu?Ashifttowardssignifica?Tariffsonhigh-profileandpoli?One-for-oneretaliatorytariffs,startingfromt?RetaliatorytariffsonproNumberofTradeDisputeCasesFiledAgainsttheUnitedStatesAmerica&Caribbean,8RestofAPAC,Argentina,6Thailand,5Japan,8Canada,20RepublicofNumberofTradeDisputeCasesFiledAgainsttheUnitedStatesAmerica&Caribbean,8RestofAPAC,Argentina,6Thailand,5Japan,8Canada,20RepublicofStatusofTradeDisputesBroughttotheWTOTotalWTOcases:TotalinvolvingUSasrespondent:Neverwenttopanel,butnoofficialwithdrawalPanelestablishedbutpanelistsnotchosenPanelcomposedPanelreportunderappealReportadoptedbutnofurtheractionrequiredReportwithrecommendedchangesadoptedUSagreedtoimplementchangesPartiesimplementedsolutionandnotifiedWTOComplianceproceedingsongoingUSnotfoundtobenon-compliantAuthorizationtoretaliaterequestedAuthorizationtoretaliategrantedAuthorityforpanellapsedSettledorterminated631167355462893297629RetaliationAgainstUSSection232TariffIncreasesonSteelandAluminumCountry/RegionRetaliatoryTariffRateIncreaseTargetedProductsUSExports2017($bn)EffectivePeriodEUandUK10pp(Annex1)Toysandgames0.09June2018-January202225pp(Annex1)Ironandsteel,aluminum,food,vehiclesandparts,shipsandboats,beverages,fruitandnuts,cereals,tobacco3.3410-50pp(Annex2)Annex1products,stoneandglass,electricalequipment,chemicalproducts,furnitureandfurnishing,woodandwoodproducts,machinery2.98ProposedtostartinDecember2021butsuspendedinOctober2021China15ppFruitsandnuts,beverages,oilseed,ironandsteel0.77March2018-Present25ppAluminum,animals,andanimalproducts1.68India10ppChemicalproducts,vegetables0.27May2018-Present(about30%oftheseexports,mainlyagriculturalproducts,wereremovedfromtheretaliatorylistinJuly2023)15ppRare-earthminerals,ironandsteel,aluminum0.2020-25ppFruitandnuts0.8150ppVehicles0.001Russia25ppMachinery0.09August2018-Present30-40ppMachinery,nuclearreactors,boilers,optic,surgicalinstruments0.18Turkey5-10ppFruitandnuts,opticandmedicalinstruments,mineralfuelandoil,paperandpaperboard,plastics,nuclearreactors,boilers,machinery1.14June2018-Present15-25ppWoodandwoodproducts,cereals,tobacco,paperandpaperboard0.1530ppIronandsteel,cosmeticproducts,plastics0.2035ppVehicles0.0640ppBeverages0.01Canada10ppChemicalproducts,aluminum,woodandwoodproducts,machinery,nuclearreactors,boilers,plasticsandrubbers,furnitureandfurnishing,coffeeandtea,beverages,dairyproducts12.42July2018-May201925ppIronandsteel4.83Mexico10ppMeat,dairyproducts,fruit,vegetables,beverages2.69July2018-May2019RetaliationAgainstUSSection301TariffIncreasesCountry/RegionRetaliatoryTariffRateIncreaseTargetedProductsUSExports2017($bn)EffectivePeriodChina25ppinresponsetoUSList1Oilseeds,grain,plasticsandrubbers,chemicalproducts,vehicles,dairyproducts,fish,tobacco,vegetables17.7July2018-Present*25ppinresponsetoUSList2Mineralfuel,ironandsteel,opticinstruments,organicchemicals,electricmachinery,soundequipment,plastics,woodandwoodproducts,vehicles,basemetals4.8August2018-Present*5-25ppinresponsetoUSList3Chemicalproducts,nuclearreactors,boilers,machinery,woodandwoodproducts,vehicles,electricalequipment,paperandpaperboard,furnishing,aircraft,electricmachinery,toys,cosmeticproducts,glassandglassware,aluminum29.5June2019-Present*2.5-5ppinresponsetoUSList4Vehicles,oilseeds,mineralfuel,opticinstruments,nuclearreactors,boilers,machinery,plastics,wood,copper,aluminum,cereals,pharmaceuticalproducts,fish,cotton,meat,fruit,ironandsteel48.5Feburary2020-Present**About$18bnofproducts,mainlymedicalinstruments,machinery,electricalequipment,andwood,weretemporarilyexcludedfromtheseretaliationlistsduringSeptember2019-May1Index(2017=100)Index(2017=100)604020USExportsNotFacingRetaliatoryTariffs*USExportsFacingRetaliatoryTariffsfromChinaUSExportsFacingRetaliatoryTariffsfromOtherCountries**Export-weightedaverageretaliatorytariffincrease:China:+10pp(6%ofUSgoodsexports)Othercountries:+15pp(2%ofUSgoodsexports)6040202016201720182019202020212022202320242025Note:AllvaluesseasonallyadjustedbyGS.*Exportstonon-retaliatingcountriesofproductsthatfacedretaliationfromothercountries.**EU,UK,Canada,Mexico,Turkey,India,andRussia.toCountriesImposingThem,2018H2-2019PercentImpactofRettoCountriesImposingThem,2018H2-2019Aluminum(20pp)Note:Thechartincludesonly2-digitproductcategorieswithtotalexportvalueabove$10bnin2017.21S&P500ReturnsonDayswithTariffAnnouncements21CumulativeImpactChinaRetaliatoryTariffCumulativeImpact3030022-Mar-1823-Mar-1822-Mar-1823-Mar-186-May-1923-Aug-1928-Aug-19ChinaretaliationOtherretaliationNote:WeexcludeafewtariffannouncementsthatdonotappeartohavehadameaningfulimpactonUSstockpricesonoraroundthedaytheywereannouncedoroccurredondayswhereadifferenteventdominatedchangesinstockpricesSummaryofStudiesoftheImpactofRetaliatoryTariffsontheUSEconomyin2018-2019Author(s)YearKeyTakeawaysFlaaen,Pierce2019Shiftingfromthe25thtothe75thpercentileofindustrytariffexposurewasassociatedwitha1.4%reductioninmanufacturingemployment,halfofwhichwasduetoretaliatorytariffsandtheresttohigherinputcosts.Cavallo,Gopinath,Neiman,Tang2019USexportersloweredpricesofgoodssubjectedtoretaliatorytariffsby7%comparedtonon-targetedgoods.Thisdeclinewasmainlydrivenbyagriculturalandothernon-differentiatedgoodseasilysourcedelsewhere.Waugh2019TheelasticityofUSautoconsumptiongrowthtoChineseretaliatorytariffsin2018-2019was-1,implyingthatcountiesintheupperquartileoftheretaliatory-tariffdistributionexperienceda3.8pphit.Declinesinconsumptioncorrespondedtodeclinesintradablegoodsproductionandretailemployment.Fajgelbaum,Goldberg,Kennedy,Khandelwal2019A1ppretaliatoryincreaseintheexport-weightedforeigntariffrateisassociatedwitha1%declineinU.S.exportsandadeclineinUSexportprices.RetaliatorytariffstargetedUSexportsproducedmainlyinRepublican-leaningcounties.Amiti,Redding,Weinstein2019A1ppretaliatoryincreaseintheeffectiveforeigntariffrateisassociatedwitha1.8%declineintotalU.S.exports.Carter,Steinbach2020TheUSlostmoreinagriculturalexportstocountriesthatretaliatedthanitgainedintradewithothercountries.Countriesthatretaliatedchangedtheirtraderelationshipstoimportproductsfromelsewhere.Handley,Kamal,Monarch2020Thetrade-weightedaverageforeignretaliatorytariffincreaseover2018-2019wasabout20ppandaffected8%ofU.S.exports.A1ppretaliatoryincreaseintheeffectiveforeigntariffrateloweredU.S.exportsby0.9%.Javorcik,Stapleton,Kett,O'Kane2022The2018-2019tariffsledtoa0.6%hittoUSjobopenings,with1/3oftheeffectduetoretaliatorytariffs.Chen,Hsieh,Song2022Unofficialnon-tariffbarrierssuchasadministrativeproceduresorquotaswereresponsiblefor50%oftheoverallreductioninChineseimportsfromtheUSduring2018-2019.Amiti,Gomez,Kong,Weinstein2024OnfivedaysthatChinaannouncedretaliatorytariffs,USstocksfell1%onaverageonthenexttradingday.WhereUS-ConsumedMotorVehiclesandPaWhereUS-ProducedMotorVehiclesandPaShareof2017USExportsbyCategoryThatFaceRetaliatoryTariffsinResponsetoSection232,byRetaliatingCountryIron,Steel,Aluminum(21pp)Food(14pp)Ships&Boats(25pp) Animals&AnimalProducts(21pp)Furniture,Furnishings,Lights(10pp)ChemicalProducts(12pp)Wood&WoodProducts(11pp) VegetableProducts(16pp)OtherProducts(15pp)CanadaChinaEUOtherPercentNote:OtherincludesMexico,India,Russia,andTurkey.Thenumberinparenthesesindicatestheexport-weightedaverageretaliatorytariffincreasefortariffedgoodsineachcategory.Shareof2017USExportstoChinaVegetableproducts(21pp)Wood&woodproducts(10pp)Optic&medicalinstruments(7pp)Animal&animalproducts(9pp)Plasticsandrubbers(14pp) Mineralproducts(10pChemicalproducts(13pp)Machinery(15pp)OtherProducts(15pp)FacingRetaliatoryTariffsinResponsetoSection301NotFacingRetaliatoryTaPercentNote:Thenumberinparenthesesistheexport-weightedaverageretaliatorytariffincreasefortariffedgoodsineachHSsection(agroupof2-digitHSproductcategories).WeshowonlyHSsectionswithUSexportsabove$10bnin2017.USImportsfromChinaofProductGroupsUsedforManufacturingProductionasaShareofTotalUSImportsofThatProductGroupGlycosides,SaltsNaturalGraphiteRare-EarthMetalCompoundsAntimonyOxides*TextileMaterialsOrganic/InorganicCompoundsProvitamins,VitaminsContainersforTransportMolybdenumElectricStorageBatteriesElectricWater,SpaceHeatersElectricCapacitorsGallium,Indium,Niobium**Percent*ProductsbannedbyChinafromexportinDecember2024.**ProductsbannedbyChinafromexportin2023.Note:Glycosidesareprimarilyusedinmedicinesforheartandskintreatment.Naturalgraphiteisprimarilyusedinbatteriesandsteel.Rare-earthmetalcompounds(yttriumorscandium)areprimarilyusedinelectronicsandalloys.Antimonyismainlyusedinleadalloys,lead-acidbatteries,andplasticstopreventfires.Molybdenumisprimarilyusedinalloys,electronicsandglass.Galliumisprimarilyusedinsemiconductorsandmedicalapplications.IndiumisusedinLCDdisplaysanddentalmaterials.Niobiumisusedinsteelandelectrimachinery.THEUSECONOMICANDFINANCIALOUTLOOK(%changeonpreviousperiod,annualized,exceptwherenoted)OUTPUTANDSPENDINGRealOUTPUTANDSPENDINGRealGDPRealGDP(annual=Q4/Q4,quarterly=yoy)ConsumerExpendituresResidentialFixedInvestmentBusinessFixedInvestmentStructuresEquipmentIntellectualPropertyProductsFederalGovernmentState&LocalGovernmentNetExports($bn,'17)InventoryInvestment($bn,'17)NominalGDPIndustrialProduction,Mfg.20242025202220232024202520262027Q1Q2Q3Q4Q1Q2Q3Q1.63.02.93.03.02.0-8.6-3.02.413.7-2.8-4.03.02.57.06.04.010.83.2-6.20.2-5.0-1.0-2.0-4.00.39.910.87.08.08.07.00.64.05.06.06.5-0.00.6-0.00.20.00.00.02.2-1,042-933-1,033-1,074-1,122-1,166-977-1,036-1,069-1,057-1,062-1,068-1,076-1,08811933466860611872583865604.74.02.7-0.5-3.0-0.91.4-3.63.4HousingStarts(units,thous)1,5521,4211,3651,4131,4791,4911,4071,3401,3321,3791,3651,4031,4311,454NewHomeSales(units,thous)637666697748757800663693711722734737757763ExistingHomeSales(units,thous)5,0874,1013,9774,0914,1884,5704,2004,0503,8903,7683,9204,0384,1614,244Case-ShillerHomePrices(%yoy)*3.04.4ConsumerPriceIndex(CPI)**2.82.5CoreCPI**3.33.02.93.02.7CorePCE**?5.03.02.03.02.4UnemploymentRate(%)^4.04.14.04.04.0U6UnderemploymentRate(%)^7.47.0Payrolls(thous,monthlyrate)377251186145125110267147159170150150140140Employment-PopulationRatio(%)^59.959.859.959.860.1LaborForceParticipationRate(%)^62.362.562.562.562.562.362.762.662.762.562.662.662.662.5AverageHourlyEarnings(%yoy)3.83.4GOVERNMENTFINANCEFederalBudget(FY,$bn)-1,376-1,694-1,833-1,800-1,950-2,100----------------FFTargetRange(Bottom-Top,%)^4.25-4.55.25-5.54.25-4.53.75-43.5-3.753.5-3.755.25-5.55.25-5.54.75-54.25-4.54.25-4.54-4.254-4.253.75-410-YearTreasuryNote^3.883.884.584.304.354.454.204.363.814.584.300Euro(€/$)^1.071.111.041.071.061.101.081.071.111.041.051.051.061.07Yen($/￥)^132141157145132151161143157156158158*Weightedaverageofmetro-levelHPIsfor381metrocitieswheretheweightsaredollarvaluesofhousingstockreportedintheAmericanCommunitySurvey.AnnualnumbersareQ4/Q4.**AnnualinflationnumbersareDecemberyear-on-yearvalues.QuarterlyvaluesareQ4/Q4.?PCE=Personalconsumptionexpenditures.^Denotesendofperiod.所有觀點(diǎn)準(zhǔn)確反映了我們的個(gè)人看法，沒有受到公司業(yè)務(wù)或客戶關(guān)系因素的影響。本報(bào)告首頁所列作者為高盛全球投資研究部分析師，除非另有說明。任何本報(bào)告中研究企業(yè)所需的特定公司法定披露見上文：包括即將進(jìn)行交易的承銷商或副承銷商，1%或其他股權(quán)，特定服務(wù)的補(bǔ)償，客戶關(guān)系種類，之前擔(dān)任承銷商或副承銷商的公開發(fā)行，擔(dān)任董事，擔(dān)任股票做市及／或?qū)＜业慕巧?。高盛?dān)任或可能擔(dān)任本報(bào)告中所涉及發(fā)行方的債券（或相關(guān)衍生品）以下為額外要求的披露：股權(quán)及重大利益沖突:高盛的政策為禁止其分析師、分析師屬下專業(yè)人員及其家庭成員持有分析師負(fù)責(zé)研究的任何公司的證券。分析師薪酬:分析師薪酬部分取決于高盛的盈利，其中包括投資銀行的收入。分析師擔(dān)任高級職員或董事:高盛的政策通常禁止其分析師、分析師屬下人員及其家庭成員擔(dān)任分析師負(fù)責(zé)研究的任何公司的高級職員、董事或顧問。非美國分析師:非美國分析師可能與高盛無關(guān)聯(lián)，因此可以不受FINRA2241條FINRA2242條對于與所研究公司的交流、公開露面及持有交易證券的限制。構(gòu)不是澳大利亞經(jīng)授權(quán)的存款機(jī)構(gòu)（1959年《銀行法》所定義），因此不在澳大利亞境內(nèi)提供銀行服務(wù)，也不經(jīng)營銀行業(yè)務(wù)。本研究報(bào)告或本報(bào)告的其他形式內(nèi)容只可分發(fā)予根據(jù)澳大利亞公司法定義的”批發(fā)客戶”，在事先獲得高盛許可的情況下可以有例外。在撰寫研究報(bào)告期間，GoldmanSachsAustralia全球投資研究部的職員可能參與本研究報(bào)告中所討論證券的發(fā)行公司或其他實(shí)體組織的現(xiàn)場調(diào)研或會(huì)議。在某些情況下，如果視具體情形GoldmanSachsAustralia認(rèn)為恰當(dāng)或合理，此類調(diào)研或會(huì)議的成本可能部分或全部由該證券發(fā)行人承擔(dān)。如本報(bào)告內(nèi)容包含任何金融產(chǎn)品建議，則該建議僅為一般建議，且高盛提出該建議時(shí)并未考慮客戶的目標(biāo)、財(cái)務(wù)狀況或需求。客戶在就此類建議采取行動(dòng)之前，應(yīng)結(jié)合其自身目標(biāo)、財(cái)務(wù)狀況和需求來考慮該建議的適當(dāng)性。高盛澳大利亞和新西蘭的利益披露，以及高盛澳大利亞賣方研究獨(dú)立性制度聲明請參見冊分析師為本報(bào)告開頭部分標(biāo)明的第一作者，除非報(bào)告末另有說明。加拿大:這些信息僅供您參考，在任何情況下都不應(yīng)被理解為GoldmanSachs&Co.LLC對加拿大證券購買者進(jìn)行有關(guān)任何加拿大證券交易的廣告、要約或征求行為。GoldmanSachs&Co.LLC未在適用的加拿大證券法規(guī)下注冊為任何加拿大司法管轄區(qū)內(nèi)的交易商，通常不被允許交易加拿大證券，并且可能被禁止在加拿大某些司法管轄區(qū)內(nèi)銷售某些證券和產(chǎn)品。若您想在加拿大交易任何加拿大證券或其他產(chǎn)品，請聯(lián)系GoldmanSachsCanadaInc.(高盛集團(tuán)的關(guān)聯(lián)機(jī)構(gòu))或其他已注冊的加拿大交易商。香港:可從高盛（亞洲）有限責(zé)任公司獲取有關(guān)本報(bào)告中所研究公司的證券的額外資料。印度:可從高盛（印度）證券私人有限公司（分析師印度證券交易委員會(huì)(SEBI)編號的證券（1956年印度《證券合同(管理)法》條款2(h)之定義）的1%或更高比例。證券市場投資會(huì)受到市場風(fēng)險(xiǎn)的影響。請?jiān)谕顿Y之前仔細(xì)閱讀所有相關(guān)文件。在SEBI注冊并獲得NISM認(rèn)證并非對該中間機(jī)構(gòu)表現(xiàn)的擔(dān)保，亦不能對投資者回報(bào)做出保障。高盛（印度）證券私人有限公司投資者支持部門電另行同意，本報(bào)告無論以何種方式取得，僅供《金融服務(wù)與資本市場法》定義的“專業(yè)投資者”使用。可從高盛（亞洲）有限責(zé)任公司首爾分公司獲取有款機(jī)構(gòu)”。本研究報(bào)告以及本報(bào)告的其他形式內(nèi)容只可分發(fā)給2008年財(cái)務(wù)顧問法案定義的“批發(fā)客戶”，在事先獲得高盛許可的情況下可以有例外。高究報(bào)告并非俄羅斯法律所定義的廣告，而是不以產(chǎn)品推廣為主要目的的信息和分析，也不屬于俄羅斯法律所界定的評估行為。研究報(bào)告不構(gòu)成俄羅斯法律法規(guī)定義的個(gè)性化投資建議，并非針對某個(gè)具體客戶，在報(bào)告準(zhǔn)備階段也未分析客戶的財(cái)務(wù)狀況、投資特征或風(fēng)險(xiǎn)特征。高盛不對某個(gè)客戶或任何其他人基于本報(bào)告可能做出的任何投資決策承擔(dān)責(zé)任。新加坡:高盛（新加坡）私人）（報(bào)告承擔(dān)法律責(zé)任，若有由本研究報(bào)告所引發(fā)或與本研究報(bào)告相關(guān)的任何事宜，請聯(lián)系高盛（新加坡）私人公司。臺灣:本信息僅供參考，未經(jīng)允許不得翻印。投資者應(yīng)當(dāng)謹(jǐn)慎考慮他們自身的投資風(fēng)險(xiǎn)，投資結(jié)果由投資者自行負(fù)責(zé)。英國:在英國根據(jù)金融市場行為監(jiān)管局的定義可被分類為私人客戶的人士參閱本報(bào)告的同時(shí)應(yīng)當(dāng)參閱高盛以往對本報(bào)告研究企業(yè)的研究報(bào)告，并應(yīng)當(dāng)參考高盛國際已經(jīng)發(fā)給這些客戶的風(fēng)險(xiǎn)警告資料。該風(fēng)險(xiǎn)警告資料復(fù)本，以及本報(bào)告中采用部分金融辭匯的解釋可向高盛國際索取。歐盟和英國:與歐盟委員會(huì)實(shí)施條例(EU)(2016/958)（歐盟議會(huì)和歐盟理事會(huì)條例(EU)No596/2014的補(bǔ)充條款,規(guī)定了有關(guān)投資建議或其他投資策略的推薦或建議之信息的客觀陳述,以及對特定利益或利益沖突進(jìn)行披露的技術(shù)安排應(yīng)達(dá)到的監(jiān)管技術(shù)標(biāo)準(zhǔn)；英國脫離歐盟和歐洲經(jīng)濟(jì)區(qū)之后該實(shí)施條例被納日本:高盛證券株式會(huì)社是在關(guān)東財(cái)務(wù)局注冊（注冊號：No.69）的金融工具交易商，同時(shí)也是日本證券業(yè)協(xié)會(huì)日本金融期貨業(yè)協(xié)會(huì)、第二類金融工具公司協(xié)會(huì)、日本投資信托協(xié)會(huì)以及日本投資顧問協(xié)會(huì)的成員。股票買賣需要繳納與客戶事先約定的傭金及消費(fèi)稅。關(guān)于日本證券交易所、日本證券交易商協(xié)會(huì)或日本證券金融公司所要求的適用的信息披露，請參見與公司有關(guān)的法定披露部分。高盛全球投資研究部在全球范圍內(nèi)為高盛的客戶制作并分發(fā)研究產(chǎn)品。高盛分布在其全球各辦事處的分析師提供行業(yè)和公司的研究，以及宏觀經(jīng)濟(jì)、貨GoldmanSachs&Co.LLC分發(fā)；在香港由高盛（亞洲）有限責(zé)任公司分發(fā)；在印度由高盛（印度）證券私人有限公司分發(fā)；在日本由高盛證券株式會(huì)社分發(fā)；在韓國由高盛（亞洲）有限責(zé)任公司首爾分公司分發(fā)；在新西蘭由新加坡由高盛（新加坡）私人公司（公司號：198602165W）分發(fā)；在美國由高盛集團(tuán)分發(fā)。高盛國際已批準(zhǔn)本研究報(bào)高盛國際（由審慎監(jiān)管局授權(quán)并接受金融市場行為監(jiān)管局和審慎監(jiān)管局的監(jiān)管）已批準(zhǔn)本研究報(bào)告在英國分發(fā)。歐洲經(jīng)濟(jì)區(qū):由高盛國際（由審慎監(jiān)管局授權(quán)并接受金融市場行為監(jiān)管局和審慎監(jiān)管局的監(jiān)管）向歐洲經(jīng)濟(jì)區(qū)內(nèi)的以下司法管轄區(qū)分發(fā)研究報(bào)告：盧森堡大公國、意大利、比利時(shí)王國、丹麥王國、挪威王國、芬蘭共和國和愛爾蘭共和國；由GSI-SuccursaledeParis（巴黎分公司；由法國審慎監(jiān)管管理局授權(quán)并接受審慎監(jiān)管管理局和金融市場管理局的監(jiān)管）在法國分發(fā)研究報(bào)告；由GSI-SucursalenEspaia（馬德里分公司；在西班牙由國家證券市場委員會(huì)授權(quán)）在西班牙王國分發(fā)研究報(bào)告；由GSI-S成立的信貸機(jī)構(gòu)，在單一監(jiān)管機(jī)制下接受歐洲央行的直接審慎監(jiān)督，在其他方面接受德國聯(lián)邦金融監(jiān)管局(BundesanstaltfürFinanzdienstleistungsaufsicht,BaFin)和德國聯(lián)邦銀行的監(jiān)督，由該機(jī)構(gòu)向德意志