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On May 28th, European Central Bank President Christine Lagarde stated on Thursday that governments may be inclined to strengthen control over monetary authorities, making the maintenance of central bank independence even more crucial amidst an increasingly challenging global order. Lagarde said, "In an increasingly difficult world, the challenge is no longer just maintaining legal independence, but more importantly, maintaining the credibility needed to exercise that independence." "History has taught us a very clear lesson: building trust takes a long time, but losing it takes only a moment." Lagarde noted that over the past decade, the "de facto independence" of central banks in nearly half of the countries representing approximately 75% of global GDP has deteriorated. She also emphasized that policymakers face an increasingly unfavorable environment, including more frequent supply shocks, rising fiscal pressures, and declining public trust in public institutions. In this context, credibility earned through action is becoming increasingly decisive.European Central Bank President Christine Lagarde: The independence of the Federal Reserve is not a "sure thing".On May 28, Ministry of Commerce spokesperson He Yadong, responding to a question about the progress of China-US tariff negotiations at a regular press conference, stated that tariffs have always been one of the key issues in China-US economic and trade relations. Under the strategic guidance of the two heads of state, the China-US economic and trade teams have engaged in in-depth communication on tariff issues and made arrangements regarding bilateral tariffs. He reiterated his hope that the US side would honor its commitments and create positive conditions for expanding bilateral economic and trade cooperation. Meanwhile, both sides agreed in principle to discuss a framework arrangement for reciprocal tariff reductions on products of equivalent size under the Trade Council, with each sides scale being $30 billion or more. The economic and trade teams of both sides will maintain close communication, agree on specific arrangements, and promote their implementation as soon as possible.On May 28, Ministry of Commerce spokesperson He Yadong responded to a question at a regular press conference regarding the EUs proposed new steel tariffs to be implemented on July 1st. He stated that the EUs move is essentially protectionism, which will not only fail to maintain the competitiveness of the steel industry but will also severely impact Sino-EU steel trade and affect the stability of the global supply chain. Currently, China is conducting negotiations with the EU within the framework of the WTO. China hopes to achieve a win-win outcome through these negotiations and promote the steady and healthy development of Sino-EU economic and trade relations. If the EU discriminates against Chinese companies and products, China will take corresponding measures to resolutely safeguard its legitimate rights and interests.Futures News, May 28th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes on May 28th: 1. Pulp futures warehouse receipts: 207,266 tons, unchanged from the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged from the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged from the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,560 tons, unchanged from the previous trading day; 5. Fuel oil futures warehouse receipts: 41,160 tons, unchanged from the previous trading day. 6. Petroleum asphalt futures warehouse receipts: 21,120 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 31,220 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 5,000 tons, an increase of 5,000 tons from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.

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