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Hong Kong stocks closed lower, with the Hang Seng Index down 0.95% and the Hang Seng Tech Index down 3.04%. Gold stocks surged, while coal and power equipment stocks fluctuated higher. PCB concept stocks retreated, and star tech stocks declined. Tencent Holdings (00700.HK) closed down 7.05%.

ING said in a July 21 report that new investment incentives are expected to support the development of the U.S. aluminum smelting industry in the long term, but the U.S. market will still rely on imports in the short term, and aluminum premiums in the Midwest are expected to remain high. According to the Trump administration’s new policy, companies that build, add, or renovate U.S. aluminum smelting capacity can apply to import qualifying aluminum products at a 25% tariff rate instead of the standard 50% rate as long as they reach approved investment milestones. However, there is a long-term structural gap in the supply of primary aluminum in the United States. Although the United States has continued to implement tariff protection for many years, However, primary aluminum production continues to decline. Currently, only four primary aluminum smelters are still operating in the United States, making the United States highly dependent on imported primary aluminum. It will still take several years to add new production capacity. The more fundamental problem is that primary aluminum production is subject to stable and competitive electricity supplies, not just trade policy. While tariffs can help improve project economics, new capacity still requires billions of dollars of investment, long-term power purchase agreements, environmental approvals and years of construction. New production can truly enter the market. The fastest advancing project in the United States is the 750,000-ton-per-year primary aluminum smelter planned to be built by Emirates Global Aluminum and Century Aluminum in Oklahoma, but it is expected to be difficult to bring substantial new supply to the U.S. market before 2030. The fundamental reason why aluminum premiums in the Midwestern United States remain high is still due to three major factors: high import tariffs, limited domestic production capacity, and continued reliance on overseas supplies. While the new incentive program is expected to improve the long-term prospects for U.S. domestic primary aluminum production, However, it will be difficult to significantly reduce the United States' dependence on imported aluminum in the next few years, and it will also be difficult to substantially reduce procurement costs. Overall, this policy should be viewed as a long-term industrial policy rather than a short-term solution to the U.S. primary aluminum supply shortage.

Japan's 2-year government bond yield rose 4 basis points to 1.475%. It is the highest level since May 1995.

According to Iran's Mahr News Agency: A spokesman for Iran's Ministry of Interior stated that there are currently no negotiations with the United States. An "information exchange" with the United States is possible.

South Korean Presidential Office: It is believed that the United States may impose additional tariffs under Section 301.

It is understood that the Bank of Japan is nearing the stage of stabilizing price expectations, rather than pushing up inflation.