Japan urges China to stop flying fighter jets too close to Japanese military aircraft
Japan's Defense Ministry said a Chinese JH-7 fighter-bomber flew as close to 30 meters (98 feet) to a YS-11EB electronic-intelligence aircraft of the Japan Air Self-Defense Force on Wednesday and Thursday. The ministry said it occurred outside Japanese airspace over the East China Sea and caused no damage to the Japanese side.
China had no immediate comment on the latest incident. Previously, Beijing has alleged Japan flew close to its aircraft and was spying on China's ordinary military activity and demanded Japan stop its actions.
Japan is concerned about China's acceleration of its military buildup, especially in Japan's southwestern areas.
Japan's Foreign Ministry said in a statement late Thursday that its vice minister Takehiro Funakoshi expressed 'serious concern' to Chinese Ambassador to Japan Wu Jianghao and strongly requested Beijing to stop the activity that could 'provoke accidental collisions' and strongly urged China to ensure that similar actions are not repeated.
The countries traded accusations over similar close encounters last month. Japan said a Chinese combat aircraft flew extremely close to Japanese navy P-3C surveillance aircraft over the Pacific Ocean, where two Chinese aircraft carrier s were seen operating together for the first time.
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Lutnick: EU has to offer Trump 'a good enough deal' to avoid 30% tariffs As President Trump prepares for a planned meeting about tariffs with European Commission President Ursula von der Leyen, Commerce Secretary Howard Lutnick said Sunday that the European Union has to open its markets for US exports if it wants to convince Trump to reduce the 30% tariff he's threatened to put in place August 1. Reuters reports Lutnick said the EU appeared to want to make a deal: On Friday, Trump said the odds of a trade deal with the EU were about "50-50," even as negotiators from both sides expressed optimism. Read more here. As President Trump prepares for a planned meeting about tariffs with European Commission President Ursula von der Leyen, Commerce Secretary Howard Lutnick said Sunday that the European Union has to open its markets for US exports if it wants to convince Trump to reduce the 30% tariff he's threatened to put in place August 1. Reuters reports Lutnick said the EU appeared to want to make a deal: On Friday, Trump said the odds of a trade deal with the EU were about "50-50," even as negotiators from both sides expressed optimism. Read more here. LG says consumers rushed to buy appliances ahead of tariffs Tariffs remain a key concern for South Korean appliance maker LG Electronics ( The company said that if President Trump's blanket tariffs take effect on Aug. 1, it will adjust prices and move some production to its plants in Mexico and the US. LG produces its products worldwide, particularly in South Korea, China, and Vietnam. On Aug. 1, imports from South Korea face a 25% tariff, while those from Vietnam face a 20% tariff. Imports from China are estimated to face tariffs of roughly 50%, though that could change after US and Chinese officials meet in Sweden for the next round of trade talks. According to LG, consumers rushed to purchase items in the first half of the year to avoid tariffs. Still, the company's net profit fell 3.1% in Q2 as operating costs increased. "Some consumers have been rushing to make purchases before the tariffs take effect," an executive said on the earnings call. "In the first half of 2025, we achieved approximately 3% growth year over year, higher than the market demand with new product launches and efficient sales operations, continuing to strengthen our market presence." But that pull-forward in demand could signal weakness ahead in the months to come if trade tensions escalate again. "A rise in product costs driven by the 50% tariff on steel and reciprocal tariffs that are set to be applied in the latter half of the year could translate into greater uncertainties for the market price," the executive said. "Additionally, shifts in the US government's trade policies and weakening consumer sentiment cast doubt on the demand outlook for home appliances." This isn't the first time LG has grappled with US protectionist policies. In 2018, during Trump's first term, washing machine prices rose when Trump targeted the industry with tariffs. Tariffs remain a key concern for South Korean appliance maker LG Electronics ( The company said that if President Trump's blanket tariffs take effect on Aug. 1, it will adjust prices and move some production to its plants in Mexico and the US. LG produces its products worldwide, particularly in South Korea, China, and Vietnam. On Aug. 1, imports from South Korea face a 25% tariff, while those from Vietnam face a 20% tariff. Imports from China are estimated to face tariffs of roughly 50%, though that could change after US and Chinese officials meet in Sweden for the next round of trade talks. According to LG, consumers rushed to purchase items in the first half of the year to avoid tariffs. Still, the company's net profit fell 3.1% in Q2 as operating costs increased. "Some consumers have been rushing to make purchases before the tariffs take effect," an executive said on the earnings call. "In the first half of 2025, we achieved approximately 3% growth year over year, higher than the market demand with new product launches and efficient sales operations, continuing to strengthen our market presence." But that pull-forward in demand could signal weakness ahead in the months to come if trade tensions escalate again. "A rise in product costs driven by the 50% tariff on steel and reciprocal tariffs that are set to be applied in the latter half of the year could translate into greater uncertainties for the market price," the executive said. "Additionally, shifts in the US government's trade policies and weakening consumer sentiment cast doubt on the demand outlook for home appliances." This isn't the first time LG has grappled with US protectionist policies. In 2018, during Trump's first term, washing machine prices rose when Trump targeted the industry with tariffs. Japan says $550 billion investment could finance Taiwanese chipmaker in US The $550 billion President Trump said Japan gave to the US "to lower their tariffs a little bit," could be used to help finance a Taiwanese chipmaker building plants in the US, the Associated Press reported Saturday. Trump on Thursday called the $550 billion "seed money" and that 90% of profits from the money invested would go to the US. "It's not a loan or anything, it's a signing bonus," Trump said. Read more here. The $550 billion President Trump said Japan gave to the US "to lower their tariffs a little bit," could be used to help finance a Taiwanese chipmaker building plants in the US, the Associated Press reported Saturday. Trump on Thursday called the $550 billion "seed money" and that 90% of profits from the money invested would go to the US. "It's not a loan or anything, it's a signing bonus," Trump said. Read more here. More cracks form in the US-Japan trade agreement We detailed earlier (keep scrolling) some initial, if gentle, pushback from the Japanese side on the US portrayal of the countries' trade deal. The Financial Times has a good, detailed look at some of the "cracks" forming: Read more here (subscription required). We detailed earlier (keep scrolling) some initial, if gentle, pushback from the Japanese side on the US portrayal of the countries' trade deal. The Financial Times has a good, detailed look at some of the "cracks" forming: Read more here (subscription required). EU head to meet with Trump this weekend in bid to clinch deal Bloomberg reports that European Commission President Ursula von der Leyen will meet with President Trump this weekend as he travels to his golf club in Scotland in a bid to secure a trade deal. The meeting will come as the two sides race to secure a deal ahead of next Friday — Trump's self-imposed deadline for 30% tariffs on EU goods to kick in. On Friday, Trump put the odds of a deal at "50-50." From the report: Bloomberg reports that European Commission President Ursula von der Leyen will meet with President Trump this weekend as he travels to his golf club in Scotland in a bid to secure a trade deal. The meeting will come as the two sides race to secure a deal ahead of next Friday — Trump's self-imposed deadline for 30% tariffs on EU goods to kick in. On Friday, Trump put the odds of a deal at "50-50." From the report: Trump: 'We haven't really had a lot of luck with Canada' President Trump on Friday expressed pessimism on US trade negotiations with Canada, suggesting he may simply impose threatened 35% tariffs on Canadian goods not covered by the existing US-Canada-Mexico trade agreement. "We haven't really had a lot of luck with Canada. I think Canada could be one where there's just a tariff, not really a negotiation," he said. More from Reuters: President Trump on Friday expressed pessimism on US trade negotiations with Canada, suggesting he may simply impose threatened 35% tariffs on Canadian goods not covered by the existing US-Canada-Mexico trade agreement. "We haven't really had a lot of luck with Canada. I think Canada could be one where there's just a tariff, not really a negotiation," he said. More from Reuters: Boston Beer Company says strong profits helped brewer absorb tariff costs The Boston Beer Company (SAM) continues to feel the effects of President Trump's tariffs, but a strong quarter of sales and profit is helping the Samuel Adams brewer absorb some of those cost increases. Boston Beer expects tariffs to add about $15 million to $20 million in costs for the full year. Previously, it modeled tariff costs of $20 million to $30 million. Expect the company to raise prices by 1% to 2% to offset some of the costs as well, executives said. Boston Beer did see tariffs negatively affect its gross margin toward the end of the second quarter, but it benefited from improved brewery efficiencies. For the second quarter, the company reported profits of $5.45 per share on revenue of $625 million, versus estimates for earnings of $4.00 per share on $588 million, according to S&P Global Market Intelligence. "Right now, I think we're very happy with the performance," Boston Beer CEO Michael Spillane said on the earnings call. "Not only that, but that's allowed us to offset some of the tariffs that we've seen so far." The Boston Beer Company (SAM) continues to feel the effects of President Trump's tariffs, but a strong quarter of sales and profit is helping the Samuel Adams brewer absorb some of those cost increases. Boston Beer expects tariffs to add about $15 million to $20 million in costs for the full year. Previously, it modeled tariff costs of $20 million to $30 million. Expect the company to raise prices by 1% to 2% to offset some of the costs as well, executives said. Boston Beer did see tariffs negatively affect its gross margin toward the end of the second quarter, but it benefited from improved brewery efficiencies. For the second quarter, the company reported profits of $5.45 per share on revenue of $625 million, versus estimates for earnings of $4.00 per share on $588 million, according to S&P Global Market Intelligence. "Right now, I think we're very happy with the performance," Boston Beer CEO Michael Spillane said on the earnings call. "Not only that, but that's allowed us to offset some of the tariffs that we've seen so far." Some headlines from Trump on tariffs this morning Via Bloomberg: Via Bloomberg: Trump: US will sell 'so much' beef to Australia President Trump said on Thursday that the US will sell "so much" beef to Australia, following Canberra relaxing import restrictions. Trump added that other countries who had refused US beef products were on notice. Reuters reports: Read more here. President Trump said on Thursday that the US will sell "so much" beef to Australia, following Canberra relaxing import restrictions. Trump added that other countries who had refused US beef products were on notice. Reuters reports: Read more here. World's No. 3 automaker Kia takes $570M tariff hit in Q2 Reuters reports: Read more here. Reuters reports: Read more here. Puma shares dive after warning of full-year loss, US tariff impact Puma ( shares fell 17% on Friday after the sportswear brand said that it now expects an annual loss due to a decline in sales and US tariffs denting profit. Reuters reports: Read more here. Puma ( shares fell 17% on Friday after the sportswear brand said that it now expects an annual loss due to a decline in sales and US tariffs denting profit. Reuters reports: Read more here. LG Energy Solution warns of slowing EV battery demand due to U.S. tariffs, policy headwinds Reuters reports: South Korean battery firm LG Energy ( Solution warned on Friday of a further slowdown in demand by early next year due to U.S. tariffs and policy uncertainties after it posted a quarterly profit jump. Its major customers Tesla (TSLA) and General Motors (GM) warned of fallout from U.S. tariffs and legislation that will end federal subsidies for EV purchases on September 30. "US tariffs and an early end to EV subsidies will put a burden on automakers, potentially leading to vehicle price increases and a slowdown in EV growth in North America," CFO Lee Chang-sil said during a conference call. Read more here. Reuters reports: South Korean battery firm LG Energy ( Solution warned on Friday of a further slowdown in demand by early next year due to U.S. tariffs and policy uncertainties after it posted a quarterly profit jump. Its major customers Tesla (TSLA) and General Motors (GM) warned of fallout from U.S. tariffs and legislation that will end federal subsidies for EV purchases on September 30. "US tariffs and an early end to EV subsidies will put a burden on automakers, potentially leading to vehicle price increases and a slowdown in EV growth in North America," CFO Lee Chang-sil said during a conference call. Read more here. Japan, US differ on how trade-deal profits will be split Japan said Friday that profits from the $550 billion investment deal with the US will be shared based on how much each side contributes. A government official suggested the US will also put in significant funds, but details of the scheme remain unclear. The White House had announced earlier in the week that the US would retain 90% of the profits from the $550 billion US-bound investment and loans that Japan would exchange in return for reduced tariffs on auto and other exports to the US. This would mean that returns would be split 10% for Japan and 90% for the US, according to the White House official, and that it would be "based on the respective levels of contribution and risk borne by each side." Bloomberg News reports: Read more here. Japan said Friday that profits from the $550 billion investment deal with the US will be shared based on how much each side contributes. A government official suggested the US will also put in significant funds, but details of the scheme remain unclear. The White House had announced earlier in the week that the US would retain 90% of the profits from the $550 billion US-bound investment and loans that Japan would exchange in return for reduced tariffs on auto and other exports to the US. This would mean that returns would be split 10% for Japan and 90% for the US, according to the White House official, and that it would be "based on the respective levels of contribution and risk borne by each side." Bloomberg News reports: Read more here. US business activity rises; tariffs fuel inflation concerns US business activity rose in July, but companies increased the prices for goods and services, supporting the view from economists that inflation will accelerate in the second half of 2025 and it will mainly be due to tariffs on imports. Reuters reports: Read more here. US business activity rose in July, but companies increased the prices for goods and services, supporting the view from economists that inflation will accelerate in the second half of 2025 and it will mainly be due to tariffs on imports. Reuters reports: Read more here. It sounds like Trump now has a new minimum tariff rate: 15% President Trump set a new rhetorical floor for tariffs on Wednesday night in comments in a shift that raises the president's baseline rate from 10%. Yahoo Finance's Ben Werschkul writes: Read more here. President Trump set a new rhetorical floor for tariffs on Wednesday night in comments in a shift that raises the president's baseline rate from 10%. Yahoo Finance's Ben Werschkul writes: Read more here. Keurig Dr. Pepper brewer sales volume drops 22%, CEO says tariff impacts 'will become prominent' Keurig Dr. Pepper CEO Tim Cofer said that tariffs are putting additional pressure on the company in an earnings call Thursday, especially when it comes to its coffee business, which KDP expects to be "subdued" for the remainder of the year. "Commodity inflation will build as we roll into the back half and we roll into our higher cost hedges on green coffee," Cofer said. "The tariff impacts will become prominent. And we all know that tariff situation is a bit fluid." Keurig is one of the biggest coffee importers in the US, along with Starbucks (SBUX) and Nestle (NSRGY). The US sources most of its coffee from Brazil, which is set to face 50% tariffs on its products on Aug. 1, and Colombia, which faces a tariff rate of 10%. In Keurig's coffee business, appliance volume decreased 22.6% during the quarter, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 3.7%, reflecting category elasticity in response to price increases, the company reported. "Our retail partners will likely continue to manage their inventory levels tightly, in particular on brewers," Cofer commented. "And then finally, you know we did a round of pricing at the beginning of the year. We've announced another round of pricing that will take effect next month, and we'll need to closely monitor how that elasticity evolves." Read more about Keurig earnings here. Keurig Dr. Pepper CEO Tim Cofer said that tariffs are putting additional pressure on the company in an earnings call Thursday, especially when it comes to its coffee business, which KDP expects to be "subdued" for the remainder of the year. "Commodity inflation will build as we roll into the back half and we roll into our higher cost hedges on green coffee," Cofer said. "The tariff impacts will become prominent. And we all know that tariff situation is a bit fluid." Keurig is one of the biggest coffee importers in the US, along with Starbucks (SBUX) and Nestle (NSRGY). The US sources most of its coffee from Brazil, which is set to face 50% tariffs on its products on Aug. 1, and Colombia, which faces a tariff rate of 10%. In Keurig's coffee business, appliance volume decreased 22.6% during the quarter, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 3.7%, reflecting category elasticity in response to price increases, the company reported. "Our retail partners will likely continue to manage their inventory levels tightly, in particular on brewers," Cofer commented. "And then finally, you know we did a round of pricing at the beginning of the year. We've announced another round of pricing that will take effect next month, and we'll need to closely monitor how that elasticity evolves." Read more about Keurig earnings here. The EU's Trump insurance As my colleague detailed below, EU member states voted to impose tariffs on over $100 billion of US goods from Aug. 7. The Financial Times reported that this move that allows the bloc to impose the levies quickly at any point in the future should its trade relationship with the US take a turn for the worse. From the report: Read more here (subscription required). As my colleague detailed below, EU member states voted to impose tariffs on over $100 billion of US goods from Aug. 7. The Financial Times reported that this move that allows the bloc to impose the levies quickly at any point in the future should its trade relationship with the US take a turn for the worse. From the report: Read more here (subscription required). Europe approves $100B-plus tariff backup plan A report in the Wall Street Journal on Thursday said that the European Union has now approved its retaliatory tariff package on US goods that could start in August if no trade agreement is reached. The EU announced on Wednesday that it will hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The approval of the package comes despite the growing optimism that the US and EU will reach a deal that would put baseline tariffs on the bloc at 15%, matching the level the US applied to Japan. The EU is keen to reach a deal with the US but as a cautionary measure has approved 30% tariffs if a deal is not made. A report in the Wall Street Journal on Thursday said that the European Union has now approved its retaliatory tariff package on US goods that could start in August if no trade agreement is reached. The EU announced on Wednesday that it will hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The approval of the package comes despite the growing optimism that the US and EU will reach a deal that would put baseline tariffs on the bloc at 15%, matching the level the US applied to Japan. The EU is keen to reach a deal with the US but as a cautionary measure has approved 30% tariffs if a deal is not made. Trump tariffs wreaking havoc in Brazil's citrus belt Reuters reports: Read more here. Reuters reports: Read more here.
Yahoo
an hour ago
- Yahoo
China proposes global cooperation body on AI
SHANGHAI, July 27, 2025 /PRNewswire/ -- A news report from The Chinese government has proposed the establishment of a world AI cooperation organization as part of its efforts to bolster open, inclusive and equitable artificial intelligence development and governance globally. Premier Li Qiang announced the initiative when addressing the opening ceremony of the 2025 World AI Conference and High-Level Meeting on Global AI Governance in Shanghai. Li emphasized the need for collaborative approaches to global AI governance to ensure that intelligent technologies are developed for the good of all. More than 1,000 high-level representatives from upwards of 40 countries and international organizations attended the opening ceremony of the three-day event, themed "Global Solidarity in the AI Era". Li said that the risks and challenges brought by AI development, such as machine hallucinations, deep fakes and AI proliferation, have aroused widespread attention. There is an urgent need to further consolidate a societal consensus on how to achieve a balance between development and security in the AI sector, he said. Li said greater emphasis should be placed on collective governance to ensure that AI ultimately benefits humanity. Given that global AI governance appears fragmented, it is essential to enhance coordination and alignment among countries around the world to establish a framework and rules for global AI governance with a broad consensus, he added. Noting that China places great importance on global AI governance and actively participates in promoting multilateral and bilateral cooperation in this regard, the premier said the nation is willing to offer more Chinese solutions to the international community and contribute more Chinese wisdom to global AI governance. In 2023, China proposed the Global AI Governance Initiative to promote an open, inclusive and fair approach to the development and governance of AI technologies. Last year, China proposed the AI Capacity-Building Action Plan for Good and for All to bridge the AI and digital divides, and to ensure the Global South benefits equitably from AI development. China actively promotes open source development, and is willing to collaborate with countries around the world to promote progress in software and hardware technologies, intensify open source initiatives, and collectively propel AI development to higher levels, Li said. Also on July 26, the conference adopted the Global AI Governance Action Plan, which calls on all parties to work in solidarity to advance AI development and governance. For more information: View original content to download multimedia: SOURCE Sign in to access your portfolio
