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China's Economy Grows 5.2% On Trade War Truce

China's Economy Grows 5.2% On Trade War Truce

China's economy expanded more than five percent in the second quarter of the year, official data showed on Tuesday, after analysts predicted strong exports would provide crucial support despite trade war pressures.
The country's leadership is fighting a multi-front battle to sustain growth, a challenge made more difficult by Donald Trump's tariff campaign.
The US president has imposed tolls on China and most other major trading partners since returning to office in January, threatening Beijing's exports just as it becomes more reliant on them to stimulate economic activity.
The two superpowers have sought to de-escalate their trade spat after reaching a framework for a deal at talks in London last month, but observers warn of lingering uncertainty.
Trump upped the ante on Monday, warning Russia's trading partners -- which include China -- that he will impose "very severe" tariffs reaching 100 percent if Moscow fails to end its war on Ukraine within 50 days.
Western nations have repeatedly urged China -- a key commercial ally of Russia -- to wield its influence and get Vladimir Putin to stop his three-year-old war with Ukraine.
Official data on Tuesday showed the Chinese economy grew 5.2 percent in April-June, matching a prediction by an AFP survey of analysts.
But retail sales rose 4.8 percent on-year, below the 5.3 percent forecast in a Bloomberg survey of economists, suggesting efforts to kickstart consumption have fallen flat.
However, factory output gained 6.8 percent, higher than the 5.6 percent estimate.
"The national economy withstood pressure and made steady improvement despite challenges," National Bureau of Statistics (NBS) deputy director Sheng Laiyun told a news conference.
"Production and demand grew steadily, employment was generally stable, household income continued to increase, new growth drivers witnessed robust development, and high-quality development made new strides," he said.
Data from the General Administration of Customs on Monday showed exports rose much more than expected in June, helped by the US-China trade truce.
Imports also rose 1.1 percent, higher than the 0.3 percent gain predicted and marking the first growth this year.
Customs official Wang Lingjun told a news conference on Monday that Beijing hoped "the US will continue to work together with China towards the same direction", state broadcaster CCTV reported.
The tariff truce was "hard won", Wang said.
"There is no way out through blackmail and coercion. Dialogue and cooperation are the right path," he said.
However, many analysts are anticipating slower growth in the next six months of the year, with persistently sluggish domestic demand proving a key drag.
Data released last week showed that consumer prices edged up in June, barely snapping a four-month deflationary dip, but factory gate prices dropped at their fastest clip in nearly two years.
The producer price index, which measures the price of wholesale goods as they leave the factory, declined 3.6 percent year-on-year last month, extending a years-long negative run.
Economists argue that China needs to shift towards a growth model propelled more by domestic consumption than the traditional key drivers of infrastructure investment, manufacturing and exports.
Beijing has introduced a slew of measures since last year in a bid to boost spending, including a consumer goods trade-in subsidy scheme that briefly lifted retail activity.
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Trump Says Any 'Credible' Epstein Files Should Be Released
Trump Says Any 'Credible' Epstein Files Should Be Released

Int'l Business Times

time18 minutes ago

  • Int'l Business Times

Trump Says Any 'Credible' Epstein Files Should Be Released

President Donald Trump said Tuesday the US Justice Department should release all "credible" information from its probe into notorious sex criminal Jeffrey Epstein as he sought to douse a firestorm of criticism from his supporters over his handling of the case. Trump is facing the most serious split of his political career from his famously loyal right-wing base over suspicions that his administration is covering up lurid details of Epstein's crimes to protect rich and powerful figures they say are implicated. "The attorney general has handled that very well," the Republican leader said of Pam Bondi, who leads the Justice Department, when he was asked about the case at the White House. Trump repeated his claim that the Epstein files were "made up" by his Democratic predecessors in the White House -- even though he said multiple times during the election campaign that he would "probably" release them. "She's handled it very well, and it's going to be up to her," Trump said. "Whatever she thinks is credible, she should release." Trump's latest comments mark a softening of his stance -- he had voiced frustration in the Oval Office and online about his supporters' fixation on Epstein and pleaded with them to move on. "I don't understand why the Jeffrey Epstein case would be of interest to anybody," Trump told reporters Tuesday night, adding: "It's pretty boring stuff." The president's "Make America Great Again" (MAGA) movement has long held as an article of faith that "Deep State" elites are protecting Epstein's most powerful associates in the Democratic Party and Hollywood. Trump has faced growing outrage since his administration effectively shut down Epstein-related conspiracy theories, which have become MAGA obsessions. The Justice Department and FBI said in a memo made public earlier this month there is no evidence that the disgraced financier kept a "client list" or was blackmailing powerful figures. They also dismissed the claim that Epstein was murdered in jail, confirming his death by suicide, and said they would not be releasing any more information on the probe. It marked the first time Trump's officials had publicly refuted the stories -- pushed for years by numerous right-wing figures, notably including the FBI's top two officials, before Trump hired them. Beyond angering supporters, the issue has opened a schism within his administration, sparking a fiery blow-up between Bondi and Deputy FBI Director Dan Bongino, who is said to be considering resigning. Trump's attempts to take the sting out of the controversy have largely failed, with far right influencers continuing to criticize him online. Even his daughter-in-law, Lara Trump, a Fox News host, has called for "more transparency" from the administration. Trump's most powerful ally in the US Congress, House Speaker Mike Johnson, pushed Tuesday for the administration to release more information about the case, and his stance has been echoed by multiple Republicans. "We should put everything out there and let the people decide," he told MAGA influencer Benny Johnson's internet show, calling on Bondi to "come forward and explain" apparent discrepancies in her statements about the case. Bondi told Fox News in February a list of Epstein clients was on her desk for review, before backtracking and saying that no such list existed. Epstein died by suicide in a New York prison in 2019 after being charged with sex trafficking. Trump -- who has denied visiting the US Virgin Islands home where prosecutors say Epstein sex trafficked underage girls -- said ahead of his election he would have "no problem" releasing files related to the case. Asked whether Bondi had told him if his name appeared in a file related to Epstein, Trump said "no," adding that Bondi has "given us just a very quick briefing." US President Donald Trump, alongside White House Press Secretary Karoline Leavitt, speaks to reporters on his way to board Marine One on the South Lawn of the White House on July 15, 2025, in Washington AFP

Ukraine updates: Trump says Kyiv 'shouldn't' target Moscow – DW – 07/16/2025
Ukraine updates: Trump says Kyiv 'shouldn't' target Moscow – DW – 07/16/2025

DW

time2 hours ago

  • DW

Ukraine updates: Trump says Kyiv 'shouldn't' target Moscow – DW – 07/16/2025

Donald Trump says the US is "not looking" to supply Ukraine with weapons to reach deeper into Russia. Meanwhile, the EU has failed to reach an agreement on an 18th round of sanctions against Moscow. DW has more. Donald Trump has reportedly asked Ukrainian President Volodymyr Zelenskyy in a July 4 call if Ukraine's forces could potentially strike the Russian cities of Moscow or St. Petersburg. The White House has pushed back on media reporting on the call, saying it is being taken out of context. When asked if he intended to supply Ukraine with weapons that could reach deeper into Russian territory, the Trump said: "We're not looking to do that." Meanwhile, European Union foreign ministers gathered in Brussels for a summit that discussed the bloc's support for Ukraine and tougher sanctions on Russia. At the end of the working day on Tuesday, EU foreign affairs chief Kaja Kallas said the 27-member bloc had failed to approve an 18th sanctions package against Russia. Slovakia has been holding up the package, but Kallas said an agreement could still be reached tomorrow. US President Donald Trump told journalists at the White House that Ukraine "shouldn't" hit the Russian capital of Moscow with attacks. The remark comes after the (FT) and reported that Trump asked Ukrainian President Volodymyr Zelenskyy in a July 4 call if it were possible to militarily target Moscow and the major Russian metropolis of St. Petersburg. The White House earlier accused the FT of taking the Trump-Zelenskyy call out of context. Trump offered a more cautious tone on Tuesday after he threatened Russia on Monday with steep tariffs if President Vladimir Putin doesn't move within 50 days to end the war. DW spoke with British journalist Catherine Belton after Trump made new threats towards Russia. Having previously worked in Moscow, Belton has extensively covered the rise of Russian President Vladimir Putin. Belton gave her analysis on how Trump and Putin's relationship has changed and how the Kremlin is perceiving Trump's latest threats. Belton said the Trump-Putin relationship during Trump's first term from 2016 to 2021 was characterized as a "bromance." Now Trump has given Putin a 50-day ultimatum to agree to a peace deal in Ukraine or face "very very severe tariffs." Regarding the 50-day ultimatum, Belton said Putin doesn't like to feel "pressured" or "that he is on the back foot." "The hope in Moscow is that this is just a passing phase in the Trump-Putin relationship, that at some point, Trump will forget all about the fact that he is souring on Putin and that perhaps wave his hand at the Ukraine conflict because he realizes it is untractable," she added. Belton said Putin was "lulled into a false sense of security" as many pro-Trump officials had echoed pro-Russian talking points on the war in Ukraine at the beginning of Trump's second term. "I think there are worries among some in the Russian elite that Putin may have overplayed his hand," Belton said. Bradley Bowman, the senior director of the Center on Military and Political Power at the Foundation for Defense of Democracies think tank in Washington DC, spoke to DW on Trump's promise to provide Patriot missiles to Ukraine. Bowman said that although details are still unclear, the Patriot missiles would be in addition to previous US weapons commitments to Ukraine. "These would be additional Patriot systems and additional interceptors that Patriots use to shoot down a number of things, including Russian ballistic missiles," Bowman said. "These systems could come from Europeans who currently field the Patriot systems and/or they could come from the United States. Either way, it would be American produced Patriots, funded by Europeans, sent to Ukraine." Bowman said the Patriot missiles are at the "top of the list" for Ukrainian President Volodymyr Zelenskyy. "This will help, but it is not a panacea. It will reduce the effectiveness of some Russian attacks and save many Ukrainian lives," Zelenskyy said. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video "It's going to underscore to Putin and Beijing that America is not neutral in the face of unprovoked, authoritarian aggression. It will have many benefits, it will save many lives and it will increase, frankly, Trump's leverage in dealing with Putin," he added. "We'll see if it is enough leverage to get Vladimir Putin to finally negotiate in good faith. I'm not holding my breath, but I think it is a positive step in the right direction." US President Donald Trump earlier this week said the US would sell weapons such as missiles and artillery shells to European NATO allies, which would then be sent to Ukraine. EU foreign affairs chief Kaja Kallas said she hopes Ukraine will get the weapons the US has promised. At the same time, Kallas suggested that the US "share the burden" of providing weapons to Ukraine. "If you promise to give the weapons, but say that it's somebody else who is going to pay for it, it is not really given by you," Kallas said. The EU has failed to approve a new round of sanctions of Russia, EU foreign affairs chief Kaja Kallas said after a meeting of foreign ministers in Brussels. Kallas said she was "really sad" that there wasn't an agreement today. She said she was still "optimistic," however, that a deal would be reached tomorrow. In order to adopt the sanctions, the 27 EU members states would have to agree on adopting the punitive measures against Moscow. Slovakia has been reportedly holding up the sanctions due to concerns over a EU proposal to end imports of Russian gas by January 1, 2028. US President Donald Trump asked Ukrainian President Volodymyr Zelenskyy if Ukraine's military could potentially strike the Russian cities of Moscow or St. Petersburg, according to reports from the and . "Volodymyr, can you hit Moscow?... Can you hit St. Petersburg too?" Trump said in a July 4 call with Zelenskyy, the FT reported, citing several sources. "Absolutely. We can if you give us the weapons," Zelenskyy replied. The also reported on the call, citing a source. The reported that the call between Zelenskyy and Trump conveyed "Trump's determination to squeeze Putin." The White House has disputed FT's framing of the Trump-Zelenskyy call. White House Press Secretary Karoline Leavitt claimed the FT is "notorious for taking words wildly out of context." "President Trump was merely asking a question, not encouraging further killing," Leavitt told the . "He is working tirelessy to stop the killing and end this war." To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Trump has grown tired with Russian President Vladimir Putin as the Kremlin-ordered invasion of Ukraine continues. During his reelection campaign in 2024, Trump ran on the promise to end the war in Ukraine. Trump announced on Monday that the US will send Patriot missiles to Ukraine to defend itself, with the weapons being paid for by the European Union. The US president on Monday vowed 'very very severe' tariffs against Russia if a Ukraine truce deal is not achieved within 50 days. US President Donald Trump has threatened Vladimir Putin's Russia with tariffs unless it agrees to a peace deal with Ukraine. This has led many to wonder if this sudden turnaround signals the end of the so-called "bromance" between the two leaders. Analyst Boris Vormann tells us that it looks like a major shift, even though Donald Trump has never articulated a foreign policy vision. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Ukrainian President Volodymyr Zelenskyy has delivered a eulogy to his country and its people to mark Ukraine's Day of Statehood as it continues to face the full-scale Russian invasion launched in 2022. Zelenskyy spoke of the bond between the many generations that had lived in the country. "This day is about connection," he said. "About every stage of our statehood and about the bond that unites dozens of generations: those who lived in this land a thousand years ago and those who live here today." "A bridge through time, standing on three unshakable pillars: Ukrainians were here, Ukrainians are here, Ukrainians will be here," he added. He went on to say that Ukrainians were motivated to keep going not by praise from the country's allies about how brave and resilient they are but by the desire for self-preservation. "[...] Ukrainians are holding on not for that, not for the loud accolades directed at us. We are simply people defending our home. And we cannot do otherwise — because we do not want otherwise. We do not want Russia here. That is the whole truth," he said. His address also expressed gratitude to the "millions of Ukrainians" involved in defending the country. "It is a great cause, carried by you. The heroes at the front. Those holding the line. Those intercepting missiles and 'Shaheds' every night. Those extinguishing fires, those clearing rubble. And every citizen who has endured throughout this difficult time," he said. "Happy Statehood Day, fellow citizens!" Russian forces have taken control of two villages in the eastern Ukrainian region of Donetsk, much of which is controlled by Russian-backed separatists. In posts on Telegram, the Russian Defense Ministry said its troops had taken Voskresenka and Petrivka. The ministry said Ukraine had lost "up to 125 troops" during the offensive to "liberate" Petrovka. In Voskresenka, up to 185 Ukrainian troops were lost, the ministry said. The battlefield reports could not be independently verified. More now on the Ukrainian drone attacks overnight, which Russian authorities say left 18 people injured. Russia says it shot down 55 Ukrainian drones over five regions in the country's south and southwestern regions. The falling debris damaged homes and commercial buildings in Voronezh, where 16 people were injured. "Sixteen people, including a teenager, were hurt as a result of the attack," Voronezh regional Governor Alexander Gusev said on Telegram. Gusev said most of the injuries were minor, involving cuts and shrapnel wounds. "But there are also injuries of a different nature and serious cases," he added. "One man is in a coma, another has a lung injury." Unverified video shared by a Telegram channel with ties to Russia's security services showed an airborne object smashing into a building on a residential street in Voronezh, the regional capital city. The crash ignited a large fireball. Voronezh's mayor Sergei Petrin said a kindergarten was damaged. In the neighboring region of Lipetsk, a drone crashed into an industrial area of the city of Yelets, leaving one person injured, Lipetsk governor Igor Artamonov said on Telegram. In Bryansk, a region which borders Ukraine and Belarus, one woman was injured in a drone attack on Sluchevsk village, according to Bryansk governor Alexander Bogomaz. Russia has said it needs time to respond to US President Donald Trump's 50-day deadline to end the war in Ukraine or face more sanctions. During the remarks on Monday, Trump also unveiled plans to provide Kyiv with more weapons and impose "very severe" tariffs on Russia's trading partners. Speaking to reporters in Moscow, Kremlin spokesman Dmitry Peskov said Trump's statement is "very serious." "We certainly need time to analyse what was said in Washington." Trump's sanctions and tariffs threat marks a significant shift in approach towards Russia and its invasion of Ukraine, as the White House has grown increasingly frustrated with Putin and the Kremlin over the lack of progress in peace talks. Peskov insisted that Russia, which has rejected previous US ceasefire proposals, is willing to negotiate. Russia is "waiting for proposals from the Ukrainian side on the timing of the third round of direct Russian-Ukrainian negotiations," Peskov said. Russia and Ukraine have held two rounds of direct talks in recent months, but those meetings in Turkey have failed to yield a peace deal. Ukraine has accused Russia of making unrealistic demands, including abandoning its ambitions to join NATO and agreeing to giving up territory in eastern Ukraine that has been occupied by Russian forces for years. The Kremlin spokesman also said Trump's remarks on Monday would likely encourage Kyiv and hinder attempts to bring about a ceasefire. "It seems that such a decision made in Washington and in NATO countries and directly in Brussels will be perceived by Kyiv not as a signal for peace but for the continuation of the war," he said. Dutch Foreign Minister Caspar Veldkamp has also welcomed Donald Trump's announcement that the US will provide NATO countries with weapons for Ukraine. "We need to ramp up pressure on Russia," Veldkamp said. That's the "only way forward," he said, although he did say that Trump's 50-day deadline is "rather long." Speaking to reporters in Brussels, Veldkamp said, "We will look into what we can do also in relation to Mr. Trump's announcements and take it from there," adding that "we're looking into that with a positive inclination." Veldkamp pointed out that the Netherlands has already provided significant military support to Kyiv. He highlighted Patriot missile systems, missile batteries, F-16 fighter planes, portable missiles known as MANPADS, as well as drone cooperation. Asked by DW's Finlay Duncan, reporting from Brussels, about whether it appears that the Trump administration's views are aligning closer with those of Europe, Veldkamp said he is "very glad there's convergence" between Washington and Brussels. He said he "appreciates" that the US seems to finally understand that "Putin is dragging his feet" when it comes to earnestly working towards a ceasefire. Veldkamp also said he was pleased to see the bipartisan support in the US for a sanctions package that has the support of 87 out of 100 senators. "It's very important that the US is on the move and that we're on the move together as EU," he said, adding that he hopes the bloc will approve the 18th sanctions package "sooner rather than later." Latvian deputy Foreign Minister Artjoms Ursulskis has said Riga is confident any remaining issues blocking the approval of an 18th round of sanctions on Russia will be dealt with. Ursulskis, is attending the Brussels meeting instead of Foreign Minister Baiba Braze, who is visiting the US this week. Slovakia has reportedly been holding up the passage of the European Commission's June proposal amid concerns over sanctions on Russian oil. But Ursulskis said ministers would "iron out" those "small details on economic impacts." He also said the focus on the next round of sanctions should be Russia's so-called shadow fleet. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Moscow has used a number of opaquely owned and often non-insured ships to sell its oil while circumventing Western sanctions imposed in response to Moscow's invasion of Ukraine, which began in February 2022. "It's not just about sanctioning ships, but companies helping to circumvent sanctions," Ursulskis said, which help "bring in a lot of money for the Russian economy." He said the 18th package of sanctions, once approved, would be "much bigger in its direct impact." "If we shrink Russia's economy, it will be less able to finance war," Ursulskis said. Lithuanian Foreign Minister Kestutis Budrys has welcomed Donald Trump's shifting stance towards Russia, saying "there is still a dance for two with the US." On Monday, Trump announced he would be imposing tariffs and sanctions on Russia and its trading partners unless a ceasefire in Ukraine is reached within 50 days. Budrys said the EU needs "to sync with the Americans and their timeline," calling Trump's deadline a "signal for Europe to prepare itself" in case the sanctions and tariffs do take effect. He pointed out that there are still EU member states that rely on oil from Russia. While the ministers are hoping to agree on a proposed 18th round of sanctions against Russia's energy and financial sectors, Budrys said the bloc should already "start preparing a 19th package." Despite the fact that Russian President Vladimir Putin has yet to change his approach to the war, Budrys insisted that the sanctions "are effective." "Putin has to react when sanctions packages come along," the Lithuanian minister said, adding that "they have secondary effects" and are a factor "Putin listens to."

Trump Unveils Investments To Power AI Boom
Trump Unveils Investments To Power AI Boom

Int'l Business Times

time3 hours ago

  • Int'l Business Times

Trump Unveils Investments To Power AI Boom

US President Donald Trump went to Pennsylvania on Tuesday to announce $92 billion in energy and infrastructure deals intended to meet big tech's soaring demand for electricity to fuel the AI boom. Trump made the announcement at the inaugural Pennsylvania Energy and Innovation Summit at Carnegie Mellon University, with much of the talk about beating China in the global AI race. "Today's commitments are ensuring that the future is going to be designed, built and made right here in Pennsylvania and right here in Pittsburgh, and I have to say, right here in the United States of America," Trump said at the event. The tech world has fully embraced generative AI as the next wave of technology, but fears are growing that its massive electricity needs cannot be met by current infrastructure, particularly in the United States. Generative AI requires enormous computing power, mainly to run the energy-hungry processors from Nvidia, the California-based company that has become the world's most valuable company by market capitalization. Officials expect that by 2028, tech companies will need as much as five gigawatts of power for AI -- enough electricity to power roughly five million homes. Top executives from Palantir, Anthropic, Exxon and Chevron attended the event. The funding will cover new data centers, power generation, grid infrastructure, AI training, and apprenticeship programs. Among investments, Google committed $25 billion to build AI-ready data centers in Pennsylvania and surrounding regions. "We support President Trump's clear and urgent direction that our nation invest in AI... so that America can continue to lead in AI," said Ruth Porat, Google's president and chief investment officer. The search engine giant also announced a partnership with Brookfield Asset Management to modernize two hydropower facilities in Pennsylvania, representing 670 MW of capacity on the regional grid. Investment group Blackstone pledged more than $25 billion to fund new data centers and energy infrastructure. US Senator David McCormick, from Pennsylvania, said the investments "are of enormous consequence to Pennsylvania, but they are also crucial to the future of the nation." His comments reflect the growing sentiment in Washington that the United States must not lose ground to China in the race to develop AI. "We are way ahead of China and the plants are starting up, the construction is starting up," Trump said. The US president launched the "Stargate" project in January, aimed at investing up to $500 billion in US AI infrastructure -- primarily in response to growing competition with China. Japanese tech investor SoftBank, ChatGPT-maker OpenAI, and Oracle are investing $100 billion in the initial phase. Trump has also reversed many policies adopted by the previous Biden administration that imposed checks on developing powerful AI algorithms and limits on exports of advanced technology to certain allied countries. He is expected to outline his own blueprint for AI advancement later this month. Top executives from Palantir, Anthropic, Exxon and Chevron attended the event AFP

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