China restricts EU imports of medical devices
(You can now subscribe to our Economic Times WhatsApp channel
China's finance ministry said on Sunday it was restricting imports of medical devices from the European Union that exceed 45 million yuan ($6.3 million) in value.China will also restrict imports of medical devices from other countries that contain EU-made components worth more than 50% of the contract value, the finance ministry said. The measures come into force on Sunday.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
30 minutes ago
- Time of India
Vandan Foods IPO to list today. Check GMP ahead of debut
Vandan Foods is set to make its debut on the BSE SME platform on July 7 following the conclusion of its Rs 30.36 crore IPO. The IPO has seen no traction in the grey market, with its GMP at Rs 0 ahead of listing. The IPO, priced at Rs 115 per share, consisted entirely of a fresh issue of 26.40 lakh shares. Retail investors showed notable interest, leading to a 3.09 times subscription in the retail category, while the overall subscription stood at 1.75 times. However, the HNI portion remained underwhelming at just 0.41 times. The Rajkot-headquartered company is engaged in the manufacture of refined castor oil (First Stage Grade) and castor de-oiled cake, catering to both domestic and agricultural industries. Its operations span across Gujarat and other Indian states including Haryana, Andhra Pradesh, Bihar, and Telangana. Proceeds from the IPO are earmarked for working capital requirements, debt repayment, and capacity expansion at its Dhinoj facility in Gujarat. In terms of financials, Vandan Foods reported a sharp rise in revenue and profits in FY24 and the nine-month period ending December 2024. Revenue jumped to Rs 72.66 crore while PAT surged to Rs 4.54 crore, reflecting the company's operational scale-up. Given the lack of listing premium and moderate response from institutional and HNI categories, listing day gains, if any, may be limited and largely sentiment-driven. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Time of India
an hour ago
- Time of India
US tariffs to kick in August 1, barring trade deals
US tariffs will kick in on August 1 if trading partners from Taiwan to the European Union do not strike deals with Washington, Treasury Secretary Scott Bessent said Sunday. The rates will "boomerang back" to the sometimes very high levels that President Donald Trump had announced on April 2 -- before he suspended the levies to allow for trade talks and set a July 9 deadline for agreements, Bessent told CNN. Bessent confirmed comments by Trump to reporters aboard Air Force One on Friday in which he also cited a new deadline: "Well, I'll probably start them on August 1." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo The president told reporters Sunday he had signed about a dozen letters to inform countries of rate hikes, to be sent out on Monday. "I think we'll have most countries done by July 9, either a letter or a deal," Trump told reporters Sunday, adding that some deals have already been made. Live Events Standing at his side, US Commerce Secretary Howard Lutnick confirmed tariffs would kick in on August 1, "but the President is setting the rates and the deals right now." The tariffs were part of a broader announcement in April where Trump imposed a 10 percent duty on goods from almost all trading partners, with a plan to step up these rates for a select group within days. But he swiftly paused the hikes until July 9, allowing for trade talks to take place. Countries have been pushing to strike deals that would help them avoid these elevated duties. So far, the Trump administration has unveiled deals with the United Kingdom and Vietnam, while Washington and Beijing agreed to temporarily lower staggeringly high levies on each other's products. Bessent said the administration was "close to several deals." "I would expect to see several big announcements over the next couple of days," he said. But he would not say which countries he was referring to, adding: "I don't want to let them off the hook." 'Maximum pressure' playbook Aboard Air Force One on Friday, Trump said sending notices would be much easier than "sitting down and working 15 different things... this is what you have to pay, if you want to do business (with) the United States." Bessent pushed back at CNN host Dana Bash's assertion the administration was using threats rather than negotiations, and denied that Trump was setting a new deadline with the August 1 date. "It's not a new deadline. We are saying, this is when it's happening. If you want to speed things up, have at it. If you want to go back to the old rate, that's your choice," he said. He said the playbook was to apply "maximum pressure" and cited the European Union as an example, saying they are "making very good progress" after a slow start. EU and US negotiators are holding talks over the weekend, and France's finance minister said Saturday he hoped they could strike a deal this weekend. Other countries were still expressing unease, however. Japan's Prime Minister Shigeru Ishiba said Sunday he "won't easily compromise" in trade talks with Washington. And BRICS leaders of fast-growing economies meeting in Rio de Janeiro raised "serious concerns" that the "indiscriminate" import tariffs were illegal and risked hurting global trade. When probed about worries that steep levies could feed into broader US inflation, Bessent said there was a difference between "inflation and one-time price adjustments." "Inflation is a generalized monetary phenomenon. We're not going to see that. And thus far, we haven't even seen the one-time price adjustments," Bessent told Fox News Sunday.
India Today
3 hours ago
- India Today
Trump says US nears multiple trade deals, tariffs to take effect on August 1
The United States is close to finalising several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, US President Donald Trump said on Sunday, with the higher rates scheduled to take effect on August and other top officials had flagged the August 1 date earlier, but it was unclear if all tariffs would increase to clarify, Commerce Secretary Howard Lutnick told reporters the higher tariffs would take effect on August 1, but Trump was "setting the rates and the deals right now." Trump in April announced a 10% base tariff rate on most countries and additional duties ranging up to 50%, although he later delayed the effective date for all but 10% until July 9. The new date offers countries a three-week Treasury Secretary Scott Bessent told CNN's "State of the Union" earlier on Sunday that several big announcements of trade agreements could come in the next days, noting the European Union had made good progress in its said Trump would also send out letters to 100 smaller countries with whom the US doesn't have much trade, notifying them that they would face higher tariff rates first set on April 2 and then suspended until July 9."President Trump's going to be sending letters to some of our trading partners saying that if you don't move things along, then on August 1 you will boomerang back to your April 2 tariff level. So I think we're going to see a lot of deals very quickly," Bessent told taking office, Trump has set off a global trade war that has roiled financial markets and sent policymakers scrambling to guard their economies, including through deals with the US and other Hassett, who heads the White House National Economic Council, told CBS's "Face the Nation" program there might be wiggle room for countries engaged in earnest negotiations."There are deadlines, and there are things that are close, and so maybe things will push back past the deadline," Hassett said, adding that Trump would decide if that could Miran, chairman of the White House Council of Economic Advisers, told ABC News' "This Week" program that countries needed to make concessions to get lower tariff rates."I hear good things about the talks with Europe. I hear good things about the talks with India," Miran said. "And so I would expect that a number of countries that are in the process of making those concessions... might see their date rolled."advertisementBessent told CNN the Trump administration was focused on 18 important trading partners that account for 95% of the US trade deficit. But he said there had been "a lot of foot-dragging" amongst countries in finalising trade has repeatedly said India is close to signing a deal and expressed hope that an agreement could be reached with the European Union, while casting doubt on a deal with keen to avert a 36% tariff, is now offering greater market access for US farm and industrial goods and more purchases of US energy and Boeing BA.N jets, Finance Minister Pichai Chunhavajira told Bloomberg News on and the United States are likely to make a final decision on a mini trade deal in the next 24 to 48 hours, local Indian news channel CNBC-TV18 reported on Sunday, with average tariffs on Indian goods shipped to the US to be 10%, it told CBS News that framework agreements already reached with Britain and Vietnam offered guidelines for other countries seeking trade deals. He said Trump's pressure was prompting countries to move production to the United called the Vietnam deal "fantastic.""It's extremely one-sided. We get to apply a significant tariff to Vietnamese exports. They're opening their markets to ours, applying zero tariff to our exports."- EndsTune InMust Watch
