logo
China retaliates against EU ban with import restrictions on medical devices

China retaliates against EU ban with import restrictions on medical devices

Time of Indiaa day ago
China's finance ministry said on Sunday it was restricting government purchases of medical devices from the
European Union
that exceed 45 million yuan ($6.3 million) in value, in retaliation to Brussels' own curbs last month.
Tensions between Beijing and Brussels have been rising, with the European Union imposing tariffs on China-built electric vehicles and Beijing slapping duties on imported brandy from the bloc. The European Union said last month it was barring Chinese companies from participating in EU public tenders for medical devices worth 60 billion euros ($70 billion) or more per year after concluding that EU firms were not given fair access in China.
The measure announced by the European Commission was the first under the EU's
International Procurement Instrument
, which entered into force in 2022 and is designed to ensure reciprocal market access.
China's countermeasures were expected after its commerce ministry flagged "necessary steps" against the EU move late last month.
"Regrettably, despite China's goodwill and sincerity, the EU has insisted on going its own way, taking restrictive measures and building new protectionist barriers," the commerce ministry said in a separate statement on Sunday.
Live Events
"Therefore, China has no choice but to adopt reciprocal restrictive measures."
The EU delegation office in Beijing did not immediately respond to a request for comment.
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.
The commerce ministry said products from European companies made in China were not affected.
The world's second- and third-largest economies are due to hold a leaders' summit in China later in July.
On Friday, China also announced duties of up to 34.9% for five years on brandy originating in the European Union, most of it cognac from France, after concluding an investigation largely believed to be a response to Europe's EV tariffs.
Major cognac producers Pernod Ricard, LVMH and Remy Cointreau were spared from the levies, however, provided they sell at a minimum price, which China has not disclosed.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Gold rate outlook: Yellow metal slips as investors assess tariff scenario
Gold rate outlook: Yellow metal slips as investors assess tariff scenario

Business Standard

time13 minutes ago

  • Business Standard

Gold rate outlook: Yellow metal slips as investors assess tariff scenario

Performance: On July 8, spot gold traded between $3,287 and $3,346 per ounce. The yellow metal fell in the US session as Japan and the US will reportedly start tariff negotiations vigorously. At the time of writing this report, both spot gold and the MCX August gold contract were down by 1 per cent on the day. The spot gold was hovering around $3,295, while the MCX August gold contract was at ₹96,300. Tariff developments: US President Donald Trump announced his much-awaited tariff plans to impose higher rates of 25 per cent-40 per cent on key trading partners. As per the new proposition, tariffs on Japan, South Korea, Malaysia, Kazakhstan, and Tunisia, would be 25 per cent, while Laos and Myanmar would face a 40 per cent rate. South Africa and Bosnia to face 30 per cent, Indonesia 32 per cent, Bangladesh and Serbia 35 per cent, Thailand and Cambodia 36 per cent tariffs. Tariff deadline has been extended from July 9 to August 1. Additional tariff letters will be sent shortly. India and the US may reach a mini-trade deal shortly. US President Trump said on Tuesday that the August 1 tariff deadline will not be extended, though earlier he had said that the deadline may not be 100 per cent firm depending on the trade deal developments. Trump to announce semiconductor tariffs. European Commission President Ursula von der Leyen accused China of distorting trade and limiting access for European firms. She, addressing the EU Parliament stressed at the need of a genuine rebalancing. Trump plans 50 per cent tariff on copper imports: On Tuesday, President Trump announced that he will be implementing a new 50 per cent tariff on copper imports. Commerce Secretary Howard Lutnick said that copper tariffs could go into effect in July-end/August 1. ALSO READ: Gold price climbs ₹10 to ₹98,850; silver falls ₹100, trades at ₹1,09,900 New York Fed Survey: The New York Fed's Survey of Consumer Expectations shows that respondents in June saw inflation at 3 per cent 12 months from now, which is at the same level as it was in January. Inflation expectations eased 0.2 per cent from May. Tariff-induced Inflation is yet to show up in most of the inflation data. Expectations at the three- and five-year horizons were unchanged at 3 per cent and 2.6 per cent respectively. Upcoming data: FOMC minutes of the Fed's June 18 FOMC meeting will be released on July 9. China's PPI and CPI data (June) will be released on July 9. Fitch Ratings on trade war: Fitch Ratings, in its latest 'Fitch-20 Economic Monitor', highlighted that the trade war has resulted in volatility in global trade flows and foreign-exchange rates in recent months. Gold ETF and COMEX inventory: As of July 7, total known global gold ETF holdings stood at 90.491MOz, up around 9.22 per cent holdings posted the first weekly decline after five straight weeks of build-up. Nonetheless, holdings continue to hover around two-year high. COMEX gold inventories continue to decline as investors take hold of physical metal. As of July 7, inventories stood at 36.71MOz, down over 18 per cent since they reached a record-high level of 45.07MOz on April 4. Perth Mint Gold Sales: Perth Mint gold coins and minted bars rose to 32,901 MOz in June from 28,244 Oz in May. Outlook: Spot gold is well supported by strong ETF inflows, tariff tensions and investors scrambling to take possession of physical gold. A firmer Dollar is weighing on the metal though. In the very short-term, gold's direction is likely to depend on tariff news flow. As Trump has extended the tariff deadline to August 1, safe haven flows are somewhat subdued, which is why gold is under pressure. It won't be surprising to see the deadline getting extended further. At the same time, markets may become concerned over trade wars as even the August 1 deadline is not far off. Weighing in all the positive and negative factors, gold is expected to range trade between $3,272 ( ₹95,600) and $3,350 ( ₹98,000). The next major support is at $3,247 (₹94,800). Interim resistance is at ₹97,100. Traders entertaining the possibility of Trump imposing tariffs on precious metals imports carries an upside risk. In the very short-term, selling into rallies with a tight stop-loss is the preferred trade.

How to trade silver amid strong dollar and firmer yields? Analyst decode
How to trade silver amid strong dollar and firmer yields? Analyst decode

Business Standard

time13 minutes ago

  • Business Standard

How to trade silver amid strong dollar and firmer yields? Analyst decode

Performance: On July 8, spot silver traded between $36.29 and $36.89. The metal fell in the US session as the US Dollar and yields rose amid a flurry of tariff announcements by the US President Trump. At the time of writing this article, spot silver was changing hands at $36.42, down around 1 per cent on the day, while the MCX September at ₹ 107,400 was down by nearly 0.85 per cent. Tariff developments: US President Donald Trump announced his much-awaited tariff plans to impose higher rates of 25 per cent-40 per cent on key trading partners. As per the new proposition, tariffs on Japan, South Korea, Malaysia, Kazakhstan and Tunisia, would be 25 per cent, while Laos and Myanmar would face a 40 per cent rate. South Africa and Bosnia to face 30 per cent, Indonesia 32 per cent, Bangladesh and Serbia 35 per cent, Thailand and Cambodia 36 per cent tariffs. The tariff deadline has been extended from July 9 to August 1.+ Additional tariff letters will be sent shortly. India and the US may reach a mini-trade deal shortly. US President Trump said on Tuesday that the August 1 tariff deadline will not be extended, though earlier he had said that the deadline may not be 100 per cent firm depending on the trade deal developments. European Commission President U₹ula von der Leyen accused China of distorting trade and limiting access for European firms. She, addressing the EU Parliament stressed the need for a genuine rebalancing. Trump plans 50 per cent tariff on copper imports: On Tuesday, President Trump announced that he will be implementing a new 50 per cent tariff on copper imports. Commerce Secretary Howard Lutnick said that copper tariffs could go into effect in July-end/August 1 US Dollar Index and yields: The US Dollar Index at the time of writing was noted at 97.66 as the Index firmed up for the second straight day. It has recovered nearly 1.40 per cent from its nearly four-year low of 96.37-- to which it fell on July 1. Ten-year US yields rose for the fifth consecutive day as the yields at 4.42 per cent were up 4 bps. New York Fed Survey: The New York Fed's Survey of Consumer Expectations shows that respondents in June saw inflation at 3 per cent 12 months from now, which is at the same level as it was in January. Inflation expectations eased 0.2 per cent from May. Tariff-induced Inflation is yet to show up in most of the inflation data. Expectations at the three- and five-year horizons were unchanged at 3 per cent and 2.6 per cent respectively. Upcoming data: FOMC minutes of the Fed's June 18 FOMC meeting will be released on July 9. China's PPI and CPI data (June) will be released on July 9. Silver ETF and COMEX Inventory: Total known global silver ETF holdings, currently at 773.58 MOz, are up 7.9 per cent YTD and are at a three-year high. COMEX silver inventory at 49.80MOz is down roughly 1.40 per cent from its all-time high level of 50.50MOz recorded on May 12. Perth Mint June silver sales: Perth Mint June silver coins and minted ba₹ fell to 464,197 Oz from 496,197 MOz in May. Outlook: The extension of tariff deadline is somewhat positive for the metal. Silver is getting good support from positive ETF inflows and deficit concerns. It is likely to do well unless and until tariff concerns start weighing on risk assets heavily. Dips should be treated as a buying opportunity. Strength in copper may support the metal. In addition, notion of a possibility of tariffs on silver imports in line with copper may also support it. Support is at $35.7 (₹1,05,200)/ $35 (₹1,03,200). A decisive breach of resistance at $37.50 (₹1,10,600) will open the way to $40 (₹1,17,000).

CDS warns against Pak-China-Bangladesh collusivity for security interests
CDS warns against Pak-China-Bangladesh collusivity for security interests

Business Standard

time13 minutes ago

  • Business Standard

CDS warns against Pak-China-Bangladesh collusivity for security interests

Possible convergence of interest among China, Pakistan, and Bangladesh may result in serious implications for India's stability and security dynamics, Chief of Defence Staff Gen Anil Chauhan said on Tuesday. In an address at a think-tank, Gen Chauhan, delving into the May 7-10 military conflict between India and Pakistan, said it was perhaps for the first time that two nuclear weapon states were directly engaged in hostilities. The Chief of Defence Staff (CDS), referring to Beijing-Islamabad collusivity, said Pakistan has acquired almost 70 to 80 per cent of its weapons and equipment from China in the last five years. He said Chinese military firms have commercial liabilities in Pakistan. The top military officer said economic distress in the countries in the Indian Ocean region has given "outside powers" to leverage their influence which could create vulnerabilities for India. "There is a possible convergence of interest we can talk about between China, Pakistan, and Bangladesh that may have implications for India's stability and security dynamics," Gen Chauhan said at the event hosted by the Observer Research Foundation. His comments came as India's ties with Bangladesh witnessed a sharp downturn after deposed prime minister Sheikh Hasina fled Dhaka and took shelter in India in August last year. While talking about various aspects of Operation Sindoor, the CDS said further "expansion of space" in conventional operations is possible by taking it to newer domains of warfare like cyber and electromagnetic spheres. Gen Chauhan said there were no unusual activities by the Chinese side along the northern border when India and Pakistan were engaged in the four-day conflict. "Maybe this is a short conflict. That's an assumption I can make. But it is a fact that there was no activity along the northern border (by the Chinese militaries)," he said. The top military officer also touched upon the strategic friendship between Pakistan and China. "In the past five years, Pakistan has acquired almost 70 to 80 per cent of its weapons and equipment from China. That's a fact. A reasonable assumption would be that Chinese OEMs (original equipment makers) will have commercial liabilities which they have to fulfil and will have people in Pakistan," he said. The CDS also highlighted how India called out Pakistan's nuclear bluff. "India has also said that it will not be deterred by nuclear blackmail. I think Operation Sindoor is the only example of a conflict between two nuclear weapon states," he said. Gen Chauhan said there have been hundreds of conflicts around the world ever since the nuclear weapons were invented, but it was for the first time that two nuclear weapon states were directly engaged in a conflict. "So Operation Sindoor, in that manner, is slightly unique in itself, and it may hold lessons not only for the subcontinent, but for the entire world," he said. In this context, he observed that there was a lot of space for conventional operations and cited three fundamental reasons to back his argument. "First is India's nuclear doctrine, that there's no first use. I think that gives us strength and that contributes to creating this particular space between us and Pakistan," he said. "Second is the way they responded actually. When India went to respond, we destroyed terrorist camps in response to the terror attack as part of a prevention strategy. You may call it revenge, you may call it retribution, but that ought to prevent further attacks." Gen Chauhan said Pakistan escalated the conflict into a fully conventional kind of a domain. "The escalation to a conventional domain was in the hands of Pakistan. Thus, it reduces its option to raise the threshold of this nuclear conflict," he noted. The top military officer said there is still space for expanding conventional operations. "The fourth evolving military challenge is increasing vulnerabilities to long-range vectors and long-range precision flights. There is currently no foolproof defense mechanism against ballistic missiles, hypersonics, cruise missiles, and large-scale attack by drones or loitering ammunition," he said. Talking about the changing dynamics of warfare, Gen Chauhan said India will have to be prepared for both old and new kinds of warfare. "The second evolving challenge from the military perspective is to keep a high degree of operational preparedness, 24/7 and 365 days," he said. Gen Chauhan also said there was total synergy among the Army, Navy and the Air Force during Operation Sindoor.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store