Latest news with #Chine
NDTV
08-07-2025
- Business
- NDTV
Asian Countries Number 1 Target Of Trump's Tariff Letters
Donald Trump sent letters to 14 countries, mainly in Asia, informing them that higher import tariffs will come into effect on August 1 unless they reach a deal with the United States. It is the second time the US president has set a deadline after he postponed tariffs on almost all countries in April for 90 days. Countries that have large trade imbalances with the United States have been key targets, including Japan ($68.5 billion surplus in 2024), South Korea ($66 billion), Thailand ($45.6 billion) and Indonesia ($17.9 billion). Here is a summary of what Trump's letters mean for these countries: South Korea: Optimistic for a deal South Korea, already burdened by sector-specific levies on steel and automobiles, is facing a 25 percent tariff hike on its remaining exports to the United States, but is cautiously optimistic of brokering a deal. Washington "expressed agreement" and "hoped the two sides could reach an agreement before then (August 1) through close communication", South Korea's national security adviser Wi Sung-lac said after meeting US Secretary of State Marco Rubio on Monday. South Korea, one of the world's biggest shipbuilders, agreed to "coordinate closely" with Washington on the industry to achieve "tangible and mutually beneficial outcomes", he said. Japan: Elections, rice and autos A close US ally and the largest source of foreign investment in the country, Japan also has to deal with a 25 percent levy on its key auto industry. It is now facing similar tolls on other goods, up from 24 percent announced in April, but better than the "30 percent, 35 percent or whatever the number is that we determine" threatened by the president last week. Japan's Prime Minister Shigeru Ishiba said at a cabinet meeting Monday that the tariff set out in the letter was "genuinely regrettable", according to local media reports. The reason for not making a deal, he said, was "the Japanese government has avoided making easy compromises, firmly demanding what should be demanded, protecting what should be protected, and has conducted rigorous negotiations". Trump has criticised Japan for not opening its market to American rice and vehicles enough. Rice imports is a taboo topic for the Japanese government, which claims to defend local farmers' interests and has taken a hardline approach to talks ahead of an upper house parliamentary election on July 20. Indonesia: Boost US wheat imports Jakarta, facing 32 percent tariffs, plans to increase its agricultural and energy imports from the United States to finalise an agreement, Economy Minister Airlangga Hartarto recently told AFP. Indonesia had already announced Monday it had signed an agreement to import at least one million tons of American wheat annually for the next five years, worth $1.25 billion. Cambodia, Myanmar, Laos: China allies face heavy levies Trump announced 49 percent tariffs on Cambodia in April, representing one of the highest in his blitz. Monday's letter to the country that hosts many Chinese owned factories, reduces this rate to 36 percent. Prime Minister Hun Manet assured the White House of Phnom Penh's "good faith" in negotiating, with reduced tariffs on 19 categories of American products. Myanmar and Laos, which both face 40 percent tolls, rely heavily on Chinese investments, while their supply chains are closely intertwined with Asia's largest economy. Washington has repeatedly highlighted the risk of Chinese products passing through other Southeast Asian countries to avoid US tariffs targeting China, a concern mentioned in Trump's letters. Thailand, Malaysia: Making pledges Thailand was told it faces 36 percent levies in its letter. Bangkok is offering more access to its market for American agricultural and industrial products, increasing its energy purchases, and boosting orders for Boeing airplanes. Acting prime minister Phumtham Wechayachai told reporters Tuesday he wanted a "better deal", adding that "the most important thing is that we maintain good relations with the US". Bangkok's latest proposal aims to grow bilateral trade volumes and reduce its US trade surplus by 70 percent within five years, achieving balance in seven to eight years, Finance Minister Pichai Chunhavajira recently told Bloomberg News. Thai Airways could commit to purchasing up to 80 Boeing planes in the coming years, according to Bloomberg. Malaysia faces a 25 percent tariff and the trade ministry said Tuesday it will continue negotiations to reach a "a balanced, mutually beneficial, and comprehensive trade agreement". Bangladesh: Textiles at risk The world's second-largest textile manufacturer is looking at a 35 percent tariff on its goods but was hoping to sign an agreement by early July. Textile and garment production accounts for about 80 percent of the country's exports, and US firms that source products from there include Fruit of the Loom, Levi Strauss and VF Corp -- whose brands include Vans, Timberland and The North Face. Dhaka has proposed to buy Boeing planes and boost imports of US wheat, cotton and oil. "We have finalised the terms," Commerce Ministry Secretary Mahbubur Rahman told AFP, adding that negotiators were set to meet Tuesday to finalise their work. Other targeted countries Kazakhstan (25 percent), South Africa (30 percent), Tunisia (25 percent), Serbia (35 percent), and Bosnia (30 percent) are among the other recipients of the letters made public by Trump on Monday.
Yahoo
04-07-2025
- Business
- Yahoo
French Minister Ferracci: Trade Wars 'Only Make Losers'
French Minister for Industry and Energy Marc Ferracci said "trade wars only make losers" and "we shouldn't be happy with what was announced today by China." Ferracci's comments came after Beijing imposed anti-dumping duties on European brandy for five years, while exempting major cognac makers that meet a price commitment, such as Remy Cointreau SA, Pernod Ricard SA and LVMH's Hennessy. "We all must find a way to de-escalate this trade war with regards to cognac, but also with regards to all the tariff issues," he tells Bloomberg's Caroline Connan.
Bloomberg
04-07-2025
- Business
- Bloomberg
French Minister Ferracci: Trade Wars 'Only Make Losers'
French Minister for Industry and Energy Marc Ferracci said "trade wars only make losers" and "we shouldn't be happy with what was announced today by China." Ferracci's comments came after Beijing imposed anti-dumping duties on European brandy for five years, while exempting major cognac makers that meet a price commitment, such as Remy Cointreau SA, Pernod Ricard SA and LVMH's Hennessy. "We all must find a way to de-escalate this trade war with regards to cognac, but also with regards to all the tariff issues," he tells Bloomberg's Caroline Connan. (Source: Bloomberg)
Toronto Sun
28-06-2025
- Business
- Toronto Sun
Canada orders Hikvision to cease local operations
Published Jun 28, 2025 • 1 minute read Surveillance cameras manufactured by Hangzhou Hikvision Digital Technology Co. are mounted on a post at a testing station near the company's headquarters in Hangzhou, China, on Tuesday, May 28, 2019. Photo by Qilai Shen / Bloomberg (Bloomberg) — Canadian Industry Minister Melanie Joly said her government ordered Hikvision Canada to cease all operations in the country and close its business. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The government has determined that Hikvision Canada's continued operations in the country would be 'injurious to Canada's national security' after a review under the Investment Canada Act, according to a statement on X. The scope of the review doesn't extend to Hikvision's affiliate operations outside of Canada, Joly added. The government will prohibit the purchase or use of Hikvision products in government departments, agencies and crown corporations. A spokesperson for the Chinese embassy to Canada on Saturday hit out at the decision, saying it 'seriously damaged' the legitimate rights and interest of Chinese companies and interfered with bilateral trade. Beijing urges Canada to 'stop politicizing' economic and trade issues and stop the 'unreasonable suppression' of Chinese business, according to a statement on social media. —With assistance from Amy Li. Columnists NHL Sunshine Girls Toronto Raptors Sunshine Girls
Yahoo
06-06-2025
- General
- Yahoo
'Celebrate Jesus' event set for Saturday, June 7, in Grand Forks
Jun. 5—GRAND FORKS — Families, friends and people of all ages are invited to participate in the "Celebrate Jesus" event Saturday, June 7, in downtown Grand Forks, said Joe Chine, coordinator. Part of a worldwide celebration taking place that day, the event will include a community walk, starting near Grand Forks Central High School, and ending with a worship rally at Town Square. Participants will gather at 10:15 a.m. in the high school's parking lot at the intersection of University Avenue and North Fifth Street. Beginning at 11 a.m., the walk will feature music, singing, vehicles, banners and signs. Several vehicles will display "Celebrate Jesus" banners and broadcast music as participants walk east on University Avenue and south on Third Street to Town Square. A wagon will be available for anyone who has mobility issues and would prefer to ride. "It's a fun, nice, easy kind of thing," said Chine, of Grand Forks. The rally, beginning at 11:30 a.m. at Town Square, will include worship, fellowship, prayer, salvation opportunity and food. Scott Rhinehart of Grand Forks will serve as MC. Several speakers, including pastors, will offer encouraging words; prayers for the Grand Cities, the states of Minnesota and North Dakota, the U.S. and the world; and an opportunity for salvation and rededication, Chine said. "Prayer stations" will be available for individual prayer and counseling. The "Celebrate Jesus" event — held for the fifth time in Grand Forks — does not focus on or promote a specific church or faith denomination, Chine said, but rather is "an opportunity to praise the name of Jesus" in a family-friendly atmosphere. It is intended to bring together various churches, organizations and neighboring communities to exalt Jesus Christ "outside the walls of church and organizational buildings," according to the event announcement. "(The goal is to) foster a sense of community and shared faith, bringing together individuals from diverse backgrounds to honor Jesus. The day is filled with joy, music, unity and fellowship that transcends denominational boundaries." Nationally and internationally, the event has been known as "March for Jesus," Chine said, and was first held in Texas in the early 1990s. In 2023, the local organizational team changed the name to "Grand Cities Celebrate Jesus" to better reflect "a more family-friendly, community-friendly" purpose, he said, but it remains part of the March for Jesus organization. The team includes members from about 10 churches, as well as nonprofit organizations and businesses. Funds for the event are raised through charitable donations, partnerships, church registrations and the sale of t-shirts and caps. Similar events are expected to be held in about 30 cities across the U.S. and in eight other countries, Chine said. Grand Forks and Bemidji are the only cities in North Dakota and Minnesota, respectively, to hold such a gathering. "It's really a unique event from a Christian perspective," he said, "but it's so difficult to get people to want to put in the time and effort, and get away from their comfort zone." Each year, "Celebrate Jesus" is held on Pentecost weekend in the church calendar. In the Christian tradition, Pentecost marked the birth of the church and the outpouring of the Holy Spirit to all nations. .
