Latest news with #Ministryof
Bangkok Post
5 hours ago
- Business
- Bangkok Post
Reports of fake Thai rice on sale in China
The Commerce Ministry is monitoring reports of Cambodian-grown rice products distributed in China, which use packaging bearing the print of a Thai flag and a certification emblem for Thai jasmine rice. Sunanta Kangvalkulkij, director-general of the Ministry of Commerce's Department of International Trade Promotion (DITP), said the reports came from Thais living in China who spotted the emblem in Chinese supermarkets that looked similar to the official Thai Hom Mali Rice Certificate Mark (an ear of rice on a green background). This logo is issued by the Department of Foreign Trade to certify genuine Thai Hom Mali rice (Thai jasmine rice). DITP offices in China have looked into both online and offline channels where the rice is sold, including e-commerce platforms like Taobao, and Pinduoduo. Some products were labelled in Chinese as "Cambodian Jasmine Rice", some brands used the term "Thai Hom Mali Rice". This can cause confusion among Chinese consumers and lead them to mistakenly believe they are buying authentic Thai Hom Mali rice. As a result, there could be harm to the image of the rice and trust in the Chinese market, said Ms Sunanta. Several measures have been implemented by the DITP offices in seven Chinese cities, including consulting with Thai Hom Mali rice importers and online platforms to prevent the sale of incorrectly presented rice, and raising awareness among Chinese consumers of the correct Thai Hom Mali Rice Certificate Mark. Other measures include coordination with the Ministry of Commerce office in Beijing to discuss stricter controls on misleading products with the State Administration for Market Regulation (SAMR). Further legal action could be taken against offenders for false advertising and infringement of consumer rights, she said. Meanwhile, the National Rice Policy and Management Committee (NRPMC) on Thursday approved measures with a total budget of over 50 billion baht to support in-season rice farmers by stabilising rice prices for the 2025/2026 crop year. Thailand exported 3.05 million tonnes of rice during the first five months of this year, less than half of the annual target of 7.5 million tonnes.
eNCA
10 hours ago
- Business
- eNCA
China's top diplomat to visit EU, Germany, France next week
China's top diplomat Wang Yi will head to Europe next week for talks with counterparts from the European Union, Germany and France, Beijing said on Friday as it seeks to shore up fraught ties with the bloc. Beijing has sought to improve relations with Europe as a counterweight to superpower rival United States, though frictions remain over trade and China's close ties with Russia despite its war in Ukraine. China and the European Union will also host a summit next month marking 50 years since Beijing and Brussels established diplomatic ties. Wang's trip will take him to Brussels, France and Germany and last from next Monday to Sunday, Beijing said. "The world is undergoing an accelerated evolution of a century-old change, with unilateralism, protectionism and bullying behaviour becoming rampant," foreign ministry spokesman Guo Jiakun said -- a thinly-veiled swipe against the United States under President Donald Trump. China's top diplomat will meet with EU counterpart Kaja Kallas at the bloc's headquarters in Brussels for "high-level strategic dialogue", he said. In Germany he will hold talks with Foreign Minister Johann Wadephul on diplomacy and security -- his first visit since Berlin's new conservative-led government took power in May. China looks forward to "strengthening strategic communication, enhancing pragmatic cooperation, and promoting new developments of the China-Germany comprehensive strategic partnership," Guo said. Ties between Berlin and Beijing, he added, were "injecting certainty, stability, and positive energy into a turbulent world". In France, Wang will meet minister for Europe and foreign affairs Jean-Noel Barrot, who visited China in March. "Foreign Minister Wang Yi will exchange views with the French side on the international situation, China-France ties and China-Europe relations," Guo said. And in Brussels Wang will also hold talks with Belgium's Prime Minister Bart De Wever and Deputy PM and Foreign Minister Maxime Prevot, Beijing said. - Trade spat - Ties between Europe and China have strained in recent years as the bloc seeks to get tougher on what it says are unfair economic practices by Beijing and the yawning trade imbalance between them. After the European Union placed tariffs on Chinese EV imports, China retaliated with its own duties, including on French cognac. An agreement on cognac has been reached with Beijing but not yet formally approved by the Chinese Ministry of Commerce, a source in the French Economy Ministry told AFP. The source said finalization was partially linked with the EU's ongoing negotiations over electric vehicles. Tensions mounted last week after the European Union banned Chinese firms from government medical device purchases worth more than five million euros ($5.8 million), in retaliation for limits Beijing places on access to its own market. The latest salvo in trade tensions between the 27-nation bloc and China covered a wide range of healthcare supplies, from surgical masks to X-ray machines, that represent a market worth 150 billion euros ($176 billion) in the EU. In response, China accused the EU of "double standards". Another tricky point has been rare earths. Beijing has since April required licences to export these strategic materials from China, which accounts for more than 60 percent of rare earth mining production and 92 percent of global refined output, according to the International Energy Agency. The metals are used in a wide variety of products, including electric car batteries, and there has been criticism from industries about the way China's licences have been issued. China has proposed establishing a "green channel" to ease the export of rare earths to the European Union, its commerce ministry said this month. By Mary Yang
Observer
12 hours ago
- Business
- Observer
China, US ease trade restrictions after deal
China and the United States have agreed to ease some trade restrictions, according to statements from both sides. China's Ministry of Commerce announced on Friday that it will review and approve applications for the export of 'controlled goods' that comply with regulations, while the US would lift a series of 'restrictive measures' against China. US President Donald Trump previously mentioned a signed agreement with China but left many questions unanswered. "We just signed with China yesterday," the Republican said at an event at the White House while talking about making deals with other countries. Trump also suggested that there could 'maybe' be a 'very big' deal with India. US Commerce Secretary Howard Lutnick later confirmed in an interview with financial news agency Bloomberg that the deal with China had been signed. He said China would supply rare earths, while the US will end its countermeasures. Since Trump launched a trade war with Beijing in February, the world's two largest economies have been locked in a tit-for-tat tariff fight that has unnerved global markets. In April, Trump increased tariffs on goods from China to as much as 145 per cent. In response, Beijing imposed counter-tariffs of 125 per cent and introduced export controls on industrially important rare earths and magnets made from them, on which China holds a near-monopoly. At the height of the tariff dispute in May, high-level delegations from both sides agreed in Geneva to significantly reduce tariffs for 90 days while continuing negotiations. It remains unclear, however, what will happen after the August deadline. The US has since imposed further restrictions on the export of important technology, such as software for computer chips and aviation components, for which China still relies on foreign manufacturers. Another meeting between the two sides, in London in early June, focused on the trade restrictions. US representatives eventually agreed with their Chinese counterparts on a reduction, although for a long time no details emerged. Observers interpreted the outcome as a return to the state of play after the Geneva meeting. Both countries' presidents were expected to approve the decisions following the London talks. Beijing's export restrictions on rare earths has put significant pressure on industries outside of China. The measures affected all countries, not just the US. In Germany's important automotive and mechanical engineering sectors, companies are concerned about the supply of important metals used in sensors or electric motors. China justified the controls by stating that the raw materials can have both civilian and military uses. Companies said it was taking along time for China's Ministry of Commerce to process applications, without certainty of approval. Concerns have grown about potential production halts. The Ministry of Commerce in Beijing has repeatedly said it has approved applications for companies in the EU and intends to speed up the process. — dpa
Yahoo
15 hours ago
- Business
- Yahoo
S&P 500, Nasdaq score record highs at open on trade deal optimism, tame inflation
U.S. stocks opened higher, with the broad S&P 500 and tech-heavy Nasdaq quickly scoring fresh all-time highs, on a final trade agreement with China and hopes for more with other countries to come. President Donald Trump said a deal had been signed with China, and Commerce Secretary Howard Lutnick said the U.S. was nearing agreements with ten other trading partners. The final China deal includes a commitment from China to deliver rare earths used in everything from wind turbines to jet planes, Lutnick told Bloomberg. It also includes easier tech restrictions, said China's Ministry of Commerce. Treasury Secretary Scott Bessent also said in an interview on Fox Business he expected trade deals with 18 key trading partners to be wrapped up by Labor Day in September, suggesting Trump's early July deadline would be extended. At 9:38 a.m. ET, the blue-chip Dow added 0.45%, or 193.88 points, to 43,580.72, while the S&P 500 gained 0.29%, or 17.93 points, to 6,158.95 and the Nasdaq rose 0.34%, or 67.63 points, to 20,235.55. The S&P 500 and Nasdaq had been within striking distance of their record highs for the past couple of days but hadn't mustered enough energy to hurdle them until now. The benchmark 10-year Treasury yield edged up to 4.285%. Before the opening bell, the Fed's preferred inflation gauge, or personal consumption expenditures (PCE) price index, rose 2.3% annually, as expected. The so-called core rate excluding food and energy, rose 2.7%, slightly higher than the 2.6% mean forecast. The "inflation report shouldn't be enough to give markets a significant scare, but it probably dashes the slim hopes investors had for a July rate cut," said Bret Kenwell, U.S. investment analyst at trading platform eToro. Meanwhile PCE, a measure of consumer spending, fell 0.3% in May from the prior month after adjusting for inflation, according to the Bureau of Economic Analysis. That was the first decline this year. "This weakness is probably primarily just payback from the jump in spending earlier this year as consumers tried to buy goods ahead of the tariffs," said Greg Wilensky, head of U.S. fixed income and portfolio manager at Janus Henderson. "The weakness in spending was on the goods side while spending on services increased." Nike's quarterly results topped analysts' expectations but the company warned tariffs are expected to increase its costs by $1 billion this fiscal year. It said it will pass some costs on to consumers and cut costs to deal with the added expense. Shares of the mega sportswear company jumped 15.65%. CorMedix plans to sell $85 million of stock in a public offering. Shares slumped 14.51%. Bakkt Holdings filed with the Securities and Exchange Commission to sell up to $1 billion in securities to potentially buy bitcoin and other digital assets. Bitcoin was last down 0.07% at $106,888.60. (This story was updated with new information.) Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday. This article originally appeared on USA TODAY: S&P 500, Nadsaq hit record highs at open on trade hopes, tame prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Hill
16 hours ago
- Business
- The Hill
Stocks reach record highs as Trump trade fears ease on Wall Street
A key stock market index reached a record high Friday, capping off a comeback from the selloff driven by President Trump's tariffs this spring. The S&P 500 index was up 0.5 percent Friday morning, rising roughly 32.6 points and exceeding the all-time high of 6,147 points set in February. The Nasdaq composite was up 0.3 percent and the Dow Jones Industrial Average was up 0.4 percent. After falling sharply in March and April as Trump rolled out his trade agenda, stocks have rallied back to their previous highs after the president dramatically reduced the scale and scope of his import taxes. Trump shook markets in April by announcing he would impose roughly $600 billion in tariffs on nearly every U.S. trading partners. His new 'Liberation Day' tariffs followed import taxes he levied on Canada, Mexico and China earlier in his term, along with additional taxes on foreign metals, autos and auto parts. Despite initially brushing off the market's reaction, Trump adjusted his trade agenda two weeks later by reducing and delaying his April tariffs on all other countries, but ramping them up to levels as high as 145 percent on China. The U.S. and China have since struck several smaller agreements to reduce tariffs on each other's goods and open up Chinese exports of rare metals to the states. The Chinese Ministry of Commerce confirmed further details of the deal on Friday, which includes 'China will, in accordance with the law, review and approve eligible export applications for controlled items. In turn, the United States will lift a series of restrictive measures it had imposed on China,' a Ministry spokesperson said in a statement, which did not go into detail. Estimates for the current overall U.S. tariff rate range between 10 and 15 percent now, down from 25 percent when China and the U.S. had triple-digit tariffs in place on each other. The Yale Budget Lab puts the overall number at 15.8 percent now. Major new tariffs include a 10-percent general tariff, 30-percent tariffs on China, 25-percent tariffs on autos and auto parts, 25-percent tariffs on steel and aluminum, and 25-percent tariffs on select goods from Canada and Mexico. The Congressional Budget Office estimated earlier in June that the new tariffs would reduce primary deficits by $2.5 trillion. Accounting for macroeconomic effects, the deficit reduction increases to $2.8 trillion. Also potentially boosting optimism on Wall Street was the downward revision to first-quarter gross domestic product that came this week, which could potentially increase the chances of a rate cut from the Federal Reserve. However, a hotter than expected inflation print on Friday likely works against that option. Inflation rose 2.3 percent in May on an annual basis, up from just 2.1 percent in April, the Commerce Department said Friday. Removing the more volatile categories of food and energy, core prices increased 2.7 percent from a year earlier, a rise from 2.6 percent in April. 'Today's report is not good for economic activity and inflation and will continue to keep the Federal Reserve on the sidelines for now,' Raymond James economist Eugenio Aleman said in a commentary.
