China condemns ‘coercion' after Trump floats tariffs on Russia allies
Chinese Foreign Ministry spokesperson Lin Jian said on July 15 that there are "no winners in a tariff war".
BEIJING - China condemned 'coercion' by the United States on July 15, after President Donald Trump threatened 'very severe' tariffs against Moscow's remaining trade partners if it doesn't resolve its war in Ukraine within 50 days.
'China firmly opposes all illegal unilateral sanctions and long-arm jurisdiction. There are no winners in a tariff war, and coercion and pressure will not solve problems,' Chinese foreign ministry spokesman Lin Jian said. AFP

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Straits Times
a minute ago
- Straits Times
Auto giant Stellantis warns of greater tariff impact after $3.4 billion first-half loss
Maker of Jeep, Ram, Peugeot and Fiat, said Trump tariffs had cost it 300 million euros (S$449 million) so far. MILAN - Stellantis expects more impact from US tariffs on vehicles and auto part imports in the second half of 2025, the company said on July 21 as it reported a preliminary 2.3 billion euro (S$3.4 billion) net loss for the first six months of the year. The maker of Jeep, Ram, Peugeot and Fiat said US President Donald Trump's tariffs had cost it 300 million euros ((S$449 million) so far as the company reduced vehicle shipments and cut some production to adjust manufacturing levels. But chief financial officer Doug Ostermann told analysts that the 300 million euro impact was not representative of what the group expects for the second half, as tariffs only came into effect part way through the first half. 'We'll see significantly more in the second half unless things change ... given the current outlook, I would expect to see that figure probably double in the second half or more,' he said, adding that Stellantis was seeing a total full-year impact of between 1 and 1.5 billion euros. Stellantis, which under new chief executive Antonio Filosa faces the challenge of revamping its product ranges in Europe and the United States, said it also booked 3.3 billion euros in pre-tax charges for the first half. These were due to programme cancellations, including a hydrogen fuel cell project and money set aside for fines linked to US pre-Trump carbon emission regulation. It was also investing more in popular hybrid cars in Europe and large gasoline-powered models in the US market. In 2024, more than 40 per cent of the 1.2 million vehicles Stellantis sold in the United States were imports, mostly from Mexico and Canada where Mr Trump has imposed tariffs of 25 per cent. Imports from the European Union face levies of 30 per cent, though these have been deferred to Aug 1. Top stories Swipe. Select. Stay informed. World US President Trump 'caught off guard' by Israel's strikes in Syria Singapore LTA seeks tailored solutions to improve Bukit Panjang LRT's maintenance inspections Opinion Singapore's vaping crisis lays bare the drug addiction nightmare for parents Singapore Subsidies and grants for some 20,000 people miscalculated due to processing issue: MOH Multimedia 'It's very sad': She comforts loved ones turned away by inmates Opinion Sumiko at 61: 7 facts about facial skin ageing, and skincare ingredients that actually work Opinion With Shatec cutting back operations, what's next for the hospitality sector? Life Cosby Show star Malcolm-Jamal Warner dies by drowning at 54 In April this year, the company said it had reduced vehicle imports in response to tariffs and would calibrate 'production and employment to reduce impacts on profitability'. Rival Renault last week issued a profit warning on the back of softening demand for cars and vans in Europe, Stellantis' first-half loss, versus a 5.6 billion euro net profit a year earlier, underscores the tough challenges for Mr Filosa, who was appointed in May after a disastrous performance in the company's crucial US market in 2024 forced the ousting of former boss Carlos Tavares. In a letter to employees seen by Reuters the new CEO on July 21 promised that 2025 would be 'a year of gradual and sustainable improvement' after a 'tough first half, with increasing external headwinds'. Stellantis, which will publish its final results for the first half on July 29, said it burnt through 2.3 billion euros of cash in the January-June period. REUTERS
Business Times
a minute ago
- Business Times
China says Wells Fargo banker ‘involved' in criminal case
[BEIJING] China said the case of a Wells Fargo banker blocked from leaving the country was related to a criminal matter, escalating an episode that already underscored global firms' fears about operating in the nation. 'Mao Chenyue is involved in a criminal case currently being handled by Chinese law-enforcement authorities and is subject to exit restrictions in accordance with the law,' Foreign Ministry spokesperson Guo Jiakun said at a regular press briefing in Beijing on Monday (Jul 21). He added that it was 'an individual judicial case' but did not provide details. 'Pursuant to China's laws, with the case still under investigation, Mao cannot leave the country for the time being and has the obligation to cooperate with the investigation pursuant to Chinese laws,' Guo said. 'We will protect her lawful rights and interests through an investigation.' While the nature of the case is unclear, the incident risks further undermining the confidence of foreign institutions on doing business in the world's second-largest economy. Global banks have over the past few years scaled back their presence in China as economic growth has slowed and political tension, most notably with the US over trade, increased. 'What we encourage China to do is to shed light on these cases so companies and individuals can assess their own risk for being subject to an exit ban,' said Sean Stein, president of US-China Business Council. Some of the group's members had reached out to seek more information on the case, he said. 'There will be more concern over time if China doesn't figure out how to shine a light on this.' Mao is fairly high profile in her industry. She was recently elected chair of FCI, a global body for factoring and financing for domestic and international trade. She spearheads Wells Fargo's international factoring business and advises multinational clients on cross-border working-capital strategies, according to FCI. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Well Fargo did not immediately respond to an e-mailed request for comment sent outside of regular business hours in the US. Separately, reports have appeared over the weekend that China has stopped an American citizen who works for the US Commerce Department from leaving the country for several months, an episode that coincides with Beijing and Washington trying to arrange a leaders' summit so they can address their differences on trade. The Chinese-American individual who works for the Patent and Trademark Office had travelled to meet relatives, the Washington Post reported, citing four sources familiar with the matter, who asked not to be identified discussing the sensitive issue. Guo, the Foreign Ministry spokesman, said he did not have any information to share about the Commerce Department employee. 'China is a country upholding the rule of law,' Guo said. 'We handle relevant cases in strict accordance with the law.' Wells Fargo recently suspended travel to China after Mao, one of its top trade financing bankers, was prohibited from leaving the country. The Atlanta-based managing director born in Shanghai was banned from departing China after entering in recent weeks, Bloomberg News reported last week, citing a source with knowledge of the situation. The bank has offices in Beijing and Shanghai to manage relationships with local clients in its corporate and investment banking business, as well as local branches in the two cities, according to its website. China's use of exit bans has been a point of contention between Beijing and Washington. The US State Department has repeatedly advised citizens to reconsider travel to China based on what it called the 'arbitrary enforcement of local laws, including in relation to exit bans'. BLOOMBERG

Straits Times
31 minutes ago
- Straits Times
Washington says China will not let US government employee leave the country
Find out what's new on ST website and app. FILE PHOTO: A Chinese flag flutters on top of the Great Hall of the People, in Beijing, China October 18, 2023. REUTERS/Edgar Su/File Photo WASHINGTON - The U.S. State Department said on Monday that the Chinese government had blocked a U.S. Patent and Trademark Office employee visiting the Asian country in a personal capacity from leaving. "We are tracking this case very closely and are engaged with Chinese officials to resolve the situation as quickly as possible," a State Department spokesperson said. The U.S. Patent and Trademark Office is part of the federal Department of Commerce. The individual's name and whether the person was detained were not disclosed. The Chinese embassy in Washington and the U.S. Commerce Department did not immediately respond to requests for comment. The Washington Post reported on Sunday that a U.S. citizen who works for the Commerce Department had traveled to China several months ago to visit family. The man was being prevented from leaving the country after he failed to disclose on his visa application that he worked for the U.S. government, the newspaper said, citing sources. Beijing has used exit bans on both Chinese and foreign nationals in connection with civil disputes, regulatory enforcement and criminal investigations. Analysts say the tactic is at times used to crack down on local dissent and also as diplomatic leverage in disputes with other nations. Top stories Swipe. Select. Stay informed. World US President Trump 'caught off guard' by Israel's strikes in Syria Singapore LTA seeks tailored solutions to improve Bukit Panjang LRT's maintenance inspections Opinion Singapore's vaping crisis lays bare the drug addiction nightmare for parents Singapore Subsidies and grants for some 20,000 people miscalculated due to processing issue: MOH Multimedia 'It's very sad': She comforts loved ones turned away by inmates Opinion Sumiko at 61: 7 facts about facial skin ageing, and skincare ingredients that actually work Business Why Singapore and its businesses stand to lose with US tariffs on the region Opinion With Shatec cutting back operations, what's next for the hospitality sector? Washington and Beijing have had friction for years over issues ranging from tariffs to the origins of COVID-19 and Taiwan. Chenyue Mao, a Wells Fargo banker, has also been blocked from leaving China. Beijing's foreign ministry said on Monday she was involved in a criminal case and obliged to cooperate with an investigation. Mao was the latest of several executives from foreign corporations to be stopped as they tried to depart China. The U.S. bank suspended all employee travel to China after Mao's exit ban, a person familiar with the matter told Reuters last week, saying Mao was a U.S. citizen. REUTERS