EU companies are 'hostage' to US-China brawl, chamber chief says
BEIJING -- Companies in the European Union are being held "hostage" in China's trade war with the U.S., the head of the bloc's business chamber in Beijing said -- even after the dueling superpowers hammered out a tentative truce.
The comments to Nikkei Asia by Jens Eskelund, president of the European Union Chamber of Commerce in China, underscore challenges in improving Sino-European trade relations ahead of a high-profile summit planned for late next month.
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Nikkei Asia
5 hours ago
- Nikkei Asia
EU companies are 'hostage' to US-China brawl, chamber chief says
BEIJING -- Companies in the European Union are being held "hostage" in China's trade war with the U.S., the head of the bloc's business chamber in Beijing said -- even after the dueling superpowers hammered out a tentative truce. The comments to Nikkei Asia by Jens Eskelund, president of the European Union Chamber of Commerce in China, underscore challenges in improving Sino-European trade relations ahead of a high-profile summit planned for late next month.
Japan Today
8 hours ago
- Japan Today
Japan logs ¥637.6 bil trade deficit in May on weak U.S. exports
Japan logged a 637.61 billion yen ($4.38 billion) trade deficit in May, with auto-related shipments to the United States plunging, possibly affected by higher tariffs imposed by President Donald Trump, government data showed Wednesday. The trade balance remained in the red for the second straight month, as overall exports fell 1.7 percent from a year earlier to 8.13 trillion yen, marking the first drop in eight months, weighed down by an 11.1 percent fall in shipments to the United States. Imports shed 7.7 percent to 8.77 trillion yen, down for the second straight month, reflecting lower prices of crude oil from the United Arab Emirates and coal from Australia, the Finance Ministry said in a preliminary report. By region, Japan had a 451.7 billion yen trade surplus with the United States, down 4.7 percent from the previous year, as exports dropped for the second consecutive month to 1.51 trillion yen, while imports fell 13.5 percent to 1.06 trillion yen. U.S.-bound shipments of automobiles tumbled 24.7 percent and those of auto parts plunged 19.0 percent, both in value terms. In volume, shipments of automobiles fell 3.9 percent, showing that export unit prices declined by over 20 percent. The Trump administration imposed a 25 percent tariff on imported vehicles in April as well as on auto parts in May, in a move set to deal a blow to Japan's mainstay auto sector, which sees the United States as a key market. A ministry official said the latest data could have reflected moves by Japanese automakers to increase shipments of lower-priced models or cut export prices of their products in response to heavier tariffs. "I believe the effects of the tariffs are gradually emerging, as car exports also declined in volume terms," said Takafumi Fujita, an economist at the Meiji Yasuda Research Institute. Fujita said auto exports are likely to remain weak due to the uncertain outlook of Japan-U.S. tariff negotiations and they could negatively affect the Japanese economy, given the significant role of the industry. With China, Japan remained in the red for the 50th consecutive month, logging a deficit of 624.87 billion yen in the reporting month, expanding 17.2 percent from the year before. Exports to the country shed 8.8 percent to 1.44 trillion yen and imports fell 2.2 percent to 2.07 trillion yen. Japan's trade surplus with the rest of Asia, including China, ballooned more than 12-fold to 313.35 billion yen. A deficit of 308.9 billion yen was recorded with the European Union, remaining in the red for 16th consecutive month. © KYODO
Yomiuri Shimbun
9 hours ago
- Yomiuri Shimbun
Middle East Crisis Broadens: Top Priority Is Avoiding All-Out War
The devastating attacks being traded by Israel and Iran on each other's major cities constitute a state of emergency. To stop this cycle of retaliation, the international community must unite and demand a ceasefire from both sides. Having conducted airstrikes on Iran's nuclear and missile facilities, Israel continues day after day to target infrastructure for energy — the country's key industry — such as oil storage facilities in Tehran and a gas processing facility linked to an offshore gas field in the Persian Gulf. Israel's military campaign has expanded to include nonmilitary facilities, such as those of the state-run television station, government agencies and hospitals, with the death toll exceeding 200. Meanwhile, Iran has attacked Tel Aviv in central Israel, among other areas, with missiles and drones. Dozens are reported dead on the Israeli side. Israel carried out two airstrikes on Iran last year, but avoided targeting key sites such as nuclear facilities. This time, Israel has argued that a 'preemptive strike' was needed as Iran's nuclear development posed a threat to its very existence. However, Iran was engaged in indirect negotiations with the United States on the nuclear issue. Given the talks, could the threat to Israel be really called imminent? In a video message after the latest strikes began, Israeli Prime Minister Benjamin Netanyahu called on the people of Iran to rise up against an 'evil regime.' Some people have said that Israel sought not only to prevent Iran from acquiring nuclear weapons but also to assassinate the country's supreme leader, Ayatollah Ali Khamenei, and overthrow the regime. The turmoil must not be prolonged through large-scale military actions, and the crisis must not be allowed to expand to the entire Middle East. Iran bears heavy responsibility for continuing its nuclear development with little transparency and for raising tensions in the region to an extreme. The country possesses large quantities of highly enriched uranium that can be converted for use in nuclear weapons, and while it asserts that the stockpile is for peaceful purposes, that claim is not convincing. The United States, which has influence over Israel, must insist on restraint and exert pressure. The Group of Seven leaders' summit in Canada, which was attended by U.S. President Trump, could have served as a good opportunity for in-depth discussions on the situation in the Middle East. However, Trump left the summit early, saying he needed to focus on the Middle East situation. The pro-Israel stance of European leaders is also troubling. German Chancellor Friedrich Merz and French President Emmanuel Macron have expressed their support for Israel. The joint statement on the Middle East situation issued by the G7 explicitly states that 'Israel has a right to defend itself.' Won't this just encourage Israel to take further action rather than stop the fighting? This calls into question the purpose of the G7. (From The Yomiuri Shimbun, June 18, 2025)
