
China restricts EU imports of medical devices
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China's finance ministry said on Sunday it was restricting imports of medical devices from the European Union that exceed 45 million yuan ($6.3 million) in value.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.

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Time of India
21 minutes ago
- Time of India
US tariffs to kick in August 1, barring trade deals
US tariffs will kick in on August 1 if trading partners from Taiwan to the European Union do not strike deals with Washington, Treasury Secretary Scott Bessent said Sunday. The rates will "boomerang back" to the sometimes very high levels that President Donald Trump had announced on April 2 -- before he suspended the levies to allow for trade talks and set a July 9 deadline for agreements, Bessent told CNN. Bessent confirmed comments by Trump to reporters aboard Air Force One on Friday in which he also cited a new deadline: "Well, I'll probably start them on August 1." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo The president told reporters Sunday he had signed about a dozen letters to inform countries of rate hikes, to be sent out on Monday. "I think we'll have most countries done by July 9, either a letter or a deal," Trump told reporters Sunday, adding that some deals have already been made. Live Events Standing at his side, US Commerce Secretary Howard Lutnick confirmed tariffs would kick in on August 1, "but the President is setting the rates and the deals right now." The tariffs were part of a broader announcement in April where Trump imposed a 10 percent duty on goods from almost all trading partners, with a plan to step up these rates for a select group within days. But he swiftly paused the hikes until July 9, allowing for trade talks to take place. Countries have been pushing to strike deals that would help them avoid these elevated duties. So far, the Trump administration has unveiled deals with the United Kingdom and Vietnam, while Washington and Beijing agreed to temporarily lower staggeringly high levies on each other's products. Bessent said the administration was "close to several deals." "I would expect to see several big announcements over the next couple of days," he said. But he would not say which countries he was referring to, adding: "I don't want to let them off the hook." 'Maximum pressure' playbook Aboard Air Force One on Friday, Trump said sending notices would be much easier than "sitting down and working 15 different things... this is what you have to pay, if you want to do business (with) the United States." Bessent pushed back at CNN host Dana Bash's assertion the administration was using threats rather than negotiations, and denied that Trump was setting a new deadline with the August 1 date. "It's not a new deadline. We are saying, this is when it's happening. If you want to speed things up, have at it. If you want to go back to the old rate, that's your choice," he said. He said the playbook was to apply "maximum pressure" and cited the European Union as an example, saying they are "making very good progress" after a slow start. EU and US negotiators are holding talks over the weekend, and France's finance minister said Saturday he hoped they could strike a deal this weekend. Other countries were still expressing unease, however. Japan's Prime Minister Shigeru Ishiba said Sunday he "won't easily compromise" in trade talks with Washington. And BRICS leaders of fast-growing economies meeting in Rio de Janeiro raised "serious concerns" that the "indiscriminate" import tariffs were illegal and risked hurting global trade. When probed about worries that steep levies could feed into broader US inflation, Bessent said there was a difference between "inflation and one-time price adjustments." "Inflation is a generalized monetary phenomenon. We're not going to see that. And thus far, we haven't even seen the one-time price adjustments," Bessent told Fox News Sunday.


India Today
2 hours ago
- India Today
Trump says US nears multiple trade deals, tariffs to take effect on August 1
The United States is close to finalising several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, US President Donald Trump said on Sunday, with the higher rates scheduled to take effect on August and other top officials had flagged the August 1 date earlier, but it was unclear if all tariffs would increase to clarify, Commerce Secretary Howard Lutnick told reporters the higher tariffs would take effect on August 1, but Trump was "setting the rates and the deals right now." Trump in April announced a 10% base tariff rate on most countries and additional duties ranging up to 50%, although he later delayed the effective date for all but 10% until July 9. The new date offers countries a three-week Treasury Secretary Scott Bessent told CNN's "State of the Union" earlier on Sunday that several big announcements of trade agreements could come in the next days, noting the European Union had made good progress in its said Trump would also send out letters to 100 smaller countries with whom the US doesn't have much trade, notifying them that they would face higher tariff rates first set on April 2 and then suspended until July 9."President Trump's going to be sending letters to some of our trading partners saying that if you don't move things along, then on August 1 you will boomerang back to your April 2 tariff level. So I think we're going to see a lot of deals very quickly," Bessent told taking office, Trump has set off a global trade war that has roiled financial markets and sent policymakers scrambling to guard their economies, including through deals with the US and other Hassett, who heads the White House National Economic Council, told CBS's "Face the Nation" program there might be wiggle room for countries engaged in earnest negotiations."There are deadlines, and there are things that are close, and so maybe things will push back past the deadline," Hassett said, adding that Trump would decide if that could Miran, chairman of the White House Council of Economic Advisers, told ABC News' "This Week" program that countries needed to make concessions to get lower tariff rates."I hear good things about the talks with Europe. I hear good things about the talks with India," Miran said. "And so I would expect that a number of countries that are in the process of making those concessions... might see their date rolled."advertisementBessent told CNN the Trump administration was focused on 18 important trading partners that account for 95% of the US trade deficit. But he said there had been "a lot of foot-dragging" amongst countries in finalising trade has repeatedly said India is close to signing a deal and expressed hope that an agreement could be reached with the European Union, while casting doubt on a deal with keen to avert a 36% tariff, is now offering greater market access for US farm and industrial goods and more purchases of US energy and Boeing BA.N jets, Finance Minister Pichai Chunhavajira told Bloomberg News on and the United States are likely to make a final decision on a mini trade deal in the next 24 to 48 hours, local Indian news channel CNBC-TV18 reported on Sunday, with average tariffs on Indian goods shipped to the US to be 10%, it told CBS News that framework agreements already reached with Britain and Vietnam offered guidelines for other countries seeking trade deals. He said Trump's pressure was prompting countries to move production to the United called the Vietnam deal "fantastic.""It's extremely one-sided. We get to apply a significant tariff to Vietnamese exports. They're opening their markets to ours, applying zero tariff to our exports."- EndsTune InMust Watch


Mint
2 hours ago
- Mint
Samsung Elec Q2 profit likely to drop 39% on weak AI chip sales
Samsung's Q2 profit seen at 6.3 trln won, down from 10.4 trln won prior year Supply of advanced AI chips to Nvidia fell behind targeted schedule, analysts say Uncertainty surrounding U.S. trade policy remains risk SEOUL, July 7 (Reuters) - Samsung Electronics is expected to forecast a 39% plunge in second-quarter operating profit on Tuesday, weighed down by delays in supplying advanced memory chips to artificial intelligence chip leader Nvidia. The world's biggest maker of memory chips is projected to report an April-June operating profit of 6.3 trillion won ($4.62 billion), its lowest income in six quarters and fourth consecutive quarterly decline, according to LSEG SmartEStimate. The prolonged weakness in its financial performance has deepened investor concerns over the South Korean tech giant's ability to catch up with smaller rivals in developing high-bandwidth memory (HBM) chips used in artificial intelligence data centres. Its key rivals, SK Hynix and Micron, have benefited from robust demand for memory chips needed for AI, but Samsung's gains have been subdued as it relies on the China market, where sales of advanced chips have been restricted by the U.S. Its efforts to get the latest version of its HBM chips to Nvidia certified by Nvidia are also moving slowly, analysts said. "HBM revenue likely remained flat in the second quarter, as China sales restrictions persist and Samsung has yet to begin supplying its HBM3E 12-high chips to Nvidia," said Ryu Young-ho, a senior analyst at NH Investment & Securities. He said Samsung's shipments of the new chip to Nvidia are unlikely to be significant this year. Samsung, which expected in March that meaningful progress over its HBM chip could come as early as June, declined to comment on whether its HBM 3E 12-layer chips had passed Nvidia's qualification process. The company, however, has started supplying the chip to AMD, the U.S. firm said in June. Samsung's smartphone sales are likely to remain solid, helped by demand for stock ahead of potential U.S. tariffs on imported smartphones, analysts said. Many of its key businesses including chips, smartphones and home appliances continue to face business uncertainty from various U.S. trade policies including President Donald Trump's proposal for a 25% tariff on non-US-made-smartphones and the July 9 deadline for "reciprocal" tariffs against many of its trading partners. The U.S. is also considering revoking authorisations granted to global chipmakers including Samsung, making it more difficult for them to receive U.S. technology at their plants in China. Shares in Samsung, the worst performing stock among major memory chipmakers this year, have climbed about 19% this year, underperforming a 27.3% rise in the benchmark KOSPI. ($1 = 1,363.3600 won) (Reporting by Heekyong Yang; Editing by Miyoung Kim and Sonali Paul)