logo
EU's Kallas warns that China needs to rebalance trade relationship with EU

EU's Kallas warns that China needs to rebalance trade relationship with EU

Yahoo02-07-2025
BRUSSELS (Reuters) -The European Union's top diplomat Kaja Kallas told Chinese foreign minister Wang Yi on Wednesday that Beijing needed to rebalance its trade relationship with the EU and warned Chinese companies' support for Russia's war in Ukraine posed a serious threat to European security.
"She also called on China to put an end to its distortive practices, including its restrictions on rare earths exports, which pose significant risks to European companies and endanger the reliability of global supply chains," the EU readout said.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Estonian energy tech startup moves to Texas, aims to boost electric grid
Estonian energy tech startup moves to Texas, aims to boost electric grid

Business Journals

time13 minutes ago

  • Business Journals

Estonian energy tech startup moves to Texas, aims to boost electric grid

Wind is a significant factor in how much power can be transmitted through electrical lines. With that in mind, a European startup that helps more accurately monitor and forecast wind on a hyperlocal scale has expanded to Austin. In this story, we talk with the company's CEO about why it moved to Texas. The story also includes background on the founder, as well as details on its current customers.

Two Chinese nationals in California accused of illegally shipping Nvidia AI chips to China
Two Chinese nationals in California accused of illegally shipping Nvidia AI chips to China

Yahoo

time21 minutes ago

  • Yahoo

Two Chinese nationals in California accused of illegally shipping Nvidia AI chips to China

By Karen Freifeld (Reuters) -Two Chinese nationals in California were arrested and charged with illegally shipping tens of millions of dollars' worth of AI chips to China, including Nvidia H100s, the U.S. Justice Department said on Tuesday. Chuan Geng, 28, of Pasadena, and Shiwei Yang, 28, of El Monte, exported the advanced Nvidia chips and other technology to China from October 2022 through July 2025 without the required licenses from the U.S. Commerce Department, the Justice Department said, citing an affidavit filed with the complaint. According to the affidavit, Geng and Yang's El Monte-based company, ALX Solutions, was founded in 2022, shortly after the U.S. imposed sweeping export controls on technology to China to slow Beijing's military modernization and began to require licenses for the chips. China opposed the U.S. move as harming normal trade. Over 20 shipments from ALX went to shipping and freight forwarding companies in Singapore and Malaysia, which are often used as transshipment points for illegal goods to China, a federal agent, who works for the Commerce Department, said in the affidavit. ALX received a $1 million payment from a China-based company in January 2024 and other payments from companies in Hong Kong and China, not from the freight forwarding companies, the agent said. Nvidia H100s are advanced chips that can be used to train large language models and many other applications. Records show that from at least August 2023 to July 2024, ALX Solutions bought over 200 Nvidia H100 chips from San Jose, California-based server maker Super Micro Computer, declaring that the customers were in Singapore and Japan, the agent said. On one 2023 invoice valued at $28,453,855, ALX said the customer was in Singapore, but a U.S. export control officer in Singapore could not verify the chips arrived in the country and the company did not exist at the listed location, the document says. "This case demonstrates that smuggling is a nonstarter," a Nvidia spokesperson said in a statement. "We primarily sell our products to well-known help us ensure that all sales comply with U.S. export control rules." Diverted products have "no service, support or updates," the statement added. Super Micro said in a statement it was "firmly committed to compliance with all U.S. export control regulations." It said it did not comment on ongoing legal matters, but cooperated with authorities in any such proceedings. Geng and Yang appeared in federal court in Los Angeles on Monday, the Justice Department said. Geng, a permanent resident, was released on $250,000 bond. Yang, who overstayed her visa, has a detention hearing on August 12. Lawyers for the defendants did not respond to requests for comment.

US dollar gains as market awaits Fed board appointee, inflation data
US dollar gains as market awaits Fed board appointee, inflation data

Yahoo

time32 minutes ago

  • Yahoo

US dollar gains as market awaits Fed board appointee, inflation data

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -The U.S. dollar rose on Tuesday, but remained within sight of Friday's lows, with the market still consolidating after a weak jobs report that boosted bets of a rate cut by the Federal Reserve next month. Investors also focused on President Donald Trump's nominations to the Federal Reserve Board, including his choice for commissioner of the Bureau of Labor Statistics. "Where we are now is essentially settling after the (payrolls) data and you have a Fed that is ... not in a rush to cut and not really seeing any signs of inflation, or maybe just a little bit of inflation," said Eugene Epstein, head of trading and structured products, North America, at Moneycorp in New Jersey. "So we're basically in this purgatory between now and the CPI (consumer price index) print next week. And the dollar is consolidating ... waiting for that data." Wall Street economists expect the underlying CPI for July to have edged up to 0.3% and 3.0% on a monthly and year-on-year basis, respectively, according to a Reuters poll. Apart from economic data, the market is also keeping an eye on the changing of the guard at the Fed, which could transform it into a more dovish central bank, in line with what Trump wants. Trump on Tuesday said he would announce decisions soon on a short-term replacement for Fed Governor Adriana Kugler, who resigned last Friday, including his pick for the next Fed chair. He ruled out U.S. Treasury Secretary Scott Bessent as a contender to replace current chief Jerome Powell, whose term ends in May 2026. Bessent wanted to remain in his current job, Trump said, adding that the White House is looking at four candidates to replace Powell. "You can make the argument that a Kugler replacement is dovish for rates, and in turn, means a weaker U.S. dollar going forward," Moneycorp's Epstein noted. In addition to Kugler's exit, Trump fired BLS Commissioner Erika McEntarfer on Friday as well after data showed weaker-than-expected employment growth in July and massive downward revisions to the prior two months' job counts. He said on Sunday he would announce a new BLS commissioner within three to four days. WEAKENING SERVICES SECTOR Tuesday's data, meanwhile, had little impact on the currency market. U.S. services sector activity unexpectedly showed a flat outcome in July, with little change in orders and a further softening in employment even as input costs climbed by the most in nearly three years. The Institute for Supply Management said on Tuesday its non-manufacturing purchasing managers index (PMI) slipped to 50.1 last month from 50.8 in June. Economists polled by Reuters had forecast the services PMI would rise to 51.5. In afternoon trading, the euro was last flat at against the dollar at $1.1569. That pushed the dollar index, which measures the U.S. currency against six counterparts with the euro as the biggest component, up 0.2% at 98.81, after touching a one-week low earlier in the session at 98.609. Amid a soft U.S. jobs report, rate futures are now pricing in a 91% chance of the Fed cutting rates at next month's meeting, compared with 35% a week earlier, according to the CME's FedWatch. They also indicate 60 basis points (bps) of cuts by end-December and 130 bps in rate declines by October 2026, 30 bps more than the levels seen on Friday before the U.S. jobs data. Goldman Sachs, on the other hand, expects the Fed to deliver three consecutive 25-bp rate cuts starting in September, with a 50 bp move possible if the next jobs report shows a further rise in unemployment. In other FX pairs, the dollar rose 0.4% to 147.66 yen, after minutes of a June policy meeting showed a few Bank of Japan board members said the BOJ would consider resuming rate increases if trade frictions de-escalate. The focus, however, remains on tariff uncertainties, after the latest duties imposed by Trump on imports from dozens of countries last week increased worries about the health of the global economy. The 15% tariff that European Union goods face when entering the U.S. is all-inclusive, a senior EU official said on Tuesday. The Swiss franc was slightly lower on the day at 0.8077 per dollar, after dropping 0.5% in the previous session. Switzerland is looking to make a "more attractive offer" in trade talks with Washington, to avert a 39% U.S. import tariff on Swiss goods that threatens its export-driven economy. Currency bid prices at 5 August​ 07:47 p.m. GMT Descript RIC Last U.S. Pct YTD High Low ion Close Chang Pct Bid Bid Previous e Session Dollar 98.769 98.63 0.15% -8.96% 99.082 98. index 584 Euro/Dol 1.1573 1.1573 -0.03 11.75% $1.158 $1. lar % 8 152 8 Dollar/Y 147.63 146.984 0.44% -6.18% 147.82 146 en 5 .9 Euro/Yen 170.86​ 170.17 0.41% 4.68% 170.94 169 .83 Dollar/S 0.8075 0.8081 -0.07 -11.01 0.8118 0.8 wiss % % 066 Sterling 1.3293 1.3287 0.04% 6.28% $1.331 $1. /Dollar 6 326 ​ Dollar/C 1.3781 1.378 0.01% -4.16% 1.381 1.3 anadian 767 Aussie/D 0.6468 0.6467 0.04% 4.56% $0.647 $0. ollar 9 645 Euro/Swi 0.9346 0.935 -0.04 -0.5% 0.936 0.9 ss % 331 Euro/Ste 0.8703 0.8708 -0.06 5.2% 0.8714 0.8 rling % 68 NZ 0.5893 0.5908 -0.25 5.31% $0.592 0.5 Dollar/D % 2 884 ollar Dollar/N 10.2534 10.2655 -0.12 -9.79% 10.290 10. orway ​ % 5 247 7 Euro/Nor 11.8757 11.8823 -0.06 0.91% 11.888 11. way % 839 8 Dollar/S 9.6666 9.6518 0.15% -12.26 9.6929 9.6 weden % 382 Euro/Swe 11.1937 11.1707 0.21% -2.38% 11.199 11. den 5 159 8 Sign in to access your portfolio

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store