China turns to BRICS partner for coffee
Beijing has authorized nearly 200 Brazilian companies to export coffee to the Chinese market amid escalating trade tensions between the South American nation and the US, according to the Chinese embassy in Brazil. The greenlight follows Washington's decision to impose a hefty tariff on Brazilian coffee and other goods.
The 50% tariff, which took effect in late July, targets coffee and meat - two key sectors of Brazil's economy. The move comes amid the broader trade war launched by US President Donald Trump against multiple countries.
"China has approved the authorization of 183 new Brazilian coffee companies to export to the Chinese market," the embassy said Saturday in a post, adding that the measure took effect on July 30 and will remain valid for five years.
Brazil's Ministry of Industry and Foreign Trade has estimated that 35.9% of exports to the US will be affected by the tariffs, warning that annual losses could reach up to $14.5 billion.
During the 2024/2025 crop year, Brazil exported 7.468 million bags of coffee to the US, making it the largest destination for Brazilian coffee exports, according to the Brazilian Coffee Exporters Council. The US accounted for 16.4% of Brazil's total coffee exports. In monetary terms, that amounted to $1.9 billion in coffee exports, along with $1.35 billion worth of meat.
READ MORE: The BRICS hit back: Trumps old tricks meet new world
China's growing appetite for coffee appears to align with its latest move to expand imports from Brazil. According to data from the International Coffee Organization, coffee consumption in China grew by 15% in the latest season. At the same time, the number of branded coffee shops in the country surged by 58% over the past 12 months, reaching 49,691 outlets, according to market intelligence firm Alegra Group. The rapid expansion signals China's emergence as a key growth market for global coffee producers.
Trump has defended the steep tariffs on Brazilian goods, citing what he called a "witch hunt" against former President Jair Bolsonaro, despite the fact that the US ran a $6.8 billion trade surplus with Brazil in 2024. Trump had previously justified his trade policies by claims that he intended to correct trade imbalances.
(RT.com)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
2 minutes ago
- New Straits Times
Rupee likely to hold ground after Trump ramps up tariff heat on Indian goods
MUMBAI: The Indian rupee is expected to open largely unchanged on Thursday, showing limited reaction to US President Donald Trump's additional tariffs on Indian goods, which traders said was largely expected and factored in. The 1-month non-deliverable forward indicated the rupee will open in the 87.70-87.75 range versus the US dollar, largely unchanged from Wednesday's close of 87.7325. Indian equities too appeared largely unfazed by the additional tariffs, with GIFT Nifty futures pointing to a muted open. On Wednesday, Trump hit Indian goods with an extra 25 per cent tariff, blaming oil ties with Russia. The new duties, kicking in on August 28, could lift tariffs on some exports to 50 per cent - one of the steepest rates for a US trade partner. "We knew more tariffs were coming after all those hints by Trump," a currency trader at a private sector banks said. It appears that the rupee and Indian equities had largely priced them in, he added. The rupee's measured response to the new tariffs likely reflects the Reserve Bank of India's (RBI) resolve to prevent a breach of the all-time low of 87.95, the trader said. The central bank was likely selling dollars via state-run banks on Tuesday when the currency was at risk of slipping past that level. India-US trade relations have entered a turbulent phase, marked by escalating tariffs and the US's unease over New Delhi's continued energy engagement with Russia. The developments have raised concerns about higher volatility in Indian assets, with investors bracing for the fallout from worsening relations. The additional tariffs were not "entirely unexpected", especially since Trump had recently threatened substantial tariffs on India, Barclays Bank said, adding that if implemented in full, would "certainly dent India's growth outlook". However, the bank added that the announcement likely represents a pressure tactic and expects the final US duty on Indian goods to settle lower.
BusinessToday
6 minutes ago
- BusinessToday
ASEAN As A Forum Conveniens
By Redza Zakaria After several days of airstrikes launched by Thailand against Cambodian military targets along their long-disputed border, tensions reached their worst point in recent weeks. The conflict, rooted in historical territorial disagreements, escalated rapidly and resulted in significant casualties and displacement. However, the situation took a positive turn as both Thailand and Cambodia agreed to an immediate and unconditional ceasefire following five days of intense fighting. The clashes reportedly killed dozens of people and forced tens of thousands to flee their homes. Malaysian Prime Minister, Dato' Seri Anwar Ibrahim, welcomed the ceasefire, stating, 'This is a vital first step towards de-escalation and the restoration of peace and security.' He further announced that the hostilities would officially cease at midnight, marking a hopeful milestone in efforts to stabilize the region and rebuild trust between the two neighbouring countries. As Malaysia holds the ASEAN Chairmanship, this presents an excellent opportunity for the Prime Minister and the Government to showcase Malaysia's diplomatic and negotiation capabilities. It positions Malaysia not only at the centre of regional attention but also reinforces the message that ASEAN is more than just a platform for visibility, it is a credible and effective forum for negotiation and conflict resolution. From a legal standpoint, this strengthens the notion that Malaysia could serve as a forum conveniens , a suitable and convenient venue, for peaceful negotiations, whether among ASEAN member states or even involving non-member countries seeking neutral ground for dialogue. Thus, this would provide a good focal point for raising concerns without taking sides. In English law, forum conveniens refers to the appropriate forum in which a case should be tried, based on what is most suitable for all parties and in the interest of justice. In the context of negotiations or dispute resolution, however, a forum conveniens can also be understood more broadly as a neutral and practical setting where parties can engage in constructive dialogue to reach a mutually beneficial, win-win agreement. Within just one month, Malaysia has witnessed two high-level diplomatic engagements with significant regional and global implications. The most recent was the agreement between Thailand and Cambodia to implement an immediate and unconditional ceasefire after days of escalating conflict along their shared border, an event facilitated under the ASEAN framework. The second notable event was the bilateral meeting between U.S. Secretary of State Marco Rubio and Chinese Foreign Minister Wang Yi, which took place on the 11th of July 2025, on the sidelines of the 58th ASEAN Foreign Ministers' Meeting in Kuala Lumpur. Described by Rubio as 'positive and constructive,' the meeting marked a key moment in the U.S.'s renewed strategic focus on the Indo-Pacific region, aiming to re-engage with Southeast Asia and rebalance its foreign policy attention beyond ongoing conflicts in the Middle East and Europe that had previously dominated the Trump administration's agenda. These developments highlight Malaysia's growing role not only as a regional host but also as a proactive and respected player in international diplomacy, further validating its chairmanship and reinforcing ASEAN's relevance in global affairs. Confidence in the current Malaysian Government is needed, particularly in how it emphasizes the value of negotiation and positions ASEAN as a key platform for dialogue, not just due to geographically, but as a vital regional hub for resolving critical issues. The meetings between Cambodia and Thailand showcased the importance of skilled negotiators. While U.S. President Donald Trump played a central role in initiating the process, the decision to hold the talks in Putrajaya underscores Malaysia's strategic value as a neutral and trusted venue for high-stakes diplomacy. By hosting these negotiations, Malaysia affirms its credibility as a mediator in Southeast Asia and enhances ASEAN's capacity for peaceful dialogue and conflict resolution. The author is a Deputy Head of Unit, Maritime Law, Policy and Governance at the Institute of Ocean and Earth Sciences (IOES), and Senior Lecturer at the Faculty of Law, Universiti Malaya.
The Star
32 minutes ago
- The Star
OpenAI releases free, downloadable models in competition catch-up
SAN FRANCISCO: OpenAI on Tuesday released two new artificial intelligence (AI) models that can be downloaded for free and altered by users, to challenge similar offerings by US and Chinese competition. The release of gpt-oss-120b and gpt-oss-20b "open-weight language models" comes as the ChatGPT-maker is under pressure to share inner workings of its software in the spirit of its origin as a nonprofit. "Going back to when we started in 2015, OpenAI's mission is to ensure AGI (Artificial General Intelligence) that benefits all of humanity," said OpenAI chief executive Sam Altman. An open-weight model, in the context of generative AI, is one in which the trained parameters are made public, enabling users to fine-tune it. Meta touts its open-source approach to AI, and Chinese AI startup DeepSeek rattled the industry with its low-cost, high-performance model boasting an open weight approach that allows users to customise the technology. "This is the first time that we're releasing an open-weight model in language in a long time, and it's really incredible," OpenAI co-founder and president Greg Brockman said during a briefing with journalists. The new, text-only models deliver strong performance at low cost, according to OpenAI, which said they are suited for AI jobs like searching the internet or executing computer code, and are designed to be easy to run on local computer systems. "We are quite hopeful that this release will enable new kinds of research and the creation of new kinds of products," Altman said. OpenAI said it is working with partners including French telecommunications giant Orange and cloud-based data platform Snowflake on real-world uses of the models. The open-weight models have been tuned to thwart being used for malicious purposes, according to OpenAI. Altman early this year said his company had been "on the wrong side of history" when it came to being open about how its technology works. He later announced that OpenAI will continue to be run as a nonprofit, abandoning a contested plan to convert into a for-profit organisation. The structural issue had become a point of contention, with major investors pushing for better returns. That plan faced strong criticism from AI safety activists and co-founder Elon Musk, who sued the company he left in 2018, claiming the proposal violated its founding philosophy. In the revised plan, OpenAI's money-making arm will be open to generate profits but will remain under the nonprofit board's supervision. – AFP
