Russia budget deficit reaches 2025 target level of 1.7% GDP in first half of year
Russia's budget deficit reached 3.69 trillion roubles ($46.89 billion), or 1.7% of gross domestic product (GDP), in the first half of the year, the sa...
Beijing has warned the Trump administration against restoring steep U.S. tariffs next month and signalled it will retaliate against countries that cut China out of supply chains through bilateral deals with Washington.
The warning, issued through a commentary in the official People’s Daily on Tuesday, follows U.S. moves to reimpose high tariffs on Chinese goods unless a new agreement is reached by 12 August. The commentary urged dialogue and criticised what it called “bullying” tactics by the U.S.
“One conclusion is abundantly clear: dialogue and cooperation are the only correct path,” said the article, published under the pseudonym “Zhong Sheng”, which represents the Chinese Communist Party’s official stance on foreign affairs.
President Donald Trump has begun notifying trade partners of new tariffs due to take effect on 1 August. While most countries were given time to strike agreements, China faces import duties exceeding 100% unless a deal is reached.
The People’s Daily said China must uphold its “principled positions” to defend its rights and warned that Beijing would “respond resolutely” if third-party countries strike tariff deals with the U.S. that undercut Chinese trade.
The comments follow a June agreement between Beijing and Washington that temporarily eased tensions, but many details remain unresolved. The Peterson Institute for International Economics estimates current average U.S. tariffs on Chinese goods at 51.1%, with China’s duties on U.S. products averaging 32.6%.
China also responded to recent moves by regional economies. Last week, Vietnam secured a reduced U.S. tariff of 20%—down from 46%—on certain goods, while Chinese-origin items transshipped through Vietnam face a 40% levy.
The commentary said China “firmly opposes any side striking a deal that sacrifices Chinese interests in exchange for tariff concessions” and warned it would not tolerate arrangements that alter global supply chains to its detriment.
With a new deadline approaching and high tariffs looming, the risk of another full-blown trade dispute remains high. Markets are watching closely to see whether both sides will re-engage or return to retaliatory measures.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
A magnitude 5.5 earthquake struck off Japan’s Tokara Islands on Wednesday, with no tsunami warning issued but residents advised to remain vigilant.
The United States has rescinded licensing restrictions on ethane exports to China, allowing shipments to resume after a temporary halt and signalling progress in efforts to ease recent trade tensions.
A deadly mass shooting early on Monday (7 July) in Philadelphia's Grays Ferry neighbourhood left three men dead and nine others wounded, including teenagers, as more than 100 shots were fired.
Italy plans to grant approximately 500,000 work visas to non-EU nationals between 2026 and 2028, as announced in a cabinet statement. The initiative aims to address labor shortages by expanding legal immigration pathways
Germany has summoned China’s ambassador to protest after a Chinese warship used a laser against a German surveillance aircraft operating in the Red Sea, Berlin said on Tuesday.
Dozens of international and domestic flights were cancelled or delayed after Mount Lewotobi Laki Laki erupted on Monday, but Bali’s main airport remains operational.
At least 29 people are missing after a glacial flood destroyed the “Friendship Bridge” linking Nepal and China, disrupting trade and prompting cross-border rescue efforts.
Kazakhstan will seek to protect its national interests in talks with the United States after receiving notice of new import tariffs due to take effect from 1 August, its trade ministry said on Tuesday.
Greece closed the Acropolis and limited outdoor work on Tuesday as a severe heat wave pushed temperatures above 40°C, marking the country’s second major heat event this season.
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