Top News
Trump issues blitz of tariff orders, grants Mexico a suspension
On the cusp of his August 1 deadline to conclude deals with trading partners, President Donald Trump gave Mexico a 90-day reprieve from higher tariffs, slapped a 35 percent tariff on Canada and rejigged import duties on dozens of other countries, ranging from 10 percent to 41 percent. In addition, Trump said all goods transshipped to the US via third countries to avoid higher duties will draw a 40 percent tariff. He also announced a new 50 percent tariff on global imports of copper pipes and wiring, effective on Friday.
Earlier this week, he imposed a 25 percent tariff on India, warning that the percentage would double if he proceeds with a threat to impose a 25 percent tariff on countries that trade with Russia. He also slapped a 50 percent tariff on most Brazilian goods in retribution for what he called a legal "witch hunt" against former President Jair Bolsonaro.
Who's in, who's out
The US has concluded eight known trade deals in the 120 days since President Trump announced tariffs to rewrite what he called unfair global trade. Japan, South Korea, EU, UK, Vietnam, Indonesia, Pakistan, Thailand and the Philippines have signed deals imposing tariffs on exports to the US ranging from 10 percent to 20 percent. The tariffs, in almost all cases, are higher than the base rates initially imposed by Trump in April but lower than tariffs he threatened during the negotiating process. Among major countries yet to sign deals are India, Canada, Mexico, Brazil, Australia and Switzerland. Talks with China, which isn't included in the August 1 deadline, are continuing.
Washington tightens deadline for ceasefire in Ukraine
President Donald Trump moved up his deadline for Russia to strike a deal ending the war in Ukraine to August 8 or said Moscow will face new sanctions that include a 25 tariff on countries that buy Russian oil and gas. India and China are the two biggest buyers of Russian energy. Russia has thus far rebuffed a US ceasefire proposal accepted by Ukraine. Despite the threat, Russia continued to pummel Ukrainian cities with drones and missiles, with 16 civilians killed and 155 wounded in the latest attacks on the capital Kiev.
US officials to visit Gaza food sites
US special envoy Steve Witkoff and Ambassador to Israel Mike Huckabee will visit Gaza on Friday to inspect food distribution sites, where the Gaza health ministry says hundreds of people have been killed by Israeli gunfire while seeking aid. Under intense global pressure, Israel has relaxed border controls to allow some humanitarian aid into the coastal enclave amid reports of growing deaths from starvation and malnutrition, especially among children. Despite calls for a ceasefire, Israel's military campaign in Gaza shows no sign of abating.
Top Business
CATL beats market forecasts with Q2 profit surge
China's Contemporary Amperex Technology (CATL), the world's largest maker of batteries for electric vehicles, reported net profit in the second quarter surged 34 percent from a year earlier, following its successful US$4.5 billion initial public offering in May on the Hong Kong stock exchange to raise funds for global expansion. Net rose to 16.5 billion yuan (US$2.3 billion), exceeding market estimates, on an 8.3 increase in revenue to 94.2 billion yuan, according to the earnings report filed with the exchange. The company's profit margins on battery materials and recycling business tripled from a year earlier. CATL has benefited from the global boom in green vehicle production, especially on the mainland.
JD unveils details of Ceconomy takeover, shares drop
JD.com shares fell 3.2 percent in Hong Kong and 0.8 percent in New York after the Chinese e-commerce giant released details of its 2.2 billion euro (US$2.5 billion) takeover of German electronic retail chain Ceconomy. The deal comprises a 4.6 euro per share cash offer, a 23 percent premium over the stock's July 23 close. The acquisition will give JD access to Ceconomy's MediaMarkt and Saturn retail chains of more than 1,000 stores in 11 countries. It's expected to close in the first half of 2026, pending regulatory approval.
The takeover is JD's latest move to diversify beyond the Chinese domestic market, where consumer spending remains weak and competition with rivals Alibaba and PDD is intensifying. The bid comes months after JD walked away from potential acquisition of UK-based electrical appliances retailer Currys in March, without explanation.
Samsung posts profit drop on ailing chip sales
Samsung Electronics, South Korea's largest company, reported a 55 percent drop in second-quarter operating profit to 4.7 trillion won (US$3.4 billion) from a year earlier, led by a 94 percent decline in chip sales. Revenue rose 0.7 percent on higher sales of home appliances and smartphones. This week, Samsung struck a US$16.5 billion deal with Tesla to supply the electric carmaker A16 chips from one of its factories in the US.
China grills Nvidia on chip-security risks
China's cyberspace regulator summoned Nvidia to a meeting to discuss possible security risks in its H20 AI chips, following reports of serious vulnerabilities. The US recently eased controls to allow the advanced chips to be exported to China, and some US lawmakers are calling for them to include tracking and remote shutdown features. AI experts say Nvidia's technology already supports both functions. Beijing cited concerns about violations of cybersecurity and data protection laws, demanding Nvidia explain potential backdoors and provide evidence of compliance.
Economy & Markets
China manufacturing activity cools
China's manufacturing activity in July contracted for a fourth month, according to the government's
official purchasing managers' index. It came in at 49.3, slipping 0.4 percentage point from June and remaining below the 50 mark that separates contraction from expansion. Slower activity reflected extreme weather across parts of the country and US tariffs on goods imported from China. The index for sectors outside manufacturing, including services and construction, slid to 50.1 from 50.5 in June.
China tightens monitoring of gold sales
From today, China is requiring gold dealers to report any single or daily cash purchases of precious metals or gemstones valued at 100,000 yuan (US$14,000) or more. The move is part of a central bank effort to crack down on money laundering and terrorism financing. Transactions must be reported within five business days. The new rule targets sales involving gold, silver, platinum, diamonds and jade. Gold prices, for one, have hit record highs this year.
Local governments issued 2.6 trillion yuan of bonds in first half
Chinese local governments issued 2.6 trillion yuan (US$365.7 billion) of new bonds in the first half, raising outstanding debt to about 52 trillion yuan, the Ministry of Finance said. The bonds were sold at an average interest rate of 1.92 percent, with an average term of 16 years. About 80 percent of the sales were special-purpose bonds, with the rest for general purpose use.
Health care industry for elderly forecast to surge
Investment bank Goldman Sachs is forecasting China's healthcare industry catering to the elderly will rise in value to 963 billion yuan (US$134 billion) over the next decade, amid the nation's ageing population. Among key beneficiaries in the so-called "silver economy," the bank cited Shenzhen-listed China Aier Eye Hospital, which is well-positioned in the cataract surgery realm, and Shenzhen-listed Zhifei, the exclusive distributor of GSK's vaccines for shingles and respiratory syncytial virus – both recommended injections for the elderly.
Chinese investment banks eye new overseas funds
State-backed investment banks China International Capital Corp and China Galaxy Securities said they plan to launch funds worth a more than US$1 billion in Southeast Asia in the next year or two, heralding an expansion of their business focus from domestic to offshore. Reuters reported that both banks see finance opportunities in countries where once close ties with the US have been soured by Washington's tariff polices.
Corporate
Apple posts best revenue growth in four years
Apple reported a 10 percent rise in revenue to US$94 billion in its fiscal third quarter on a 13 percent increase in iPhone sales. It was the tech titan's largest quarterly revenue growth since 2021. Net income rose 9.3 percent from a year earlier to US$23.4 billion. China is a major market for Apple products.
Luckin Coffee posts 62 percent gain in operating profit
Luckin Coffee, a main Chinese competitor to Starbucks on the mainland, said second-quarter operating profit rose 62 percent from a year earlier to 1.7 billion yuan (US$237 million) on a 47 percent gain in revenue and a 13 percent acceleration in sales growth of self-operated outlets. About 2,100 new outlets - both self-operated and in partnerships - were opened in China and Southeast Asia. The chain has also opened its first two shops in the US, challenging Starbucks in its home territory. Global outlets at the end of the quarter totaled 26,200. The company's shares are traded on the over-the-counter market in New York.
ByteDance ups the ante in China's instant delivery market
ByteDance unit the Chinese counterpart of TikTok, is merging its online shopping platform Douyin Supermarket with the company's instant delivery service Douyin Home Delivery to challenge the dominance of Alibaba's Ele.me, JD.com and Meituan in fierce market competition to woo consumers with promises of goods delivery within an hour of an online order, the South China Morning Post reported, citing Chinese tech news website 36Kr.
Brillian Pharma gets US approval for hypertension drug
The US Food and Drug Administration has approved an oral hypertension drug developed by Brillian Pharma, an arm of Shenzhen-listed Changchun High-Tech Industry Group. It can be administered in patients six years and older to lower blood and treat angina. The drug's child-friendly tag means it is an acceptable therapy for the 6-17 age bracket, where the prevalence of hypertension in the US is nearly 4 percent, while prevalence in adults is 48 percent.
Hisense half-year profit rises 3 percent
Hisense Home Appliances, one of the world's largest makers of TV sets, reported that first-half profit rose 3 percent from a year earlier to 2.1 billion yuan (US$293 million) on a 1.4 percent increase in operating revenue to 49.3 billion yuan, with overseas income accounting for 41 percent of sales. The company's TVs, air conditioners, kitchen appliances and other household products have become popular in the US, Europe, the Middle East and Africa for their lower prices and high quality.