Top News
Trump, Netanyahu discuss plans to relocate Palestinians
US President Donald Trump has said he thinks talks on a 90-day ceasefire in the 21-month war in Gaza have been "going very well," though the first round in Qatar ended without a breakthrough. Trump hosted Israeli Prime Minister Benjamin Netanyahu at a dinner in Washington, where plans to relocate Palestinians were discussed. In Israel, the defense minister told journalists on Monday that work to build a "humanitarian city" on the ruins of the city of Rafah would begin under a ceasefire. The sprawling camp would eventually be large enough to house forced displacement of all 2.1 million Palestinians, aimed at ending Hamas control over the coastal enclave.
China warns US against resuming trade war
People's Daily, China's state media, warned the Trump administration in a commentary on Tuesday against reigniting trade tensions by restoring tariffs on its goods next month. On Monday, President Donald Trump began notifying trading partners of higher tariffs, effective on August 1, if they don't reach agreement on new trade deals. A 90-day truce between China and the US rolled back tariffs temporarily. "One conclusion is abundantly clear: dialogue and cooperation are the only correct path," the newspaper said, adding that US threats amount to bullying. It also said China will "respond resolutely" to US trade deals with other countries that harm China's interests.
US signals resumption of weapon supplies to Ukraine
President Trump said the US is resuming weapons shipments to Ukraine, just days after ordering a pause in deliveries of air-defense systems and munitions. The decision comes as Russia continues to pummel Ukraine cities with drone and missile attacks, with a US-proposed ceasefire going nowhere. Trump again criticized Russian President Vladimir Putin for blocking peace efforts.
Top Business
Trump threatens tariff on copper imports, hints foreign drugs are next
President Donald Trump said he will impose a 50 percent tariff on imports of copper and duties as high as 200 percent on pharmaceutical imports may follow. Chile, Canada and Peru accounted for more than 90 percent of refined copper imports to the US in 2024. Copper prices jumped to a record after Trump's surprise announcement.
ByteDance denies TikTok sale
China's ByteDance on Tuesday denied reports it plans to sell the US operations of its popular TikTok social platform to a group led by Oracle. The US Congress last year passed a law banning TikTok if it remains in Chinese hands. President Donald Trump, who has delayed implementation of the law twice, said recently that "wealthy Americans" are lined up to buy the US operations. Any sale would have to be approved by China. TikTok has reportedly been working on a US-specific version to comply with regulatory demands.
Samsung forecasts profit plunge
Samsung Electronics is forecasting a 56 percent plunge in second-quarter profit amid fierce competition with Nvidia in artificial-intelligence chips. The South Korean semiconductor and smartphone maker projects operating profit will be about 4.6 trillion won (US$3.6 billion), down from estimates of 6.3 trillion won.
Shanghai gets tourism boost
Shanghai welcomed 2.6 million foreign travelers in the first half, a 45 percent increase from a year earlier that is credited to China's relaxed visa policies. Half of the visitors disembarked in the city under 30-day, visa-free stays for citizens of 74 countries or under 240-hour free stays for transiting passengers. Shanghai has adopted policies making stays in the city easier for foreign tourists.
Economy & Markets
China reserves increase
China's foreign-exchange reserves in June rose nearly 1 percent from a month earlier to a decade high of US$3.317 trillion. The State Administration of Foreign Exchange said the increase was driven by exchange-rate conversions and by increases in the prices of global assets, such as gold, as the US dollar dropped. China's official gold reserves in June rose to 73.9 million ounces from 73.8 million ounces, the eighth straight month of increase.
Gold ETFs draw large inflows of investment
Global exchange-traded funds linked to gold attracted US$38 billion in inflows in the first half, the World Gold Council said. Collective holdings rose by 397 metric tons to 3.6 million tons at the end of June.
China electric car sales surge
China retail sales of new-energy passenger vehicles in June rose 28 percent from a year earlier to 1.1 million units, according to the China Passenger Car Association. Exports more than tripled to 198,000 units. For the first half, retail sales of electric and hybrid cars rose by a third to 5.5 million cars.
Rural banks and jobs
Consolidation of rural banks in China is accelerating as part of reforms to reduce risk and improve services. In the first half, mergers involved 89 smaller banks, according to the National Financial Regulatory Administration.
Separately in rural China, a nationwide program that provides jobs for vulnerable people received an additional 10 billion yuan (US$1.37 billion) to expand public works projects like roads, irrigation and water systems. The program is expected to generate 700,000 jobs this year.
Corporate
End of the road
GAC Fiat Chrysler Automobiles, a joint venture between Guangzhou Automobile Group and Stellantis was declared bankrupt by a court in China's Hunan Province after failing to complete a reorganization.
Porsche sales in China tank
Porsche said sales in China slumped 28 percent in the first half, citing "challenging market conditions." Overall deliveries of the luxury cars were down 23 percent in Germany and 8 percent in the rest of Europe, but rose 10 percent in the US.
Apple chastised for slow exit from China
Apple is not moving its factories out of China fast enough, said White House trade advisor Peter Navarro in a rebuke aimed at Apple chief Tim Cook. He called Apple's continuing requests for more time the "longest-running soap opera in Silicon Valley." In May, Apple said it's shifting production of most iPhones and other devices bound for the US market away from China, to countries like India and Vietnam. However, the Trump administration has said it wants production moved to the US.
Shein said to file for HK listing
Online discount-goods platform Shein privately filed for an initial public offering in Hong Kong, the Financial Times reported. Founded in China but now Singapore-based, Shein previously filed an application to list on the London Stock Exchange last year but has yet to win regulatory approval. The company has suffered setbacks in its strategy of direct mail delivery to online buyers after the US and EU this year ended duty-free access of its low-value parcels.
Hikvision resumes operations in Canada
Chinese surveillance camera manufacturer Hikvision resumed operations in Canada pending the outcome of its legal challenge to an Ottawa order to cease production. Canadian authorities cited security concerns for the order.