United News of Bangladesh

Beijing's gross domestic product (GDP) grew 5.5 percent year on year to over 2.5 trillion yuan (about 350.2 billion U.S. dollars) in the first half of 2025, calculated at constant prices, the city's statistics authorities said Thursday. The primary industry achieved an added value of 4.57 billion yuan, an increase of 1.5 percent; the secondary industry grew 4.7 percent to over 335.6 billion yuan, and the tertiary industry surpassed 2.16 trillion yuan, up 5.6 percent, according to the municipal bureau of statistics. Added value of the city's industrial enterprises above designated size rose 7 percent year on year during the six-month period, edging up 0.2 percentage points from the first quarter. High-end manufacturing showed significant momentum, with surging production of lithium-ion batteries, new energy vehicles, and medical instruments and equipment. The services sector, a key stabilizer, expanded 5.6 percent. Information transmission, software and IT services output reached about 619.4 billion yuan, up 11.1 percent from the first half of last year. Financial services output was around 436.3 billion yuan, rising 8.1 percent. The surveyed urban unemployment rate on average in Beijing stood at 4.1 percent for the first half, unchanged from the first quarter, while per capita disposable income for residents reached 45,144 yuan, an increase of 4.8 percent.

Canadian retail giant Alimentation Couche-Tard has withdrawn its proposal to acquire Seven & i Holdings Co., the Japanese parent company of the 7-Eleven convenience store chain, citing prolonged delays and a lack of meaningful dialogue in the negotiation process. Couche-Tard, which operates the global Circle K chain, had shown continued interest after its initial offer was turned down last year. In a letter dated July 16 and addressed to Seven & i’s board, the Canadian firm said it had proposed a revised offer of 2,600 yen ($17.50) per share in cash earlier this year—representing a 47.6% premium over the market price. The original offer, made in 2023, was 2,200 yen ($14.86) per share. Signed by top executives, including founder Alain Bouchard, the letter accused Seven & i of stalling negotiations through "obfuscation and delay," and expressed disappointment over the lack of transparency and productive discussions. Couche-Tard, which operates nearly 17,000 stores across more than 30 countries, claimed that essential documents were withheld, key executives failed to attend meetings, and the discussions that did occur were limited to scripted briefings. In response, Seven & i acknowledged the bid withdrawal and maintained that it had engaged “constructively and in good faith.” The company reaffirmed its commitment to its independent growth strategy, including efforts to enhance the value of its North American convenience store operations. Trump plans over 10% tariffs on smaller nations Industry analysts have previously criticized Seven & i’s management for not fully capitalizing on the brand’s global potential. The company recently appointed Stephen Hayes Dacus—the first non-Japanese CEO of 7-Eleven—who aims to streamline operations and localize store offerings. Seven & i reported a profit of 49 billion yen ($330 million) in the first fiscal quarter, largely driven by asset sales at its Ito-Yokado retail unit. Quarterly sales remained stable, boosted by favorable currency exchange rates. The 7-Eleven franchise operates over 85,000 outlets worldwide, including in Japan, the U.S., and Europe, and remains a fixture of daily life in Japan.  

U.S. President Donald Trump on Tuesday said he intends to impose tariffs of over 10% on goods from smaller nations, including countries in Africa and the Caribbean. “We’ll probably set one tariff for all of them,” Trump told reporters, adding that it could be “a little over 10% tariff” on imports from at least 100 countries. Commerce Secretary Howard Lutnick clarified that the targeted nations would primarily be in Africa and the Caribbean — regions that conduct relatively modest trade with the United States. Lutnick noted that such tariffs would have limited impact on addressing the broader U.S. trade imbalances. Earlier this month, Trump began issuing formal notifications to approximately two dozen countries and the European Union, outlining the tariff rates set to take effect on August 1. These rates align closely with the ones announced on April 2, which triggered market volatility and led Trump to offer a 90-day negotiation period that ended on July 9. US manufacturing struggles persist despite subsidies and tariffs In addition, the president said he would “probably” introduce tariffs on pharmaceutical drugs by the end of the month. He added that the administration plans to begin with a lower rate, giving companies a year to establish domestic manufacturing before imposing higher import taxes. Trump indicated that computer chips would also be subjected to a similar phased tariff approach.

Tesla Inc. has officially entered the Indian market, launching its first showroom in Mumbai’s upscale Bandra-Kurla Complex on Tuesday. The outlet will serve as the EV giant’s flagship experience center, marking a long-awaited step into the world’s third-largest auto market. The move comes after years of delays due to policy disagreements. With global sales dropping and pressure mounting in its key markets—China and the U.S.—India offers Tesla a new growth frontier. The country’s electric vehicle market is still in its early stages, making up just over 2% of total car sales, but the government aims to boost that share to 30% by 2030. Tesla shares plunge 7% as Trump-Musk feud reignites, sparking investor concerns Tesla will initially sell its Model Y vehicles in India via imports, with prices starting at 6 million rupees ($70,000), significantly higher than U.S. prices. Deliveries are expected to begin in the third quarter. While Tesla's prices put it out of reach for most Indians, the brand will compete in the luxury segment alongside BMW and Mercedes-Benz. Experts say Tesla’s entry could accelerate EV innovation and bolster India’s push toward cleaner transportation. Source: Agency 

Asian markets mostly slipped in early Tuesday trading as investor anxiety grew over President Donald Trump’s latest tariff announcements. Japan’s Nikkei 225 inched up 0.1% to 39,507.28, while Australia’s S&P/ASX 200 gained 0.4% to 8,602.70. In contrast, South Korea’s Kospi dipped 0.2% and Hong Kong’s Hang Seng dropped 0.1% to 24,172.79. China's Shanghai Composite saw the sharpest fall, losing nearly 0.9% after new data showed slower economic growth in the second quarter amid escalating trade tensions. The economy grew 5.2% annually, slightly down from 5.4% in the previous quarter. While the region’s exporters remain wary of the impact of new U.S. tariffs, some investors believe Trump may soften his stance before the measures take effect on August 1, leaving room for negotiation. China’s exports rise 5.8% in June as tariff truce triggers rush of orders Wall Street was steady on Monday, with the S&P 500, Dow, and Nasdaq all posting modest gains. Meanwhile, anticipation is building ahead of Japan’s upper house election on Sunday, which could reshape the ruling coalition. Analysts warned that if all proposed tariffs are implemented, they could risk tipping the U.S. economy into recession and raise concerns about national debt levels. Still, many believe the moves are part of Trump’s negotiation tactics.

China’s exports saw a stronger-than-expected rise in June as a temporary suspension of U.S. tariffs sparked a surge in orders ahead of an August deadline, official data showed Monday. Exports rose by 5.8% year-on-year last month, up from 4.8% in May. Imports also bounced back for the first time this year, growing by 1.1%, according to data released by China’s customs authority. While shipments to the United States were down 16% in June, the decline was notably smaller than the 34.5% drop recorded in May. Following the reimposition of steep tariffs by U.S. President Donald Trump — with rates as high as 245% on Chinese imports — both Washington and Beijing agreed to pause further duties to allow for trade negotiations. That prompted American retailers and other importers, who had largely suspended shipments of consumer goods like footwear, garments, and toys, to resume purchases from China. However, trade talks have made limited progress so far, and continued uncertainty — with sudden policy shifts on both sides — has complicated long-term planning for many businesses. EU delays retaliatory tariffs on US goods, aims for deal by August 1 In the interim, the Trump administration has increased tariffs on Chinese goods by 30%, with a new August 12 deadline looming for the reinstatement of higher duties unless a breakthrough is reached. The rebound in trade is expected to support China's GDP figures for the April-June quarter, which the government is scheduled to release on Tuesday. Still, the long-term outlook remains cautious. Zichun Huang of Capital Economics warned that “tariffs are likely to remain elevated” and that Chinese exporters will face growing pressure. “Manufacturers are constrained in their ability to quickly gain global market share by slashing prices,” she said, predicting a slowdown in export growth in the coming months, which may weigh on the broader economy. Despite ongoing tensions with Washington, China’s overall global trade expanded in the first half of 2025. Total trade — combining exports and imports — exceeded 20 trillion yuan ($2.8 trillion), a record high, as Chinese firms expanded their presence in new overseas markets. China’s global trade surplus reached $586 billion in the first six months of the year. Trump announces 30% tariffs on EU and Mexico from Aug 1 Exports to Southeast Asia rose 13% year-on-year during January to June, with strong growth in shipments to Thailand (22%), Vietnam (nearly 20%), and India (over 18%). Trade with Europe also increased, rising 6.6% in the same period. However, exports of automobiles declined sharply after the European Union imposed higher tariffs on Chinese electric vehicles, falling nearly 38% year-on-year. Auto parts exports also dropped by over 23%. Source: Agency 

The European Union has decided to postpone retaliatory tariffs on U.S. goods that were set to begin Monday, expressing hope that a trade agreement can be reached with the Trump administration before the new tariffs take effect on August 1. “This is now the time for negotiations,” European Commission President Ursula von der Leyen said Sunday in Brussels, following a letter from U.S. President Donald Trump announcing a 30% tariff on imports from the EU and Mexico beginning August 1. The EU, the largest trading bloc and America’s top trading partner, had planned to introduce its own countermeasures starting Monday at midnight Brussels time. However, von der Leyen said the EU will delay those measures until August 1, citing Trump’s letter as a sign that both sides have until then to reach an agreement. Europe’s key exports to the U.S. include cars, pharmaceuticals, aircraft, chemicals, medical equipment, and wine and spirits. “We have always been clear that we prefer a negotiated solution,” von der Leyen said. “But if an agreement cannot be reached, we will continue preparing our countermeasures so we’re fully ready.” Trump announces 30% tariffs on EU and Mexico from Aug 1 Italian Prime Minister Giorgia Meloni warned that a trade war would weaken both sides at a time of shared global challenges. “Europe has the economic and financial strength to argue for a fair and sensible agreement,” her office said in a statement, adding that Italy would work actively toward a deal. Italian Foreign Minister Antonio Tajani is scheduled to travel to Washington on Monday for talks with U.S. officials and lawmakers. Meloni’s right-wing government — the only EU administration represented at Trump’s inauguration — has positioned itself as a mediator between Brussels and Washington. President Trump has repeatedly claimed that past trade deals have disadvantaged the U.S. economy and argues that his tariff policy will help restore fairness. In his letter to the EU, he labeled the American trade deficit a national security concern. White House National Economic Council Director Kevin Hassett told ABC News on Sunday that Trump was not satisfied with the current draft trade proposals. “He’s seen some sketches of deals negotiated with Howard Lutnick and others on the trade team, and he thinks they’re not good enough,” Hassett said. “Sending these letters was his way of drawing a line in the sand. We’ll see how things develop.” Trump’s tariff threats have caused prolonged uncertainty for U.S. trade partners and businesses worldwide — from French wine producers to German carmakers — with deadlines frequently shifting. According to Eurostat, trade in goods and services between the EU and the U.S. reached €1.7 trillion ($2 trillion) in 2024, averaging €4.6 billion daily. EU trade ministers are set to meet Monday to assess trade relations with both the U.S. and China. The ongoing friction with Washington has prompted the EU to consider deepening ties with China. Speaking alongside Indonesian President Prabowo Subianto, von der Leyen emphasized the need for diversified and trustworthy trade partnerships. Announcing closer cooperation between the EU and Indonesia, she said current tensions highlight the importance of building predictable economic relationships. US stocks retreat from record highs amid tariff tensions with Canada President Prabowo echoed the sentiment, noting that while the U.S. remains a global leader, “we would like to see a very strong Europe” and advocate for multilateral engagement. Source: Agency 

President Donald Trump on Saturday unveiled plans to impose 30% tariffs on imports from the European Union and Mexico starting August 1, escalating tensions with two of the United States' most important trading partners. In letters posted to his social media account, Trump justified the move as part of his broader campaign to “rebuild” the U.S. economy, arguing that the country has long been exploited in global trade. He claimed the tariffs are necessary to correct trade imbalances and protect national security. Addressing Mexican President Claudia Sheinbaum, Trump acknowledged Mexico’s cooperation on border security and drug trafficking but insisted it hadn’t done enough to prevent the U.S. from becoming a “Narco-Trafficking Playground.” In his letter to the EU, Trump accused the bloc of maintaining unfair trade policies and persistent trade deficits, calling the relationship “far from reciprocal.” The announcement follows Trump’s previous decision to pause tariffs for 90 days to allow for negotiations. With that grace period ending this week, Trump is now moving forward, though implementation has been slightly delayed. Trump plans to hike tariffs on Canadian goods to 35% The response from Europe and Mexico was swift and critical. European Commission President Ursula von der Leyen said the EU remains committed to negotiations but warned of “proportionate countermeasures” if needed. French President Emmanuel Macron emphasized the EU’s unity, while Swedish and Danish leaders condemned the tariffs as short-sighted and harmful to global stability. Italy’s Prime Minister’s Office said triggering a transatlantic trade war “makes no sense,” and trade ministers from EU nations are set to meet Monday to coordinate a response. Mexico expressed disappointment, calling the move “unfair treatment” and emphasizing the need for “cool-headed” diplomacy. President Sheinbaum voiced hope for better terms through ongoing discussions. If implemented, the tariffs could affect nearly every sector of transatlantic and North American trade. In 2024, trade between the U.S. and EU totaled $2 trillion, with key European exports including pharmaceuticals, automobiles, aircraft, and wine. Critics say Trump’s moves threaten decades-old global trade rules and could isolate the U.S. from key economic partners. Source: Agency 

U.S. stocks dipped on Friday, pulling the S&P 500 back from its all-time high as the Trump administration ramped up tariff threats against Canada. The S&P 500 was down 0.3% in midday trading, a day after reaching a record. The benchmark index is on track for its first weekly loss in three weeks. The Dow Jones Industrial Average fell 331 points, or 0.7%, and the Nasdaq composite slipped 0.1%, both also poised to end the week lower. Bond yields rose, with the 10-year Treasury yield increasing to 4.41% from 4.34% late Thursday. In a letter to Canadian Prime Minister Mark Carney on Thursday, President Donald Trump announced a sharp increase in tariffs on Canadian imports, raising rates to 35%, up from the previous 25%. The move further strained trade relations with Canada, a historically close ally. The White House’s strategy aims to pressure countries into trade deals through tariff threats. Although Wednesday was set as the original deadline, the negotiation window has been extended to August 1. So far, only the UK and Vietnam have reached deals with the U.S. Trump also floated the possibility of 200% tariffs on pharmaceutical imports and imposed a 50% tariff on copper, aligning it with steel and aluminum duties. Despite earlier market disruptions caused by tariff policies, recent market reactions have been relatively calm. “Markets appear to believe that Trump will again back down,” said Paul Ashworth, chief North America economist at Capital Economics. “We are not so sure.” Asian markets mixed as Trump administration pushes new tariff deadlines Attention is now shifting to corporate earnings. Levi Strauss rose 9.2% after strong earnings and an improved outlook. PriceSmart climbed 4.6% following solid Q3 results and potential expansion plans in Chile. Next week, major banks including JPMorgan Chase, Wells Fargo, and Citigroup will report earnings, with S&P 500 companies expected to post 5% earnings growth for Q2— the slowest pace since Q4 of 2023. Financials, health care, and communication services weighed on markets Friday. Visa fell 2.4%, Gilead Sciences lost 3.7%, and Meta declined 1%. Nvidia, however, gained 1.2%. Airline stocks dipped despite strong earnings from Delta Air Lines: Delta dropped 1.9%, United 4.2%, and American 4.2%. T-Mobile shares slipped 0.7% after the U.S. Justice Department allowed its $4.4 billion acquisition of U.S. Cellular to proceed. U.S. Cellular gained 3.2%. Red Cat Holdings surged 19.8% following orders from Defense Secretary Pete Hegseth to ramp up drone production. European markets also traded lower after mostly down sessions in Asia. Meanwhile, bitcoin hit a new all-time high Friday, briefly surpassing $118,000 before settling near $116,683. The rally coincides with Nvidia reaching a $4 trillion valuation and anticipation ahead of U.S. Congress’ Crypto Week beginning July 14.

U.S. Secretary of State Marco Rubio is set to hold a crucial meeting with Chinese Foreign Minister Wang Yi on Friday, as tensions continue to escalate between Washington and Beijing over trade, regional security, and China’s support for Russia’s war in Ukraine. The high-level meeting, confirmed by the U.S. State Department, comes as Rubio concludes his two-day visit to Malaysia for the Association of Southeast Asian Nations (ASEAN) security summit — his first official trip to Asia as secretary of state. It will mark his first face-to-face meeting with Wang. Rubio's meeting with Wang follows a separate discussion in Kuala Lumpur with Russian Foreign Minister Sergey Lavrov, during which both sides explored options to revive peace talks on the Ukraine conflict. This diplomatic activity unfolds against growing global concern over U.S. trade policies under President Donald Trump, particularly the threat of sweeping tariffs that could impact both adversaries and allies, including many ASEAN members. While Southeast Asian leaders voiced frustration over the tariffs, Rubio said regional counterparts were more focused on security concerns and their fears of increasing Chinese assertiveness. “Of course, [tariffs] were raised. It’s an issue,” he told reporters Thursday. “But I wouldn’t say it solely defines our relationship. There’s strong enthusiasm for U.S. engagement.” Business leaders stress Bangladesh-Thailand FTA to unlock regional trade potential Rubio echoed Trump’s stance that China poses a major challenge to the U.S., particularly in trade and technology. He also reiterated Washington’s concerns over China’s indirect support for Russia’s war efforts. “The Chinese clearly have been supportive of the Russian effort — as much as they can without getting caught,” he said, hinting the issue would be raised with Wang. Rubio and Wang have used the ASEAN summit to highlight their competing visions for the Indo-Pacific. While the U.S. signed a civil-nuclear agreement with Malaysia, Wang condemned Trump’s proposed tariffs as harmful to global trade and stability. Asian markets mixed as Trump administration pushes new tariff deadlines On Thursday, Wang and Lavrov jointly criticized U.S. actions, warning against foreign interference in Southeast Asia and affirming support for ASEAN’s central role in regional affairs.