United News of Bangladesh

US President Donald Trump has announced that India will face a 25% tariff on all exports to the United States starting August 1, along with an additional unspecified penalty. The announcement was made Wednesday via a post on Truth Social, Trump’s own social media platform. Trump justified the move by citing India’s continued purchase of military hardware and oil from Russia, despite being labeled "our friend" by the American leader. He also criticized India for what he called "strenuous and obnoxious non-monetary trade barriers" and some of the highest tariffs in the world. "Remember, while India is our friend... we have, over the years, done relatively little business with them because their tariffs are far too high, among the highest in the world. And they have the most strenuous and obnoxious non-monetary trade barriers of any country," Trump posted. Sanctions on UN expert over Israel criticism affect life He further alleged that both India and China are indirectly funding Russia’s war in Ukraine — a conflict he claims he could resolve within 24 hours of taking office next January. "Also, they have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of energy... at a time when everyone wants Russia to stop the killing in Ukraine. India will, therefore, be paying a tariff of 25 per cent, plus a penalty for the above, starting August 1..." Trump’s announcement follows earlier tariff hikes declared in April, which were later scaled down and delayed to allow space for negotiations. August 1 was the self-imposed deadline for imposing reciprocal tariffs on multiple countries, including India. Speaking to reporters earlier on Wednesday after returning from a golf trip to Scotland, Trump reiterated, "India has been a good friend... but has charged basically more tariffs than almost any other country... you can't do that." The decision comes amid stalled US-India trade talks, with American officials seeking greater access to India’s dairy and agricultural markets—sectors that remain politically sensitive in India due to their impact on local farmers. US Trade Representative Jamieson Greer said earlier this week that Washington needs more time to assess India’s willingness to open its markets to American goods. Source: NDTV

The United States and China have agreed to work on extending a tariff pause set to expire on August 12, following two days of high-level trade negotiations in the Swedish capital, according to Chinese officials. The U.S. delegation acknowledged the topic was discussed but said no final decision has been made. China’s Vice Premier He Lifeng, who led Beijing’s team, said the discussions were “in-depth, candid, and constructive,” and emphasized the importance of a stable and sustainable U.S.-China trade relationship for global economic growth. While he confirmed an agreement to work toward a 90-day extension of the current tariff pause, he did not specify how it would be implemented. U.S. Treasury Secretary Scott Bessent described the meetings as “very fulsome,” touching on key U.S. concerns including China’s purchase of Iranian oil, supply of dual-use technology to Russia, and overproduction in key industrial sectors. He stressed the importance of “de-risking” strategic industries such as rare earths, semiconductors, and pharmaceuticals, and reiterated U.S. priorities to restore domestic manufacturing, reduce trade deficits, and secure more favorable purchase agreements for American agricultural and energy exports. The Stockholm talks, held behind closed doors at the office of Swedish Prime Minister Ulf Kristersson, marked the latest attempt to resolve lingering disputes over tariffs and export controls. The two sides previously met in Geneva and London to address contentious issues, including steep tariffs and critical supply chain restrictions. FPT, ATEC Forge first global partnership to boost Japan’s auto software innovation On Monday, Kristersson met Bessent and U.S. Trade Representative Jamieson Greer for breakfast before talks resumed. Both sides said the meetings ended on a constructive note and pledged to maintain open lines of communication on trade and economic issues. Possibility of Trump-Xi Summit The talks came amid speculation that President Donald Trump may meet Chinese President Xi Jinping later this year. Trump hinted at the possibility during a press briefing aboard Air Force One, saying he may visit China at Xi’s invitation. However, he clarified via his Truth Social platform that he was not actively seeking a summit. Although the topic of a Trump-Xi meeting was not formally discussed during the Stockholm negotiations, U.S. officials noted that both presidents support continued engagement between their trade teams. Greer confirmed that the American delegation would return to Washington to consult with President Trump regarding the potential extension of the August deadline. Pressure Builds Ahead of Tariff Deadline The urgency surrounding the talks stems from a looming increase in tariff rates. Currently, the U.S. imposes a 30% tariff on Chinese goods, while China levies a 10% duty on American imports. These rates are significantly lower than the triple-digit tariffs proposed earlier this year during the peak of the trade standoff. The two sides agreed to a 90-day pause in May, following tense negotiations in Geneva. That pause is set to expire on August 12 unless a new agreement is reached. China has so far been guarded about its specific goals, while the U.S. has made it clear that it wants to rebalance the trade relationship and secure better terms for its exporters. Analysts say any extension of the tariff pause would be a positive step but warn that longer-term solutions remain complex and politically sensitive. 100 Days to 8th CIIE: Preps Harden as Global Exhibitors Eye Business Potential in China Wendy Cutler, a former U.S. trade negotiator and now vice president at the Asia Society Policy Institute, cautioned that China is now a more assertive player on the world stage. “Beijing has learned lessons since the first Trump administration and will not buy into a one-sided deal this time around,” she said. Symbolic Setting, Strategic Stakes The high-stakes talks drew significant attention in Stockholm. Police cordoned off the waterfront near the prime minister’s office, where American and Chinese flags flew side by side. Crowds of onlookers and media gathered outside the venue, underscoring the global significance of the negotiations. Both Bessent and He Lifeng expressed optimism that the dialogue in Stockholm could pave the way for further progress. “We agreed to stay in close contact and communicate with each other in a timely manner,” He said. Source: Agency

Global tech giant FPT and Japan’s automotive software developer ATEC have signed a strategic Memorandum of Understanding (MoU) to jointly develop next-generation automotive software, marking ATEC’s first international partnership. The collaboration aims to address Japan’s growing demand for embedded system developers and the talent crunch in the automotive sector. Together, they will co-develop solutions for Software-Defined Vehicles (SDVs) and AUTOSAR systems for leading Japanese automakers. As part of the deal, a new Offshore Development Center will be established in Ho Chi Minh City, with expansion plans underway. “This partnership opens exciting opportunities for both sides in Japan’s dynamic automotive sector,” said Do Van Khac, CEO of FPT Japan. 100 Days to 8th CIIE: Preps Harden as Global Exhibitors Eye Business Potential in China With over 20 years of experience in automotive technology and $500 million revenue from Japan in 2024, Vietnam-based FPT aims to double that figure and become a top 15 IT services provider in Japan by 2027. Founded in 1988, ATEC is a certified engineering partner of Germany’s Vector Informatik and a key player in Japan’s automotive software space. Source: Agency

Chinese investors have demonstrated strong interest in Bangladesh’s key sectors during a series of bilateral engagements between Bangladesh delegation and Chinese investors held in Shanghai and Guangzhou. Chowdhury Ashik Mahmud Bin Harun, executive chairman of Bangladesh Investment Development Authority (BIDA) and the Bangladesh Economic Zones Authority (BEZA), led the Bangladesh delegation to China covering Shanghai and Guangzhou from 20–26 July.  More than 100 Chinese investors took part in an investment seminar jointly organised by BIDA and the Embassy of Bangladesh in Shanghai on 21 July, according to BIDA. Chinese investors Handa Industries and New Tiger Energy shared their investment experiences in Bangladesh and offered insights on the country’s evolving investment landscape during the seminar. Alongside the seminar, the delegation held over 25 bilateral meetings with companies exploring new or expanded investments in Bangladesh. Key sectors of interest included renewable energy, ready-made garments (RMG), healthcare, and consumer electronics. Govt initiative needed to restore trust of share market investors: Khosru “We are encouraged by the positive engagement from Chinese companies,” said Ashik Chowdhury.  “These interactions allowed us to highlight recent policy progress in Bangladesh, particularly in areas such as currency stability and the simplification of investment procedures. We were pleased to receive positive feedback from Chinese investors on these initiatives,” he added. The delegation of senior officials from BIDA and BEZA was accompanied by representatives from CitiBank NA, EBL, HSBC and Standard Chartered.  The team also explored avenues for future collaboration with prominent Chinese business associations and members of the non-resident Bangladeshi (NRB) community.  In addition, early discussions were held on establishing BIDA’s first overseas office to support sustained investor engagement and facilitation in East Asia, according to BIDA official release.

100 Days to 8th CIIE: Preps Harden as Global Exhibitors Eye Business Potential in China Facing the complex international landscape and mounting challenges, China International Import Expo (CIIE) consistently acts as a platform for global business exchange. With only 100 days to go, the 8 th CIIE is set to take place in Shanghai from November 5 to 10. As of now, over 50 countries and international organizations have confirmed their participation in the Country Pavilion. Sweden and the United Arab Emirates will serve as guest countries of honor at the 8 th CIIE, while Kyrgyzstan will make its debut. To help global enterprises across sectors better integrate into the Chinese market, the Corporate Pavilion features six major exhibition areas—encompassing Medical Equipment and Healthcare Products, Automobile and Smart Mobility, Intelligent Industry & Information Technology, Consumer Goods, Food and Agriculture Products, and Trade in Services—and will continue hosting its Innovation Incubation Special Section. Driven by strong interest and participation from overseas companies, total booked exhibition space has surpassed 330,000 square meters, with 170 companies and 26 institutions becoming eight-time full-attendance exhibitors. Notably, this year’s Corporate Pavilion introduces four fresh innovations, demonstrating its vibrant energy and vast collaboration opportunities for participants. Trump to visit Federal Reserve headquarters as feud with its chair continues A special section for the least-developed countries products will launch alongside an upgraded Africa products section, helping 53 diplomatic African partners leverage zero-tariff treatment to enter the Chinese market. A new section for overseas provinces and cities stands as another highlight. Focused on global premieres, a dedicated trail for exploring debuts and a section amplifying exhibitors’ presence are introduced. A cross-border e-commerce platform will be established for specialized promotion, matching, and livestreaming. The 8 th Hongqiao International Economic Forum (HQF) will convene under the theme “Opening-up for New Opportunities, Cooperation for a Shared Future.” Alongside the release of the World Openness Report 2025 and the latest World Openness Index, the HQF will host over 20 parallel sessions on revitalizing multilateral cooperation, empowering digital intelligence, green and sustainable development, and a more open China. Side events will retain previous categories, while people-to-people exchange activities will add a new “Charming Friends of City” zone, inviting international friendly provinces and cities to set up their booths.

Australia is set to ease restrictions on U.S. beef imports in a move welcomed by U.S. President Donald Trump’s administration as a significant trade breakthrough, despite concerns from critics over biosecurity risks. Agriculture Minister Julie Collins on Thursday said the decision to relax curbs originally aimed at preventing the spread of mad cow disease (bovine spongiform encephalopathy or BSE) would not compromise Australia’s biosecurity standards. “Australia supports open and free trade. Our cattle industry has greatly benefited from it,” Collins said in a statement. President Trump celebrated the development on his social media platform, Truth Social, calling it “undeniable and irrefutable proof that U.S. beef is the safest and best in the world.” U.S. Agriculture Secretary Brooke L. Rollins congratulated Trump, calling it “a major trade breakthrough” that would expand market access for American beef producers. “This is further proof of the kind of economic revival the President is delivering, with U.S. agriculture leading the charge,” she said. Australia has permitted U.S.-grown beef imports since 2019, but until now banned beef sourced from Canada and Mexico due to BSE concerns. However, new U.S. regulations now require the tracing of all cattle from those countries back to their farms of origin — a move that has satisfied Australian authorities. Collins said the updated controls in the U.S. “effectively manage biosecurity risks.” No specific timeline has been set for the relaxed restrictions to take effect. Trump had previously criticized Australia’s restrictions on American beef and in April announced tariffs of at least 10% on Australian imports, including 50% on steel and aluminum, saying, “They won’t take any of our beef.” Opposition lawmaker David Littleproud voiced concerns that the decision was politically motivated. “This is not just about animal health — it’s about human welfare,” he said, calling for independent scientific review to ensure public and industry confidence. About 70% of Australian beef is exported, and industry leaders fear that any outbreak of diseases like mad cow or foot-and-mouth could devastate global markets. Cattle Australia CEO Will Evans, representing over 52,000 grass-fed beef producers, said he trusted the government's scientific judgment. “They’ve made this assessment based on the best available science. Given the scale of the industry, I’m sure they’ve been very careful,” he said. In the U.S., beef prices continue to climb due to drought and a shrinking cattle herd. In June, ground beef averaged $6.12 per pound, up nearly 12% from a year earlier, while steak prices rose 8% to $11.49 per pound. Despite the policy shift, Australian demand for U.S. beef is expected to remain limited, partly due to the weaker Australian dollar. The easing of trade tensions is likely to feature prominently in upcoming talks between Prime Minister Anthony Albanese and President Trump, after a planned meeting on the sidelines of the G7 summit in Canada was cancelled. A new meeting is expected later this year. The United States and Australia have had a bilateral free trade agreement for two decades, with the U.S. consistently running a trade surplus. Source: Agency 

President Donald Trump is set to visit the Federal Reserve headquarters in Washington on Thursday, just a week after suggesting that Fed Chair Jerome Powell could be dismissed over the ballooning cost of renovating two of the central bank’s buildings. Trump has repeatedly expressed frustration with Powell, particularly over his decision to keep the Fed’s key short-term interest rate at 4.3% throughout this year. While Powell argues the Fed is monitoring how Trump’s broad tariffs on imports might impact inflation, the president has urged for interest rate cuts to boost economic activity and lower federal borrowing costs. Trump announces trade deal with Japan, reduces tariff to 15% At the center of the latest dispute is a major renovation of the Fed’s main building and a nearby facility. With construction extending underground and material costs surging following high inflation in 2021 and 2022, the project’s estimated price tag has soared from $1.9 billion to roughly $2.5 billion. Trump, speaking last week, criticized the renovation’s cost, calling it “disgraceful,” and said the scale of the spending could justify Powell’s removal. “When you spend $2.5 billion on, really, a renovation, I think it’s really disgraceful,” he remarked. However, any move to fire Powell would raise serious concerns about the independence of the Federal Reserve—an institution whose autonomy is widely supported by economists and financial markets.

President Donald Trump on Tuesday unveiled a new trade framework with Japan that imposes a 15% tariff on imported Japanese goods, down from the previously threatened 25% rate set to take effect on August 1. Calling it a landmark agreement, Trump wrote on Truth Social: “This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it.” He also emphasized the strong U.S.-Japan relationship, saying the United States “will continue to always have a great relationship with the Country of Japan.” Under the deal, Trump said Japan would invest $550 billion into the U.S. “at my direction” and open its market to American automobiles and rice. Japanese Prime Minister Shigeru Ishiba acknowledged the agreement early Wednesday, saying it would benefit both countries and strengthen economic cooperation. The announcement marks another attempt by Trump to showcase his negotiating skills, especially after earlier tariff threats led to financial market volatility and concerns about slowed economic growth. However, the White House has yet to clarify if Japanese-built cars would still be subject to the steeper 25% tariff imposed on that sector. Faraday future unveils two world-first products, advanced tech architecture in LA The administration continues to frame tariffs as a tool to rebalance trade and boost domestic manufacturing. Officials argue that the revenue will reduce the budget deficit and incentivize companies to move factories back to the United States. But the tariffs have also triggered uncertainty. On Tuesday, General Motors reported a 35% drop in second-quarter net income and warned of further disruptions due to tariffs — news that caused its stock to fall sharply. Alongside the Japan deal, Trump announced a similar trade framework with the Philippines, which includes a 19% tariff on its exports to the U.S., while American goods would face no import tax. He also reaffirmed a 19% tariff on Indonesian imports. In 2024, the U.S. reported a $69.4 billion trade imbalance with Japan, $17.9 billion with Indonesia, and $4.9 billion with the Philippines, according to the U.S. Census Bureau. With the August 1 tariff deadline approaching, Trump also revealed that the European Union would be sending representatives to Washington for trade discussions. He previously warned the 27-member bloc of a 30% tariff on EU goods if no agreement is reached. Meanwhile, negotiations with China continue, with Treasury Secretary Scott Bessent scheduled to meet Chinese officials in Stockholm early next week. The U.S. currently imposes a 30% baseline tariff on Chinese goods. Trump administration limits Mexican flights, threatens Delta-Aeromexico alliance amid trade dispute “President Trump is remaking the U.S. into a manufacturing economy,” Bessent said on Fox Business. “If we can get China to consume more while we manufacture more, it would be a home run for the global economy.” Source: Agency 

U.S. President Donald Trump will meet Philippine President Ferdinand Marcos Jr. at the White House on Tuesday as both nations look to deepen security and trade ties amid rising tensions with China in the Indo-Pacific. Marcos, currently on a three-day U.S. visit, already met with Secretary of State Marco Rubio and Defense Secretary Pete Hegseth on Monday. He becomes the first Southeast Asian leader to visit Trump in his second term. With China's increasing aggression in the South China Sea — particularly around Scarborough Shoal — defense and economic cooperation are expected to top the agenda. Trump has threatened a 20% tariff on Philippine goods starting August 1 unless a new bilateral trade agreement is reached. Trump plans over 10% tariffs on smaller nations Marcos has signaled Manila's readiness to negotiate a mutually beneficial deal, potentially offering zero tariffs on certain U.S. products. The White House has indicated trade talks are underway. Defense Secretary Hegseth reaffirmed America’s commitment to the mutual defense treaty, while Marcos highlighted growing cooperation, especially in joint military drills and modernization efforts. Source: Agency 

Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI), a California-based electric vehicle manufacturer, unveiled two groundbreaking global-first products and a transformative technology platform during a launch event in Los Angeles on July 17. The company introduced the FX Super One and the Super EAI F.A.C.E. system, alongside its FF EAI Embodied AI Agent 6x4 Architecture, signaling a bold step forward in its expansion into the global AI electric vehicle (AIEV) market. YT Jia, Faraday’s Founder and Global Co-CEO, shared the updates in the firm’s 12th weekly investor letter. “This week was huge,” he said, describing the launch as a milestone moment not just for the company, but for the broader mobility industry. The debut event, held against the backdrop of the Los Angeles skyline, also marked the opening of consumer pre-orders for the FX Super One. Despite last-minute challenges nearly forcing a venue change, Jia praised his team for staying true to FF’s motto — “Never Give Up.” He said, “True to FF’s spirit, the team overcame every obstacle to make the impossible possible.” Major Investor Support and Financing Secured The company received a notable endorsement from BlackRock, the world’s largest asset manager, which increased its holdings in FFAI nearly sevenfold, from 780,000 to approximately 5.39 million shares as of June 30. This marks the fourth consecutive quarter of increased stake by BlackRock. Additionally, Faraday Future secured $105 million in new financing commitments, which will help drive the company’s aggressive growth strategy, including the FX Super One rollout and further development of its AI-driven vehicle lineup. Global markets climb following wall street rally on strong US economic data Political Recognition and Policy Momentum Faraday also gained visibility on the policy front. Donald Trump Jr. recently acknowledged Faraday’s role in advancing American technology and manufacturing, positioning the company as a contributor to the country's industrial resurgence. Jia said this recognition may lead to a more favorable policy environment for Faraday and its global strategy. A Vision Rooted in Innovation and Resilience Founded in 2014, Faraday Future aims to disrupt the traditional automotive landscape by delivering user-centric, intelligent, and luxury EVs. While the FF 91 remains the company’s flagship high-end model, the FX platform targets broader affordability, with the same innovation DNA. Faraday Future says its mission is to redefine transportation through AI-driven mobility. “Promises made, promises kept,” Jia added, thanking suppliers, partners, and fans for their ongoing trust and support. PepsiCo overcomes lagging US sales in a strong second quarter About Faraday FutureFaraday Future is a California-based global shared intelligent electric mobility ecosystem company. Its vision focuses on blending luxury, technology, and AI to redefine modern transportation. The company’s FX series aims to bring advanced luxury technology to a broader market segment, while continuing innovation through its flagship FF 91 model. More information is available at www.ff.com. Forward-Looking StatementsThis release contains forward-looking statements, including projections about new product success, financial commitments, and market strategy. These are subject to significant risks and uncertainties. Readers are advised to review the “Risk Factors” detailed in the company’s Form 10-K filed with the SEC on March 31, 2025. Source: Agency