Qin Yong of Sumitomo Mitsui Banking Corporation (China) says there could be a significant slowdown of China's GDP growth in the second half of 2025, and that there could be some "very worrying" scenarios if a trade agreement with the US isn't reached.

Beijing

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

Global Tariffs

China's economic growth in the first half of the year has exceeded its annual target, but analysts warn that a significant slowdown is likely in the third and fourth quarters. This slowdown, combined with ongoing trade tensions with the United States, is expected to put additional pressure on the Chinese economy and financial markets.

The current trade truce between the US and China remains uncertain, with discussions ongoing about potential tariff exemptions and export controls. If no agreement is reached, tariffs as high as 43 percent could remain in place, creating a de facto tariff regime. The impact of these tariffs on China's economy is expected to become particularly evident from August onwards.

Tariff impact on China's economy to be 'apparent' from August

We got a readout from the Apollo Bureau meeting. And is there a sense that there is less urgency for the government to have to impose a stimulus on the economy. Yes. I mean if we are simply charging from their first half years GDP growth rate 5.3 percent GDP growth is definitely higher than the annual GDP target. But which is exactly is a problem. If we're charging from the July's Apollo Bureau meeting for the first half of year of 2025 the main target is to fulfill the GDP economic and social development goal. If that means just to guarantee 5 percent annual growth rate then the third quarter and the fourth quarter GDP growth will see very significant slowdown and some obvious pressure on the economy and the market will be witnessed. If we compare this situation with the second quarter and third quarter of 2025 we might see that the market will cry for more fiscal support later sometime in the third quarter of 2025. We're getting a lot of headlines today from the Trump administration regarding his tariff war. We're still waiting on the latest to come through from China whether or not he will agree to an extension of the trade truce with China. What is your expectations there. Yeah I think there is one detail I noticed during the interviews in B.C. gave the Treasury Secretary Square Benson yesterday saying that the trade truce is still to be approved by Trump. And also in the brief afterwards Greer responded to the reporter asking about their export control seeing that the only export control is discussed in the talk is China's rare earths. But they haven't touched on the US size export control which gives me an impression that in a way China is pretty much comfortable with the situation right now. It could be that China find is difficult to make some substantial concessions in certain area. And if so the exemption the first exemption period tariffs might be the best that China can get in the government's evaluation provided the negotiations between the two countries continue. Neither party need to adjust its bottom line nor will be any immediate risk of a snapback tariffs from the US side. But in the long run I believe that Trump will demand a trade framework between these two nations. But what's the market care about is its implication for the China economy and maybe asset. Prior to that the market had been focused on the expiration of the exemption date. If there are agreement reached then there is no incentive for export from load. But as I have pointed out we probably have to consider some other possibilities. If there are no agreement reached but as high as 43 percent tariffs stayed on that it will become a de facto tariff regime. But as a way the export from loading is not necessary. So then the tariffs impact on China economy will become very apparent from August and onwards. That is why I'm even considering the PMI for July. I would say there are some very worrying situations right now considering the tree to choose.

Vladimir Putin and Donald Trump will meet in the coming days, the Kremlin said on Thursday (August 7), as the U.S. president seeks a breakthrough to end the Ukraine war after voicing mounting frustration with his Russian counterpart and threatening him with new sanctions.

Moscow

Ukraine Invasion

Kremlin says Trump, Putin to meet soon; Ukraine seeks role for Europe

U.S. President Donald Trump's rushed deadline for Russia to strike a ceasefire deal or face more sanctions has arrived without much movement from Russian President Vladimir Putin.

Washington

Trump deadline for Russia to reach ceasefire arrives

Protesters in Israel are voicing their concerns about a plan approved by Prime Minister Benjamin Netanyahu's Security Cabinet to take over Gaza City. CBS News' Debora Patta has more.

Jerusalem

Middle East Conflict

Israel's security cabinet approves plan to take over Gaza City

Israeli Prime Minister Benjamin Netanyahu says Israel intends to take full military control of Gaza and push a new offensive, despite mounting international criticism over the war’s human toll and growing hunger crisis.

Israel intends to take full control of Gaza, Netanyahu says

U.S. President Donald Trump said that there is a good chance he'll meet with Russian leader Vladimir Putin soon over Russia's war with Ukraine.

Trump says 'good chance' he'll meet with Putin soon

U.S. President Donal Trump officially began levying higher import taxes on dozens of countries on Thursday (August 7), just as the economic fallout of his months-long tariff threats was beginning to create visible damage to the U.S. economy.

Higher U.S. tariffs officially take effect

The man accused of killing two Israeli Embassy staffers in Washington, D.C., earlier this year has been charged with federal hate crime charges. CBS News Justice reporter Jake Rosen has more.

Hate crime charges filed in killings of Israeli Embassy staffers

As Sean "Diddy" Combs awaits his sentencing, his lead attorney Marc Agnifilo says he has not talked to anyone at the White House about a possible pardon.

New York

Sean "Diddy" Combs' attorney says he hasn't had talks about a pardon

Mike Huckabee, the U.S. ambassador to Israel, blamed Hamas when asked about starvation in Gaza, saying, "Hamas has not allowed the food to get to the people who are hungry." Huckabee also addressed questions over the controversial aid sites.

U.S. Ambassador to Israel faces questions over starvation in Gaza

On "T-Day," the US began enforcing Trump's new tariffs, raising average rates from 2% to 15% after a 90-day pause allowed some countries to negotiate reduced deals while others, like India and Brazil, faced hikes. These tariffs have generated over $150 billion in revenue by July, impacting various sectors and aiming to address trade imbalances.

U.S. begins collecting Trump's new global tariffs

Brazil’s President Luiz Inacio Lula da Silva says he plans to call the leaders of China and India, to discuss a joint response to new US tariffs. The announcement came as Brazil and India were hit with 50 percent levies - the highest imposed by President Donald Trump.

State of Rio de Janeiro

Brazil halts U.S. trade talks as Lula condemns new tariffs

U.S. President Donald Trump imposed an additional 25% tariff on Indian goods, citing New Delhi's continued imports of Russian oil in a move that sharply escalated tensions between the two nations after trade talks reached a deadlock.

Trump imposes extra 25% tariff on India over Russian oil imports

President Trump has been briefed about the shooting at Fort Stewart in Georgia, the White House press secretary says. At least five soldiers were shot before a suspect was apprehended, officials say.

Fort Stewart

Five soldiers shot at Fort Stewart in Georgia; suspect apprehended

A Russian official said President Trump's special envoy to the Middle East, Steve Witkoff, had a "useful and constructive" conversation with Russian President Vladimir Putin in Moscow on Wednesday.

Witkoff, Putin had 'useful and constructive conversation'

The U.S. aims to deploy nuclear power reactors on the Moon and Mars, targeting the first launch by decade’s end. A new NASA directive, revealed by Politico and AFP, calls for appointing a nuclear power czar to choose two commercial proposals within six months, aiming to outpace a Chinese-Russian collaboration.

NASA races to put nuclear reactors on Moon and Mars

Japan held a memorial service and ceremony for victims and the remaining survivors of the U.S. atomic bombing of Hiroshima, marking its 80th anniversary and renewing pledges of working towards a world without nuclear weapons.

Hiroshima

Hiroshima marks 80th anniversary since U.S. atomic bombing

The U.S. is warning travelers as cases of chikungunya, a mosquito-borne illness, spreads in China. Health officials in China have ordered mass disinfection measures. The region near Hong Kong reported more than 7,000 cases in recent weeks.

U.S. warns travelers as cases of chikungunya increase in China

Japan has commemorated the 80th anniversary of the Hiroshima atomic bombing during World War II. Ceremonies at Peace Memorial Park honoured the victims of the 1945 nuclear attack by US forces.

Japan’s Hiroshima marks 80 years since U.S. atomic bombing

Multiple media outlets in Israel have reported that Israeli Prime Minister Benjamin Netanyahu wants a complete military takeover of Gaza, while almost 600 former Israeli military and security officials are petitioning Washington to stop the fighting.

Netanyahu reportedly wants complete Gaza takeover

Ukrainian President Volodymyr Zelenskyy said Tuesday that he had a productive talk with President Trump focused on ending the war with Russia. CBS News national security contributor Samantha Vinograd has more.

Kyiv

Zelenskyy holds 'productive talks' with Trump about war

Family members of two of the victims from the 2023 implosion are demanding tougher regulations following the damning report released on Tuesday. Five people died when the submersible imploded off the coast of Newfoundland.

Deadly Titan submersible disaster was preventable, Coast Guard says

The House Oversight Committee has subpoenaed multiple people over the Jeffrey Epstein files, including former President Bill Clinton and former Secretary of State Hillary Clinton. CBS News' Jake Rosen has more details.

House committee subpoenas Clintons, others over Epstein files

U.S. Customs and Border Patrol agents have been directed through a federal court order to stop deportations under President Trump's asylum ban, sources say. CBS News' Camilo Montoya-Galvez has more details.

Court blocks deportations under Trump's asylum ban, sources say

A man suspected of murdering four family members in Tennessee has been captured after a four-day manhunt, authorities said. CBS News' Nicole Valdes has more.

Jackson

Suspect arrested in murders of 4 Tennessee family members

The ruling comes a month after Brazil’s top court ordered the former president to wear an ankle monitor, submit to a curfew and abide by limitations on his activity as legal proceedings investigating an alleged coup plot continue.

Brazil's Supreme Court orders house arrest of Bolsonaro

The US and Lebanon have been holding talks on a roadmap to fully disarm Hezbollah. Lebanon's new leadership has pledged to extend its authority across all its territory but has so far avoided acting against Hezbollah.

Beirut

Lebanon faces renewed pressure to disarm Hezbollah

CBC News had exclusive access to a Canadian Armed Forces plane that dropped about 10,000 kilograms of humanitarian aid into Gaza, the first time Canada joined the airdrop operations. Several countries airdropped food on Monday, but aid organizations agree they are more symbolic than effective.

Ottawa

Canadian military makes aid drop into Gaza

The Prime Minister's Office said to the Chief of Staff, Lieutenant General Eyal Zamir that, "If this does not suit him, you should resign."

Israel's Netanyahu says decision made for full occupation of Gaza

Delegates are gathering this week at the United Nations in Geneva, attempting to negotiate a global treaty to curb plastic pollution. But diplomats and climate advocates warn that efforts by the European Union and small island states to cap virgin plastic production are threatened by opposition.

Tariff impact on China's economy to be 'apparent' from August

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