[Current Affairs Hot Spots]|The Exchange Rate Rose Above 7.15! Customs Is about To Conduct Spot Checks on These Products, And Many African Countries Have New Import Regulations!

On July 24, the spot exchange rate of the RMB against the US dollar rose above the 7.15 mark at the opening, setting a new high since mid-November 2024. More reflecting the expectations of international investors, the offshore RMB exchange rate against the US dollar rose to an intraday high of 7.14395 on July 24, a new high since November 2024.

The US dollar index has fallen continuously since July 18. On July 23, the U.S. dollar index continued to fall, and as of the end of the New York foreign exchange market, the U.S. dollar index, which measures the U.S. dollar against six major currencies, fell 0.18% on the day to close at 97.214.

On July 22, Li Bin, deputy director and spokesperson of the State Administration of Foreign Exchange, said at a press conference of the State Council Information Office that on the whole, high-quality economic development, steady progress of opening up, and increasing resilience of the foreign exchange market will support our country's foreign exchange market to continue to operate smoothly, and the RMB exchange rate has the conditions to maintain basic stability at a reasonable and balanced level.

As the August 1 deadline approaches, US President Donald Trump has sent a new signal about reciprocal tariffs. He said this tax rate will not be less than 15%.

According to CCTV news reports, on the 23rd local time, US President Trump said that he would impose simple tariffs of 15% to 50% on most other countries in the world. Trump's latest speech shows that the lower limit of the U.S. equivalent tariff rate for most countries around the world has been raised.

The European Parliament voted 619 in favor of abolishing the 150 euro import tax exemption policy, which will impose a 2 euro handling fee per piece for direct mail parcels (0.5 euros for warehouse items), effective as soon as the end of 2025. The new regulations also require non-EU sellers to set up local warehouses in Europe to simplify the bulk inspection process.

According to the data, 91% of the EU's 4.6 billion small imported parcels in 2024 will come from China, of which 65% will have the problem of tax evasion with low quotations.

On July 22, local time, U.S. President Trump announced through social media that the United States and Japan had reached a trade agreement: a tariff rate of 15% on Japan and a $550 billion investment in the United States.

Trump also said that perhaps most importantly, Japan will open its markets for trade, including cars, trucks, rice and some other agricultural products and commodities.

U.S. President Donald Trump announced on Tuesday that he has reached a trade deal with Philippine President Ferdinand Marcos. Subsequently, Trump also disclosed more details of the agreement with Indonesia.

At the heart of the two agreements is that the United States will impose a 19% tariff on goods from the Philippines and Indonesia, at the expense of American companies, while goods exported by the United States to both countries will be exempt from tariffs.

Thailand's tax authorities require e-commerce platforms to withhold and pay a 3% withholding tax on all sellers (including enterprises and individuals), marking a new stage in Thailand's e-commerce tax supervision. After the implementation of the new regulations, the platform will directly deduct taxes at the settlement, such as a seller with a monthly sales of 100,000 baht and only 97,000 baht.

The policy aims to improve tax transparency, covering sellers on mainstream platforms such as TikTok Shop, Shopee, and Lazada, especially for cross-border merchants with low profit margins. Tax experts advise sellers to strengthen account management and optimize tax planning to cope with cash flow pressures, while warning that Thailand may further tighten e-commerce tax policies in the future.

On July 15, according to local media DESK ECO., at a special media briefing on the 14th, Congo's Minister of Public Health, Health and Social Security, Kamba Roger, announced that the government will impose a special tax of 2% on all imported products from other than agri-food in order to continue to support the universal health coverage program.

Kang said the universal health coverage plan is a major reform promoted by the head of state to provide all Congolese citizens with access to high-quality medical care. As the country is currently facing a war of aggression and the Ministry of Finance must prioritize war spending, funding for universal health coverage is unstable. Therefore, the government has decided to tax all imported products (excluding agriculture and food) at a rate of 2%. This tax will be remitted directly to the Health Promotion Fund to purchase medicines and medical equipment to support hospital repair efforts.

The Kenya Revenue Authority (KRA) issued an announcement on July 9 reminding that from July 1, 2025, all goods imported into Kenya must be accompanied by a Certificate of Origin (COO). The COO shall be issued by the competent authority of the exporting country.

"This marks a fundamental shift from previous practices that previously only required a COO to determine the origin of goods under preferential trade arrangements," the announcement read. KRA said that non-compliance would result in confiscation or seizure of goods. To facilitate importers to obtain the necessary documents, the KRA provides a limited window period until September 30, 2025.

Iraq's Central Bureau of Standardization and Quality Control announced on July 14 that Iraq will formulate imported car standards with reference to Gulf Standardization Organization specifications, which will be mandatory from early 2026.

The specification applies to all vehicles except electric and hybrid vehicles, including those entering Iraq in 2025. Specifications for electric and hybrid vehicles are being developed.

A few days ago, the Argentine government allowed Chinese citizens to enter Argentina visa-free with a valid U.S. visa.

According to Resolution 316/2025, which was released in an official announcement on Monday, Chinese citizens holding ordinary passports with U.S. visas can enter Argentina without applying for a separate visa or electronic travel authorization (AVE). The rule, which came into effect on July 22, applies to tourists and business people who are not allowed to apply for a change in immigration type.

 

 

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