The EU will strengthen trade cooperation in the face of protectionism; Peru becomes a blue ocean market for consumption in South America; ByteDance d

This week's highlights of going global: The meeting between the foreign ministers of China and the United States focused on strengthening contacts, preventing miscalculations, managing differences, and expanding cooperation, providing macro - guidance for bilateral economic and trade relations. The European Union clearly opposes protectionism and seeks to strengthen trade cooperation. At the enterprise level, ByteDance denied the rumor that Oracle would acquire TikTok's US business.

Frequent developments are emerging in emerging markets: Peru is regarded as a blue - ocean market for consumption in South America with great potential; however, Vietnam suddenly imposed a 27.83% anti - dumping duty (retroactively effective) on Chinese hot - rolled steel, and the Philippines launched the "Trust Mark" certification, highlighting the volatility of the trade environment. Chinese brands are accelerating globalization: Pop Mart's Labubu trademark has entered the Russian market, AliExpress UK launched the "one - hour delivery" service, and WeChat launched the global cashier card payment function to facilitate cross - border collection. The Bank for International Settlements once again warned of the regulatory risks associated with the rapid expansion of stablecoins. Opportunities and challenges coexist, and companies going global need to closely monitor policies and compliance.

Let's read this week's overseas news to understand the latest trends of going global.

Wang Yi on the meeting between Chinese and US foreign ministers: Strengthen contacts, prevent miscalculations, manage differences, and expand cooperation

On July 12, Wang Yi, a member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs, introduced the situation of the meeting between Chinese and US foreign ministers to reporters upon inquiry during the annual series of East Asian cooperation foreign ministers' meetings in Kuala Lumpur. Wang Yi said that holding bilateral meetings on multilateral occasions is a common international practice. The series of foreign ministers' meetings held in Kuala Lumpur provided a platform for China - US contacts. Both sides are aware that China - US relations are the most important bilateral relations in the world today, which concern the two countries and affect the world. Therefore, since the meeting is to be held, it should be conducted seriously and sincerely, and frank exchanges should be carried out with a sense of responsibility towards the people of the two countries, the world, and history. A common focus of both sides is to translate the important consensus reached by the two heads of state into specific policies and practical actions.

Only in this way can, as President Xi Jinping said, ensure that the two giant ships of China and the United States do not deviate from the course, do not lose speed, and more importantly, do not collide. This meeting was constructive, and the two sides had an equal dialogue in the spirit of mutual respect. China comprehensively elaborated on our principled stance on China - US relations. It is believed that this has enhanced the US's understanding of China and paved the way for the next - step exchanges between the two foreign affairs teams. It can be summarized in a few words: strengthen contacts, prevent miscalculations, manage differences, and expand cooperation. (Xinhua News Agency)

EU official: Facing protectionism, the EU strengthens trade cooperation

On July 11, Josep Borrell, the High Representative of the European Union for Foreign Affairs and Security Policy, said in Kuala Lumpur, Malaysia, that in the face of a new round of protectionism, the EU strengthens trade cooperation and defends a rules - based, non - discriminatory, open, fair, inclusive, equal, and transparent trade system with the World Trade Organization at its core. Currently, the United States imposes a 50% tariff on EU steel and aluminum products, a 25% tariff on the automotive sector, and a 10% "benchmark tariff" on almost all other goods.

US President Donald Trump previously threatened that if there was no breakthrough in the US - EU trade negotiations by July 9, he would impose a 50% tariff on EU goods. In response, the EU once decided to impose a maximum 50% tariff on imported US products worth a total of 21 billion euros. However, to allow time for trade negotiations, this retaliatory measure will be postponed until July 14. (CCTV News)

Trump postpones tariff hikes and threatens to impose a 200% tax on pharmaceuticals On July 10, it was reported that US President Donald Trump postponed the implementation of tariffs on specific countries until August to allow countries time to continue negotiations, but he threatened to impose huge tariffs on imported pharmaceutical products.

Trump announced a 50% tariff on imported copper in the United States and threatened to impose a 200% tariff on imported drugs, which are currently not affected by the tariff hikes. It is still unclear when (or if) the United States will officially announce the tariff on drugs and when it might take effect. According to data from the Observatory of Economic Complexity (OEC), the United States imported $212 billion worth of pharmaceutical products in 2024, making this category of products the fifth - largest import in the United States. Data shows that from 2023 to 2024, the countries with the fastest - growing US pharmaceutical product imports were: Ireland ($14.3 billion), Singapore ($5.81 billion), and Belgium ($5.66 billion). (Yicai Global)

ByteDance denies that Oracle and others will acquire TikTok's US business

On July 8, it was reported that ByteDance had agreed to sell TikTok's US business to a US consortium led by Oracle, while retaining a minority stake. In response, ByteDance said that this information was untrue. It is understood that this transaction aims to meet the requirements of the US "Protecting Americans from Foreign Adversary - Controlled Applications Act" and address the US's concerns about data security. The transaction still needs the approval of the governments of China and the United States. Currently, the final deadline set by the US government is September 17. (Yicai Global)

Vietnam's sudden move! Imposes a 27.83% anti - dumping duty on Chinese hot - rolled steel, retroactive to the day before the policy announcement

On July 7, Vietnam's Ministry of Trade suddenly announced that it would impose a maximum 27.83% anti - dumping duty on hot - rolled steel coils originating from China, and the policy would be retroactive to July 6. The policy implements a stepped tax rate. Twelve steel enterprises such as Baosteel and Ansteel are subject to the highest tax rate, and only Liuzhou Steel has obtained the lowest tax rate of 23.1%. Vietnam's customs has established a three - step review mechanism, and if any link does not meet the requirements, the highest tax rate will be imposed. In 2024, China's steel exports to Vietnam reached 12.738 million tons, of which hot - rolled coils accounted for 64%. The new rule is expected to reduce China's annual steel exports to Vietnam by 7.2 million tons. The local steel price in Vietnam has reached $720 per ton, 23.6% higher than the Chinese import price, and the cost pressure on downstream manufacturing industries has increased sharply. (The Straits Times)

Peru becomes a blue - ocean market for consumption in South America, presenting new opportunities for Chinese enterprises to go global On July 9, it was reported that Peru, as one of the "tiger economies" in South America, is becoming an important entry - point for Chinese enterprises to explore the South American market. In 2023, its GDP was approximately $295 billion, and the per - capita GDP was $8,700, indicating significant consumption potential. In the offline retail sector, Lima is home to supermarket brands such as Wong and Metro, where imported goods account for a high proportion and are 20% - 30% more expensive than similar Chinese products. The competition among international brands is fierce. The e - commerce market reached a scale of $3.5 billion in 2023, dominated by platforms such as Mercado Libre and Linio. The mobile phone penetration rate exceeds 100%, and mobile payment is developing rapidly, laying a foundation for online consumption.

China - Peru trade cooperation is close. China has been Peru's largest trading partner for 10 consecutive years. The Qiankai Port project has shortened the voyage between the two places from 40 days to 23 days. The local furniture and electrical appliance market exceeded $1 billion in scale in 2024, and the clothing category has an annual growth rate of over 10%. 42% of consumers are willing to try new brands, which is beneficial for home and clothing DTC brands. In addition, Peru has loose foreign exchange controls and a large Chinese - descent population (about 3 million), providing convenience for Chinese enterprises to go global and making it a potential entry - point for the blue - ocean market in South America. (Yibang Power)

Russia significantly upgrades e - commerce supervision, and a new bill is introduced

On July 7, it was reported that the Russian government will comprehensively upgrade the regulatory system for digital trading platforms. The new regulations establish a stepped penalty mechanism. Platforms need to ensure the compliance of their partners and monitor product information in real - time, while merchants must fully disclose product elements (meeting EAC certification) and price taxes. The penalty standards for typical illegal scenarios are clear: the maximum fine for misclassifying products is 70,000 rubles, and a 30% penalty based on the product value will be imposed for the lack of certification information. The drafting group of the bill said that in 2024, the number of e - commerce complaints in Russia increased by 112%, and 63% of them were due to false product information. Supporting measures include the federal digital transaction traceability system to be put into operation in 2026 and the platform credit scoring system. A too - low credit score will limit traffic distribution. (Yien.com)

The Philippines launches the "Trust Mark" certification mechanism

To enhance the security and credibility of digital trade, the Department of Trade and Industry (DTI) of the Philippines officially launched the "E - Commerce Philippine Trustmark" and initiated the program through the new online portal trustmark.dti.gov.ph. The Trust Mark is a digital badge that, in accordance with Republic Act No. 11967, is awarded to online enterprises that comply with fair e - commerce practices, consumer protection regulations, and relevant standards. Christina A. Roc, the Secretary of the Department of Trade and Industry of the Philippines, said that trust is the key to the development of the digital market. This program helps consumers identify legitimate merchants and encourages enterprises to follow the norms of transparent, fair, and secure online transactions. (DNY123 Southeast Asian E - commerce)

Pop Mart advances global layout, and the Labubu trademark enters Russia

On July 10, it was reported that the trendy toy brand Pop Mart recently applied to register the trademark of its popular IP "Labubu" in Russia, indicating the brand's strategic intention to accelerate the expansion of the Russian and CIS markets. As a popular character image, Labubu has accumulated a large number of fans globally. This registration will lay a legal foundation for Pop Mart to carry out more offline stores, licensing cooperation, and brand activities in the local market. The company said that it will continue to increase its overseas layout to meet the enthusiastic demand of the global young consumer group for trendy toy products. (Yibang Power)

OpenAI and Doushen Education launch new applications, and AI education enters a growth period On July 11, OpenAI announced a cooperation with the American Federation of Teachers to launch the 'National Artificial Intelligence Education Research Institute', which will provide AI training for 400,000 K - 12 educators within five years and invest $10 million to promote the implementation of AI in classrooms. One day earlier, Doushen Education released two products of 'AI - Class new species': the Super Training Ground and the Learning Companion Robot, covering classroom and home learning scenarios. The sales of the Super Training Ground exceeded 30 million yuan six days after its launch. AI education is accelerating from concept to practical application and entering a new growth stage. (Caixin)

AliExpress UK launches the one - hour delivery service On July 10, according to British media reports, AliExpress, the cross - border e - commerce platform under Alibaba, launched the "one - hour delivery" takeaway service in the UK this month. The delivered products include snacks, beverages, kitchen seasonings, and daily necessities. Public information shows that AliExpress UK has been arranging local delivery since last year. Currently, the Hourly Delivery service is mainly provided by the UK - based Hungry Panda takeaway company, which is most proficient in food delivery. (36Kr)

WeChat launches the "Tenpay Global global cashier" card payment function

On July 8, it was reported that WeChat launched the "Tenpay Global global cashier" card payment function. After the function is activated, merchants can receive payments from global consumers through the WeChat mini - program. It is understood that this service covers 43 industries such as catering, e - commerce, and retail, and supports international card organizations such as Mastercard, Visa, American Express, UnionPay, and JCB, as well as local electronic payment methods. Currently, this service is only available to Singaporean merchants, and it is planned to gradually expand to regions such as Macau and Japan in the future. (Yibang Power)

Meta increases investment in the AI glasses field, investing $3.5 billion in the world's largest eyewear manufacturer On July 9, it was reported that Meta acquired a minority stake in EssilorLuxottica SA, the world's largest eyewear manufacturer, marking an increase in the capital investment of this American technology giant in the rapidly growing smart glasses industry. People familiar with the matter said that Meta, the parent company of Facebook, bought slightly less than 3% of the shares of EssilorLuxottica, the manufacturer of Ray - Ban, at the current market price, worth approximately 3 billion euros ($3.5 billion). They added that Meta, headquartered in Menlo Park, California, is considering additional investment and may gradually increase its shareholding to about 5%, but the relevant plan is still subject to change. (Caixin)

The Bank for International Settlements issues another warning: The rapid expansion of stablecoins poses new risks to regulators

On July 11 (Editor: Niu Zhanlin), the Bank for International Settlements (BIS) issued another warning that the rapid expansion of stablecoins is posing new policy challenges to financial regulatory authorities around the world and may even threaten the monetary sovereignty of major economies.

In its latest report, the Bank for International Settlements pointed out that the circulation of stablecoins is increasing, and their integration with the traditional financial system is deepening. However, due to their borderless and pseudo - anonymous nature, more stringent regulatory reviews are required. (Caixin)

The size of the US dietary supplement market is expected to reach $124.22 billion by 2030 On July 9, according to the latest report, the US dietary supplement market is expected to exceed $124.22 billion by 2030, with a compound annual growth rate of 7.7% from 2025 - 2033. The main driving forces are the increasing health awareness, the aging population, the rising medical costs, and the growing demand for preventive healthcare. The popularization of online channels and the surge in post - COVID immune health demand have further accelerated the market expansion. A survey shows that 75% of Americans have taken dietary supplements in the past year, and special categories such as Omega - 3, probiotics, melatonin, and dietary fiber are the most popular. Regulatory support and innovative formulations also promote the continuous growth of the industry, and dietary supplements have become a mainstream health consumption trend in the United States. (Yien.com)

The pet economy consumption in South Korea continues to rise On July 9, it was reported that the scale of South Korea's pet market has expanded. As of the end of 2024, the number of pet owners in South Korea reached 15.46 million, accounting for 29.9% of the total population, that is, about 3 out of every 10 people own pets. In addition, the number of pet - owning households was 5.91 million, a 1.1% increase from 5.85 million at the end of 2023, accounting for 26.7% of the total number of households in the country.

The average monthly expenditure on pet - keeping per pet - owning household is 194,000 South Korean won (approximately 1,050 yuan), a 26% increase from 154,000 South Korean won in 2023. In the expenditure structure, food accounts for more than half: feed accounts for 35.1%, and snacks and health products account for 22.5%, totaling 57.6%; daily necessities (such as cat litter and sanitary pads) account for 10.6%, and beauty expenses account for 8.7%. It is worth noting that the expenditure on "furniture and pet car purchase/lease" jumped from 1.6% in 2023 to 4.9%, a three - fold increase due to the increasing demand for pet travel (such as long - distance travel and taking elderly pets). At the same time, the average funeral expense per pet - owning household is 463,000 South Korean won (approximately 2,500 yuan), a 22% increase from 380,000 South Korean won in 2023. (Yonhap News Agency)

Combining environmental protection and individuality, the second - hand furniture market continues to boom On July 10, it was reported that the second - hand furniture market is growing rapidly, and retailers such as IKEA are increasing their layout to meet consumers' demand for environmentally friendly, affordable, and personalized furniture. More and more consumers hope to reduce waste and carbon footprint by buying second - hand furniture, while also getting more cost - effective and uniquely - styled home furnishing options. IKEA has launched a "buy - back and resale" program in multiple markets, encouraging customers to recycle old furniture and resell it, promoting the development of the circular economy. This trend not only helps brands attract young environmentally - conscious consumers but also further strengthens the company's sustainable development strategy. (Yien.com)

On July 10, the 2025 Global Cross - border E - commerce Transaction Expo opened at the Hangzhou Grand Convention and Exhibition Center

The theme of this expo is "Selecting high - quality source products and connecting cross - border talents", focusing on three major directions: "going global through live - streaming, brand going global, and emerging markets", and setting up eight characteristic exhibition areas. It is expected to attract more than 100,000 visitors. (China News Service)

The 2025 Shanghai Cooperation Organization Digital Economy Forum was successfully held in Tianjin from July 10 to July 11

The theme of the conference is "Digital economy as a new link, jointly expanding cooperation space". The event focused on the display of the digital technology application achievements of Tianjin's state - owned assets and enterprises. Taking the opportunity of the 2025 Shanghai Cooperation Organization Digital Economy Forum being held in Tianjin, it built a platform for discussing and exploring digital economy technology exchanges, project docking, and international cooperation. (CNR)

This article is from the WeChat public account "Hangzhou Qiantang Enterprise Going Global Service Base", and the author is Zhejiang Enterprises Going Global. It is published with authorization from Qiantang.