China's exports beat forecasts in June, customs data showed Friday, while imports grew less than expected.

Exports grew 8.6% from the same time last year to hit $307.8 billion, according to data released by Chinese customs, beating estimates of about 7.4% to 8% growth. Imports however fell 2.3% from a year earlier to $208.8 billion.

Wholesale prices in the United States rose by a larger-than-expected 2.6% last month from a year earlier, a sign that some inflation pressures remain high.

The increase, the sharpest year-over-year increase since March 2023, comes at a time when other price indicators are showing that inflation has continued to ease.

British Ambassador to Lebanon Hamish Cowell hosted Thursday a Business and Trade reception to celebrate record-breaking bilateral trade figures between the UK and Lebanon.

In 2023, bilateral trade figures between the UK and Lebanon passed the £1bn mark for the first time ever, reaching a record high of £1.1 billion, an increase on over 45% on 2022. Export brands increased to £160 million. The top five goods exported by the UK to Lebanon throughout 2023 were mechanical power generators, cars, beverages, dairy products, and medicinal and pharmaceutical products. Services accounted for over £600m.

The IRS announced Thursday that it has collected $1 billion in back taxes from high-wealth tax cheats — a milestone meant to showcase how the U.S. agency is making use of the money it received as part of the Biden administration's signature climate, health care, and tax package signed into law in 2022.

Part of the push for public awareness of high-wealth tax collections is a growing recognition by agency officials that a potential Republican takeover of the White House and Congress could mean massive future budget cuts for the IRS. Showing the public how much work the IRS is getting done is meant to give the much-maligned agency a more sympathetic image.

The Biden administration is awarding nearly $2 billion in grants to help restart or expand electric vehicle manufacturing and assembly sites in eight states, including the presidential battlegrounds of Michigan, Pennsylvania and Georgia.

The Energy Department will issue grants totaling $1.7 billion to create or retain thousands of union jobs and support auto-based communities that have long driven the U.S. economy, the White House said Thursday. Besides the three battleground states, grants also will go to EV facilities in Ohio, Illinois, Indiana, Maryland and Virginia.

Germany will bar the use of components made by Chinese companies Huawei and ZTE from core parts of the country's 5G networks, in two steps starting in 2026, the nation's top security official said Thursday.

Germany, which has Europe's biggest economy, has long mulled what to do about components made by Chinese suppliers in its new-generation cellphone networks.

Unionized workers at Samsung Electronics declared an indefinite strike Wednesday to pressure South Korea's biggest company to accept their calls for higher pays and other benefits.

Thousands of members of the National Samsung Electronics Union launched a temporary, three-day strike on Monday. But the union said Wednesday that it was announcing an indefinite strike, accusing the management of being unwilling to negotiate. Samsung Electronics says there have been no disruptions to production.

Chinese auto sales slumped in June as the domestic economy remained sluggish, but buoyant exports offset the decline at home, an industry association said Wednesday.

Sales in China dropped 7.4% compared to a year earlier to 1.8 million cars, while exports rose 29% to 400,000 units, the China Association of Automobile Manufacturers said in a monthly report.

Russia's parliament on Wednesday approved a bill that would raise income taxes for the rich, in a move to help fill government coffers during t he fighting in Ukraine.

The bill was endorsed in the final third reading by the lower house, the State Duma, and hours later by the upper house, the Federation Council. It must be signed by President Vladimir Putin to become law.

China announced an investigation Wednesday into whether the European Union has adopted unfair trade practices in its probes of Chinese companies bidding on projects in the 27-nation bloc. The move is the latest in a brewing trade war between the two economic giants.

The investigation will focus on wind power, photovoltaics, security equipment and electric trains, the Chinese Commerce Ministry said.