Thailand, Cambodia Shut Land Crossings in Escalating Border Spat
The closure of a border crossing in northeastern Buri Ram province was effective from June 21, according to an order by the Thai army late Saturday. Cambodia then retaliated with the permanent shutdown of the same passage as well as another checkpoint, according to Cambodian leader Hun Manet, who criticized the Thai army's move.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
2 hours ago
- Bloomberg
India Aghast at Donald Trump's ‘Dead' Economy Jibe, 25% Tariffs
Shock, dismay and angst swept across India as businesses, policymakers and citizens digested US President Donald Trump's sharp remarks and a surprise 25% tariff rate earlier this week. While Indian government officials weighed a response and business groups tallied the cost of the trade barrier, the local social media flared up with users protesting Trump's comments and criticizing Indian Prime Minister Narendra Modi for not speaking up.
Yahoo
3 hours ago
- Yahoo
Tech manufacturing has powered Asia - now it's a casualty of Trump's tariffs
When he began his trade war, President Donald Trump said his goal was to bring American jobs and manufacturing back to the US, reduce trade deficits and create a more level playing field for American companies competing globally. But after months of negotiations and many countries' refusal to meet America's demands, his strategy has taken a more punitive turn. US companies have been here before. Under Trump's first administration, when he imposed tariffs on Chinese exports, they scrambled to limit their exposure to Beijing, with many shifting production to Vietnam, Thailand and India to avoid higher levies. But his battery of new tariffs does not spare any of these economies. Stocks saw a sell-off, with benchmark indexes in Taiwan and South Korea in the red on Friday. Both countries are central to Asia's sprawling electronics production. The details are still hazy, but US firms from Apple to Nvidia will likely be paying more for their supply chains - they source critical components from several Asian countries and assemble devices in the region. Now they are on the hook - for iPhones, chips, batteries, and scores of other tiny components that power modern lives. It's not good news for Asian economies that have grown and become richer because of exports and foreign investment - from Japanese cars to South Korean electronics to Taiwanese chips. Soaring demand for all these goods fuelled trade surpluses with Washington over the years - and has driven President Trump's charge that Asian manufacturing has been taking American jobs away. In May, Trump told Apple CEO Tim Cook: "We put up with all the plants you built in China for years... we are not interested in you building in India, India can take care of themselves." Apple earns roughly half its revenue by selling iPhones that are manufactured in China, Vietnam and India. The tech giant reported bumper earnings for the three months to June, hours before Trump's tariff announcement on Thursday night, but now the future looks more uncertain. Chief executive Tim Cook told analysts on a conference call that tariffs had already cost Apple $800m (£600m) in the previous quarter, and may add $1.1bn in costs to the next quarter. Tech companies typically plan years ahead, but Trump's unpredictable tariff policy has paralysed businesses. Amazon's online marketplace, for instance, is just as dependent on China for what it sells in the US. But it's not yet clear what rates Chinese imports into the US could face because Beijing has yet to strike a deal with Washington - it has until 12 August to do so. Before they agreed to de-escalate, the two sides imposed tit-for-tat tariffs that reached a staggering 145% on some goods. But it's no longer just about China. On Thursday, Mr Cook said that most iPhones sold in the US now come from India. But Trump has just levelled a 25% tariff on Indian imports, after Delhi was unable to clinch a deal in time. Other firms chose to re-route their goods bound for the US through Vietnam and Thailand after the tariffs in Trump's first term. It became so common that it was called the "China+1" strategy. But this time, these trans-shipped goods are also being targeted. In fact, trans-shipping has been a big part of the US negotiations with Asian countries. Vietnamese imports face a 20% US levy but trans-shipped goods face 40%, according to Trump. It's harder still for advanced manufacturing like semiconductors - more than half of the world's chips, and most of its advanced ones, come from Taiwan. It is now subject to a 20% tariff. Chips are the backbone of Taiwan's economy, but also central to US efforts to gain a technological lead over China. So it is another US company, Nvidia, that will pay steep levies to put advanced chips by Taiwan's TSMC inside its AI products. But perhaps the biggest casualty of Trump's tariffs could well be Asia's e-commerce giants - as well as the American companies that rely on Chinese sellers and marketplaces. In a surprise move this week, Trump ditched the "de minimis" rule which exempted parcels under $800 from customs duties. He first did this in May, targeting such parcels from China and Hong Kong - and this was a blow for retailers like Shein and Temu, whose huge success has come from online sales in the West. Now American sites like eBay and Etsy have also lost that exemption - and the price of second-hand, vintage and handmade items for US customers will go up. President Trump says he is batting for Americans with these tariffs, but in a deeply globalised world, US firms and customers could also become casualties. There is still so much uncertainty that it is hard to see who the winners really are. Error in retrieving data Sign in to access your portfolio Error in retrieving data
New York Times
8 hours ago
- New York Times
Live Updates: Markets Fall on Weak Jobs Data and Trump's New Tariffs
Workers at the printed circuit board assembly line at Zetwerk Electronics near Bengaluru, India, in June. Personal electronics is one of India's biggest categories of exports to the United States. President Trump's new list of tariffs on half the world's countries sent the United States' trading partners scrambling to understand how their businesses will be affected. India got the bad news a day earlier — its goods face a tariff of 25 percent or more — but the extra time was hardly enough to adjust to the fresh chaos. Indian negotiators had not expected to conclude a meaningful deal in time to meet Mr. Trump's revised deadline of Aug. 1. But they did expect to be treated as well as their neighbors, and to keep haggling with American officials until October or November, when Mr. Trump was invited to visit India as part of the Quad defense group, which brings together four big democracies — India, the United States, Japan and Australia — with a shared interest in standing up to China. Instead, they were fed a heap of insults and injuries. Along with the 25 percent rate, one of the highest in Asia and only a point lower than what was threatened on Liberation Day in April, India was informed that its existing trade barriers are 'strenuous and obnoxious'; it will be charged an untold penalty for buying Russian oil; it is a 'dead economy.' It's archrival Pakistan was praised and promised an oil-exploration deal. Hurt feelings aside, the results are confusing. Two of the biggest categories of exports to the United States from India are personal electronics, worth about $14 billion a year, and pharmaceuticals, worth $10 billion. Rajesh Sharma, executive director of India Cellular and Electronics Association, said smartphones were exempted from these tariffs; so did executives at pharmaceutical companies. But on Friday, after reading the executive order, the Global Trade Research Initiative in New Delhi concluded the opposite. India's stock markets dipped on the news for two days running. Indian and international banks wrote notices warning that the country's generally hard-charging economic growth is likely to slow measurably as a result of the tariffs. Then there are the unknown tariffs. On July 6, Mr. Trump wrote that countries aligned with the BRICS group, of which India is a founding member, would incur an additional 10 percent penalty. Then on July 14, he said that, if Russia didn't make peace with Ukraine within 50 days, he would punish its trading partners with 'secondary tariffs' of 100 percent. That figure is making Indians worry anew. Mr. Trump added 'plus a penalty' to the 25 percent rate imposed on India, for buying Russian oil and weapons. Shashi Tharoor, a prominent member of the opposition, spoke to an Indian news agency about the possible impact. 'There's even talk of a 100 percent penalty,' he said, 'which will destroy our trade with America.' There is evidence that Indian buyers of Russian oil were already pulling back before the executive order. 'Indian refiners have reduced Russian crude purchases this week,' said Sumit Ritolia, an analyst at Kpler, which tracks shipping and commodities. They were already 'looking to further diversify, amid rising concerns over potential U.S. sanctions,' having spent years taking advantage of discounted Russian oil to reduce their imports from the Persian Gulf. Reducing the United States' trade deficit is one of the Trump administration's goals, so convincing India to buy more American oil and gas would make sense. Last year, India exported $45.7 billion more goods to the United States than it imported. It spent about three times as much importing oil. If a third of that were redirected to American sources, their bilateral trade would be evened out. Mr. Trump's angry barrage of social media has complicated further negotiations. The breakdown of trust between Narendra Modi, India's prime minister, and whom he called his 'true friend,' Mr. Trump, is likely to make it harder to complete any deal, analysts say. Indian news outlets have reported that Mr. Trump wanted to iron out some outstanding issues, after four rounds of direct talks between the two sides, in a phone call with Mr. Modi. The Indian government was anxious to avoid any of his last-minute surprises. The U.S. commerce secretary accused India of 'slow-rolling' its trade negotiations. Indian officials and analysts say the friction is caused by a fundamental difference of approach. Mr. Trump has a penchant for quick, top-down deal-making. India's bureaucracy moves at a methodical pace, especially when it comes to opening up the agriculture market, which is politically sensitive. India's recently concluded trade deal with Britain took three years of talks, under two different British prime ministers. On Friday, India's foreign ministry released a statement that put on a brave face. 'India and the United States share a Comprehensive Global Strategic Partnership,' established in 2013 between President Barack Obama and then Prime Minister Manmohan Singh, 'anchored in shared interests, democratic values and robust people-to-people ties.' The ministry stuck to principles, revealing no plan for breaking through Mr. Trump's hard line. 'This partnership has weathered several transitions and challenges,' the statement said. 'We remain focused on the substantive agenda that our two countries have committed to and are confident that the relationship will continue to move forward.' Rebecca Elliott , Mujib Mashal and Hari Kumar contributed reporting.
