Trump Duties to Decimate China Profits, Bloomberg Economics Says
Most of China's industries can't survive President Donald Trump's tariffs at current levels, according to a new analysis by Bloomberg Economics.
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15 minutes ago
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Australia to buy 11 advanced warships from Japan
Australia will upgrade its navy with 11 Mogami-class frigates built by Japan's Mitsubishi Heavy Industries, Defence Minister Richard Marles said on Tuesday. Australia is in the midst of a major military restructuring announced in 2023, turning towards long-range strike capabilities to better respond to China's naval might. It is striving to expand its fleet of major warships from 11 to 26 over the next 10 years. "This is clearly the biggest defence-industry agreement that has ever been struck between Japan and Australia," Marles said, touting the US$6 billion (Aus$10 billion) deal. Mitsubishi Heavy Industries was awarded the tender over Germany's ThyssenKrupp Marine Systems. "This decision was made based on what was the best capability for Australia," Marles said. "We do have a very close strategic alignment with Japan." Mogami-class warships are advanced stealth frigates equipped with a potent array of weapons. Marles said they would replace Australia's ageing fleet of Anzac-class vessels, with the first Mogami-class ship to be in service by 2030. "The Mogami-class frigate is the best frigate for Australia," said Marles. "It is a next-generation vessel. It is stealthy. It has 32 vertical launch cells capable of launching long-range missiles." Defence industry minister Pat Conroy said the frigates were capable of launching long-range Tomahawk cruise missiles. - 'More lethal' - "The acquisition of these stealth frigates will make our navy a bigger navy, and a more lethal navy," he said. The first three Mogami-class frigates will be built overseas, Conroy said, with shipbuilding yards in Western Australia expected to produce the rest. Australia announced a deal to acquire US-designed nuclear-powered submarines in 2021, scrapping a years-long plan to develop non-nuclear subs from France. Under the tripartite AUKUS pact with the United States and the United Kingdom, the Australian navy plans to acquire at least three Virginia-class submarines within 15 years. The AUKUS submarine programme alone could cost the country up to US$235 billion over the next 30 years, according to Australian government forecasts, a price tag that has stoked criticism of the strategy. Major defence projects in Australia have long suffered from cost overruns, government U-turns, policy changes and project plans that make more sense for local job creation than defence. Australia plans to gradually increase its defence spending to 2.4 percent of gross domestic product -- above the two percent target set by its NATO allies, but well short of US demands for 3.5 percent. sft/lec/tym
Yahoo
15 minutes ago
- Yahoo
Singapore tackles tariffs with bold economic strategy review; Pritam reflects on WP's GE2025 near misses: Singapore live news
Singapore has launched a forward-looking Economic Strategy Review (ESR) to navigate rising global uncertainties, including US-imposed tariffs and technological disruption. Spearheaded by Deputy Prime Minister Gan Kim Yong, the ESR will be driven by five new committees focused on global competitiveness, technology and innovation, entrepreneurship, human capital and economic restructuring. Each committee is co-chaired by political leaders and includes stakeholders from the private sector and unions. The review aims to build on existing strategies while embracing new approaches, especially in areas like AI and workforce transformation. Singapore's baseline tariff with the US now stands at 10 per cent, with further levies expected. The committees will engage widely and publish a final report by mid-2026. The ESR signals Singapore's commitment to staying agile, competitive and resilient. Workers' Party (WP) leader Pritam Singh opened up about the 2025 General Election (GE2025) in a candid radio interview, revealing that the party had hoped to win one or two new constituencies. Despite retaining its strongholds, WP fell short in areas like Punggol and Tampines. Pritam blamed boundary changes for forcing a strategic pivot, including the decision not to contest Marine Parade GRC. That move led to a walkover win for the PAP and criticism from other opposition parties. Pritam praised WP's candidates for their courage and commitment, especially the 14 newcomers. He emphasised the importance of long-term planning over short-term gains. Pritam says WP may not have tipped new seats this time, but the fight for broader representation continues. More on Pritam's GE2025 candid interview here. Read more in our live blog below, including the latest local and international news and updates. Government launches Economic Strategy Review to tackle global shifts Singapore has kicked off a major Economic Strategy Review (ESR) to safeguard its future amid rising US tariffs, geopolitical tensions and rapid technological change. Led by Deputy Prime Minister Gan Kim Yong, the review will culminate in a comprehensive report by mid-2026. Five new committees will focus on global competitiveness, technology and innovation, entrepreneurship, human capital, and economic restructuring. Each is co-chaired by political office holders and includes private sector and union representatives. The Global Competitiveness committee aims to reinforce Singapore's status as a trusted investment hub. The Technology and Innovation group will explore AI adoption and digital transformation. Meanwhile, the Entrepreneurship committee will strengthen the startup ecosystem, and the Human Capital team will equip workers for career mobility and resilience. The final committee will address the social and economic fallout of restructuring. Pritam Singh shares WP's GE2025 lessons learned Workers' Party (WP) chief Pritam Singh hoped to 'tip one or two more constituencies' in Singapore's May 2025 General Election (GE2025). Despite strong efforts, the party retained its seats in Aljunied GRC, Sengkang GRC and Hougang, but couldn't break into new ground like Punggol and Tampines. Pritam cited boundary changes as a major factor, saying the Electoral Boundaries Review Committee's adjustments forced WP to pivot its strategy. The party had previously contested Marine Parade GRC but chose not to this time, drawing criticism from other opposition groups. Pritam praised WP's 26 candidates, including 14 newcomers, for their grit and character. He emphasised the uphill battle smaller parties face due to limited resources. For Pritam and WP, the fight continues. 'We came close, not close enough. But that just tells you there's still work to do,' he said. Read on Pritam's GE2025 reflections here. Government launches Economic Strategy Review to tackle global shifts Singapore has kicked off a major Economic Strategy Review (ESR) to safeguard its future amid rising US tariffs, geopolitical tensions and rapid technological change. Led by Deputy Prime Minister Gan Kim Yong, the review will culminate in a comprehensive report by mid-2026. Five new committees will focus on global competitiveness, technology and innovation, entrepreneurship, human capital, and economic restructuring. Each is co-chaired by political office holders and includes private sector and union representatives. The Global Competitiveness committee aims to reinforce Singapore's status as a trusted investment hub. The Technology and Innovation group will explore AI adoption and digital transformation. Meanwhile, the Entrepreneurship committee will strengthen the startup ecosystem, and the Human Capital team will equip workers for career mobility and resilience. The final committee will address the social and economic fallout of restructuring. Singapore has kicked off a major Economic Strategy Review (ESR) to safeguard its future amid rising US tariffs, geopolitical tensions and rapid technological change. Led by Deputy Prime Minister Gan Kim Yong, the review will culminate in a comprehensive report by mid-2026. Five new committees will focus on global competitiveness, technology and innovation, entrepreneurship, human capital, and economic restructuring. Each is co-chaired by political office holders and includes private sector and union representatives. The Global Competitiveness committee aims to reinforce Singapore's status as a trusted investment hub. The Technology and Innovation group will explore AI adoption and digital transformation. Meanwhile, the Entrepreneurship committee will strengthen the startup ecosystem, and the Human Capital team will equip workers for career mobility and resilience. The final committee will address the social and economic fallout of restructuring. Pritam Singh shares WP's GE2025 lessons learned Workers' Party (WP) chief Pritam Singh hoped to 'tip one or two more constituencies' in Singapore's May 2025 General Election (GE2025). Despite strong efforts, the party retained its seats in Aljunied GRC, Sengkang GRC and Hougang, but couldn't break into new ground like Punggol and Tampines. Pritam cited boundary changes as a major factor, saying the Electoral Boundaries Review Committee's adjustments forced WP to pivot its strategy. The party had previously contested Marine Parade GRC but chose not to this time, drawing criticism from other opposition groups. Pritam praised WP's 26 candidates, including 14 newcomers, for their grit and character. He emphasised the uphill battle smaller parties face due to limited resources. For Pritam and WP, the fight continues. 'We came close, not close enough. But that just tells you there's still work to do,' he said. Read on Pritam's GE2025 reflections here. Workers' Party (WP) chief Pritam Singh hoped to 'tip one or two more constituencies' in Singapore's May 2025 General Election (GE2025). Despite strong efforts, the party retained its seats in Aljunied GRC, Sengkang GRC and Hougang, but couldn't break into new ground like Punggol and Tampines. Pritam cited boundary changes as a major factor, saying the Electoral Boundaries Review Committee's adjustments forced WP to pivot its strategy. The party had previously contested Marine Parade GRC but chose not to this time, drawing criticism from other opposition groups. Pritam praised WP's 26 candidates, including 14 newcomers, for their grit and character. He emphasised the uphill battle smaller parties face due to limited resources. For Pritam and WP, the fight continues. 'We came close, not close enough. But that just tells you there's still work to do,' he said. Read on Pritam's GE2025 reflections here.
Yahoo
15 minutes ago
- Yahoo
Japan trade negotiator to visit US to press for swift implementation of auto tariff deal
TOKYO (Reuters) -Japan's top tariff negotiator Ryosei Akazawa said he planned to visit Washington from Tuesday to press the United States to have President Donald Trump sign an executive order to bring an agreed 15% tariff rate on automobiles into effect. The U.S. last month agreed in a trade deal with Japan to lower existing tariffs on Japanese automobile imports to 15% from levies totaling 27.5% previously. Duties that were due to come into effect on other Japanese goods will also be cut to 15% from 25%. "We will push the United States to make sure that an executive order be signed on the agreed tariff on automobiles and automotive components as soon as possible," Akazawa told parliament. Referring to the problem of "stacking" where goods can be affected by multiple tariffs, Akazawa also said Japan wants to make sure that goods that are already levied at more than 15% would be exempt from the additional 15% rate.
