Daily Debrief: What Happened Today (Jul 7)
Six golf courses, including at Tanah Merah Country Club, Singapore Island Country Club to close by 2035
Four sites will be released for other uses, while two will be combined for a public golf course.
Data Protection Trustmark elevated to Singapore Standard
Helps certified organisations show their commitment to effective data protection; other initiatives include a technology adoption guide and an AI regulation sandbox.
Low mortgage rates help; but be cautious in pursuing condo dreams as economic outlook weakens
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Tariff tracker: Where South-east Asia and China stand as the clock runs down
The 90-day tariff truce is nearly up and the stakes just got higher. From low-key talks to last-ditch concessions, here's how Asean and China are navigating the bumpy patch.
Here are the top 10 best performing stocks in Singapore's STI for the first half of the year
The trio of local banks – DBS, UOB and OCBC – however, are not on the list, taking 18th, 19th and 20th place, respectively.
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Business Times
22 minutes ago
- Business Times
Quick takes on Trump's new tariffs: what this means for markets, the dollar, and inflation
[SINGAPORE] US President Donald Trump on Monday (Jul 7) announced tariff rates on 14 countries that will take effect on Aug 1, ahead of a 90-day pause that was to end this week. In April, Trump had announced 'liberation day' tariffs for the US' trading partners but lowered them to a flat 10 per cent for the duration of the pause. On Monday, he started sending letters out to trading partners but indicated he was going to continue negotiations. So far, only deals with the UK and Vietnam have been reached. Trump said goods from Japan and South Korea would face 25 per cent levies. The same 25 per cent rate also applies to Malaysia, Kazakhstan and Tunisia, while South Africa would see a 30 per cent tariff and Laos and Myanmar would face a 40 per cent levy. Other nations hit with levies included Indonesia with a 32 per cent rate, Bangladesh with 35 per cent, and Thailand and Cambodia with duties of 36 per cent. Bosnia received a 30 per cent levy, while Serbia faces a 35 per cent rate. Singapore are among the countries that have not received letters yet. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up How will markets and other players be affected? Here's what analysts said on Tuesday: Vasu Menon, Managing Director, Investment Strategy, OCBC 'The expectations that Trump is once again engaged in a negotiating tactic rather than making serious tariff threats, offers hope to investors. There was no big fallout for Asian markets when trading resumed Jul 8, a day after the White House sent letters to leaders of several countries announcing blanket tariffs ranging from 25 per cent to 40 per cent starting Aug 1.' 'Eventually, the possibility that the tariffs imposed will be nowhere as high as the draconian figures suggested on Apr 2, may bring relief to markets.' Eugene Leow, Senior Rates Strategist, DBS 'US Treasuries sold off alongside stocks as news of the new reciprocal tariffs hit. Market participants were probably too sanguine over the past couple of weeks. News that Vietnam managed to secure a 20 per cent tariff rate lulled the market into complacency and expectations built that any tariffs would be around that level with allies getting a lower than 20 percent rate. Unfortunately, this optimism turned out to be false.' 'Japan, South Korea and Malaysia got hit with a 25 per cent rate. The silver lining is that these tariffs are only going to be effective Aug 1, implying that there are still three weeks for negotiations. Taken together, overly buoyant sentiment has been pared down, but the shock factor is nowhere near as close to what was seen on Liberation Day.' Chua Han Teng, Economist, DBS 'US tariffs on imported Vietnamese goods will be at 20 per cent, which was much lower than the punishing 46 per cent announced on Liberation Day. New duties for key regional competitors (Malaysia: 25 per cent, Indonesia: 32 per cent, Bangladesh: 35 per cent, Cambodia and Thailand: 36 per cent) were also announced on Jul 7. However, uncertainty remains regarding the interpretation of transshipment goods that will face 40 per cent US tariffs.' Maybank 'Notably, China, India, Singapore and Taiwan were some Asian countries not served letters yet. Letters also mentioned that these tariffs would be separate from sectoral tariffs. Trump said that the letters were 'more or less' final offers and that the Aug 1 deadline was 'firm but not a 100 per cent firm'.' 'Markets dislike uncertainty and these measures (and Trump's words) certainly injected a fresh dose of worry which showed up as US equities and US Treasuries (10Y: +4bps) sold off. Currencies largely remained within range, although the euro found some support after the tariff letters.' 'We think that there could be further volatility to come, although we also retain our conviction on our longer-term weaker USD view. Gradually building up a short USD position on rallies in the greenback may be the most sensible and prudent way to express such a view as volatility rises.' Arif Husain, Head of Global Fixed Income and CIO at T Rowe Price 'Crosscurrents from tariffs (upward inflation pressure), US dollar weakness (higher inflation), and possible slowing demand (lower inflation) are buffeting the inflation outlook.' 'But I expect the tariff effects to dominate and push inflation higher in the second half of the year despite a moderation in services inflation.' -Please check back for more analyst takes.
CNA
37 minutes ago
- CNA
Rubio to make first Asia trip as Trump unveils tariffs on host and allies
WASHINGTON: United States Secretary of State Marco Rubio will visit Malaysia this week for meetings with Southeast Asian nations in his first trip to Asia as America's top diplomat, the State Department said on Monday (Jul 7), even as President Donald Trump announced hefty tariffs on the hosts and other regional partners and allies. The State Department billed the Jul 8 to 12 trip as a move to reaffirm Washington's commitment to the Indo-Pacific. Hours later, Trump said he would impose 25 per cent tariffs from Aug 1 on imports from Japan and South Korea, the key US regional allies and vital partners in countering China's growing might. Trump also announced plans for tariffs on Malaysia and five other countries in the 10-member Association of Southeast Asian Nations (ASEAN), whose ministers Rubio will join for meetings in the Malaysian capital Kuala Lumpur. Malaysia faces a 25 per cent tariff, Laos and Myanmar 40 per cent, Cambodia and US ally Thailand 36 per cent, and Indonesia 32 per cent. Rubio will seek to firm up US relationships with partners and allies unnerved by Trump's global tariff strategy. Trump's announcements seemed certain to make that task harder. The trip has been seen as part of a renewed US focus on the Indo-Pacific and an effort to look beyond conflicts in the Middle East and Europe that have consumed much of the Trump administration's attention. "Top topics that he's going to want to hit, obviously, are to reaffirm our commitment to East Asia, to ASEAN, to the Indo-Pacific, and not just ... for its own sake," a senior State Department official told reporters. "I think a key message that the secretary likes to deliver is that we're committed, and we prioritise it because it is in America's interests, right? It promotes American prosperity and it promotes American security." The official said Rubio would be prepared to discuss trade, including reiterating that the need to rebalance US trade relationships is significant and echoing messages from the White House and the US Trade Representative. ASEAN countries have been nervous about Trump's tariffs and questioned the willingness of his "America First" administration to fully engage diplomatically and economically with the region. "There is a hunger to be reassured that the US actually views the Indo-Pacific as the primary theatre of US interests, key to US national security," said Greg Poling, director of the Southeast Asia Program at Washington's Center for Strategic and International Studies. On Sunday, Trump said the US was close to finalising several trade pacts and would notify other countries by Jul 9 of higher tariff rates. He also sent a message to BRICS group of developing nations as its leaders met in Brazil, threatening an additional 10 per cent tariff on any that align themselves with "anti-American" policies. The BRICS countries include Indonesia, as well as China and India. Last week, Trump announced he had reached a trade agreement with important Southeast Asian partner and ASEAN member Vietnam and could reach one with India. But he cast doubt on a possible deal with Japan, which is not only Washington's main Asian ally, but a major investor in the US. Rubio has yet to visit Japan or South Korea, the other main US ally in Northeast Asia, since taking office in January, even though Washington sees the Indo-Pacific as its main strategic priority given the perceived threat from China. South Korea's presidential security adviser Wi Sung-lac headed to Washington on Sunday for trade and defence talks, with Seoul seeking to head off US tariffs.
Straits Times
39 minutes ago
- Straits Times
Rubio to make first Asia trip as Trump unveils tariffs on host and allies
Sign up now: Get ST's newsletters delivered to your inbox US Secretary of State Marco Rubio's visit marks a renewed US focus on the Indo-Pacific. WASHINGTON – US Secretary of State Marco Rubio will visit Malaysia later this week to attend a meeting of South-east Asian nations in his first trip to Asia as America's top diplomat, the State Department said on July 7, even as President Donald Trump announced hefty tariffs on the hosts and other regional partners and allies . The State Department billed the July 8 to 12 trip as a move to reaffirm Washington's commitment to the Indo-Pacific. Hours later, Mr Trump said he would impose 25 per cent tariffs from Aug 1 on imports from Japan and South Korea, the key US regional allies and vital partners in countering China's growing might. Mr Trump also announced plans for tariffs on Malaysia and five other countries in the 10-member Association of South-east Asian Nations, whose ministers Mr Rubio will join for meetings in the Malaysian capital Kuala Lumpur. Malaysia faces a 25 per cent tariff, Laos and Myanmar 40 per cent, Cambodia and US ally Thailand 36 per cent, and Indonesia 32 per cent. Mr Rubio will seek to firm up US relationships with partners and allies unnerved by Mr Trump's global tariff strategy. Mr Trump's announcements seemed certain to make that task harder. The trip has been seen as part of a renewed US focus on the Indo-Pacific and an effort to look beyond conflicts in the Middle East and Europe that have consumed much of the Trump administration's attention. 'Top topics that he's going to want to hit, obviously, are to reaffirm our commitment to East Asia, to Asean, to the Indo-Pacific, and not just ... for its own sake,' a senior State Department official told reporters. 'I think a key message that the secretary likes to deliver is that we're committed, and we prioritise it because it is in America's interests, right? It promotes American prosperity and it promotes American security.' The official added that Rubio would be prepared to discuss trade, which is likely to come up during the trip, including reiterating that the need to rebalance the US' trade relationships is significant and echoing any messages from the White House and US Trade Representative. Asean countries have been nervous about Mr Trump's tariffs and have questioned the willingness of his 'America First' administration to fully engage diplomatically and economically with the region. 'There is a hunger to be reassured that the US actually views the Indo-Pacific as the primary theater of US interests, key to US national security,' said Mr Greg Poling, director of the South-east Asia Programme at Washington's Centre for Strategic and International Studies. Trade pacts Mr Trump on July 6 said the US was close to finalising several trade pacts and would notify other countries by July 9 of higher tariff rates. He also sent a message to members of the developing nations' Brics group as its leaders met in Brazil, threatening an additional 10 per cent tariff on any Brics countries aligning themselves with 'anti-American' policies. The Brics includes Asean member Indonesia, as well as China and India. Mr Trump last week announced he reached a trade agreement with important South-east Asian partner and Asean member Vietnam and could reach one with India, but cast doubt on a possible deal with Japan, Washington's main Indo-Pacific ally and a major importer and investor in the United States. Mr Rubio has yet to visit Japan, or neighbouring South Korea, the other major US ally in North-east Asia, since taking office in January, even though Washington sees the Indo-Pacific as its main strategic priority given the perceived threat posed by China. South Korea's presidential security adviser Wi Sung-lac headed to Washington on July 6 for trade and defence talks, with Seoul seeking an extension of a freeze on US tariffs. Mr Wi's office said he would be in Washington until July 8 and aimed to meet with Mr Rubio and discuss a possible summit between Mr Trump and President Lee Jae Myung, who took office in June . REUTERS
