Marcos, Trump to hold first bilateral talks in Washington
Rubio made the announcement following his meeting with Philippine and Japanese counterparts at the sidelines of the ASEAN ministerial meetings in Kuala Lumpur, Malaysia.
'(We) look forward to hosting the president of the Philippines in Washington in a few days,' said Rubio.
The bilateral meeting comes as the Philippines prepares to send a trade delegation to the U.S. next week to pursue negotiations after the Trump administration imposed a 20 percent tariff on Philippine goods.
Both countries are also working to enhance their defense and military ties in response to growing Chinese aggression in the South China Sea. Related Articles
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
5 hours ago
- Gulf Today
Right to protest
Is there a right to protest? In some countries it is just too risky even if it is not illegal. The Tiananmen Square protests in China left hundreds, if not thousands dead, although many Chinese might not know of it now. Many other countries have similar stories. The Kenyan President William Ruto had declared "Don't kill them, but ensure their legs are broken.' as a way of handling disruptive protesters, so it might be legal but certainly not advised. Both of these examples are the extremes but what of a peaceful country like Australia? In one of our states, Victoria, there are frequent and increasingly aggressive protests so the government is looking at bringing in new rules. The regular protestors or 'professional' agitators face court based exclusion orders which if they defy can result in up to two years in jail or fines of up to $22,000. The wearing of masks, often by far-right individuals or groups, is also going to be banned. There are many civil libertarians who are concerned by these changes and will oppose them. Dennis Fitzgerald, Melbourne, Australia
Dubai Eye
14 hours ago
- Dubai Eye
China, ASEAN to submit upgraded free trade deal to leaders in October
China and the Association of Southeast Asian Nations (ASEAN) have agreed to submit a pact upgrading their free trade areas to their leaders for approval in October, according to China's foreign minister Wang Yi on Saturday. Negotiations about the so-called 3.0 version of the free trade zone started in November 2022 and completed in May, seeking to cover areas such as the digital economy, green economy and supply chain connectivity. China and ASEAN also agreed on a five-year action plan that specifies collaboration between the two sides in over 40 fields in the coming years, according to a statement published by the Ministry of Foreign Affairs, citing Wang's comments after attending the East Asia Summit in Kuala Lumpur on Friday. Wang also said the two sides agreed to strive to complete consultations next year on a code of conduct in the South China Sea - a set of guidelines aiming to manage disputes in the region, where Beijing and several ASEAN members have overlapping maritime claims.
Arabian Post
a day ago
- Arabian Post
U.S. Tariffs Surge Above 20% as Trump Tests Market Limits
U. S. consumers now contend with an effective tariff rate exceeding 20%, marking the steepest level observed since the early 1900s, according to estimates by the International Chamber of Commerce following the latest round of import levies introduced under President Trump's administration. This escalation stems from a newly implemented baseline tariff of 10%, supplemented by selective duties—up to 50% on copper and 200% on pharmaceuticals—pushing the overall rate to unprecedented heights. Andrew Wilson, deputy secretary-general of the ICC, explained that the administration appears to be calibrating tariff levels to maximise revenue without triggering a full-scale market meltdown. Despite wide-ranging rates, Wall Street has shown remarkable composure, a stark contrast to the sharp sell-off experienced in April when the initial import duties were announced. Treasury Secretary Scott Bessent confirmed that customs collections have reached approximately $100 billion so far, with projections forecasting up to $300 billion by year-end. Legal and legislative challenges are emerging in response. A federal appeals court struck down the 'Liberation Day' tariffs imposed under the International Emergency Economic Powers Act, declaring the move exceeded executive authority, though the ruling is presently stayed pending appeal. Meanwhile, Congress is contemplating legislation aimed at curbing unilateral tariff powers, and trade negotiations with major trading partners—namely Japan, the EU, the U. K. and Canada—could moderate or delay certain duties. ADVERTISEMENT Since April, the U. S. has extended tariffs to a broad array of countries. Canada faces a general increase from 25% to 35% on non‑USMCA imports beginning 1 August, with additional duties on steel and aluminium already in place. Meanwhile, Brazil has been targeted with a 50% tariff, linked in part to political tensions, and levels between 25% and 40% are set for nations including Japan, South Korea, Thailand, Malaysia, the Philippines, Sri Lanka, South Africa and others. A hold‑and‑test strategy allows a window until August 1 for targeted trade deals. Market participants have noted this restrained approach: a 10% baseline is broadly absorbed, but steeper duties serve as leverage. The administration appears comfortable testing thresholds before escalating further. Economists caution that importers and consumers will bear the brunt of these changes. A Yale Budget Lab analysis determined that U. S. tariffs to date equate to a 24.6 percentage‑point rise in the average effective rate—potentially reaching 27% absent substitution effects. These duties could elevate consumer prices by roughly 2.9%, reducing household purchasing power by about $4,700 annually. Substitution toward non‑Chinese suppliers later moderates the rate to approximately 18.5%, the highest since 1933. A Harvard Business School study corroborates these dynamics: between March and June, import prices rose ~3%, and domestically produced goods competing with imports increased by ~2% due to elevated component costs and altered supply chains. Similarly, U. S. apparel imports from China fell to the lowest in 22 years in May, as buyers shifted to suppliers in Southeast Asia and Latin America. While equities appear resilient—with the S&P 500 near record highs—analysts warn that bond and currency markets may signal latent stress. UBS expects household and business inventories to help absorb short‑term shocks, but flags a possible 0.7 percentage‑point drag on GDP growth in 2025 if tensions persist. Businesses represented by the ICC, covering some 45 million firms, have voiced concern: 60% of respondents to an ICC pulse survey consider the tariffs negatively, citing cost inflation, supply chain uncertainty and the risk of retaliation as principal worries. Despite this, the ICC insists negotiators must prioritise de‑escalation and multilateral engagement. Secretary‑General John Denton called the policy shift 'a watershed moment in American trade policy' that could inflict systemic harm on the global economy, noting the effective U. S. tariff rate now eclipses levels last seen during the Smoot–Hawley era of the 1930s.
