
Is Philippines getting short end of US tariff stick? 19% rate slammed as ‘worst insult'
Ferdinand Marcos Jnr as a 'significant achievement' has been slammed by critics at home as the 'worst insult' after Manila secured only a one percentage point tariff cut from Washington while granting American goods duty-free access.
Marcos, the first Southeast Asian leader to be hosted by President Donald Trump since his return to the White House, visited the US capital from Sunday to Tuesday for a series of talks centred on trade and security.
The trip came as Manila sought to defuse tensions over Trump's sweeping 'Liberation Day' tariff policy, which had initially imposed a 17 per cent duty on Philippine exports in April before increasing it to 20 per cent earlier this month.
The outcome – a 19 per cent tariff rate on Philippine goods alongside zero tariffs for US exports – was unveiled by Trump on his Truth Social account after holding a joint press conference at the White House.
Marcos defended the result, insisting the concession was more significant than it appeared.
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RTHK
2 hours ago
- RTHK
Hang Seng Index joins region in profit-taking
Hang Seng Index joins region in profit-taking The Hang Seng Index lost 135 points to open at 25,531.59 on Friday. File photo: RTHK Regional shares eased from highs on Friday, with Japanese markets retreating from a record peak, as investors locked in profits ahead of a crucial week that includes US President Donald Trump's tariff deadline and a host of central bank meetings. In Hong Kong, the benchmark Hang Seng Index lost 135 points, or 0.53 percent, to open at 25,531. Across the border, mainland blue chips declined 0.2 percent. Japan's broad Topix index, which had jumped more than 5 percent over the previous two sessions to reach an all-time high, pulled back 0.7 percent. The Nikkei slipped 0.5 percent from Thursday's one-year high. Australian shares were headed for their worst week in months, dragged down by losses in gold stocks and miners, while markets awaited progress in US trade talks. The S&P/ASX 200 index lost 0.5 percent to 8,935 by midday local time, taking its decline to more than 1 percent so far this week and putting it on track for its steepest weekly drop since April 4. Next week, in the United States alone, investors need to contend with Trump's August 1 deadline for trade deals, a Federal Reserve policy meeting, the closely watched monthly payrolls report, and earnings from the likes of Amazon, Apple, Meta and Microsoft. The Bank of Japan has its own policy announcement on Thursday, and Prime Minister Ishiba's Liberal Democratic Party holds a meeting the same day. That's after the European Central Bank held rates steady on Thursday, pausing its easing campaign as it waits to assess any impact from US tariffs. (Reuters/Xinhua)


AllAfrica
2 hours ago
- AllAfrica
Russia, Ukraine play for time as Trump's clock winds down
Russia and Ukraine met in Istanbul on July 23 for a third round of talks since face-to-face negotiations resumed in May. Expectations were low. Two previous rounds have yielded very few concrete results, apart from agreements on prisoner exchanges the return of the bodies of soldiers killed in action. The latest meeting was the shortest yet, lasting just 40 minutes. The negotiating teams were led by former Ukrainian Defence Minister Rustem Umerov and Vladimir Medinsky, a senior aide to Russian President Vladimir Putin. They agreed on another exchange of prisoners and on establishing three working groups on political, military and humanitarian issues to engage online rather than in face-to-face meetings. But if the talks have achieved very little, they have demonstrated two things. First, that the two sides remain very far apart on what they would consider acceptable terms for a ceasefire, let alone a peace agreement. And, second, that neither side is prepared to walk away from the negotiations, worried about incurring the wrath of the US President Donald Trump. A fourth round of negotiations has not been ruled out, but it is unlikely to involve either Vladimir Putin or Volodymyr Zelensky, given that their negotiating positions still offer little hope of a deal ready to be signed at a leaders' summit. The latest round of talks, however, took place in a different context from the earlier two meetings. Earlier in July, Trump set a deadline of 50 days, ending on September 2, for the fighting to stop. After this, if there's no progress towards a ceasefire, the US president will consider imposing hefty secondary sanctions on Russia's remaining trade partners. The aim would be to starve Moscow's war economy of crucial foreign income, principally from heavily discounted sales of oil and gas to willing buyers, including India and China. The first ten days of this 50-day ultimatum have now passed. While the talks in Istanbul might be seen as a sign that Kyiv and Moscow are taking Trump seriously, the lack of tangible results suggests otherwise. There is no indication that either Russia or Ukraine have moved from their maximalist demands. Russia keeps insisting on the recognition of its illegal occupation in Ukraine, on future limits to Ukraine's military strength, and on a denial of the country's accession to NATO. Ukraine, meanwhile, asks for its territory to be restored and its sovereignty – including its ability to determine its alliance arrangements – to be respected. Developments on and around the battlefields in Ukraine don't offer any signs that Moscow or Kyiv are ready, even for a ceasefire. Russia continues to make incremental gains along the 1,000km of frontlines in Ukraine. It also keeps pounding Ukrainian cities, including the capital Kyiv, with nightly drone and missile attacks. These have taken place at unprecedented scales of hundreds of drones that have repeatedly overwhelmed Ukraine's already stretched air defense systems. Russia continues to make small but incremental gains of territory along the 1,000km frontline in Ukraine. Institute for the Study of War Yet, Ukraine has been buoyed by the promise of more US arms deliveries – paid for by other NATO allies – and the continuing commitments by its international partners to support the country. These include those made at the recent NATO summit in The Hague and the Ukraine Recovery Conference in Rome. Add to that Trump's apparent pivot away from Putin and his recently more constructive relationship with Zelensky, and it becomes clear why Kyiv – like Moscow – thinks that time is on its side. Both may be proved wrong. Zelensky's latest efforts to consolidate his power – a large-scale cabinet reshuffle and a decree to curb the independence of two of Ukraine's anti-corruption agencies – have caused alarm among EU officials in Brussels. More importantly, they have also triggered rare public protests against the government in Kyiv and other major Ukrainian cities, including Dnipro, Lviv and Odesa. The protests may not get enough traction to pose a real danger to the government. But they indicate that support for Zelensky is not unconditional. This is something that the Ukrainian president appeared to acknowledge when he outlined his plans to submit an additional bill to parliament to protect the independence of the embattled anti-corruption agencies. What is widely seen as a power grab by the president's inner circle also has the potential of undermining public morale at a critical time in the war. All of this also feeds into a Russian narrative of Zelensky as an illegitimate leader of his country whom Russia cannot negotiate with. But it would be a mistake to assume that Russia can simply wait until Ukrainians are simply too exhausted to continue resisting Russia's invasion or when Western support will stop keeping Ukraine in the fight. Even if Europeans become disillusioned with Zelensky, Russia's war against Ukraine is too much of an existential question for European security that they will abandon Kyiv just because they do not agree with its anti-corruption policies. It's also not clear how long Russia can sustain the intensity of its ground and air campaigns against Ukraine or how long these will provide even the kinds of incremental gains that they currently achieve. Trump's new plan for arming Ukraine by selling arms and ammunition to European NATO allies who would then deliver them to Kyiv is likely to blunt the effectiveness of the Russian air campaign and stymie its ground offensive. So playing for time is unlikely to get either Moscow or Kyiv any closer to achieving their war aims. But preventing the other side's victory – whether that's on the battlefield or at the negotiation table – may well be enough for now for both Putin and Zelensky. Currently, continuing their war of attrition is the second-best solution that both presidents can agree on. The outcome of the third round of talks between their negotiators suggests that they may have already reached such an implicit understanding. Stefan Wolff is professor of international security, University of Birmingham This article is republished from The Conversation under a Creative Commons license. Read the original article.


AllAfrica
3 hours ago
- AllAfrica
US and its allies unprepared to repel saturation missile attacks
Between June 13 and 24 Iran launched 574 missiles attacking Israel. Some of them got through, despite Israeli and US efforts to stop them. Until now we have lacked convincing data allowing some cogent analysis of the results of missile defenses. That information is partly supplied by a new study by the Jewish Institute for National Security Affairs, a Washington-based think tank that is pro-US defense and pro-Israel. There are some surprises. The biggest one is the role of THAAD operated by US personnel in Israel and in the Gulf. THAAD is the Terminal High Altitude Area Defense system. It is designed to intercept short-, medium- and long-range ballistic missiles. THAAD interceptors cost $12.7 million each, making them expensive, but not nearly as costly as the AEGIS SM-3 Block 2A interceptor that is priced at just under $28 million per shot. THAAD is a hit-to-kill, or kinetic kill, interceptor that does not use explosives. It has an operational ceiling of around 92 miles, so it is not capable of exoatmospheric intercepts (310 to 620 miles). Israel's high altitude interceptor, Arrow 3, is said to be capable of intercepts in the exoatmosphere. According to the JINSA report, in the June conflict THAAD intercepted 47.7 percent of all the missiles fired at Israel, an unexpectedly high proportion. In doing so, the US expended at least 14% of its total THAAD interceptor stockpile. JINSA says it will take Lockheed, which manufactures the THAAD interceptors, around eight years to replenish the US stockpile, assuming the rate of production is not significantly increased. Take Note: We only know the number of Iranian missiles shot down by THAAD (92). We do not know how many THAAD interceptors were launched to shoot down the Iranian missiles. The 14% figure represents the claimed kills, not the actual number fired. Thus the remaining inventory of THAAD interceptors may be smaller than stated in the report. There are a couple of important caveats. The first is that the US is supplying other countries with THAAD systems. Saudi Arabia has a THAAD system delivered from the United States and 50 interceptors. However, it has ordered 360 interceptors, which will take years to manufacture. Saudi THAAD personnel. Photo: Kingdom's Ministry of Defense The UAE reportedly has 192 THAAD interceptors, although it is not clear all have been delivered. The US also has THAAD systems in South Korea (where there are now reports North Korea is boosting its missile production) and in Hawaii, Guam and Wake Island. Given the Chinese missile threat and regional volatility, the US may have to beef up supplies for the Pacific. The alternative is to reply on AEGIS, a very expensive system that operates at sea and therefore is not capable of fully protecting US and allied bases in the region. The second problem is intercepting hypersonic missiles. Iran reportedly used some of these attacking Israel. China and Russia already have them (e.g., DF-17 with DF-2F hypersonic glide vehicles and Russia's Avangard and Oreshnik ballistic missiles, plus Kinzhal and Zircon). THAAD probably needs to have longer range and speed to counter hypersonic missiles, something that has been proposed (THAAD-ER) but not yet approved. Israel has Arrow 2 and Arrow 3, the latter able to operate in the exoatmosphere. In the recent conflict, Israel says it intercepted more than 200 Iranian missiles, Another 258 missiles were not intercepted because Israel determined they were not going to hit populated areas or critical infrastructure. THAAD intercepted 92 Iranian missiles. According to Israeli reports, that left 57 Iranian missiles that got through and did damage. What the information tells us is that more than half of Iran's missiles were inaccurate (for one reason or another). It tells us that Israel does not have an adequate missile intercept inventory or launcher capability. Apparently Israel recognizes this shortcoming, but it depends on US manufacturing to help fill the gaps. It also tells us that Israel cannot defend its territory without the United States. The great importance of THAAD for defending Israel is critical. The JINSA report does not take into account Iranian and other drones fired at Israel. However, that threat will also multiply in future. (Israel has Iron Dome and Iron Beam, and can also use its air force to shoot down drones,) Patriot also played a role in the conflict, mainly to defend al Udeid air base in Qatar. The Iranians fired 14 short and medium range missiles at the air base on the last day of the conflict, and the US was warned about the attack ahead of time by Iran. In response the US launched 30 Patriots and intercepted 13 out of 14 Iran's missiles. One missile got through and damaged a communications dome on the base. Before and after photos of damage at Al Udeid Air Base last month. Photo: Planet Labs In practice this means it takes at least two Patriot interceptors for every enemy missile fired. As is well known, the US is in short supply of Patriot, which the US, its allies and friends rely on for air defense. This has caused significant controversy in connection with supplies of Patriots for Ukraine. The Pentagon has made clear that stockpiles are at a critical level and it does not want to deplete them further in support of Ukraine. Instead, at President Donald Trump's initiative, Germany has agreed to supply Patriot interceptors (model unclear, as there are different Patriot interceptors, the most important PAC-3), but Germany does not have enough. The German Defense Minister, Boris Pistorius, is negotiating with his European counterparts, to 'find' the missiles Ukraine needs. Allegedly, Germany will pick up the bill for replacing them later., but the Germans now want US guarantees. The JINSA paper also points out that Israel destroyed some 250 Iranian missile launchers (only after they fired their missiles). This is a luxury that Ukraine, for example, does not have and it is a challenge for the US and its Pacific allies, because finding and destroying adversary launchers (e.g., potentially China's or Russia's) is a far bigger challenge than Iran. The US and Israeli ability to manufacture air defense missiles is inadequate against Russian, Chinese, Iranian and maybe North Korean factories' ability to produce ballistic missiles. What is true for the defense of Israel, supplementation of Israel's local air defenses with US assets, also is true for Europe and Asia. NATO has very limited air defenses, well below what Israel has but a need to protect a massively bigger territory. The United States' Asian allies Japan and South Korea also have limited air defenses, mainly relying on their own Patriot systems or on Patriot plus AEGIS in the case of Japan. Taiwan has Patriot PAC-3, but not enough systems or missiles. The US, at present, would find it extremely difficult to backstop NATO against a massive attack by Russia, or to support Japan and South Korea, let alone Taiwan, with de minimis stockpiles and too few systems. There is THAAD in Korea, but not in Japan or Taiwan. Japan even rejected AEGIS Ashore to protect its territory, although it does have four AEGIS-equipped ships. Taiwan publicly rejected THAAD, an incredibly foolish move. To make a long story short, the US and its allies are not well prepared against saturation missile attacks and don't have enough coverage to protect military installations, command and control centers, airfields, naval ports or even logistic centers and factories (putting aside attacks focused on critical infrastructure, as we see on a daily basis in Ukraine). It should be obvious that the US industrial base is not ready for the challenge, that there are not enough factories and that efficiency (understood in terms of output) is low. The Pentagon is still relying on ordering missile production from existing factories rather than really trying to reform the manufacturing infrastructure so we can match the output of Russia, China or even Iran. Stephen Bryen, a special correspondent to Asia Times and a former US deputy undersecretary of defense for policy, also previously served as executive director of the JINSA think tank. This article, which originally appeared in his Substack newsletter Weapons and Strategy, is republished with permission.