Trump extends deadline for reaching trade deals to Aug 1, sends tariff letters to 14 nations
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CNA
an hour ago
- CNA
How Hong Kong's ageing population is reshaping society and its economy
HONG KONG: For retiree Cedric Lam, ageing is no excuse to slow down. Five months ago, the 66-year-old picked up airsoft shooting, an activity that demands quick reflexes and hand-eye coordination. It also gives him a chance to make new friends. 'Many experts say if you try something different and new, it will help a lot as it stimulates the brain, is good for your body and mind, and we won't regress,' said Lam, who is determined that his lifestyle will not be defined by his age. 'If you fall behind, it'll be bad, so I want to be more useful. I want to learn new things. After we retire, we still have another life, a new life to enjoy.' Hong Kong became a super aged society last year - a milestone marked by one in five residents being aged 65 or older. By 2043, this is projected to double to almost 40 per cent of the population, or one in three persons. SILVER POWER Lam said he believes that many seniors are not living up to their full potential. 'They have good health, they can work, they're still mobile. When they have good health, they should do more to stay active rather than sit idle,' he said. 'Here in Hong Kong, you see a lot of old people in the park playing chess. But there's a crowd of people doing nothing but just watching them play chess. I feel that's a waste of time.' While the demographic shift presents serious challenges including increased healthcare costs, observers said it also opens up unexpected opportunities. People aged 60 and above spent about HK$342 billion (US$43.8 billion) last year, accounting for 11 per cent of the city's gross domestic product, said officials. By 2046, that figure is projected to more than double to HK$700 billion as the silver generation becomes an even greater economic force, according to one estimate. Hong Kong is keen to tap into this silver economy - but challenges remain. Despite the growing senior population, Hong Kong's employment rate for those 65 and older remains low - just 13.6 per cent, compared to other regional economies such as Singapore, which is at 31.7 per cent. BETTER JOB MATCHING To unlock the full potential of the elderly market, boosting their employment rate is essential, said observers. 'Most of them demand for a more flexible contract, more flexible work arrangement, like working part time, working just a few hours per day and also accommodating to that lifestyle,' said Dicky Chow, head of healthcare and social innovation at think-tank Our Hong Kong Foundation. 'So we do believe that this kind of flexible work arrangement has to be put in place to improve the employment rate of elderly, to tap into their potential and boost their silver economy.' He emphasised the importance of better job matching by first understanding the skills older adults possess, and then aligning those skills with suitable job opportunities — not just restricting them to low-skilled roles. Another key challenge lies in the lack of targeted efforts by businesses to tap the growing potential of the elderly consumer market. 'A lot of times, you can understand that the business owners are very much wanting to be focused on direct returns,' said Jasmine Lee, managing partner at EY Hong Kong and Macau. 'So they've been very good at creating products and earning money from the millennials or the Z generation, from the younger people.' However, she noted that companies need to take a closer look at the preferences of people in Hong Kong, especially older citizens.
CNA
an hour ago
- CNA
Oil prices ease from two-week highs as investors await tariff clarity
Oil prices edged slightly lower on Wednesday after rising to two-week highs in the previous session, as investors were watching new developments on U.S. tariffs and trying to gauge their impact. Brent crude futures were down 20 cents, or 0.3 per cent, at $69.95 a barrel by 0121 GMT. U.S. West Texas Intermediate crude fell 21 cents, or 0.4 per cent, to $68.12 a barrel. U.S. President Donald Trump's latest tariff delay provided some hope to major trade partners Japan, South Korea and the European Union that deals to ease duties could still be reached, while bewildering some smaller exporters such as South Africa and leaving companies with no clarity on the path forward. Trump pushed back Wednesday's previous deadline to August 1, a date he said on Tuesday was final, declaring: "No extensions will be granted." He also said he would impose a 50 per cent tariff on imported copper and soon introduce long-threatened levies on semiconductors and pharmaceuticals, broadening his trade war that has rattled markets worldwide. While the tariffs have prompted worries of oil demand destruction, strong travel demand for the July 4th weekend buoyed hopes. A record 72.2 million Americans were projected to travel more than 50 miles (80 km) for Fourth of July vacations, data from travel group AAA showed last week. On the supply side, the U.S. will produce less oil in 2025 than previously expected as declining oil prices have prompted U.S. producers to slow activity this year, the Energy Information Administration forecast on Tuesday in a monthly report. The world's largest oil producer is projected to produce 13.37 million barrels per day of oil in 2025, versus last month's forecast of 13.42 million bpd, the EIA said in its short-term energy outlook report. In 2026, the U.S. will produce 13.37 million bpd, in line with the previous forecast. OPEC+ oil producers are, on the other hand, set to approve another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members and the United Arab Emirates' move to a larger quota, five sources said. On Saturday, the group approved a 548,000 bpd jump for August. However, the actual output increase has been smaller than the announced levels so far and most of the supply has been from Saudi Arabia, analysts said. Meanwhile, geopolitical tensions remained, providing a floor for prices. Four seafarers on the Liberian-flagged, Greek-operated bulk carrier Eternity C were killed in a drone and speedboat attack off Yemen, an official with knowledge of the issue said on Tuesday, the second incident in a day after months of calm.
CNA
an hour ago
- CNA
Trump says steep copper tariffs in store as he broadens his trade war
WASHINGTON: US President Donald Trump on Tuesday (Jul 8) said he would impose a 50 per cent tariff on imported copper and soon introduce long-threatened levies on semiconductors and pharmaceuticals, broadening his trade war that has rattled markets worldwide. One day after he pressured 14 trading partners, including powerhouse US suppliers like South Korea and Japan, with sharply higher tariffs, Trump reiterated his threat of 10 per cent tariffs on products from Brazil, India and other members of the BRICS group of countries. He also said trade talks have been going well with the European Union and China, though he added he is only days away from sending a tariff letter to the EU. Trump's remarks, made during a White House Cabinet meeting, could inject further instability into a global economy that has been shaken by the tariffs he has imposed or threatened on imports to the world's largest consumer market. US copper futures jumped more than 10 per cent after Trump's announcement of new duties on a metal that is critical to electric vehicles, military hardware, the power grid and many consumer goods. They would join duties already in place for steel, aluminium and automobile imports, though it was unclear when the new tariffs might take effect. US pharmaceutical stocks also slid following Trump's threat of 200 per cent tariffs on drug imports, which he said could be delayed by about a year. Other countries, meanwhile, said they would try to soften the impact of Trump's threatened duties after he pushed back a Wednesday deadline to Aug 1. Trump's administration promised "90 deals in 90 days" after he unveiled an array of country-specific duties in early April. So far, only two agreements have been reached, with the United Kingdom and Vietnam. Trump has said a deal with India is close. Trump said countries have been clamouring to negotiate. "It's about time the United States of America started collecting money from countries that were ripping us off ... and laughing behind our back at how stupid we were," he said. He said late Tuesday that "a minimum of seven" tariff notices would be released on Wednesday morning, and more in the afternoon. He gave no other details in his Truth Social post. Trading partners across the globe say it has been difficult to negotiate even framework agreements with the US, given the haphazard way new tariffs are announced, complicating their internal discussions about concessions. HIGHEST LEVELS SINCE 1934 Following Trump's announcement of higher tariffs for imports from the 14 countries, US research group Yale Budget Lab estimated consumers face an effective US tariff rate of 17.6 per cent, up from 15.8 per cent previously and the highest in nine decades. Trump's administration has been touting those tariffs as a significant revenue source. Treasury Secretary Scott Bessent said Washington has taken in about US$100 billion so far and could collect US$300 billion by the end of the year. The United States has taken in about US$80 billion annually in tariff revenue in recent years. The S&P 500 finished slightly lower on Tuesday, a day after Wall Street markets sold off sharply following Trump's new tariffs announcement. Trump said he will "probably" tell the European Union within two days what rate it can expect for its exports to the US, adding that the 27-member bloc had been treating his administration "very nicely" in trade talks. The EU, the largest bilateral trade partner of the US, aims to strike a deal before Aug 1 with concessions for key export industries such as aircraft, medical equipment and spirits, according to EU sources. Brussels is also considering an arrangement that would protect European automakers with large US production facilities. However, German Finance Minister Lars Klingbeil warned that the EU was prepared to retaliate if necessary. "If we don't reach a fair trade deal with the US, the EU is ready to take countermeasures," he said in the lower house of parliament. Japan, which faces a possible 25 per cent tariff, wants concessions for its large automobile industry and will not sacrifice its agriculture sector, a powerful domestic lobby, for the sake of an early deal, top trade negotiator Ryosei Akazawa said on Tuesday. South Korea, which also faces a possible 25 per cent tariff, said it planned to intensify trade talks over the coming weeks "to reach a mutually beneficial result". Washington and Beijing agreed to a trade framework in June, but with many of the details still unclear, traders and investors are watching to see if it unravels before a separate, US-imposed Aug 12 deadline or leads to a lasting detente. "We have had a really good relationship with China lately, and we're getting along with them very well. They've been very fair on our trade deal, honestly," Trump said, adding that he has been speaking regularly with Chinese President Xi Jinping. Trump said the United States would impose tariffs of 25 per cent on goods from Tunisia, Malaysia and Kazakhstan; 30 per cent on South Africa and Bosnia and Herzegovina; 32 per cent on Indonesia; 35 per cent on Serbia and Bangladesh; 36 per cent on Cambodia and Thailand; and 40 per cent on Laos and Myanmar.
