Cambodia PM urges 'industrial recalibrations' under Trump tariff pressure
TOKYO -- Cambodian Prime Minister Hun Manet said his country's businesses and communities must pursue "industrial recalibrations" as the economy comes under pressure from U.S. President Donald Trump's trade policy.
Hun Manet delivered a keynote address to Nikkei's annual Future of Asia conference in Tokyo on Friday. He spoke weeks after Trump announced a 49% "reciprocal" tariff rate on Cambodia -- the highest levy among all Southeast Asian countries -- to discourage what is believed to be rampant Chinese transshipment. Although the White House tariffs are largely on hold, Hun Manet decried the impact of the trade war.
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Japan Today
3 hours ago
- Japan Today
In U.S. capital, Trump tariffs bite into restaurant profits
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Nikkei Asia
7 hours ago
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With premium aged bottles of the liquor selling for hundreds of dollars, they have complained they are collateral damage in the broader trade row between Brussels and Beijing. In addition to the reprieve, China's commerce ministry will also give back deposits made by brandymakers since October 2024, when provisional duties were imposed. The refund issue, which weighed particularly heavily on smaller producers, was one of the sticking points in months-long negotiations, two industry sources said. China is the world's biggest market for cognac in value terms. Remy Martin-owner Remy Cointreau said in a statement that the deal on minimum price commitments constituted "a substantially less punitive alternative" thus enabling "the strengthening of some investments in China." Pernod Ricard said it regrets the increase in the cost of operating in China but additional costs are significantly less than would be the case if tariffs had been made permanent. 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"I think both sides, France and China, did not want this to get out of hand, they wanted to find a resolution." BNIC said that the deal for minimum price commitments will be "less unfavorable" than anti-dumping duties, but still worse for its members than the historical pre-investigation norm. "This is why we renew our call to the French government and the European Commission to reach a political agreement with the Chinese authorities as soon as possible to return to a situation without anti-dumping duties," BNIC said in a statement.
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7 hours ago
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Japan's Government Pension Investment Fund is one of the world's largest institutional investors. (Photo by Nikkei) AKIRA INUJIMA and JUMPEI KINEFUCHI TOKYO -- Japan's Government Pension Investment Fund enlarged its assets by 98 trillion yen ($678 billion) over five years ending with fiscal 2024 while posting returns of 1.7 trillion yen, or $11.8 billion, for that final fiscal year, the fund reported on Friday. Rising stock prices at home and abroad drove the heavy gains over the medium-term period. But the weak yen also played a role, accounting for about 40% of the increase, prompting concern about a backlash as the Japanese currency strengthens.
