CNA938 Rewind - Stock take today: Trump announces then delays tariffs, Asia market outlook
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Samsung to buy US healthcare services company Xealth
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China warns Trump on tariffs, threatens retaliation on supply chain deals
BEIJING: China warned the Trump administration on Tuesday (Jul 8) against reigniting trade tension by restoring tariffs on its goods next month, and threatened to retaliate against nations that strike deals with the United States to cut China out of supply chains. Washington and Beijing agreed to a trade framework in June that restored a fragile truce, but with many details still unclear, traders and investors on both sides of the Pacific are watching to see if it will unravel or lead to a lasting detente. On Monday, President Donald Trump began notifying trade partners of sharply higher US tariffs from Aug 1, after he delayed all but 10 per cent of his April duties on most countries to give them time to strike deals with the world's largest economy. China, initially singled out with tariffs exceeding 100 per cent, has until Aug 12 to reach an agreement with the White House to keep Trump from reinstating additional import curbs imposed during tit-for-tat tariff exchanges in April and May. "One conclusion is abundantly clear: dialogue and cooperation are the only correct path," the official People's Daily said in a commentary, referring to the exchanges in the current round of China-US trade tension. The article was signed "Zhong Sheng", or "Voice of China", a term the paper uses to express views on foreign policy. Reiterating Beijing's view that Trump's tariffs amount to "bullying", the paper added, "Practice has proven that only by firmly upholding principled positions can one truly safeguard one's legitimate rights and interests." The remarks set the stage for another round of tariff war should Trump stick to what the ruling Communist Party's official daily said was "a so-called 'final deadline.'" The average US tariff on Chinese exports now stands at 51.1 per cent, while the average Chinese duty on US goods is 32.6 per cent, with both sides covering all their trade, the Peterson Institute for International Economics said. The paper also took a swipe at regional economies that are considering striking tariff reduction deals with the US that cut China out of their supply chains. Last week, Vietnam secured a tariff reduction to 20 per cent from 46 per cent with a deal for goods "trans-shipped" through it, typically originating from China, to be subjected to a levy of 40 per cent. "China firmly opposes any side striking a deal that sacrifices Chinese interests in exchange for tariff concessions," the paper said.
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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.
