CNA938 Rewind - Trump-Netanyahu meeting in U.S
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Straits Times
33 minutes ago
- Straits Times
Israeli military says it struck 'key' Hamas figure in Lebanon's Tripoli
Sign up now: Get ST's newsletters delivered to your inbox BEIRUT - The Israeli military said on Tuesday it had struck "key" figure from Palestinian militant group Hamas near the northern Lebanese city of Tripoli, the first targeted killing in the area for several months. In a statement, Israel's military did not give the identity of the targeted person. There was no immediate comment from Hamas. Lebanese state media said a car had been hit near Tripoli and the health ministry reported two people were killed and three others wounded, without identifying them. Hamas and other Palestinian militant groups maintain a presence in various areas of Lebanon, mostly in camps that have housed displaced Palestinians for decades. Since Hamas' cross-border attack from the Gaza Strip into southern Israel in 2023, Israel has carried out targeted strikes on Lebanese armed group Hezbollah as well as members of Palestinian factions in Lebanon. Hamas' deputy chief was killed in an Israeli airstrike on Beirut's southern suburbs in early 2024, and other strikes hit Palestinian camps in northern Lebanon. A U.S.-brokered ceasefire last year ended the conflict between Hezbollah and Israel, though Israel has continued to carry out strikes on what it says are Hezbollah arms depots and fighters, mostly in southern Lebanon. Top stories Swipe. Select. Stay informed. Singapore NDP celebrations to be held at 5 heartland sites, including Bishan and Punggol, on Aug 10 Singapore Keep citizens at the centre of public service, Chan Chun Sing tells civil servants Singapore Man arrested for allegedly throwing bottle at SMRT bus, injuring passenger Asia As Trump plays tariffs hard ball, Asean has little choice but to play on Asia PM Anwar called out by his own lawmakers as Malaysia's judicial crisis heats up Singapore SIA flight from Brisbane to Singapore diverted to Perth due to technical issue Sport Speeding likely cause of Diogo Jota car crash: Police Business Great Eastern could resume trading after delisting vote fails to pass; OCBC's exit offer lapses Tuesday's strike near Tripoli was the first time a targeted assassination had taken place in the area since the truce. Meanwhile, U.S. envoy Thomas Barrack continued a two-day visit to Lebanon to discuss disarming Hezbollah and other militant groups. REUTERS
Straits Times
an hour ago
- Straits Times
US, Israel diverge on how to pursue Iran endgame after strikes, diplomats say
FILE PHOTO: A view shows the aftermath of an Israeli strike on Evin Prison that took place on June 23 in Tehran, Iran, June 29, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS/File Photo DUBAI - When they met on Monday, U.S. President Donald Trump and Israeli Prime Minister Benjamin Netanyahu basked in the glow of their triumph over Iran. But the show of unity masked a divergence over their endgames in Iran, Gaza and the wider Middle East. Both leaders have touted the success of last month's strikes on Iran's nuclear infrastructure, declaring they had set back a programme they say is aimed at acquiring a nuclear bomb. Yet, with intelligence assessments suggesting that Iran retains a hidden stockpile of enriched uranium and the technical capacity to rebuild, both Trump and Netanyahu know that their victory is more short-term than strategic, two diplomats say. Where they diverge is on how to further pressure Iran, the diplomats said. Trump says his priority is to lean on diplomacy, pursuing a limited objective of ensuring Iran never develops a nuclear weapon - a goal Tehran has always denied pursuing. In contrast, Netanyahu wants to use more force, a source familiar with the Israeli leader's thinking said, compelling Tehran -- to the point of government collapse if necessary -- into fundamental concessions on quitting a nuclear enrichment programme seen by Israel as an existential threat. The divide over Iran echoes the situation in the Gaza Strip. Trump, eager to cast himself as a global peacemaker, is pushing for a new ceasefire between Israel and Hamas in the Palestinian territory, but the contours of any post-war deal remain undefined and the endgame uncertain. Top stories Swipe. Select. Stay informed. Singapore NDP celebrations to be held at 5 heartland sites, including Bishan and Punggol, on Aug 10 Singapore Keep citizens at the centre of public service, Chan Chun Sing tells civil servants Singapore Man arrested for allegedly throwing bottle at SMRT bus, injuring passenger Asia As Trump plays tariffs hard ball, Asean has little choice but to play on Asia PM Anwar called out by his own lawmakers as Malaysia's judicial crisis heats up Singapore SIA flight from Brisbane to Singapore diverted to Perth due to technical issue Singapore New Draft Master Plan could reignite developers' interest to buy land Business Great Eastern could resume trading after delisting vote fails to pass; OCBC's exit offer lapses Netanyahu, while publicly endorsing ceasefire talks, says he is committed to the total dismantling of Hamas, a strategic ally of Iran. The Israeli prime minister wants the remaining Hamas leadership deported, possibly to Algeria -- a demand Hamas flatly rejects. The gap between a temporary pause and a lasting resolution remains wide, two Middle East officials say. On Iran, Netanyahu was displeased to see Washington revive nuclear talks with Tehran expected in Norway this week, the first diplomatic overture since the strikes, said the person familiar with his thinking. He opposes any move that could give the Iranian authorities an economic and political lifeline. THE LIBYA MODEL Netanyahu wants nothing less than the Libya model for Iran, the source said. That means Iran fully dismantling its nuclear and missile facilities under strict oversight, and renouncing uranium enrichment on its soil even for civilian needs. Israel is seeking not diplomacy but regime change, Western and regional officials have said. And Netanyahu knows he needs at least a green light from the White House -- if not direct backing -- to carry out further operations if Tehran refuses to relinquish its nuclear ambitions, they said. But Trump has different objectives, the diplomats said. After the June strikes, he sees an opportunity to press Iran to cut a deal and seize a grand diplomatic feat of restoring ties with Iran that has long eluded him, the diplomats said. On Monday, Trump said he would like to lift sanctions on Iran at some point. And in an eye-catching post on X suggesting Tehran sees economic ties as a potential element in any deal, President Masoud Pezeshkian said on Monday that Supreme Leader Ayatollah Ali Khamenei believed American investors can come to Iran with "no obstacles to their activities". Iranian rulers, however, face two unpalatable options: renewed strikes if they do not surrender their nuclear ambitions and humiliation at home if they do. That means they may try to make talks drag out, unwilling to fully quit their nuclear project and presenting a difficulty for a U.S. president impatient for a deal and its economic benefits for the U.S., Western and regional officials say. For Israel, the fallback option is clear, the person familiar with Netanyahu's thinking said: a policy of sustained containment through periodic strikes to prevent any nuclear resurgence. In the wake of its air war against Iran, Israel has reasserted itself as the region's unrivalled military power, more willing than ever to use force and more capable of doing so with precision and relative impunity. Washington, meanwhile, is hedging its bets. While Israeli and U.S. hawks still hope for regime change in Tehran, Trump appears unwilling to shoulder the huge military, political and economic costs that such a project would demand. Trump rapidly claimed victory after the U.S. attack. And while he has said he would consider bombing Iran again if it continued to enrich uranium to worrisome levels, he has portrayed the June 22 operation as a bold, surgical one-off. NO BOOTS ON THE GROUND His repeated declarations that Iran's program has been 'obliterated' are less triumph than warning: don't ask for more -- a signal that he's done enough and won't be drawn further in, says Alex Vatanka, director of the Iran Program at the Middle East Institute think-tank in Washington. For all their rhetoric, Netanyahu and his hawkish allies offer no viable blueprint or roadmap for regime change, says Alan Eyre, a former U.S. diplomat and Farsi-speaking expert on Iran. Unlike Iraq, there are no boots on the ground and no credible opposition that could topple the ruling elite, guarded by the powerful Islamic Revolutionary Guard Corps. The U.S. may support Israel's military actions, even supplying advanced weaponry, but it is betting mainly on economic pressure and diplomatic leverage to force Tehran's hand. The result is a fragile standoff, with no clear endgame, the diplomats said. Netanyahu sees a fleeting strategic opportunity, one that demands acceleration, not hesitation, the source close to him said. In his calculus, the time to strike harder is now, before Iran regains its footing, the source said. Iran's air defences are battered, its nuclear infrastructure weakened, its proxies decapitated and its deterrence shaken. But Tehran's window to regroup and rebuild will grow with time, says the person familiar with Netanyahu's thinking. So for Netanyahu, this is unfinished business -- strategic, existential, and far from over, the diplomats and the two Middle East officials said. REUTERS
Business Times
an hour ago
- Business Times
Malaysia, Thailand could take biggest hits to growth in Asean from tariff impact: analysts
[SINGAPORE] Malaysia and Thailand are the economies in Asean that are set to take the biggest hits from tariffs announced by US President Donald Trump on Monday (Jul 7), according to analysts. Trump announced tariff rates on 14 countries, and also pushed back the date when tariffs are set to take effect – to Aug 1. His announcement came ahead of a 90-day pause that was to end this week. In April, Trump announced 'Liberation Day' tariffs for the US' trading partners but lowered them to a flat 10 per cent for the duration of the pause. On Monday, he started sending letters out to trading partners but indicated he was going to continue negotiations. For Malaysia, the tariff rate was increased by 1 per cent from the 24 per cent announced in April. It stayed the same for Thailand at 36 per cent. The tariffs announced affect 14 countries, of which nine are in the Asia-Pacific: Malaysia, Thailand, Indonesia, Cambodia, Laos, Myanmar, Bangladesh, Japan and South Korea. So far, only deals with the UK and Vietnam have been reached. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up OCBC economists said: 'The growth impact following this announcement, if implemented on Aug 1 with no further adjustments to the tariff rates, would suggest that Malaysia's economy takes the biggest hit relative to our current forecasts.' 'Malaysia's unique hit of higher tariffs of 25 per cent from 24 per cent is unexpected. While the official letter from the US is clear that this is not the end of the road for negotiations, the offerings from the Malaysian side could become more constrained,' they added. OCBC lowered its 2025 GDP year-on-year growth forecast for Malaysia from 4.3 per cent to 3.9 per cent, and from 4.3 per cent to 3.8 per cent for 2026. 'Thailand is next in line, and we lower our 2025 GDP growth forecast to 1.8 per cent from 2 per cent,' it said. OCBC explained that the hit to growth is more significant for Malaysia because it assumes that all exemptions following the April tariff announcement for semiconductors are no longer applicable. That applies to 43.6 per cent of exports to the US by OCBC's estimates. 'Notwithstanding, all exports to the US, which are primarily electronics and electrical appliances, are now exposed to tariff risks,' it said, adding that the US is one of Malaysia's largest trading partners, accounting for 13.2 per cent of total export share in 2024. Global market intelligence provider BMI, a unit of Fitch Solutions, also said that Thailand, Malaysia and Cambodia will be the worst hit by the latest tariffs. BMI carried out its forecast based on three different scenarios, where it varied the degree that tariffs would be passed on to US consumers via higher prices, as well as shifting demand from American consumers due to price changes. It found that in all three scenarios, these three countries suffered the worst impacts to their GDP growth. The impacts vary from a hit of between 0.15 percentage point (pp) and 1.72 pp to Malaysia's GDP growth; to a blow of 0.13 pp to 1.5 pp to Thailand's; and to a 0.74 pp to 8.29 pp hit to Cambodia's. US goods imports from Thailand totalled US$63.3 billion in 2024, up 12.5 per cent from 2023, indicated the US Trade Representative office. The US goods trade deficit with Thailand was US$45.6 billion in 2024, an 11.7 per cent increase over 2023. Imports from Malaysia were US$52.5 billion in 2024, up 13.7 per cent from 2023. The US trade deficit with Malaysia was US$24.8 billion in 2024, a 7.6 per cent decrease over 2023. US imports from Cambodia were US$12.7 billion in 2024, up 9.3 per cent from the year before. The US goods trade deficit with Cambodia was US$12.3 billion in 2024, a 9.4 per cent year-on-year increase. Meanwhile, Vietnam appears to have the relatively better deal among countries in Asean, analysts said. Its tariff rate has been negotiated down to 20 per cent – from the initial 46 per cent rate – but there is a 40 per cent levy on transhipments through Vietnam from third countries. OCBC in the Tuesday note said that by contrast, it is raising its 2025 GDP year-on-year growth forecast for Vietnam from 5.5 per cent to 6.3 per cent. Impact on markets, inflation Analysts also warned on Tuesday that the risk of higher inflation will return if tariffs stick around – as opposed to it being just a negotiation tactic by Trump. 'It's probably time to start pricing back in the trade risks that were priced out far too quickly... Trump isn't chickening out, and inflation is knocking on the door,' said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. 'One reason why the tariff-led price pressures were initially contained is that many companies chose to swallow the costs while waiting to see if the tariffs were just a negotiation tactic. But if the tariffs are here to stay – and are constantly changing – businesses will have no choice but to (adapt their pricing strategies),' she added. Citing data from Goldman Sachs, she said companies are set to pass on 70 per cent of the tariff costs through higher prices. Arif Husain, head of global fixed income and chief investment officer at T Rowe Price, expects the effects from the tariffs to push inflation higher in the second half of the year. Ozkardeskaya added: 'Prices will rise, earnings will be pressured, the (Federal Reserve) will wait as US growth slows and inflation risks loom – and global investors may increasingly cut exposure to US assets.' BMI, however, said that it remains in Trump's own interest to agree to lower tariffs than the levels that he is threatening. 'He risks further capital flight, which would raise interest costs for the US government and – perhaps more importantly – a spike in inflation, which would spark voter backlash ahead of the midterm elections,' said BMI analysts. Most markets in the Asia-Pacific were muted on Tuesday, and analysts do not expect any big fallout. Singapore's Straits Times Index closed up 0.4 per cent at 4,047.86. The Hang Seng Index in Hong Kong rose 1.1 per cent to 24,148.07. China's CSI 300 Index, comprising stocks traded on the Shanghai and Shenzhen exchanges, ended nearly 1 per cent higher at 3,998.45. Elsewhere in the region, Japan's Nikkei 225 closed up 0.3 per cent, and South Korea's Kospi finished 1.9 per cent higher. Australia's ASX 200 inched up 0.02 per cent to 8,590.70. Vasu Menon, managing director of investment strategy at OCBC, said: 'That Trump is once again engaged in a negotiating tactic rather than making serious tariff threats offers hope to investors.' 'Eventually, the possibility that the tariffs imposed will be nowhere as high as the draconian figures suggested on Apr 2 may bring relief to markets,' he added. Aberdeen Investments is staying 'modestly positive' on equities, across both developed markets and emerging markets, given the macro backdrop of slowing but still positive growth, and ongoing rate cuts. 'That said, the conviction around this positivity is moderate, especially after the rally since the initial pause on the 'Liberation Day' tariffs, and given that developed markets earnings revisions, in particular, have been negative,' the firm's analysts said on Tuesday. Maybank analysts expect the US dollar to remain weaker in the longer term. 'Gradually building up a short US dollar position on rallies in the greenback may be the most sensible and prudent way to express such a view as volatility rises,' they said.
