Philippine president meets US defence chief, secretary of state ahead of talks with Trump
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Business Times
17 minutes ago
- Business Times
Europe reacts with mix of relief and concern to US trade deal
[BRUSSELS] European governments and companies reacted with both relief and concern on Monday (Jul 28) to the framework trade deal struck with US President Donald Trump, acknowledging what was seen as an unbalanced deal but one that avoided a deeper trade war. The agreement, announced on Sunday between two economies that account for almost a third of global trade, will see the US impose a 15 per cent import tariff on most European Union (EU) goods – half the threatened rate but much more than what Europeans hoped for. Many of the specifics of the deal were not immediately known, however. 'As we await full details of the new EU-US trade agreement, one thing is clear: this is a moment of relief but not of celebration,' Belgian Prime Minister Bart De Wever wrote in a post on X. 'Tariffs will increase in several areas and some key questions remain unresolved.' Trump said the deal, including an investment pledge topping the US$550 billion deal signed with Japan last week, would expand ties between the trans-Atlantic powers after years of what he called unfair treatment of US exporters. It will bring clarity for European makers of cars, planes and chemicals. But the EU had initially hoped for a zero-for-zero tariff deal. And the 15 per cent baseline tariff, while an improvement on the threatened rate of 30 per cent, compares with an average US import tariff rate of around 2.5 per cent last year before Trump's return to the White House. 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 European Commission chief Von der Leyen, describing Trump as a tough negotiator, told reporters on Sunday that it was 'the best we could get'. European stocks opened up on Monday, with the STOXX 600 at a four-month high and all other major bourses also in the green. Tech and healthcare stocks led the way. 'The 15 per cent rate is better than the market was fearing,' said Jefferies economist Mohit Kumar. German Chancellor Friedrich Merz welcomed the deal, saying it averted a trade conflict that would have hit Germany's export-driven economy and its large auto sector hard. French government ministers said on Monday that the deal had some merits – such as exemptions they hoped to see for some key French business sectors such as spirits – but was nevertheless not balanced. Industry minister Marc Ferracci stressed more talks – potentially lasting weeks or months – would be needed before the deal could be formally concluded. 'This is not the end of the story,' he told RTL radio. European companies, meanwhile, were left wondering whether to cheer or lament the accord. 'Those who expect a hurricane are grateful for a storm,' said Wolfgang Große Entrup, head of the German Chemical Industry Association VCI. 'Further escalation has been avoided. Nevertheless, the price is high for both sides. European exports are losing competitiveness. US customers are paying the tariffs,' he said. Stellantis shares were up 3.5 per cent and car parts maker Valeo jumped 4.7 per cent while German pharma group Merck KGaA rose 2.9 per cent, in a sign of relief for those sectors. Among the many questions that remain to be answered, however, is how the EU's promise to invest hundreds of billions of dollars in the US and steeply increase energy purchases can be turned into reality. It was not immediately clear if specific pledges of increased investments were made or whether the details still must be hammered out. And while the EU pledged to make US$750 billion in strategic purchases over the next three years, including oil, liquefied natural gas (LNG) and nuclear fuel, the US will struggle to produce enough to meet that demand. While US LNG production capacity is due to almost double over the next four years it will still not be enough to ramp up supplies to Europe, and oil production is expected to be lower than previously forecast this year. Despite the lingering unknowns, analysts stressed the deal still helped decrease uncertainty. Oil prices rose on Monday, as did the euro. 'Now that there is more clarity, you would think that not only in the United States, but around the globe, there will be a little bit more willingness to look at investment, to look at expansions, and to look at where the opportunities are,' said Rodrigo Catril, senior currency strategist at National Australia Bank. REUTERS
Straits Times
an hour ago
- Straits Times
US Democrats, Republicans plan bills to pressure China as Trump pushes trade
FILE PHOTO: U.S. President Donald Trump delivers remarks on artificial intelligence at the \"Winning the AI Race\" Summit in Washington D.C., U.S., July 23, 2025. REUTERS/Kent Nishimura/File Photo WASHINGTON - U.S. senators from both major parties plan to introduce bills this week targeting China over its treatment of minority groups, dissidents and Taiwan, emphasizing security and human rights as President Donald Trump focuses on trade with Beijing. The three bills, seen by Reuters ahead of their introduction, have Democratic and Republican sponsors, a departure from the fierce partisanship dividing Washington. Trump's push to reach economic agreements between the world's two biggest economies has strong support in Congress, especially from his fellow Republicans, but has prompted some China hawks to worry that the U.S. government is de-emphasizing security issues. "It does appear that President Trump is keen to negotiate some kind of deal with China, and gaps are opening between his approach to China and the approaches of some members of his team, as well as with Congress, which overall has been quite hawkish on China," said Bonnie Glaser, an Asia expert at the German Marshall Fund of the United States. The desire for a hard line on China is one of the few truly bipartisan sentiments in the perennially divided Congress, even as many lawmakers support Trump's efforts to rebalance the bilateral trade relationship. "The United States cannot afford to be weak in the face of the People's Republic of China and its aggression around the world," said Democrat Jeff Merkley of Oregon, a lead sponsor of all three bills. "No matter who is in the White House, America's values of freedom and human rights must remain at the heart of a clear and principled vision that guides our leadership on the global stage," Merkley said in a statement. Top stories Swipe. Select. Stay informed. Asia Thailand, Cambodia agree to 'immediate and unconditional ceasefire' to de-escalate border row Singapore Tanjong Katong sinkhole backfilled; road to be repaved after LTA tests Singapore Ong Beng Seng set to plead guilty on Aug 4 in case linked to ex-transport minister Iswaran Asia Gunman kills 5 security guards near Bangkok's Chatuchak market before taking own life Singapore COE quota up 2.6% to 18,701 for August to October Business Resilient economy versus uncertain outlook splits views on Singapore's monetary policy Singapore HPB looking for vaping, smoking counselling services for up to 175 secondary school students Singapore Jail for former pre-school teacher who tripped toddler repeatedly, causing child to bleed from nose White House officials have said that Trump remains fully committed to Asia-Pacific security issues as he pursues his trade agenda and a good personal relationship with Chinese President Xi Jinping. TRADE VS. SECURITY One bill, co-sponsored by Republican John Cornyn of Texas, would deny entry into the United States of current or former Chinese government officials who were deemed to have engaged in the forced repatriation of members of China's Uyghur minority. Human rights groups accuse China of widespread abuses of Uyghurs, a mainly Muslim ethnic minority numbering about 10 million in its northwestern region of Xinjiang. Beijing denies any abuses. Another, co-sponsored by Republican John Curtis of Utah, aims to help Taiwan as the island faces increasing pressure from China. It would support countries in Latin America and the Caribbean that maintain official diplomatic relations with Taiwan and would take other steps to deepen coordination with Taipei. China claims the democratically governed island as its own and has never renounced the use of force to bring Taiwan under its control. Beijing has stepped up military and political pressure against the island in recent years. A third bill, co-sponsored by Republican Dan Sullivan of Alaska, seeks to combat "transnational repression" - efforts by any foreign government to reach beyond its own borders to intimidate, harass or harm dissidents, journalists or activists. Facing Trump's August 12 deadline, top U.S. and Chinese economic officials will meet in Stockholm on Monday to try to tackle their longstanding disputes, hoping to extend a truce by three months and keep sharply higher tariffs at bay. Trump "cares about opening foreign markets to American trade, and that's what he's always cared about. And that is going to run counter to a lot of national security imperatives," said Michael Sobolik, who specializes in U.S.-China relations at the Hudson Institute. Democrats and some of Trump's fellow Republicans raised concerns about the announcement this month that Nvidia will resume sales of its H20 artificial intelligence chips to China, days after its CEO met with Trump. This reversed an AI restriction imposed in April that was designed to keep the most advanced AI chips out of Chinese hands. REUTERS
CNA
2 hours ago
- CNA
Thailand denies using chemical weapons in clashes with Cambodia
BANGKOK: Thailand on Monday (Jul 28) denied using chemical weapons in its border conflict with Cambodia, condemning the 'baseless accusation'. In a statement, the Ministry of Foreign Affairs said the allegations are part of a 'campaign of disinformation aiming to discredit Thailand's reputation while the two countries are scheduled to meet'. 'This accusation once again is groundless and reflects a pattern of disinformation, aimed at distorting the facts on the ground and deliberately undermining Thailand's credibility and standing in the international community,' the ministry added. Maly Socheata, a spokesperson for the Cambodian defence minister, had earlier accused Thai forces of using chemical weapons in their attack. The Cambodian Human Rights Committee also condemned what it called 'Thailand's deliberate use of toxic military smokes and obscurants'. On Facebook, the wife of Cambodian Prime Minister Hun Manet shared a photo of a plane emitting smoke, captioned: "Thai aircraft released toxic smoke in the disputed areas on Jul 27, according to the Cambodia's Ministry of National Defense." In Monday's statement, the Thai foreign ministry said its position on the use of chemical weapons has been consistent. 'We condemn the use of chemical weapons anywhere, by anyone, under any circumstances,' it said. 'Thailand is also fully committed to all international instruments on disarmament and the non-proliferation of weapons of mass destruction.' The Royal Thai Armed Forces said it 'categorically rejects' the allegations by Cambodia. 'Thailand calls upon the international community to take serious note of such behaviour and to jointly condemn the use of disinformation aimed at distorting reality on the global stage,' it said in a statement. The leaders of Thailand and Cambodia held ceasefire talks in Malaysia on Monday as the deadly skirmish dragged into a fifth day.
