Asia Factory Outlook at Lowest Since Pandemic on Trump Tariffs
Confidence in future output across the region fell to the lowest since July 2020, according to S&P Global purchasing managers' index data published Friday.
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Yahoo
37 minutes ago
- Yahoo
Trade Minister Maninder Sidhu eyes new markets, smaller trade delegations
OTTAWA — Ottawa's new trade minister says he's looking to sign deals in South America, Southeast Asia, Africa and beyond — and to convince businesses to actually use the trade agreements Canada has already signed. "My primary role as Canada's top salesman is to be out there hustling, opening doors for businesses and accessing new markets," Maninder Sidhu told The Canadian Press. "My phone has been ringing with opportunities because people want to deal with reliable, stable trading partners." Prime Minister Mark Carney has tasked Dominic LeBlanc as minister responsible for Canada-U.S. trade. Sidhu's job focuses on countries other than the U.S. Export Development Canada says Ottawa has 15 free trade agreements covering 51 countries, offering Canadian exporters preferential access to over 1.5 billion consumers. But Sidhu said Canadian businesses could be doing a lot more to look beyond the U.S., particularly as Washington threatens and imposes a range of tariffs. Sidhu served four years as a parliamentary secretary in roles reflecting all three branches of Global Affairs Canada: aid, trade and diplomacy. The job saw him represent Canada in trade promotion events in Southeast Asia and security forums in the Caribbean. Sidhu worked as a customs broker before politics — a job that focuses on navigating red tape and tariffs to secure the best rate for trading goods. Sidhu said he plans to visit Brazil soon as the South American country seeks to revive trade talks that kicked off in 2018 between the Mercosur trade bloc and Canada. His predecessor Mary Ng put an emphasis on large trade missions which took months to plan. The minister would sometimes fill a plane with corporate and business leaders, spending a substantial chunk of time in one or two countries. Sidhu said he is hoping to bring smaller delegations of companies with him on his trips abroad, with a focus on specific sectors, "whether it's South America, Indo-Pacific to Europe, to Africa." "Businesses feel like they're heard, but they're also getting higher-level meetings on the opposite side in the countries that we take them into," he said. Ottawa is navigating its trade ties with China as the two countries work to revive the decades-old Joint Economic and Trade Commission, a forum to sort out trade irritants. China has been roundly accused of engaging in coercive trade practices and of restricting certain commodities or services like tourism during political disagreements with Ottawa. Sidhu said the goal there is to offer "stability" to industry, with an emphasis on "how do we work through those challenges, and how do we make sure that those conversations are facilitated." Sidhu also downplayed the chances of a bilateral trade deal with the United Kingdom. Trade talks collapsed last year over the U.K.'s desire to sell more cheese in Canada and after Britain blocked Canadian hormone-treated beef. Both countries are using a temporary deal put in place after Britain left the European Union, and the U.K. will soon enter a trade bloc that focuses on the Pacific Rim, Sidhu noted. He said Canada would still be open to a full deal. "If U.K. and Canadian businesses already have access on 99 per cent of the items that we trade, then if we're looking at trade agreements, we need to make sure that we're getting the best value for our negotiations," Sidhu said. He also said Canada could consider "sector-specific agreements" with other countries, instead of comprehensive deals that span most industries. "We are getting very creative in how we can open up more doors," he said. Sidhu did not name specific countries where Canada might pursue sector-specific agreements. Canada had been looking at a trade agreement with India that would be limited to certain sectors — before Ottawa suspended talks in 2023 following an assassination the RCMP has linked to New Delhi. Ottawa launched security talks with India this spring and agreed to re-establish high commissioners. Sidhu was circumspect when asked when Canada might re-establish trade talks with India. "This is a step-by-step approach," he said, adding that the eventual return of top envoys will help "to carry out those very important conversations." Sidhu said Global Affairs Canada is still sorting out how Carney's decision to cut spending in all departments will affect the trade branch. "It's really going to be a focused approach, of where we can make the best impact," Sidhu said. The Business Council of Canada has urged Ottawa to expand the number of trade commissioners, who provide the contacts on the ground for Canadian companies looking for export opportunities. While Sidhu did not say whether Ottawa's cuts will mean fewer trade commissioners, he said he's heard a clear message from chambers of commerce that these positions are extremely valuable. "It comes down to return on investments, what programs are working (and) where can we get the best bang for our buck for Canadian industry and Canadian workers," he said. "A lot of the business community doesn't even know that (the Trade Commissioner Service) is there to help. And so my job is to help amplify that." This report by The Canadian Press was first published Aug. 3, 2025. Dylan Robertson, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Hill
39 minutes ago
- The Hill
Push to ban lawmaker stock trading gets new life
The years-long effort to ban members of Congress from trading stocks is back in the spotlight following a House Ethics Committee report that took issue with transactions made by a member's spouse, and after a Senate panel advanced legislation to prohibit lawmakers from making transactions. And some lawmakers are vowing to keep the topic front and center into the fall as they look to make headways on a matter that has mystified Congress. Leading that effort is Rep. Anna Paulina Luna (R-Fla.), who plans to file a discharge petition on legislation to prohibit lawmakers and their immediate families from owning, trading or controlling stocks, commodities or futures, directing lawmakers to divest their holdings within 180 days of the bill's enactment. If the procedural gambit is successful, the legislation, sponsored by Rep. Tim Burchett (R-Tenn), would hit the floor in the fall. But if the past is prologue, getting the measure over the finish line will be a tall task. Supporters, however, are optimistic they will find success. 'I think America is aware of what's going on,' Burchett told The Hill. 'They know it's not natural for somebody to, day in and day out, pick stock and have a 100, 200, 300 percent return, and they're tired of seeing Congress members making $170,000 a year retiring worth millions.' While the idea of banning members from trading stocks is widely popular among the public, some lawmakers for years have balked at the push, raising concerns about the level of pay for members — a $174,000 salary, which has been frozen since 2009, constituting a 30 percent pay cut when adjusting for inflation. And even among those who support banning members from trading stocks, there is disagreement about the details. The Senate Homeland Security and Governmental Affairs Committee last week advanced a bill that would bar not only members, their spouses, and their dependent children from buying and trading stocks, but also the president and vice president — with a carve-out for President Trump, since the requirement would not apply until the start of the elected officials' next terms. The hearing over the bill became contentious, with some Republicans on the panel arguing against a ban altogether, Democrats arguing in support and Sen. Rand Paul (R-Ky.) asking why Trump should be exempt. Trump, who earlier in the day had said he liked the stock trading ban 'conceptually,' attacked Sen. Josh Hawley (R-Mo.) for his support of the bill. Hawley later said Trump was under the mistaken impression it would apply to him. Former Speaker Nancy Pelosi (D-Calif.) — who as leader of the House opposed a stock trading ban and after whom Republicans cheekily named a previous effort to ban trading — threw her support behind the bill as well. Pelosi had opened the door to supporting a stock trading ban in 2022, but her outright endorsement was nonetheless notable. But Burchett's bill that Luna hopes to force a vote on, as well as several other stock trade bills — such as the Transparent Representation Upholding Service and Trust (TRUST) in Congress Act, from Rep. Chip Roy (R-Texas) and Rep. Seth Magaziner (D-R.I.) — do not include the barring trades by the president. Despite those hangups, proponents of the ban are optimistic they can get it done this time around. 'It's an increasingly public fight that people care about,' Rep. Chip Roy (R-Texas), a large supporter of a prohibition on lawmaker stock trading, told The Hill. 'And Congress is running out of runway with the people.' 'We will force votes,' he added. The difficulty in crafting a stock trading ban is personified in Rep. Rob Bresnahan (R-Pa.), who has caught heat for continuing to trade stocks despite saying he wants to ban member stock trading. Bresnahan, a businessman whose estimated net worth is in the multi-millions, has continued to report many stock trades despite writing a letter to the editor during his campaign calling to ban stock trading. Bresnahan has introduced a stock trading ban bill and says that he has no involvement with the trades that his financial advisers have made on his behalf. While he has said he wants to keep his current financial advisers and create a blind trust that would put a more stringent firewall between him and those trades, he has found problems in crafting that plan with the House Ethics Committee. Local public news organization WVIA noted that Bresnahan could simply ask his advisers to not make any more trades, but Bresnahan dismissed that idea. 'And then do what with it?' Bresnahan said to WVIA News. 'Just leave it all in the accounts and just leave it there and lose money and go broke?' Despite some critics, supporters of a stock trading ban are plowing full-steam ahead, hoping to make headway on the headwinds created by the House Ethics Committee. 'Members of Congress should be banned from trading individual stocks because their access to privileged, nonpublic information creates unavoidable conflicts of interest that erode public confidence in government,' Luna said in a statement. 'As lawmakers, we receive classified briefings, shape economic policies, and interact with industry leaders, giving us insights that can influence stock prices.' 'Even if no laws are broken, the appearance of profiting from this access fuels distrust among Americans,' she added. 'The American people do not trust the US government, and this is a step forward to building that trust.' The impetus for the current push was a report from the House Ethics Committee that said Rep. Mike Kelly (R-Pa.) violated the lower chamber's code of conduct when his wife traded stocks for the company Cleveland-Cliffs — which has a facility in Kelly's district — after the congressman learned non-public information about the firm. On April 28, 2020, Kelly learned that the Commerce Department would make an announcement that would benefit Cleveland-Cliffs. The day after, the congressman's wife, Victoria Kelly, bought 5,000 shares of the company for $23,075. The department's news was ultimately made public on May 4. She sold all her shares of the company in January 2021 shortly after Cleveland-Cliffs acquired a steel manufacturing corporation, turning a $64,476.06 profit. 'Representative Kelly's conduct with respect to Cleveland-Cliffs and his wife's stock purchase raised significant concerns for the Committee, even if it did not rise to the level of insider trading or clearly violate conflict of interest rules,' the committee wrote in its report, later adding that Kelly 'has not demonstrated sufficient appreciation for the harm to the institution caused by the appearance of impropriety.' It is, to be sure, already illegal for members of Congress to make transactions based on information they receive through their job, and the Stop Trading on Congressional Knowledge (STOCK) Act, which was enacted in 2012, requires that lawmakers report their stock trades within 30 days. But some ethics advocates believe the law should be stronger. Speaker Mike Johnson (R-La.), while he said he is supportive of the efforts to ban stock trades, has noted the difficult position the restrictions could put on members and their families, given the salary for members of Congress has been frozen since 2009. That amounts to around a 30 percent pay cut when adjusting for inflation. Most members make a salary of $174,000. 'If you stay on this trajectory, you're going to have less qualified people who are willing to make the extreme sacrifice to run for Congress,' Johnson said in May. 'I mean, just people just make a reasonable decision as a family on whether or not they can come to Washington and have a residence here, residence at home, and do all the things that are required.'
Los Angeles Times
39 minutes ago
- Los Angeles Times
It's Trump's economy now. The latest financial numbers offer some warning signs
WASHINGTON — For all of President Trump's promises of an economic 'golden age,' a spate of weak indicators last week told a potentially worrisome story as the effects of his policies are coming into focus. Job gains are dwindling. Inflation is ticking upward. Growth has slowed compared with last year. More than six months into his term, Trump's blitz of tariff hikes and his new tax-and-spending bill have remodeled America's trading, manufacturing, energy and tax systems to his liking. He's eager to take credit for any perceived wins and is hunting for someone else to blame if the financial situation starts to totter. But as of now, this is not the boom the Republican president promised, and his ability to blame his Democratic predecessor, Joe Biden, for any economic challenges has faded as the world economy hangs on his every word and social media post. When Friday's monthly jobs report turned out to be decidedly bleak, Trump ignored the warnings in the data and fired the head of the agency that produces the report. 'Important numbers like this must be fair and accurate, they can't be manipulated for political purposes,' Trump said on his social media platform, without offering evidence for his claim. 'The Economy is BOOMING.' It's possible that the disappointing numbers are growing pains from the rapid transformation caused by Trump and that stronger growth will return — or they may be a preview of even more disruption to come. Trump's aggressive use of tariffs, executive actions, spending cuts and tax code changes carry significant political risk if he is unable to deliver middle-class prosperity. The effects of his new tariffs are still several months away from rippling through the economy, right as many Trump allies in Congress will be campaigning in the midterm elections. 'Considering how early we are in his term, Trump's had an unusually big impact on the economy already,' said Alex Conant, a Republican strategist at Firehouse Strategies. 'The full inflationary impact of the tariffs won't be felt until 2026. Unfortunately for Republicans, that's also an election year.' The White House portrayed the blitz of trade frameworks leading up to Trump's tariff announcement Thursday as proof of his negotiating prowess. The European Union, Japan, South Korea, the Philippines, Indonesia and other nations that the White House declined to name agreed that the U.S. could increase its tariffs on their goods without doing the same to American products. Trump simply set rates on other countries that lacked settlements. The costs of those tariffs — taxes paid on imports to the U.S. — will be most felt by American consumers in the form of higher prices, but to what extent remains uncertain. 'For the White House and their allies, a key part of managing the expectations and politics of the Trump economy is maintaining vigilance when it comes to public perceptions,' said Kevin Madden, a Republican strategist. Just 38% of adults approve of Trump's handling of the economy, according to a July poll by the Associated Press-NORC Center for Public Affairs. That's down from the end of Trump's first term when half of adults approved of his economic leadership. The White House paints a rosier image, casting the economy as emerging from a period of uncertainty after Trump's restructuring and repeating the economic gains seen in his first term before the pandemic struck. 'President Trump is implementing the very same policy mix of deregulation, fairer trade, and pro-growth tax cuts at an even bigger scale — as these policies take effect, the best is yet to come,' White House spokesman Kush Desai said. The economic numbers over the last week show the difficulties that Trump might face if the numbers continue on their current path: — Friday's jobs report showed that U.S. employers have shed 37,000 manufacturing jobs since Trump's tariff launch in April, undermining prior White House claims of a factory revival. — Net hiring has plummeted over the last three months with job gains of just 73,000 in July, 14,000 in June and 19,000 in May — a combined 258,000 jobs lower than previously indicated. On average last year, the economy added 168,000 jobs a month. — A Thursday inflation report showed that prices have risen 2.6% over the year that ended in June, an increase in the personal consumption expenditures price index from 2.2% in April. Prices of heavily imported items, such as appliances, furniture and toys and games, jumped from May to June. — On Wednesday, a report on gross domestic product — the broadest measure of the U.S. economy — showed that it grew at an annual rate of less than 1.3% during the first half of the year, down sharply from 2.8% growth last year. 'The economy's just kind of slogging forward,' said Guy Berger, senior fellow at the Burning Glass Institute, which studies employment trends. 'Yes, the unemployment rate's not going up, but we're adding very few jobs. The economy's been growing very slowly. It just looks like a 'meh' economy is continuing.' Trump has sought to pin the blame for any economic troubles on Federal Reserve Chair Jerome Powell, saying the Fed should cut its benchmark interest rates — even though doing so could generate more inflation. Trump has publicly backed two Fed governors, Christopher Waller and Michelle Bowman, for voting for rate cuts at Wednesday's meeting. But their logic is not what the president wants to hear: They were worried, in part, about a slowing job market. But this is a major economic gamble being undertaken by Trump and those pushing for lower rates under the belief that mortgages will also become more affordable as a result and boost homebuying activity. His tariff policy has changed repeatedly over the last six months, with the latest import tax numbers serving as a substitute for what the president announced in April, which provoked a stock market sell-off. It might not be a simple one-time adjustment as some Fed board members and Trump administration officials argue. Of course, Trump can't say no one warned him about the possible consequences of his economic policies. Biden, then the outgoing president, did just that in a speech in December at the Brookings Institution, saying the cost of the tariffs would eventually hit American workers and businesses. 'He seems determined to impose steep, universal tariffs on all imported goods brought into this country on the mistaken belief that foreign countries will bear the cost of those tariffs rather than the American consumer,' Biden said. 'I believe this approach is a major mistake.' Boak and Rugber write for the Associated Press.
