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South China Morning Post
5 hours ago
- South China Morning Post
Trump reaches Vietnam trade deal with 20% import tariff
US President Donald Trump said he had reached a trade deal with Vietnam, following weeks of intense diplomacy between the two nations and ahead of a deadline next week that would have seen higher tariffs imposed on the country's imports. 'I just made a Trade Deal with Vietnam . Details to follow,' Trump said in a Truth Social post on Wednesday. The deal with Vietnam would be just the third announced following agreements with the UK and China as trading partners race to cut agreements with the US ahead of a July 9 deadline. Trump had imposed a 46 per cent duty on Vietnam as part of his initial roll-out of so-called reciprocal tariffs in early April, then pared it back to 10 per cent to allow time for negotiations. The southeast Asian nation has seen its sales to US markets surge in recent years, partly because manufacturers shifted production there from China. It's a major supplier of textiles and sportswear, hosting factories for companies such as Nike, Gap and Lululemon. Vietnam was the sixth-biggest supplier of US imports last year, sending goods worth almost US$137 billion, according to Census Bureau data. Employees work at a shoe factory for export in Hanoi, Vietnam. Photo: Reuters The deal with Vietnam was struck after weeks of discussions during which the US pressured the country to get tougher on trade fraud, ensure stricter enforcement against the transshipment of Chinese products, and also pushed for the removal of non-tariff barriers.
South China Morning Post
5 hours ago
- South China Morning Post
Hong Kong can chart path for high-quality growth in the space economy: Regina Ip
A top adviser to Hong Kong has called for the local government to aim for the space economy as the city's answer to stimulating high-quality economic growth, while seeking to host top-tier international events such as the Apec finance ministers' meeting to enhance global ties and boost local consumption. Advertisement Regina Ip Lau Suk-yee, convenor of the key decision-making Executive Council and chairwoman of the New People's Party, also proposed a HK$50 million (US$6.4 million) fund on Wednesday to support local young musicians and artists to train and compete overseas, inspired by award-winning pianist Aristo Sham Ching-tao. The proposals were part of her party's submissions to Chief Executive John Lee Ka-chiu ahead of his third policy address, which was expected to be unveiled in September. Ip said that Hong Kong was 'well positioned' to look into outer space and its commercial potential, adding it would complement the low-altitude economy, which the city's leader vowed to boost in his 2024 policy address. 'We have scientists in our university already engaged in supporting the nation's open space development,' lawmaker Ip told reporters after the proposals were submitted. Advertisement 'We are well positioned to provide financial support, fundraising support … We have a common law system that can help our government provide input into how to regulate open space for peaceful uses,' she added, describing the suggestion as one of the party's key suggestions. She cited a Goldman Sachs research report in March, which showed that the global satellite market was expected to become seven times bigger, from US$15 billion in 2024 to US$108 billion in 2035.
South China Morning Post
5 hours ago
- South China Morning Post
China urged to keep close eye on US-led Quad as trade tensions fail to dent solidarity
Beijing should remain alert to the continued solidarity between the US and its regional partners in countering China, despite their trade tensions with Washington, Chinese observers have warned. They cited this week's meeting of Indo-Pacific Quad partners as the latest example of such unified signalling. The top diplomats of the United States, Japan, Australia and India, meeting in Washington on Tuesday, agreed to deepen cooperation on Indo-Pacific maritime security and introduce a critical minerals initiative to diversify supply chains. 'We remain seriously concerned about the situation in the East China Sea and South China Sea ,' read a joint statement following the talks between US Secretary of State Marco Rubio and his three counterparts – Takeshi Iwaya of Japan, Penny Wong of Australia and India's Subrahmanyam Jaishankar. The apparent reference was to regional tensions and disputes with China involving territorial claims and freedom of navigation in these maritime areas. 'We are deeply concerned about the abrupt constriction and future reliability of key supply chains, specifically for critical minerals,' the statement added, again apparently referring to China leveraging its rare earths dominance, though it was not mentioned by name.
