While You Were Sleeping: 5 stories you might have missed, July 9, 2025
Steep copper tariffs to come as Trump broadens trade war
US President Donald Trump broadened his global trade war on July 8 as he announced a 50 per cent tariff on imported copper and said long-threatened levies on semiconductors and pharmaceuticals were coming soon.
One day after he pressured 14 trading partners, including powerhouse US suppliers like South Korea and Japan, with sharply higher tariffs, Mr Trump reiterated his threat of 10 per cent tariffs on products from Brazil, India and other members of the Brics group of countries.
He also said trade talks have been going well with the European Union and China, though added he is only days away from sending a tariff letter to the EU.
Mr Trump's remarks, made during a White House Cabinet meeting, could inject further instability into a global economy that has been rattled by the tariffs he has imposed or threatened on imports to the world's largest consumer market.
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Trump criticises Putin after approving Ukraine weapons
US President Donald Trump talking to the media at the July 8 Cabinet meeting, with US Secretary of State Marco Rubio (left).
PHOTO: EPA
President Donald Trump said on July 8 he had approved sending US defensive weapons to Ukraine and was considering additional sanctions on Moscow, underscoring his frustration with Russian President Vladimir Putin over the growing death toll in Russia's war with Ukraine.
Mr Trump, who pledged as a presidential candidate to end the war within a day, has not been able to follow through on that promise and efforts by his administration to broker peace have come up short.
'I'm not happy with Putin. I can tell you that much right now,' Mr Trump said at a Cabinet meeting, noting that Russian and Ukrainian soldiers were dying in the thousands. 'We get a lot of bulls**t thrown at us by Putin... He's very nice all the time, but it turns out to be meaningless.'
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US banning Chinese investors from purchasing farmland
The Trump administration announced July 8 that the United States would start restricting purchases of farmland by Chinese nationals and other 'foreign adversaries,' citing security concerns.
Agriculture Secretary Brooke Rollins said the move was needed to address what she called a 'massive threat' to national security.
Foreign purchases of US farmland were being used as 'weapons to be turned against us,' Ms Rollins said, unveiling the National Farm Security Action Plan along with other Cabinet officials.
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Former British PM Rishi Sunak joins Goldman Sachs
Mr Rishi Sunak was Britain's prime minister between October 2022 and July 2024.
PHOTO: REUTERS
Former UK Conservative Prime Minister Rishi Sunak has joined investment bank Goldman Sachs as a senior adviser, the company said in a statement on July 8.
Mr Sunak, who was prime minister between October 2022 and July 2024, has returned to the bank where he began his career.
'I am excited to welcome Rishi back to Goldman Sachs in his new capacity as a senior adviser,' said Goldman Sachs chairman and chief executive David Solomon. He will advise clients 'on the macroeconomic and geopolitical landscape'.
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Italian dies after being sucked into plane engine at airport
Flight operations were temporarily suspended at Milan's Bergamo Airport when a person ran onto the runway towards an aircraft preparing for take-off.
PHOTO: REUTERS
A man died after being sucked into the engine of a plane preparing to take off at Bergamo Airport in northern Italy on July 8, an airport spokesperson told AFP.
The victim, who was 'neither a passenger nor an airport employee', forced his way onto the runway, where he was 'pursued' in vain by airport security, according to the spokesperson for airport management company SACBO.
According to Italy's Corriere della Sera daily, the man was a 35-year-old Italian. It said he burst into the airport, then used an emergency exit to rush onto the runway toward an aircraft preparing for take-off.
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Straits Times
28 minutes ago
- Straits Times
Singapore coffee brand Alchemist opens its first Japan outlets in Tokyo
Sign up now: Get ST's newsletters delivered to your inbox SINGAPORE - Local coffee brand Alchemist has made its debut in Japan with the opening of two outlets in Tokyo, in the neighbourhoods of Aoyama and Asakusa, in late June. This is the first time the company, which was founded in 2016, has expanded outside of Singapore. Alchemist also has plans to open 10 stores across the Japanese city by the end of 2028. The 140 sq m Aoyama store seats 30 while the 200 sq m Asakusa store seats 70, with each single item priced between 600 yen (S$5.25) and 1,200 yen. Every Alchemist store carries more than 10 rotating menu items, and handles 80 to 100 single-origin coffees annually. In a media statement, Alchemist founder Will Leow says: 'We've always admired Japan's deep-rooted coffee culture and attention to detail. We are excited to share our vision with coffee lovers in Japan - a country that already has such a deep and refined appreciation for quality and craft.' Alchemist began as a humble 4 sq m coffee stand in Singapore's central business district, roasting its in-season beans in small batches. Today, Alchemist has expanded to 11 locations islandwide, with its flagship store in Khong Guan Building in MacTaggart Road boasting its own roastery.
Business Times
an hour ago
- Business Times
BOJ finds US tariff hit to exports limited for now
[TOKYO] The impact on Japan's output and exports from US tariffs is limited for the time being but many companies are worried about the risk of tariffs weakening global demand, the Bank of Japan said on Thursday (Jul 10). Some areas in Japan have seen companies delay or review capital expenditure plans, whereas others have seen companies increase spending to streamline operations and cope with labour shortages, showed a summary of the BOJ's quarterly meeting of regional branch managers. 'At present, the impact was limited overall,' the bank said about how higher US tariffs were affecting exports and factory output across Japan. 'As for the outlook, many regions saw companies voice concern about slumping demand from rising US sales prices and a slowdown in the global economy,' the bank said. The findings, from surveys conducted by regional branch managers, highlight how companies are not able to fully grasp the potential impact of higher US tariffs due to the mutability of US President Donald Trump's trade policy. They do not reflect Trump's announcement on Monday to raise tariffs on Japanese goods to 25 per cent from 10 per cent unless a trade deal is struck by August 1, a BOJ official told reporters. 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 In a separate report, the BOJ said the economies of all nine regions were recovering moderately, maintaining its assessment from three months earlier. The summary and report will be among factors the BOJ will scrutinise at its next policy meeting on July 30-31, when the board will issue fresh quarterly growth and price forecasts. Companies' outlook on wages and prices were mixed. Some firms hinted at cutting bonuses if US tariffs hurt profit, whereas others saw the need to keep hiking wages to retain talent, the summary showed. While many firms expected to keep hiking prices to pass on rising input and labour costs, some held back price increases as consumers became more thrifty, the summary showed. The BOJ ended a decade-long stimulus programme last year and in January raised its policy interest rate to 0.5 per cent on the view that inflation was on the cusp of durably meeting its 2 per cent target. It cut its growth forecasts at its previous meeting on May 1 and signalled a pause in rate hikes after Trump raised the prospect of higher tariffs. The central bank has said wages must keep rising and help achieve sustained inflation before it can resume rate hikes. REUTERS
Straits Times
an hour ago
- Straits Times
Stavropol boosts Russian wheat hopes despite Rostov drought
Sign up now: Get ST's newsletters delivered to your inbox KUTEINIKOVO, Russia - Two of Russia's top wheat-growing regions are having very different years as Rostov endures a second year of drought while good weather in Stavropol promises record output. That should keep supply from the world's largest exporter steady and could see Stavropol dethrone Rostov as its biggest wheat-growing region, according to forecasts. In Rostov, where the harvesting campaign will start this month, Governor Yuri Slyusar has warned that this year's crop could fall by 20% from last year's 10.1 million tons, to its lowest level since 2015. He has declared a state of agricultural emergency in 10 districts, a move that facilitates state aid payments to farmers. Although frosts this spring were milder, drought is now seen as the main risk. Short rains in May did not help to retain moisture in the soil. "It's another bad year for us. The seedlings have been affected by drought since last autumn. The wheat is weak. This year, it suffered from frost, and now the drought is finishing it off," said Maxim Zolotaryov, an agronomist at Luch farm in Rostov's Chertkov district. Chertkov has been hit hardest by bad weather in 2024 and 2025. Yields last year fell by 61% to 1.7 metric tons per hectare compared to about 3.4 tons in the United States. Top stories Swipe. Select. Stay informed. Business S'pore to launch new grant for companies, expand support for workers amid US tariff uncertainties World Trump's ambassador nominee to Singapore Anjani Sinha has a rough day at Senate hearing Singapore Proposed new law protecting Singaporeans' genetic data to be strengthened: Ong Ye Kung Asia Dr Mahathir at 100: Still haunted by the Malay Dilemma Singapore What's next for PSP following its post-GE leadership shake-up? Singapore NDP 2025: Diamond formations, 'multi-axis' fly-past to headline parade's aerial display Multimedia 60 objects to mark SG60: Which is your favourite? Singapore HDB flats less attainable in 2024 compared with 2022: Report Zolotaryov pointed to green plants in dry land and said that normally at this time of the year the stems are higher. He said some farmers have experimented with other crops but ultimately decided to stick to wheat given its guaranteed export demand. RECORD HARVEST In contrast, analysts expect a bumper crop in Stavropol, south of Rostov, where the weather has been much better with 30% more rain so far this year. That is underpinning hopes for government forecasts that see Russia's grain harvest this year at 135 million metric tons, up 4% from 2024. The wheat harvest is seen at 90 million tons this year. "We expect a record harvest in Stavropol this year, it will become the leading region in terms of wheat production," said Dmitry Rylko, head of the IKAR consultancy. A Reuters calculation shows that the wheat crop in Stavropol, which harvested 7.8 million tons in 2024, will need to exceed 8 million tons to top Rostov. Local agriculture officials say part of the increase in rain was due to the use of the "cloud seeding" technology where clouds are sprayed with silver iodide from planes. Krasnodar is Russia's other top wheat-growing region, which collected 9.9 million tons last year. Krasnodar Governor Veniamin Kondratyev said in March he hoped the region would harvest no less this year, but with drought in some parts of the region this figure is now in doubt. Russia's more northern regions have also been boosting agricultural output as it gets warmer. For example, the mostly industrial Perm region next to the Urals Mountains posted a 30% jump in wheat output in 2024. Fertiliser supply to northern regions, including Perm, has tripled in the last decade, according to producer Uralchem. Deputy Agriculture Minister Andrei Razin said in March that average temperatures in Russia are expected to rise by 1.5 degrees between 1976 and 2030, with previously unused lands in the north and east being brought into agricultural production. Russia's long-term grain market strategy calls for a combination of efforts to maintain existing yields in the south while bringing new lands into use. EXPENSES, EQUIPMENT In addition to demanding weather conditions, Russia's farmers face other challenges, including interest rates at their highest level since the early 2000s and sanctions that hobble their access to new Western machinery or spares. "Due to the increase in the key interest rate, loans have become very expensive. As of today, every farmer is calculating their finances, capabilities, and the feasibility of acquiring new equipment," said Alexei Shantaliy, a local administration official for farming in Chertkov. Farmers also complain about a rise in input costs such as fertilizers and fuel. Crops grown with lower inputs often have lower yields. "Today we are striving to minimize expenses to at least break even," said Alexander Plakhov, director of Luch farm. Farmers say that challenging weather requires more intensive use of machinery during short time windows to sow or harvest quickly while conditions permit. Yet the machinery on many farms is aging and equipment is often out of order due to a lack of spare parts, making it hard for farmers to move quickly during sowing and harvesting campaigns. Farmers have experimented with other crops but ultimately decided to stick to wheat with its guaranteed demand for export, said Zolotaryov. REUTERS
