Latest news with #US-Vietnam
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First Post
8 hours ago
- Business
- First Post
US says trade deals agreed with Cambodia, Thailand whose officials have no information about
While the Donald Trump administration has announced trade deals with Thailand and Cambodia, officials in these countries have said they are not aware of any agreements. Here is what's driving the confusion. read more Even as the Donald Trump administration has announced US trade deals with Thailand and Cambodia, officials in the two countries have said that they were not aware of any such agreements. Trump has sought to leverage the trading partnerships with the two countries to press them to end the war that began last week. He said that he would end trade talks with them if they would not agree to a ceasefire. STORY CONTINUES BELOW THIS AD Trump's Commerce Secretary, Howard Lutnick, on Wednesday said that the United States had reached a trade deal with the two countries. But there was no immediate confirmation from these countries. This is at least the second instance where Trump's senior officials have sown confusion about the country's trade deals. Previously, Treasury Secretary Scott Bessent had said that he was not sure if the US-Vietnam trade deal had actually been signed. Has US signed trade deals with Thailand & Cambodia? In an interview with Fox News, Lutnick on Thursday said, 'And you know what we did today? We made trade deals with Cambodia and Thailand.' A senior Cambodian official involved in trade negotiations told The New York Times that he had not been informed of a deal yet. On the part of Thailand, Finance Minister Pichai Chunhavajira said on Thursday that the country expects to hear on the finality of the deal within 24 hours and nothing was final yet. Chunhavajira said that Thailand was still working 'a little bit more' on trade details, according to Reuters. Wheb asked whether the Trump administration had reached an agreement with Thailand, Chunhavajira said, 'Don't make me say anything just yet. There's just a little bit more that I need to get back [to the US].' STORY CONTINUES BELOW THIS AD Without a trade deal, Thailand and Cambodia each face tariff of 36 per cent. As the United States is a major export destination for both the countries, they are eager to reach a middle ground with the Trump administration and avoid the worst-case scenario of being slapped 36 per cent tariff. Neighbouring Indonesia and Philippines have secured tariff rates of 19 per cent and Vietnam has secured a rate of 20 per cent in deals with the Trump administration. Without a trade deal or an extension, Trump has said that his tariffs will kick in from Friday (August 1).
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First Post
a day ago
- Business
- First Post
Does Trump really have a trade deal with Vietnam? US treasury secretary says ‘not sure if it's signed'
Weeks after President Donald Trump announced a 'great' trade deal with Vietnam, Treasury Secretary Scott Bessent has raised doubts whether the United States and Vietnam have actually signed a deal. As he said he was not aware of the deal, here we break down the situation. read more US President Donald Trump mimics a weightlifter while he speaks at a dinner he hosts for Republican Senators at Mar-a-Lago in Palm Beach, Florida, US, February 7, 2025. File Image/Reuters US Treasury Secretary Scott Bessent has said he does not know whether the US-Vietnam trade deal has been signed or not. In an interview with CNBC, Bessent said that he was not aware if Vietnam's government has confirmed the signing of the deal. On July 2, President Donald Trump said that the United States had reached a trade deal with Vietnam that would lead to lower tariffs on Vietnam in exchange for greater market access to US goods in the country. The finer details were not published. STORY CONTINUES BELOW THIS AD Previously, Trump had imposed 46 per cent tariff on Vietnam. In the CNBC interview, the interviewer said, 'The Vietnam deal that the president announced earlier in July – I don't think we've seen confirmation from the Vietnamese government of that deal. Do we have agreement with them on paper?' Scott first replied that 'I assume so' and when the interviewer asked if he had seen the documentation, he replied that 'Ambassador Greer keeps all that'. Jamieson Greer is the US Trade Representative. Has Vietnam really signed a trade deal with US? Technically, Vietnam has not signed a trade deal with the United States. What Trump hailed as a 'great deal' on July 2 was actually framework agreement to negotiate a proper trade agreement between the United States and Vietnam. Vietnam's government issued a statement after a phone call between Trump and Vietnamese leader To Lam that said that the two countries had reached a 'framework for a fair and balanced reciprocal trade agreement" that would give the United States 'preferential market access" in Vietnam. The statement further said that Trump had 'affirmed that the United States would significantly reduce reciprocal tariffs on many Vietnamese exports and would continue working with Vietnam to resolve obstacles affecting bilateral trade relations, especially in priority areas for both sides'. Separately, Vietnamese Finance Minister Nguyen Van Thang said the agreement was 'an important negotiation result, creating hope and expectations for businesses'. STORY CONTINUES BELOW THIS AD So, yes, Vietnam has acknowledged the deal with the United States, but has not dubbed it a 'trade deal' because it is not one. What the two countries have signed is a framework agreement to reach a trade deal.
Focus Malaysia
2 days ago
- Business
- Focus Malaysia
TA downgrades Westports as tariff threat escalates
TWO days away from President Trump announcing final trade tariffs for every nation, TA Securities remain hopeful that the Malaysian government will secure a more favourable deal within the next 48 hours, though the odds appear slim. 'Should negotiations fall through, we believe the looming 25% export tariff would significantly undermine Malaysia's trade competitiveness, putting the country at a distinct disadvantage,' said TA. More critically, TA expect tariff-inflated U.S. imports to dampen consumer spending in quarter four 2025, particularly given that many consumers likely stocked up during the 90-day tariff reprieve. Recently, President Trump has indicated that all countries will face tariffs ranging from 15% to 50%. As such, Malaysia would be able to minimise the impact from the structural change only if the tariff is set at 20% levels or near to its peers, that is, Vietnam (20%), the Philippines (19%), Indonesia (19%), Japan (15%) and EU (15%). As the access to US' high-tech chips and China's rare earth minerals and magnets would remain the key concerns of both countries and subject to export restrictions, we believe the rule of origin would also be applied to Malaysian exports as Malaysia is one of the important transhipment hubs in the strait of Malacca. In other words, higher tariff could be imposed on goods transhipped through Malaysia like the trade deal between US-Vietnam, which includes a 40% tariff on transhipment. We keep our FY25-27 earnings unchanged at this juncture and maintain Westports' financial year 2025 (FY25) transhipment and gateway volume growth assumptions of 3% and 2% respectively, pending the tariff outcome in Aug-25. TA downgrades Westports to Sell ahead of the looming risk from the trade tariff. —July 30, 2025 Main image: BusinessToday
Business Times
6 days ago
- Business
- Business Times
Navigating Asean's markets in H2: A balanced approach for a mixed outlook
GOING into the second half of the year, we see the market landscape of Asean presenting a mixed bag of opportunities and challenges. While monetary easing and clarity on US trade policies promise a brighter outlook for equities, lingering uncertainties may still affect earnings. With the probability of a US and global economic recession hovering at an elevated 40 per cent, challenges remain for economies from the Association of Southeast Asian Nations (Asean). The market's focus has been on reciprocal tariffs, but the game changer for Asean may be the outcome for exemptions on semiconductors, pharmaceuticals, and certain commodities – whether they will be sustained. For countries like Malaysia and Singapore, where 60 per cent of exports enjoy tariff exemptions, the ongoing investigations under Section 232 of the Trade Expansion Act of 1962 will also play a crucial role in raising the baseline for tariffs for the region. Monetary policy: a beacon of hope Rate cuts are expected to provide relief to sectors such as real estate and consumer staples, enhancing liquidity and spurring investment. For instance, Singapore's strategic S$NEER slope reductions have already lowered borrowing costs, benefiting real estate investment trusts (Reits) and potentially boosting local equity fund subscriptions. The Philippines, too, is poised for multiple rate cuts, with expectations of two more 25 basis point reductions. This move could lead to equity re-rating and bolster growth in consumer credit and real estate sectors. Trade policy clarity: a catalyst for confidence Clarity in trade policy could further bolster market performance. The recent US-Vietnam deal, which significantly reduced tariffs on domestically produced goods to 20 per cent, offers a blueprint for other Asean nations. This two-tier tariff system, with higher tariffs on transshipment goods and lower country-level tariffs, provides a clearer framework for trade negotiations. Such clarity could boost investor confidence and attract positive foreign direct investment flows into the region. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Indonesia and the Philippines had also agreed on a similar tariffs rate (19 per cent) with the US. Anticipation of similar deals for Thailand and Malaysia could further enhance investor confidence. Vietnam's stock market, for instance, has already rallied by over 9 per cent month-to-date. With strong government fiscal support and the potential reclassification of Vietnam to Emerging Market status on the FTSE in September, we have recently upgraded the country's market allocation from neutral to overweight. We expect this upgrade to attract more than US$500 million in inflows and spur positive sentiment in the stock market. Sectoral opportunities amid uncertainties In this evolving landscape, industrial real estate, ports, logistics companies, and tech producers emerge as sectors to watch. Vietnam's emphasis on science and technology development, coupled with infrastructure projects, positions its industrial and construction sectors for sustained growth. In the Philippines, the property market is poised for recovery, driven by attractive mortgage rates and infrastructure improvements. Reduced unsold inventory and lower vacancy rates in key CBD offices could also potentially drive positive rental reversion in 2026. In Singapore, sharp interest-rate cuts, high dividend yields and the Equity Market Development Programme make Reits and small to mid-cap stocks attractive. Navigating the challenges However, the path is not without hurdles. Persistent US inflation poses a downside risk for equities in the region. Rising terminal policy rate expectations, higher term premia and poor supply demand dynamics could lead to a substantial increase in US 10-year yields, prompting a reassessment of discounted cash flows and cross-asset volatility. This risk is particularly acute for manufacturing and export-oriented economies within Asean, which are highly exposed to global demand fluctuations. Geopolitical tensions continue to cast a pall over markets, with rising protectionism and trade wars disrupting economic stability and investor confidence. The ongoing scrutiny of transshipment practices and sectoral exemptions, such as those for semiconductors and pharmaceuticals, adds layers of complexity to trade negotiations and economic forecasts. With 'Liberation Day' tariffs set to take effect on Aug 1 for Asean countries that received Trump's letters, uncertainty looms large. Even if agreements are reached, effective tariffs are likely to settle higher than the current 10 per cent holding rate, with additional sectoral tariffs posing another downside risk. A balanced approach to growth In conclusion, while Asean grapples with global recession risks and geopolitical uncertainties, opportunities for growth remain through strategic monetary easing and trade policy advancements. Investors should adopt a balanced approach to risk management and investment strategy, focusing on high-quality, defensive assets with greater domestic exposure. The writer is head of Asia & co-head of global emerging markets equity strategy at JPMorgan
Irish Independent
7 days ago
- Politics
- Irish Independent
Letters: Mass starvation, multiple child amputees, and still, US politicians stay silent
On Tuesday, it reported the UN saying Gaza is 'hell on earth', with doctors fainting from hunger and snipers shooting civilians in Gaza like it is a 'licence to kill'. Jordan's King Abdullah II, speaking at the UN last September, said: 'This Israeli government has killed more children, more journalists, more aid workers and more medical personnel than any other war in recent memory.' He said Israel's assault in Gaza had led to one of the fastest rates of starvation caused by a war. The king added that the largest cohort of child amputees from a war are in Gaza. He said Jordan and countries around the world condemned Hamas's attack on Israel on October 7, 2023, but Israel's response is unprecedented. I hope for the war to end this year and Hamas to return all Israeli hostages. The US is still not strongly pressing Israel's government to end the war in Gaza on women, men, elderly and children weakened from hunger. It has echoes of the US-Vietnam 1964 to 1975 war when Americans went on marches for years to end a war that dragged on until the US left. That war was to stop communist north Vietnam taking over the south. Vietnam was unified after the war. In Vietnam they call it 'The American War'. Few US politicians speak out against the inhumanity of the war in Gaza. The late Tip O'Neill Jr, Speaker of the House in Washington in the 1980s, was fearless in this regard. Mary Sullivan, College Road, Cork It's a sorry state of affairs when political correctness is valued over morality Thanks to modern technology we all see what is happening on a daily basis in Gaza and the West Bank. Politicians are required to make decisions on moral and ethical standards or political correctness. My personal experience while with the United Nations is that politicians in general follow the political correctness route. Michael Moriarty, Rochestown, Cork Gaelic football aristocrats Kerry go again with push for 39th All-Ireland title On Sunday, Kerry will be seeking their 39th All-Ireland title. Despite the dominance of the Dubs in recent times, Kerry are still the aristocrats of Gaelic football. This weekend, Jack O'Connor will be looking for his fifth All-Ireland – quite an achievement. I believe he is about to join Mick O'Dwyer in the Kerry managerial hall of fame. An O'Connor trait I have admired is that he knows how to wield the stick and when to offer the carrot. He has also shown he has the bottle to make the tough calls. Thomas Garvey, Co Mayo They said abortions would be 'rare', but that's not the case if you look at the data Abortion is still a controversial topic in Ireland. A third of the people voted against it in 2018; more supported it only in certain very limited situations. But what has actually happened goes way beyond what was predicted by campaigners who said it would be 'rare'. Last year, well over 10,000 babies were aborted, according to the Government's latest annual report, including 258 babies in Co Wexford. Clearly, not enough is being done to proactively reduce the abortion rate by providing women in the middle of unplanned pregnancies with the supports they need. It's worth emphasising that unborn babies are completely innocent and totally helpless to speak for themselves or defend themselves. Pat Fogarty, Cleariestown, Co Wexford A 'brutal' excuse by newly renamed planning board to keep airport structures An Bord Pleanála is now An Coimisúin Pleanála (ACP) – one of the first provisions of the Planning and Development Act 2024. Unfortunately, the 'change' of title and, indeed, the new act when it is fully commenced will do little to prevent bizarre determinations like that to refuse the demolition of a set of redundant concrete car park ramps in Dublin Airport. In upholding the decision of Fingal County Council, ACP stated that, notwithstanding the fact that the spirals were not a protected structure, they are of technical and architectural merit by virtue of their brutalist design, associated concrete construction and their unique form and shape, which reflect a distinctive feature next to the Terminal 1 building. They were built in 1972 to serve a facility that no longer exists. And yes, of concrete – a basic, commonplace construction material. As acknowledged by ACP, they are not protected structures. Nevertheless, it found a planning rationale to refuse their demolition. I'm not inclined to go overboard with odious hypothetical comparisons, but consider this: If the same view was taken of the 'brutalist' form of the Ballymun towers and Hawkins House, we would doubtless be celebrating the retention of icons of the 1960s. Larry Dunne, Rosslare Harbour, Co Wexford While cringing is a part of life, at least my moments of shame didn't go online Catherine Prasifka is right to suggest 'cringe' is the tax we pay for trying, but she has a rich future of it ahead ('We're terrified of being labelled 'cringe', but I'd rather embrace it than live in fear', Irish Independent, July 24). Middle age brings its own species of horror. I regularly drive along and am blindsided by a memory – something I said in 1994 about Tyrone football or people who consume low-fat yoghurt – and groan aloud. The only consolation is that my sins were spoken, not posted online. Enda Cullen, Tullysaran Road, Armagh Corruption in governance will prosper when good people turn a blind eye Corrupt governments didn't start with one party controlling the media and taking charge of the message or where one party decided what is truth. Corrupt administrations did not start with one party censoring speech and silencing opposition or where we have one party dividing into 'us' and 'them' and where one party calls on their supporters to harass them. In the final analysis, corrupt governments started when good people turned a blind eye and let it happen.
