Trump's reported snub of Taiwan president spurs concerns over deference to China
The Financial Times reported Monday that the administration has denied Taiwanese President Lai Ching-te the opportunity to stop over in New York City during a planned trip to Paraguay, Guatemala and Belize — all countries that recognize Taiwan as its own independent country.
However, on Monday, the office of the president in Taiwan released a statement indicating that Lai "currently has no plans to go on an overseas visit," according to Taiwan-state media. A source familiar with the matter at the State Department confirmed that no formal travel plans for President Lai have been announced.
"In consideration of the ongoing rehabilitation efforts in southern Taiwan following a recent typhoon and regional developments including the United States' tariffs, the president currently has no plans to go on an overseas visit," the statement from President Lai said.
According to the Financial Times, which spoke with unnamed sources said to be intimately familiar with the alleged trip, Lai's decision not to travel came after he was informed that he would not be able to stop in New York City on his way to Central America.
Lai's trip was also reportedly supposed to include a stop in Dallas, but it is unclear if the Trump administration was also planning to bar Lai from stopping there as well, according to the Financial Times.
The White House did not respond to Fox News Digital's request for comment. However, a State Department source familiar with the matter indicated that the Trump administration continues to be committed to the government's long-standing one China policy, rooted in the Taiwan Relations Act, joint diplomatic agreements with China and longstanding pledges crafted by the government in regard to Taiwan and China.
Despite being in line with longstanding government policy, the move still garnered criticism from some Asia policy experts and critics of Trump.
Lyle Morris, a senior fellow on foreign policy and national security at the Asia Society's Center for China Analysis, said the "first concrete move" under Trump's second term regarding Taiwan is "a cause for concern."
"The assumption is this decision was made in the context of ongoing US-China trade negotiations and a possible Trump-Xi meeting," Morris said on X. "Still, not a good sign for enduring US-Taiwan relations."
"Denying President Lai a transit is a deeply concerning break with bipartisan precedent and sends a reckless signal to Beijing that our partnership with Taiwan is on the negotiating table," added Democrat Sen. Andy Kim, D-N.J., in a post on X following the news about President Lai's alleged travel.
"American leadership is now seen as deeply unreliable, with Trump's fits and starts with Ukraine, NATO allies, and other key partners. I urge President Trump to reverse course and do what presidents of both parties have done and allow a transit, and ask my colleagues in Congress to join me in that call."
News of the Trump administration's decision to prohibit the Taiwanese president from stopping in New York City comes as the president is reportedly feeling out a potential trip to Beijing himself, alongside major U.S. CEOs. Nothing so far has been set in stone regarding Trump's trip, however.
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After spending $1 billion to build out its podcast business, the company has since scaled back and narrowed its focus. Still, it remains committed to the medium, paying over $100 million to creators in Q1 alone, including high-profile names like Joe Rogan and Alex Cooper. Read more here. Spotify (SPOT) shares fell as much as 10% in early premarket trading Tuesday after the company missed second quarter earnings and revenue expectations. The results follow a remarkable 120% rally over the past year, as the stock rebounded from 2022 lows on the back of price hikes, cost cuts, and investor enthusiasm for AI and advertising. Spotify hit a record high of $738.45 earlier this month, but shares slid to around $635 immediately following the results. Spotify reported second quarter revenue of €4.19 billion ($4.86 billion), missing analyst expectations of €4.27 billion, though up from €3.81 billion in the same period last year. The company posted an adjusted loss of €0.42 ($0.49) per share, sharply missing forecasts for a profit of €1.97 and down from earnings of €1.33 in Q2 2024. "Outsized currency movements during the quarter impacted reported revenue by €104 million vs. guidance," the company said in the earnings release. Operating income also fell short of expectations in the quarter, though subscriber metrics for both premium and ad-supported tiers came in ahead of estimates. Gross margins of 31.5% came in as expected. Spotify's massive rally heading into the earnings report was fueled by a sweeping business overhaul, including layoffs, leadership changes, and a pullback from costly podcast exclusivity. After spending $1 billion to build out its podcast business, the company has since scaled back and narrowed its focus. Still, it remains committed to the medium, paying over $100 million to creators in Q1 alone, including high-profile names like Joe Rogan and Alex Cooper. Read more here. UnitedHealth stock slips after mixed Q2 results Shares of UnitedHealth Group (UNH) fell nearly 3% after its quarterly results before the bell painted a mixed picture. Yahoo Finance's Anjalee Khemlani reports: Read more here. Shares of UnitedHealth Group (UNH) fell nearly 3% after its quarterly results before the bell painted a mixed picture. Yahoo Finance's Anjalee Khemlani reports: Read more here. Sarepta stock rockets higher after FDA greenlight Shares in drugmaker Sarepta (SRPT) rocketed up over 30% in premarket after the embattled company got the FDA's go-ahead to resume shipments of its Elevdis gene therapy. The greenlight comes after Sarepta put a voluntary pause on shipments for some patients while the US regulator reviewed its safety following deaths. The FDA on Monday recommended that the compa lift that halt. Sarepta's stock is poised to build on a 16% gain on Monday, continuing a recent volatile spell triggered by changing fortunes for its best-selling product. AP reports: Read more here. Shares in drugmaker Sarepta (SRPT) rocketed up over 30% in premarket after the embattled company got the FDA's go-ahead to resume shipments of its Elevdis gene therapy. The greenlight comes after Sarepta put a voluntary pause on shipments for some patients while the US regulator reviewed its safety following deaths. The FDA on Monday recommended that the compa lift that halt. Sarepta's stock is poised to build on a 16% gain on Monday, continuing a recent volatile spell triggered by changing fortunes for its best-selling product. AP reports: Read more here. Nvidia orders 300,000 H20 chips from TSMC to satiate Chinese demand Reuters reports: Nvidia placed orders for 300,000 H20 chipsets with contract manufacturer TSMC last week, two sources said, with one of them adding that strong Chinese demand had led the U.S. firm to change its mind about just relying on its existing stockpile. Read more here. Reuters reports: Nvidia placed orders for 300,000 H20 chipsets with contract manufacturer TSMC last week, two sources said, with one of them adding that strong Chinese demand had led the U.S. firm to change its mind about just relying on its existing stockpile. Read more here. Oil maintains gains with tariffs and OPEC+ supply in sight Oil maintained gains following Trump putting pressure on Russia over the war in Ukraine with economic sanctions against Putin's government on the table. Bloomberg reports: Read more here. Oil maintained gains following Trump putting pressure on Russia over the war in Ukraine with economic sanctions against Putin's government on the table. Bloomberg reports: Read more here. 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
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Surging US imports and lower tariffs to lift global growth, IMF predicts
Global economic growth will be stronger than previously thought, as US imports surged and some of President Donald Trump's tariff rates have been softened since April, new projections show. Global growth is forecast to be 3% in 2025 and 3.1% in 2026, according to the International Monetary Fund's (IMF) latest World Economic Outlook. This is higher than the respective 2.8% and 3% forecast in the previous report in April. UK gross domestic product (GDP) is predicted to be 1.2% this year, and 1.4% in 2026, unchanged from revised forecasts set out in May. The upgrade to the world outlook reflects factors including a strong degree of trade 'front-loading' in recent months – referring to a rush of imports into the US. This has happened as businesses and households tried to get ahead of planned increases to US tariff rates, following Mr Trump's 'liberation day' announcements in April, according to the report. The IMF said front-loading had 'shaped economic activity in the first half of the year', adding that it was 'creating exposures that could amplify the impact of any potential negative shocks'. For example, firms could end up having too much stock, therefore pushing down future imports, or it could lead to additional holding costs or the risk of items becoming obsolete. Meanwhile, the growth upgrade since April was also driven by US tariffs being lowered since higher rates were first announced by Mr Trump, alongside improved conditions in the financial markets. This came after the US struck new trade deals, including with the UK and, most recently, the EU. The introduction of some higher tariff rates have also been paused until August, notably between China and the US, helping diffuse escalating trade tensions and open the door to negotiations. However, the IMF warned that a 'rebound in effective tariff rates could lead to weaker growth' and weigh on wider sentiment. 'Elevated uncertainty could start weighing more heavily on activity, also as deadlines for additional tariffs expire without progress on substantial, permanent agreements,' the report said. Furthermore, the IMF flagged conflict in the Middle East creating potential risks to global shipping and trade, which could further raise commodity prices like oil. On the other hand, the report found that global growth could be lifted if trade negotiations lead to lower tariffs, ease tensions, and create more certainty and predictability. The IMF also highlighted technological advancements, including the use of artificial intelligence (AI), as a way to further boost growth around the world. Chancellor Rachel Reeves said: 'The IMF's forecasts show that the UK remains the fastest growing European economy in the G7 despite the global economic challenges we are facing. 'However, I am determined to unlock Britain's full potential, which is why we are investing billions of pounds through our plan for change – in jobs through better city region transport, record funding for affordable homes, as well as backing major projects like Sizewell C to drive economic growth and put more money into people's pockets.' 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
