Thailand and Cambodia agree on ASEAN observers for ceasefire, Thai minister says
The two countries have also agreed to keep communications open and use bilateral mechanisms, he said in the Malaysian capital of Kuala Lumpur after a meeting with his Cambodian counterpart.
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The Hindu
an hour ago
- The Hindu
Indian-ASEAN officials to meet beginning August 11 for ASEAN Trade in Goods Agreement review
As India braces for the impact of U.S. tariffs of 25% that went into effect from August 7, the government is seeking to shore up other trade negotiations, including with ASEAN countries beginning Monday (August 11, 2025) in New Delhi. A delegation of the 10-nation ASEAN, or the Association of South East Asian Nations, will hold talks with Commerce Ministry officials from August 11-14, sources confirmed, for the next round of talks on a review of the ASEAN-India Trade in Goods Agreement (AITIGA). The talks come two months after Commerce and Industries Minister Piyush Goyal called the 2009 agreement 'silly' as it gave India's Asian competitors easy access to its markets, a comment that led to speculation that India was planning to pull out of the agreement. The comment also caused some outrage amongst ASEAN members, as he referred to them as the 'B-team of China', referring to India's concerns over Chinese goods flooding the market via these countries. However, in July, after a meeting between Prime Minister Narendra Modi and Malaysian PM Anwar Ibrahim, who is chairing the ASEAN Summit this year, as well as a meeting between Mr. Goyal and Malaysian Minister of Investment, Trade & Industry Tzafrul Aziz, the two sides agreed to 'fast-track' the AITIGA review to be completed by the end of this year. In addition, officials are preparing for a possible visit by Mr. Modi to Kuala Lumpur for the ASEAN-India Summit and East Asia Summit, at the end of October. On Friday, Mr. Ibrahim announced that he 'looks forward to welcoming' ASEAN leaders and dialogue partners, including United States President Donald Trump and Chinese President Xi Jinping, although China normally attends ASEAN Summits at the level of Premier. The push for a quick end to AITIGA review talks, amongst a number of other trade agreement negotiations the government is pursuing with the European Union, Australia and New Zealand, has been given further impetus by the slapping of 25% additional penalties on India by the U.S. last week. Although the government still hopes to continue negotiations with the U.S. for a free trade agreement, it is studying the impact of the tariffs, particularly as its export rivals in Asia, especially ASEAN countries, have received lower rates from the U.S., of around 19%. Government sources and ASEAN diplomats said that although nine rounds of talks in the past year with ASEAN officials have not produced a breakthrough yet, they are hopeful of some movement this week. 'There has been very little headway so far in reviewing the agreement with ASEAN. We are trying to address the fact that, under the existing deal, our imports have grown far in excess of our exports to these countries. A good deal needs to have balance,' a source told The Hindu. Data with the Ministry of Commerce and Industry show the trade balance between India and the ASEAN grouping has been turning increasingly unfavourable for India over the years. In 2017-18, the earliest year for which the Ministry has made data available, India's exports to the ASEAN countries stood at $34.2 billion while imports from the ASEAN countries were $47.1 billion, leading to a trade deficit of $12.9 billion. As of 2024-25, India's exports to the ASEAN countries grew at an average annual rate of 1.7%, to $39 billion. Imports, on the other hand, grew at 7.5% on average every year, to $84.2 billion by 2024-25. The trade deficit swelled to $45.2 billion last year. Apart from the 'rules of origin' issue vis-à-vis Chinese goods, India has also raised the inequality in tariff lines opened, where India opened up about 71% of its lines, while ASEAN countries offered considerably less, including Indonesia at just 41%. ASEAN countries comprising Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam also led the effort for the Regional Comprehensive Economic Partnership (RCEP), a 15-nation FTA, from which India walked out in 2019.
Mint
an hour ago
- Mint
Trump's tariffs won't solve US chip-making dilemma
US President Donald Trump's chip-tariff regime could disrupt the global electronics trade and send prices of all kinds of goods higher. One thing it appears unlikely to do: bring advanced chip-making roaring back in the U.S. Trump last week threatened a 100% tariff on 'chips and semiconductors," but offered an exemption. Companies that commit to 'build in the U.S." won't have to pay the duty, according to Trump. While vague, that appears logical on its face. If the point of the tariffs is to cajole companies into doing more of their work in the U.S., they ought to get a reprieve when they do that. One issue is that all of the world's big chip companies are already investing in U.S. production, encouraged in part by subsidies doled out by the prior administration. Meanwhile, other big technology companies are likely to invest in areas other than advanced chip production to get their own exemptions. Taiwan Semiconductor Manufacturing is building chip factories north of Phoenix that are part of $165 billion of U.S. investments. South Korea's Samsung Electronics is building a project in Texas worth $40 billion. The list goes on. It seems likely those chip manufacturers will win exemptions on tariffs thanks to the size of these investments. But if so, the latest tariffs won't incentivize them to keep adding to their U.S. operations. If anything, the incentive will be to make just enough U.S. investment to appease politicians, then import whatever else is needed, especially considering the substantially higher cost of manufacturing in the U.S. Those higher U.S. costs have been a core issue for foreign chip-makers that the tariffs won't alleviate. TSMC told investors last month that it expects the higher cost of its U.S. fabrication to weigh down companywide gross margins by 2 to 3 percentage points over the next few years. And those fabs aren't even first in line for the company's most expensive and most advanced technology. TSMC's Arizona facilities are currently producing chips with the company's N4 process technology—two generations older than the N2 process the company is about to launch in its Taiwan fabs. TSMC may be just one company, but advanced chip making is a game only few can play. TSMC, Samsung and Intel are the only chip makers in the world that can produce at the most technically advanced process nodes. And Intel is struggling for survival—having slashed its workforce and capital spending plans to conserve cash as it tries to catch up to TSMC. Trump's recent broadside against Intel's Malaysian-born chief executive adds even more uncertainty to the chip giant's outlook. Counterintuitively, chip tariffs might end up having a more dramatic effect on electronics companies that don't make chips, because they have so much to lose from tariffs on vital imported components. Apple's tariff exemption—secured through pledges for $600 billion of investments over the next four years—saved the company from costs that could have undermined its U.S. business. Its peers—at least those with deep pockets—will likely aim for the same tariff-free treatment. If the goal is to spur investment in U.S. manufacturing generally, this might make sense. But if the aim of chip tariffs was to bring more advanced chip manufacturing to the U.S., these pledges are hardly silver bullets. Apple's U.S. investments do support domestic advanced chip-making: The company is the first and largest customer of TSMC's factory in Arizona and is working with Samsung to devise chip-making technology in Texas, among other efforts. But Apple is also spending big on server manufacturing, expanding its data centers and adding to its campus in Austin, Texas—all activities that have less bearing on the domestic chip industry. It is also notable that much of what Apple is doing was already in progress before the tariff threat. Chief Executive Tim Cook said in 2022 during a joint press conference with President Joe Biden that Apple would use TSMC's Arizona chips. Now that Apple has a tariff exemption, the tariffs provide no nudge to do more. What is more, U.S.-based manufacturing will still come at a premium, and someone will have to cover the price. 'The higher cost of tariffs and U.S. production will eventually be shared across U.S. consumers and different parts of the supply chain," Bernstein Research analysts wrote in a report Thursday. There remain good reasons for chip makers to expand in the U.S., of course. The companies have tapped grant money under 2022's Chips Act to increase their U.S. manufacturing. They also have access to tax credits for purchases of chip-making equipment that increased in Trump's 'big, beautiful bill" last month. Many companies also see value in locating more of their supply chains in the U.S. to avoid the kind of shock they experienced during the Covid-19 pandemic. There is a geopolitical calculation at play, too, that has little to do with tariffs: A more aggressive Chinese posture toward Taiwan, a widening of conflicts in the Middle East, or any number of other potential political disruptions all give companies reasons to want more of their semiconductor supply chain close to home. Those factors have been, and will continue to be, the main drivers of chip investment in the U.S.—not tariffs.
Economic Times
3 hours ago
- Economic Times
School Assembly Headlines for August 11: Top national, international, sports and business updates
Synopsis Today's headlines cover a range of significant events, from PM Modi's launch of Bengaluru's Yellow Line metro and the Army's bridge construction in Uttarkashi, to international discussions between Lula and Putin regarding Ukraine peace. In sports, Samson credits Gambhir for his confidence revival, while New Zealand celebrates a record-breaking Test victory. iStock As we come together for today's assembly, let's take a moment to look at the latest updates from across the world and our own nation. From key changes in national policies to noteworthy global events, along with highlights from business and sports, here are your top headlines for August 11, Modi launches Bengaluru Metro's Yellow Line, New Vande Bharat Express Prime Minister Narendra Modi on Sunday launched the long-anticipated 'Yellow Line' of the Bangalore Metro Rail, aimed at reducing traffic congestion along several busy routes linking the city's IT hub. During the visit, he also travelled by metro from RV Road (Ragigudda) to the Electronic City station, interacting with students along the way. Army constructs 90-foot Bailey bridge in Uttarkashi to restore connectivity to flood-affected regions In a rapid operation in Uttarakhand's cloudburst-affected Dharali area, the Indian Army built a vital Bailey bridge, re-establishing access to isolated regions and enabling the movement of rescue teams and relief materials to residents stranded by the disaster. "Sabke Boss unable to accept India's growth": Rajnath Singh's dig at Trump Defence Minister Rajnath Singh sharply criticised the US tariffs this morning, suggesting that major global powers are envious of India's fast-paced growth. In his remarks, he made a subtle 'sabke boss' reference to US President Donald Trump, asserting in clear terms that nothing can hinder India's path to becoming a superpower. Thai soldiers injured by landmine near Cambodia amid fragile ceasefire Three Thai soldiers were wounded by a landmine near the Cambodian border on Saturday, the Thai army reported, just days after the two Southeast Asian nations reached a detailed ceasefire to end last month's deadly five-day Putin talk Ukraine peace; plan BRICS meet; weigh joint reply to Trump tariffsBrazilian President Luiz Inacio Lula da Silva spoke with his Russian counterpart, Vladimir Putin, for about 40 minutes on Saturday, the Brazilian presidential palace acknowledges Gambhir's role in confidence revivalIndian cricketer Sanju Samson shared that a reassuring chat with coach Gautam Gambhir — who told him he wouldn't be dropped even after '21 ducks' — significantly lifted his confidence and played a key role in helping him regain form. New Zealand seals series with record-breaking test triumph New Zealand clinched the Test series against Zimbabwe with their biggest-ever victory — winning by an innings and 359 Airlines directed to compensate passenger for poor serviceThe Delhi consumer forum has ordered IndiGo Airlines to pay ₹1.5 lakh in compensation to a passenger after they were given an 'unhygienic and stained seat,' ruling it a clear instance of 'deficiency in service.' SEBI prohibits mutual funds from paying transaction fees The Securities and Exchange Board of India (SEBI) has announced a new rule, effective August 8, 2025, that prevents mutual funds from offering transaction charges to distributors."It always seems impossible until it's done." — Nelson Mandela
