CNA938 Rewind - NPR, PBS fund cuts: What's the future of public broadcasting in the US?
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
25 minutes ago
- Business Times
Trump's tariffs didn't shatter the global economy
WHEN US President Donald Trump announced sweeping tariff measures in early 2025, including a 10 per cent universal tariff and higher reciprocal tariffs on major trading partners, economic forecasters painted dire scenarios, including a major reduction in US economic growth and the triggering of stagflation. Yet several months into the tariff policy implementation, with the effective rate rising to 15 per cent, the American and global economies have shown extraordinary strength. The tariffs have undoubtedly caused disruptions and imposed costs but the catastrophic collapse many predicted has not materialised. Economic models initially projected severe consequences. The Penn Wharton Budget Model estimated Trump's tariffs would reduce gross domestic product by about 8 per cent and wages by 7 per cent. JPMorgan raised the probability of a global recession from 40 per cent to 60 per cent. However, these projections assumed static conditions without accounting for the dynamic responses that have occurred. Indeed, a complex mix of economic factors, policy adjustments and global adaptations produced a much more nuanced picture. While the tariffs represented the largest tax increase since 1993, generating an estimated US$171.1 billion in federal revenue, the global economy has demonstrated greater adaptability than many models anticipated. The Trump administration has shown unexpected flexibility in implementation. Instead of strictly applying all announced tariffs simultaneously, the administration took strategic pauses and applied exemptions. 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 Energy resources from Canada received lower 10 per cent tariffs instead of the full 25 per cent, and various sectors received provisional reprieves. This restrained approach has allowed markets time to adjust. Businesses also demonstrated remarkable far-sightedness by rushing products into the US before tariffs took effect. This front-loading of imports created buffers that cushioned the immediate economic shock through advance planning. Flexibility, restraint and calmness While Trump announced universal tariffs, the actual implementation has been more targeted. Many of the most severe measures have been postponed, altered or applied with exemptions. The gap between rhetoric and reality has created breathing space for economic adjustment. Governments and businesses have developed alternative trade relationships and supply chains that reduce dependence on any single market. This variation has acted as a shock absorber and allowed trade to flow through different channels. The negative impact of the tariffs has been counterbalanced by surging investment in artificial intelligence and government economic stimulus via large tax cuts. And, unlike previous trade wars, many governments have shown restraint in implementing retaliatory measures, preferring diplomatic negotiation over immediate escalation. This has prevented the kind of tit-for-tat tariffs that could have inflicted economic damage globally. Financial markets have also played a crucial stabilising role. Rather than panicking, investors have largely viewed the tariff threats as negotiating tactics by the Trump administration rather than permanent policy shifts. That prevented the kind of currency instability that could have ignited wider economic crises. The relative calm in financial markets has been self-reinforcing, as stable markets have supported business confidence and investment decisions. Businesses have been more willing to endure short-term tariff costs rather than make sweeping strategic changes for what they perceive as temporary policy measures. Moreover, the global economy entered this period with several structural advantages. Most developed economies had robust employment levels, providing consumer spending power to counterbalance some tariff-related price increases and countering inflationary pressures. At the same time, decades of globalisation created multiple conduits for goods and services. Full impact still unfolding However, this should not minimise the real costs and risks associated with the tariff policies. The measures have imposed genuine costs for consumers through higher prices, disrupted business relationships and created ongoing uncertainty. That may discourage long-term investment. The Peterson Institute for International Economics, for instance, found that while outcomes were 'less severe than originally implied', the tariffs still 'significantly reduce US and global economic growth and increase inflation'. Moreover, the full impact may still be unfolding. Economic disruptions often have delayed effects. The current strength could prove to be temporary if tariffs become permanently entrenched in the trading system or if they do produce more aggressive retaliation by other governments. While the direst predictions have not materialised, this should not be interpreted as vindication of protectionist policies. Instead, it demonstrates the remarkable adaptability of contemporary economic systems and the importance of analysing the impact of trade policies through a more nuanced lens. While tariffs do impose real costs and create genuine disruptions, developed economies moulded during the era of globalisation possess significant capacity for adaptation and adjustment.
Business Times
25 minutes ago
- Business Times
China's top envoy meets US business leaders, urges stable ties
[LONDON] Beijing is willing to strengthen engagement with Washington to avoid misjudgments and manage differences in an effort to promote 'stable, healthy and sustainable' bilateral relations, according to China's top diplomat. China and the US should establish more channels for communication and consultation and view each other objectively and pragmatically, Chinese Foreign Minister Wang Yi told a high-level US business delegation in Beijing on Wednesday (Jul 30), according to a Chinese government statement. 'China's policy towards the US remains consistent and stable' no matter how international situations change, Wang told the visiting US-China Business Council board of directors, led by chair and FedEx CEO Rajesh Subramaniam. Wang's comments came a day after Chinese and US officials meeting in Stockholm concluded their third round of trade talks in less than three months. US President Donald Trump is set to make the final call on maintaining a tariff truce with China before it expires in two weeks. Among the participants in the Beijing meeting were Goldman Sachs chief operating officer John Waldron, Apple chief operating officer Sabih Khan, Boeing senior vice-president Brendan Nelson, Otis Worldwide chair Judy Marks, Thermo Fisher Scientific chair Marc Casper and United Family Healthcare founder Roberta Lipson, according to the statement. During the meeting, Wang touted that China's economy maintained steady growth with positive momentum during the first half of 2025, despite challenges. He said that he hoped American companies would continue to invest in China. BLOOMBERG
Straits Times
an hour ago
- Straits Times
While You Were Sleeping: 5 stories you might have missed, July 31, 2025
Sign up now: Get ST's newsletters delivered to your inbox A 25 per cent tariff would strain US relations with India, the world's most populous democracy. Trump says US, India still negotiating after 25% US tariff threat President Donald Trump said on July 30 the United States is still negotiating with India on trade after announcing earlier in the day the US will impose a 25 per cent tariff on goods imported from the country starting on Aug 1. The 25 per cent tariff, as well as an unspecified penalty announced by Mr Trump in a morning social media post, would strain relations with the world's most populous democracy. Later at the White House, the Republican president indicated there was wiggle room. 'They have one of the highest tariffs in the world now, they're willing to cut it very substantially,' Trump told reporters. 'We're talking to India now - we'll see what happens... You'll know by the end of this week.' READ MORE HERE US ends tariff exemption for all low-value packages PHOTO: REUTERS The United States is suspending a 'de minimis' exemption that allowed low-value commercial shipments to be shipped to the United States without facing tariffs, the White House said on July 30. Under an executive order signed by President Donald Trump on July 30, packages valued at or under US$800 (S$1,000) sent to the US outside of the international postal network will now face 'all applicable duties' starting Aug 29, the White House said. Top stories Swipe. Select. Stay informed. World Canada intends to recognise Palestinian state at UN General Assembly: Carney Business US Fed holds rates steady despite Trump's pressure, with two governors dissenting Singapore Regional eco-tours, more full-time staff: S'pore's Nature Society restructures to boost conservation Singapore NEA green-lights activities, fishing in waters near Tuas Second Link after chemical tank accident Multimedia 60 years, 60 items: A National Day game challenge Business South-east Asia's transshipments a target as US takes aim at China's supply chains Singapore School, parents on alert after vape peddlers approach primary school pupil Singapore Escape, discover, connect: Where new memories are made Mr Trump earlier targeted packages from China and Hong Kong, and the White House said the recently signed tax and spending Bill repealed the legal basis for the de minimis exemption worldwide starting on July 1, 2027. READ MORE HERE UN sounds alarm on SE Asia scam centre surge PHOTO: AFP Human trafficking for forced criminal activity is growing at an alarming rate, with hundreds of thousands of people trapped in online scamming centres across South-east Asia, the United Nations said July 30. Too often, instead of getting help, victims are arrested for crimes they were forced to commit, the head of the UN's migration agency said on World Day Against Trafficking in Persons. 'Trafficking is a human rights crisis, but it's more than that. It's a massive global business that fuels corruption, spreads fear, and prays on the most vulnerable,' Ms Amy Pope said. READ MORE HERE Harris will not run for governor of California in 2026 PHOTO: REUTERS Democratic former US vice-president Kamala Harris said on July 30 she will not run for governor of California, ending speculation that the failed presidential candidate would seek the high-profile post. 'I have given serious thought to asking the people of California for the privilege to serve as their Governor. I love this state, its people, and its promise. It is my home. But after deep reflection, I've decided that I will not run for Governor in this election,' she said in a statement. Ms Harris said she would not run for office now, leaving the door open for a possible presidential bid in 2028. READ MORE HERE Oprah rejects claims she closed road amid tsunami alert PHOTO: REUTERS Oprah Winfrey refuted widespread online claims July 30 that she blocked off a private road on Hawaii property she owns, preventing tsunami evacuees from quickly reaching higher ground. Winfrey has a residence on the Hawaiian island of Maui, where tsunami warnings were issued after a magnitude 8.8 earthquake struck Russia. Nicole Nichols, a spokesperson for the billionaire talk show host, told AFP that Winfrey's team contacted local law enforcement and the Federal Emergency Management Agency to ensure the road was opened 'as soon as we heard the tsunami warnings.'
