Hegseth Warns About China Threat, Urges Asian Allies to Boost Defense Spending
Speaking at the Shangri-La Dialogue in Singapore, US Defense Secretary Pete Hegseth urged Washington's partners in Asia to increase defense spending and warned that "China seeks to become a hegemonic power" in the Indo-Pacific region. (Source: Other)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Associated Press
8 minutes ago
- Associated Press
Can Trump fix the national debt? Republican senators, many investors and even Elon Musk have doubts
WASHINGTON (AP) — President Donald Trump faces the challenge of convincing Republican senators, global investors, voters and even Elon Musk that he won't bury the federal government in debt with his multitrillion-dollar tax breaks package. The response so far from financial markets has been skeptical as Trump seems unable to trim deficits as promised. 'All of this rhetoric about cutting trillions of dollars of spending has come to nothing — and the tax bill codifies that,' said Michael Strain, director of economic policy studies at the American Enterprise Institute, a right-leaning think tank. 'There is a level of concern about the competence of Congress and this administration and that makes adding a whole bunch of money to the deficit riskier.' The White House has viciously lashed out at anyone who has voiced concern about the debt snowballing under Trump, even though it did exactly that in his first term after his 2017 tax cuts. White House press secretary Karoline Leavitt opened her briefing Thursday by saying she wanted 'to debunk some false claims' about his tax cuts. Leavitt said that the 'blatantly wrong claim that the 'One, Big, Beautiful Bill' increases the deficit is based on the Congressional Budget Office and other scorekeepers who use shoddy assumptions and have historically been terrible at forecasting across Democrat and Republican administrations alike.' But Trump himself has suggested that the lack of sufficient spending cuts to offset his tax reductions came out of the need to hold the Republican congressional coalition together. 'We have to get a lot of votes,' Trump said last week. 'We can't be cutting.' That has left the administration betting on the hope that economic growth can do the trick, a belief that few outside of Trump's orbit think is viable. Tech billionaire Musk, who was until recently part of Trump's inner sanctum as the leader of the Department of Government Efficiency, told CBS News: 'I was disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decreases it, and undermines the work that the DOGE team is doing.' Federal debt keeps rising The tax and spending cuts that passed the House last month would add more than $5 trillion to the national debt in the coming decade if all of them are allowed to continue, according to the Committee for a Responsible Financial Budget, a fiscal watchdog group. To make the bill's price tag appear lower, various parts of the legislation are set to expire. This same tactic was used with Trump's 2017 tax cuts and it set up this year's dilemma, in which many of the tax cuts in that earlier package will sunset next year unless Congress renews them. But the debt is a much bigger problem now than it was eight years ago. Investors are demanding the government pay a higher premium to keep borrowing as the total debt has crossed $36.1 trillion. The interest rate on a 10-year Treasury Note is around 4.5%, up dramatically from the roughly 2.5% rate being charged when the 2017 tax cuts became law. The White House Council of Economic Advisers argues that its policies will unleash so much rapid growth that the annual budget deficits will shrink in size relative to the overall economy, putting the U.S. government on a fiscally sustainable path. The council argues the economy would expand over the next four years at an annual average of about 3.2%, instead of the Congressional Budget Office's expected 1.9%, and as many as 7.4 million jobs would be created or saved. Council chair Stephen Miran told reporters that when that growth is coupled with expected revenues from tariffs, the expected budget deficits will fall. The tax cuts will increase the supply of money for investment, the supply of workers and the supply of domestically produced goods — all of which, by Miran's logic, would cause faster growth without creating new inflationary pressures. 'I do want to assure everyone that the deficit is a very significant concern for this administration,' Miran told reporters recently. White House budget director Russell Vought told reporters the idea that the bill is 'in any way harmful to debt and deficits is fundamentally untrue.' Economists doubt Trump's plan can spark enough growth to reduce deficits Most outside economists expect additional debt would keep interest rates higher and slow overall economic growth as the cost of borrowing for homes, cars, businesses and even college educations would increase. 'This just adds to the problem future policymakers are going to face,' said Brendan Duke, a former Biden administration aide now at the Center on Budget and Policy Priorities, a liberal think tank. Duke said that with the tax cuts in the bill set to expire in 2028, lawmakers would be 'dealing with Social Security, Medicare and expiring tax cuts at the same time.' Kent Smetters, faculty director of the Penn Wharton Budget Model, said the growth projections from Trump's economic team are 'a work of fiction.' He said the bill would lead some workers to choose to work fewer hours in order to qualify for Medicaid. 'I don't know of any serious forecaster that has meaningfully raised their growth forecast because of this legislation,' said Harvard University professor Jason Furman, who was the Council of Economic Advisers chair under the Obama administration. 'These are mostly not growth- and competitiveness-oriented tax cuts. And, in fact, the higher long-term interest rates will go the other way and hurt growth.' The White House's inability so far to calm deficit concerns is stirring up political blowback for Trump as the tax and spending cuts approved by the House now move to the Senate. Republican Sens. Ron Johnson of Wisconsin and Rand Paul of Kentucky have both expressed concerns about the likely deficit increases, with Johnson saying there are enough senators to stall the bill until deficits are addressed. 'I think we have enough to stop the process until the president gets serious about the spending reduction and reducing the deficit,' Johnson said on CNN. Trump banking on tariff revenues to help The White House is also banking that tariff revenues will help cover the additional deficits, even though recent court rulings cast doubt on the legitimacy of Trump declaring an economic emergency to impose sweeping taxes on imports. When Trump announced his near-universal tariffs in April, he specifically said his policies would generate enough new revenues to start paying down the national debt. His comments dovetailed with remarks by aides, including Treasury Secretary Scott Bessent, that yearly budget deficits could be more than halved. 'It's our turn to prosper and in so doing, use trillions and trillions of dollars to reduce our taxes and pay down our national debt, and it'll all happen very quickly,' Trump said two months ago as he talked up his import taxes and encouraged lawmakers to pass the separate tax and spending cuts. The Trump administration is correct that growth can help reduce deficit pressures, but it's not enough on its own to accomplish the task, according to new research by economists Douglas Elmendorf, Glenn Hubbard and Zachary Liscow. Ernie Tedeschi, director of economics at the Budget Lab at Yale University, said additional 'growth doesn't even get us close to where we need to be.' The government would need $10 trillion of deficit reduction over the next 10 years just to stabilize the debt, Tedeschi said. And even though the White House says the tax cuts would add to growth, most of the cost goes to preserve existing tax breaks, so that's unlikely to boost the economy meaningfully. 'It's treading water,' Tedeschi said.
New York Times
13 minutes ago
- New York Times
Thomas Bryant emerges as unlikely hero to help Pacers into NBA Finals
INDIANAPOLIS – Myles Turner was on the mic, speaking to a euphoric crowd that if it were allowed, would've stayed there all night. The Pacers had just knocked off the New York Knicks, 125-108, in Game 6 of the Eastern Conference finals to advance to the NBA finals for the first time in 25 years. And Turner, the longest-tenured Pacer, was spilling his heart to the city. Advertisement He spoke about embracing adversity, being the underdog and fighting for respect. 'People don't watch us,' Turner said on Saturday. All the while, his teammate, Thomas Bryant, could barely watch him. The Pacers backup center, donning an Eastern Conference champ T-shirt and hat, was doubled over on the scorer's table at Gainbridge Fieldhouse as Turner gave his speech. Tears ran down Bryant's face while he pounded his fist on the table in celebration, but his personal precipitation wasn't just birthed from joy. Those tears? They came from pain and pride. Trials and triumphs. Doubt and deliverance. 'There's a lot of times when you have to believe when nobody else even believes,' Bryant said in the locker room afterward. 'Even sometimes you have to believe it when you don't even believe it. You have to make yourself believe it and just stay the course. 'There were times I never thought I'd see the court again.' Nearly six months ago, Bryant was an afterthought, receiving 13 DNPs on a middling Miami Heat team. But in light of Indiana's backup centers, James Wiseman and Isaiah Jackson, both tearing their Achilles early in the season, Indiana acquired Bryant in December for a 2031 second-round pick swap. The hope was for Bryant to bolster the Pacers frontcourt and keep the team humming whenever its starting center, Turner, needed a breather. On Saturday night, however, Bryant was an unlikely hero, totaling a playoff career-high 11 points, three rebounds and one block in in 13 high-energy minutes to help the Pacers return to the NBA Finals for the first time since 2000. 'It's a lot of emotions, man, just going through the past year of just the ups and downs of the NBA,' Bryant said, choking up again. 'Playing, not playing, being totally out of the lineup, getting spare minutes here and there. And then, getting traded and not really knowing what the future might hold, but you just know you wanted to come contribute to a team and try to help them win in any way possible.' Advertisement Bryant got the biggest opportunity of his career to do just that in Game 6, and he delivered in catalytic fashion. After Turner picked up his fourth foul at the 10:14 mark of the third quarter, Indiana coach Rick Carlisle was forced to rely on his bench and his only other healthy center: Bryant. Four seconds after subbing in for Turner, Bryant blocked a layup attempt by Knicks forward OG Anunoby, which sparked a fast break. On the other end, Pascal Siakam, who scored a game-high 31 points, converted an and-1 layup while falling to the floor. Bryant was the first player to help him up, but before eagerly pulling Siakam to his feet, Bryant screamed and flexed in his face to celebrate the acrobatic finish. 'You don't gotta worry about T.B.; T.B. is always gonna bring that energy,' said teammate Aaron Nesmith, who was trailing the play. 'I've never met somebody whether it be up, down, rainy, sunny – he's always bringing that energy and that's a skill. That's a skill for real.' Bryant continued making timely plays by drilling a corner 3 with about eight minutes left in the third quarter, his second of the night, to push Indiana's lead up to 11 points. He high-fived a few courtside fans as he ran back on defense and repeated the celebration a few plays later when he drilled his third corner 3-pointer that put Indiana ahead by 15 points. This time, Knicks head coach Tom Thibodeau called a timeout for his team to regroup, and Bryant probably needed the stoppage, as well. As the 6-foot-10 center ran back to the huddle, he jumped to chest bump teammate Quenton Jackson and roared to the crowd while his emotions bubbled over. Pacers assistant Lloyd Pierce pulled Bryant aside, reminding him that he should view his energy like money and he can't spend it all in one place. Bryant heeded Pierce's advice, though it was not an easy request after seeing his role change drastically through the series. The 27-year-old began the Eastern Conference finals as the backup center, but poor showings in Games 1 and 2 led to him being benched in Games 3 and 4 in favor of Tony Bradley, who initially joined the Pacers on a 10-day contract in March. It wasn't until Bradley strained his hip in Game 5 that Bryant regained his spot in the rotation and gave the Pacers a jolt in Game 6. Siakam called Bryant's resurgent performance a reward from 'the basketball Gods;' Carlisle credited Bryant's 'indomitable spirit;' and Turner simply thanked his teammate for his professionalism. Advertisement 'Man, I've been playing against Thomas since high school,' Turner said. 'He's always had that enthusiasm, that energy and that skill. … And he didn't complain. He didn't pout. If you watch any film, bro, he's the first one up on the bench (cheering), first one gassing us up, talking to us and getting us right. Me going down in foul trouble, he got his opportunity (Saturday) and he didn't look back.' Bryant, a New York native and former Indiana University star, acknowledged that it was serendipitous to send the Knicks home with a notable performance off the bench as a Pacer. He never dreamed of that moment because, candidly, there were days even recently when he prayed for 'just one minute' to prove himself. Bryant validated his worth Saturday, and he's hungry to solidify it even more against Oklahoma City in the NBA Finals. He's been on this stage before, winning a championship with the Nuggets in 2022-23, but Bryant played just 29 seconds during that 20-game playoff run and only appeared at the very end of Game 3 of the finals. He hopes to play a lot more in his second go round, though he vowed to be prepared regardless. 'A lot of people – when things go left or they don't get their way or they don't get the playing time they want – they say they got 'screwed over,'' Bryant said. 'But that's not always true. You still gotta stay resilient through it. I hope that people realize that I stayed resilient, and because of that I was able to contribute and accomplish things that other people never thought I'd do.'
Forbes
13 minutes ago
- Forbes
Z Grills CEO Unveils Radical ‘Reward Crowdfunding' Strategy
Z Grills unveils bold, new business shift. In a marketplace cluttered with promotional noise and fleeting brand loyalty, Z Grills is taking a radically different path—one that redefines what it means to do business with consumers. The company, best known for its high-performance wood pellet grills, is moving beyond the conventional sales model and launching what it calls a "Reward Crowdfunding" strategy. In this exclusive interview, Mr. Zhou, CEO of Z Grills shares why this long-term vision may just be the future of customer-brand relationships. Z Grills first grabbed attention with a campaign titled "Buy One, Get Ten," which sounded like a classic sales promotion. But as Zhou explains, 'It was often mistaken for a discount deal. In reality, it was the beginning of something much bigger.' That "something" is the Reward Crowdfunding model—a fresh take on customer engagement that aims to transform a single transaction into a decades-long partnership. 'You support us today, and we reward you for the next 50 years,' Zhou says. 'It's a completely different way of thinking about business.' So how does it work? In traditional models, profit margins remain with the company. Z Grills flips that script. 'We treat that margin as your investment in us,' Zhou explains. For customers, that investment pays off over time: Every five years, for up to 50 years, participants receive a brand-new wood pellet grill of equal value. It's a bold commitment, rooted in growth and loyalty. 'As Z Grills grows—through product innovation, market expansion, and brand building—we share that growth with you,' he adds. One of the central goals of the new initiative is to deepen customer trust—and keep it. The CEO lays out several key components of this trust-building framework: The company also draws confidence from its long manufacturing legacy. With over 30 years in grill manufacturing—and the last decade spent pushing innovation in the pellet grill sector—Z Grills has built products for major industry players. 'Now we're building something even bigger under our own brand,' he says. The CEO also views this model as a strategic defense against global uncertainties, including tariffs. 'By building a mutually beneficial relationship, we create a more resilient business,' he notes. The company has also taken proactive steps to optimize its supply chain, reducing the direct impact of tariffs on both the business and its customers. Z Grills' Reward Crowdfunding initiative isn't just about customer retention—it's a complete rethinking of how value is created and shared. In a time when customer loyalty is increasingly elusive, the company is betting on long-term commitment and shared success as the ultimate differentiators. 'Our vision isn't about the next quarter,' the Zhou says. 'It's about the next half-century.' If you'd like to learn how data and AI come together to deliver exceptional business value and help your business stay ready for what's next, click here.
