More new homes coming up in the northern part of Singapore
Significant urban transformation is on the horizon for the northern part of Singapore. The recently announced Draft Master Plan 2025 details several major changes that will reshape the region, including the redevelopment of Sembawang Shipyard, the expansion of Woodlands Regional Centre and the repurposing of the former Singapore Racecourse.
The Johor Bahru-Singapore Rapid Transit System (RTS), a crucial component of the Johor-Singapore Special Economic Zone (JS-SEZ), is set to be another 'game changer' that will benefit many businesses and landlords.
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Straits Times
8 minutes ago
- Straits Times
Missed signals, lost deal: How India-US trade talks collapsed
Sign up now: Get ST's newsletters delivered to your inbox NEW DELHI/WASHINGTON - After five rounds of trade negotiations, Indian officials were so confident of securing a favourable deal with the United States that they even signalled to the media that tariffs could be capped at 15 per cent. Indian officials expected US President Donald Trump to announce the deal himself weeks before the Aug 1 deadline. The announcement never came. New Delhi is now left with the surprise imposition of a 25 per cent tariff on Indian goods from Aug 8, along with unspecified penalties over oil imports from Russia, while Mr Trump has closed larger deals with Japan and the EU, and even offered better terms to arch-rival Pakistan. Interviews with four Indian government officials and two US government officials revealed previously undisclosed details of the proposed deal and an exclusive account of how negotiations collapsed despite technical agreements on most issues. The officials on both sides said a mix of political misjudgment, missed signals and bitterness broke down the deal between the world's biggest and fifth-largest economies, whose bilateral trade is worth over US$190 billion (S$244.6 billion). The White House, the US Trade Representative office, and India's Prime Minister's Office, along with the External Affairs and Commerce ministries, did not respond to emailed requests for comment. India believed that after visits by Indian Trade Minister Piyush Goyal to Washington and US Vice-President J.D. Vance to Delhi, it had made a series of deal-clinching concessions. Top stories Swipe. Select. Stay informed. Singapore East-West Line MRT service resumes after delays lasting around 5 hours; track point fault fixed Singapore Hidden vapes and where to find them: Inside ICA's clampdown at land checkpoints Singapore Sorting recyclables by material could boost low domestic recycling rate: Observers Singapore SM Lee receives Australia's highest civilian honour for advancing bilateral ties Asia Trump's sharp India criticism corners Modi as rift deepens Singapore More train rides taken in first half-year, but overall public transport use stays below 2019 levels Singapore BlueSG needs time to develop software, refresh fleet, say ex-insiders after winding-down news Asia Cambodia-Thailand border clash a setback for Asean: Vivian Balakrishnan New Delhi was offering zero tariffs on industrial goods that formed about 40 per cent of US exports to India, two Indian government officials told Reuters. Despite domestic pressure, India would also gradually lower tariffs on US cars and alcohol with quotas and accede to Washington's main demand of higher energy and defence imports from the US, the officials said. 'Most differences were resolved after the fifth round in Washington, raising hopes of a breakthrough,' one of the officials said, adding negotiators believed the US would accommodate India's reluctance on duty-free farm imports and dairy products from the US. It was a miscalculation. Mr Trump saw the issue differently and wanted more concessions. 'A lot of progress was made on many fronts in India talks, but there was never a deal that we felt good about,' said one White House official. 'We never got to what amounted to a full deal - a deal that we were looking for.' Over-confidence and miscalculation Indian Prime Minister Narendra Modi, who visited Washington in February, agreed to target a deal by fall 2025, and more than double bilateral trade to US$500 billion by 2030. To bridge the US$47 billion goods trade gap, India pledged to buy up to US $25 billion in US energy and boost defence imports. But officials now admit India grew overconfident after Mr Trump talked up a 'big' imminent deal, taking it as a signal that a favourable agreement was in hand. New Delhi then hardened its stance, especially on agriculture and dairy, two highly sensitive areas for the Indian government. 'We are one of the fastest growing economies, and the US can't ignore a market of 1.4 billion,' one Indian official involved in the negotiations said in mid-July. Negotiators even pushed for relief from the 10 per cent average US tariff announced in April, plus a rollback of steel, aluminium and auto duties. Later, India scaled back expectations after the US signed trade deals with key partners including Japan, and the European Union, hoping it could secure a similar 15 per cent tariff rate with fewer concessions. That was unacceptable to the White House. 'Trump wanted a headline-grabbing announcement with broader market access, investments and large purchases,' said a Washington-based source familiar with the talks. An Indian official acknowledged New Delhi was not ready to match what others offered. South Korea, for example, struck a deal just before Mr Trump's Aug 1 deadline, securing a 15 per cent rate instead of 25 per cent by offering US$350 billion in investments, higher energy imports, and concessions on rice and beef. Communication breakdown 'At one point, both sides were very close to signing the deal,' said Mr Mark Linscott, a former US Trade Representative who now works for a lobby group that is close to the discussions between the two nations. 'The missing component was a direct line of communication between President Trump and Prime Minister Modi.' A White House official strongly disputed this, noting other deals had been resolved without such intervention. An Indian government official involved in the talks said Mr Modi could not have called, fearing a one-sided conversation with Mr Trump that could put him on the spot. However, the other three Indian officials said Mr Trump's repeated remarks about mediating the India-Pakistan conflict further strained negotiations and contributed to Mr Modi not making a final call. 'Trump's remarks on Pakistan didn't go down well,' one of them said. 'Ideally, India should have acknowledged the US role while making it clear the final call was ours.' A senior Indian government official blamed the collapse on poor judgment, saying top Indian advisers mishandled the process. 'We lacked the diplomatic support needed after the US struck better deals with Vietnam, Indonesia, Japan and the EU,' the official said. 'We're now in a crisis that could have been avoided.' Mr Trump said on Aug 5 that he would increase the tariff on imports from India from the current rate of 25 per cent 'very substantially' over the next 24 hours and alleged that New Delhi's purchases of Russian oil were 'fuelling the war' in Ukraine. Way forward Talks are ongoing, with a US delegation expected in Delhi later in August and Indian government officials still believe the deal can be salvaged from here. 'It's still possible,' one White House official said. The Indian government is re-examining areas within the farm and dairy sectors where concessions can be made, the fourth official said. On Russian oil, India could reduce some purchases in favour of US supplies if pricing is matched. 'It likely will require direct communication between the prime minister and the president,' said Mr Linscott. 'Pick up the phone. Right now, we are in a lose-lose. But there is real potential for a win-win trade deal.' REUTERS
Straits Times
37 minutes ago
- Straits Times
South Korea says timing of US tariff cut on autos not decided
Sign up now: Get ST's newsletters delivered to your inbox South Korean auto makers such as Hyundai Motor and Kia want the tariff cut brought in swiftly. SEOUL - South Korea's Industry Minister Kim Jung-kwan said on Aug 6 that Seoul needs to hold further discussions with Washington on the timing of the promised tariff cuts on the country's car exports to the US from the current level of 25 per cent. President Donald Trump said last week the US will charge a 15 per cent tariff on imports from South Korea, including autos, as part of a deal that eases tensions with a top-10 trading partner and key Asian ally. The 15 per cent US tariffs on most items coming from South Korea are due to take effect starting from Aug 7. South Korean auto makers such as Hyundai Motor and Kia want the tariff cut brought in swiftly to create a level playing field with Japanese and European rivals. Separately, Japan's top tariff negotiator Ryosei Akazawa said he would head to Washington this week to press Mr Trump to sign an executive order to bring the cut to tariffs on Japanese auto imports into effect. In the technology sector, Mr Kim said the countries had agreed to continue talks on online platform legislation to make sure US tech companies were not unfairly treated compared with domestic firms. 'Although the digital issue was not included in the latest agreement, there are major concerns about it among the US government, parliament and businesses,' he said at a parliamentary session. The minister reiterated that there had been no agreement on the opening of the agriculture market, including beef, rice, fruit and other farm goods as part of the deal. But he said the countries will increase cooperation in the quarantine process for fruit and vegetables, which has been cited by Washington as one of the non-tariff barriers that US farmers face. South Korean Finance Minister Koo Yun-cheol said at a separate parliamentary session that the US viewed the quarantine process for fruit and vegetables as too slow and asked Seoul to introduce a rational and scientific process. REUTERS
Straits Times
2 hours ago
- Straits Times
Taiwan mulls curbing Chinese cars imported from third countries
Sign up now: Get ST's newsletters delivered to your inbox Under current regulations, the import of fully assembled vehicles from China is already prohibited. Taiwan is evaluating measures to restrict the import of Chinese-branded vehicles from third countries, following local media reports that BYD is planning to enter the Taiwanese market by shipping cars assembled in Thailand. 'Based on considerations of national security, vehicle safety, information security and industrial development, the government will strictly prevent Chinese-branded automobile from entering the Taiwanese market through various channels,' Taiwan's Ministry of Economic Affairs said in a statement on Aug 5. Under current regulations, the import of fully assembled vehicles from China is already prohibited, the statement added. Vehicles assembled in Taiwan using Chinese components must meet a localisation threshold to be eligible for sale in the local market, it said. The statement followed a Mirror Media report citing unidentified sources that BYD is working with Taikoo Motors Group, which has a Taiwan dealership, to import vehicles assembled in Thailand. Two models have reportedly already been sent to Taiwan for safety certification. BYD is increasingly seeking growth abroad as the domestic Chinese market has become saturated with hundreds of players engaging in unsustainable price wars. BYD and Taikoo did not immediately respond to requests from Bloomberg News for comment. BLOOMBERG
