
The Philippines is quietly working with Taiwan to counter China
This marks a significant departure from Manila's conservative approach toward Taiwan and could pave the way for the Philippines, a U.S. treaty ally, to play a bigger role if China makes good on its threats to invade Taiwan.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
5 minutes ago
- Yahoo
Japan's Ishiba vows to stay on after election defeat
Japanese Prime Minister Shigeru Ishiba's ruling coalition has failed to secure a majority in Sunday's election for the 248-seat upper house of parliament, Japan's public NHK TV outlet said. The Liberal Democratic Party (LDP), already in a minority in the lower house since last October's snap election, faced mounting public discontent over inflation, political scandals, and a surge in anti-immigration sentiment. LDP, Komeito fall short in upper house The LDP and its junior partner Komeito needed to win 50 of the 125 contested seats, on top of the 75 seats they already have. They fell short, however, getting only 46 of the seats up for grabs. In recent years, such an electoral defeat has usually led to a prime minister's resignation. Ishiba, however, vowed to stay on in order to lead Japan through the difficult terrain of striking a trade deal with the US in the face of looming tariffs. "We are engaged in extremely critical tariff negotiations with the United must never ruin these negotiations," he told a press conference after vowing to stay on as party leader through the trade talks. The loss is another blow to Ishiba's coalition, making it a minority in both houses following its October defeat in the lower house election, It is the first time the LDP has lost a majority in both houses of parliament since the party's foundation in 1955. The poor performance in the election will not immediately trigger a change of government because the upper house lacks the power to file a no-confidence motion against a leader. Despite his determination to stay on, Ishiba could face calls from within his party to step down or find another coalition partner. Rise of the 'Japanese First' party The surge of the right-wing populist Sanseito party complicated the election. Once a fringe movement, spreading conspiracy theories about vaccinations and global elites during the COVID-19 pandemic on YouTube, the party is now gaining momentum with its "Japanese First" rhetoric and criticism of immigration, globalism, and foreign capital. Sanseito is expected to win 14 seats in the upper house, appealing especially to young male voters. Its leader, Sohei Kamiya, has drawn comparisons to Trump and Germany's AfD for his anti-establishment stance and social media reach. On Sunday, a Sanseito candidate's interview by Russia's Sputnik news agency courted controversy and prompt denials of ties to Russia by Kamiya, according to AFP news agency. The European Union has banned Sputnik along with other Russian state media for "disinformation and information manipulation." Edited by: Alex Berry, Wesley Dockery


Bloomberg
37 minutes ago
- Bloomberg
Bloomberg Daybreak Asia: Japan's Ishiba Vows to Stay Put; Fed's Path Ahead
The yen recouped some of last week's losses as investors weighed the extent of the defeat suffered by Japan's ruling coalition in the weekend's upper-house election. Asian stock markets edged down. Japan's currency had dropped for two weeks and bond yields spiked ahead of the vote on concern a poor showing by Prime Minister Shigeru Ishiba would open the door to more spending and tax cuts. While the ruling Liberal Democratic Party and its partner lost their majority in the chamber, their final tally may be enough to keep Ishiba in the job. We get reaction from Shuntaro Takeuchi, Portfolio Manager at Matthews Asia. Plus - Donald Trump is struggling to get the Federal Reserve to cut interest rates, but policymakers around the world won't need so much convincing. The US president's tariff onslaught is likely to force further measured easing in coming months by most of the 23 central banks featured in this quarterly guide on the global monetary outlook, according to Bloomberg Economics. Federal Reserve Governor Christopher Waller hinted he would dissent if his colleagues vote to hold interest rates steady at their July meeting, making his case for a rate cut to support the labor market. We take a look at the Fed's path ahead with Clayton Triick, Head of Portfolio Management, Public Strategies, at Angel Oak Capital.

Yahoo
44 minutes ago
- Yahoo
101 on Section 232: What it means for U.S. chip stocks
-- The Trump administration's Section 232 investigation into semiconductors is shaping up to be a major policy lever with potential consequences across the U.S. chip industry. Initiated in April, the probe aims to assess whether imports of semiconductors and related equipment threaten national security, a determination that could justify broad tariffs. A final report may be out soon. Section 232, part of the Trade Expansion Act of 1962, gives the President sweeping powers to impose remedies—including tariffs—if imports are deemed to harm national security. Compared to other tariff tools, it offers 'much broader authority to impose remedies,' Bernstein analysts said. Importantly, the probe's scope includes not just standalone chips but also the products that contain them. While the U.S. imported about $45 billion in semiconductors in 2024, much of the value comes embedded in finished goods. 'Out of the ~$3.3T in goods imported in 2024, the top 3 categories s (machinery, electrical equipment, and vehicles) accounted for ~$1.4T,' and many of those products are 'semi-rich,' analysts led by Stacy A. Rasgon said, with chips making up a significant share of their cost structure. Phones and PCs are key examples. Tariffs could be applied either at the chip level or based on semiconductor content inside devices, with the latter possibly including incentives for using U.S.-made components. 'The most effective way to tariff the value of imported semiconductors is likely to go after component-level content,' the team said. However, such a strategy could be difficult to administer given the complexity of global supply chains. Among potential beneficiaries, Bernstein highlights Texas Instruments (NASDAQ:TXN) and Intel (NASDAQ:INTC) as standouts. The broker points out that these chipmakers 'are really the only two that have large global capacities with a U.S. footprint exceeding 50%.' Texas Instruments has been building greenfield capacity in the U.S., while Intel operates multiple fabs and packaging sites domestically. 'Texas Instruments has clearly been prepping for a scenario like this for some time and is one of the few companies that is actually building substantial amounts of greenfield capacity in the U.S.,' the note states. Other firms with relatively high U.S. manufacturing footprints include Microchip (NASDAQ:MCHP), Qorvo (NASDAQ:QRVO), Skyworks (NASDAQ:SWKS), Broadcom (NASDAQ:AVGO), NXP (NASDAQ:NXPI), and Analog Devices (NASDAQ:ADI). According to its analysis, Bernstein sees potential for tens of billions of dollars to be raised through these tariffs, which could lift device costs significantly. While tariffs are broadly seen as negative for demand, the policy may offer a relative advantage to U.S.-centric manufacturers if implemented. Related articles 101 on Section 232: What it means for U.S. chip stocks Surge of 50% since our AI selection, this chip giant still has great potential Apollo economist warns: AI bubble now bigger than 1990s tech mania 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