&w=3840&q=100)
Netanyahu says Israel exploring new options amid stalled Hamas talks
Netanyahu's statement came as a Hamas official said negotiations were expected to resume next week and portrayed the recall of the Israeli and American delegations as a pressure tactic.
The teams left Qatar on Thursday as President Donald Trump's special envoy, Steve Witkoff, said Hamas' latest response to proposals for a deal showed a lack of desire to reach a truce. Witkoff said the US will look at alternative options," without elaborating.
In a statement released by his office, Netanyahu echoed Witkoff, saying, "Hamas is the obstacle to a hostage release deal.
Together with our US allies, we are now considering alternative options to bring our hostages home, end Hamas's terror rule, and secure lasting peace for Israel and our region, he said. He did not elaborate. Israel's government didn't immediately respond to whether negotiations would resume next week.
A breakthrough on a ceasefire deal between Israel and Hamas has eluded the Trump administration as humanitarian conditions worsen in Gaza. Israel has come under mounting pressure as hunger among Gaza's more than 2 million people has worsened and deaths related to malnutrition have accelerated.
In recent days more then two dozen Western-aligned countries and more than 100 charity and human rights groups have called for an end to the war, harshly criticising Israel's blockade and a new aid delivery model it has rolled out. The charities and rights groups said even their own staff were struggling to get enough food.
On Thursday, French President Emmanuel Macron announced that France would recognise Palestine as a state, saying, The urgent thing today is that the war in Gaza stops and the civilian population is saved." Hamas official Bassem Naim said Friday that he was told the Israeli delegation returned home for consultations and would return early next week to resume ceasefire negotiations.
Hamas said that Witkoff's remarks were meant to pressure the group for Netanyahu's benefit during the next round of talks and that in recent days negotiations had made progress. Naim said several gaps had been nearly solved, such as the agenda of the ceasefire, guarantees to continue negotiating to reach a permanent agreement and how humanitarian aid would be delivered.
The sides have held weeks of talks in Qatar, reporting small signs of progress but no major breakthroughs. Officials have said a main sticking point is the redeployment of Israeli troops after any ceasefire takes place.
The deal under discussion is expected to include an initial 60-day ceasefire in which Hamas would release 10 living hostages and the remains of 18 others in phases in exchange for Palestinians imprisoned by Israel. Aid supplies would be ramped up, and the two sides would hold negotiations on a lasting ceasefire.
The talks have been bogged down over competing demands for ending the war. Hamas says it will only release all hostages in exchange for a full Israeli withdrawal and end to the war. Israel says it will not agree to end the conflict until Hamas gives up power and disarms. The militant group says it is prepared to leave power but not surrender its weapons.
Hamas is believed to be holding the hostages in different locations, including tunnels, and says it has ordered its guards to kill them if Israeli forces approach.
Some 50 hostages remain in Gaza but fewer than half are believed to be alive. Their families say the start-stop talks are excruciating.
I thought that maybe something will come from the time that the negotiation, Israeli team were in Doha," said Yehuda Cohen, whose son Nimrod is being held hostage. "And when I heard that they're coming back, I ask myself: When will this nightmare end? Meanwhile Israeli strikes continued across Gaza.
At least 22 people were killed since Thursday night, according to hospital records at Nasser Hospital where the bodies arrived. Some were killed in strikes and others were killed while seeking aid, said the hospital.
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First Post
17 minutes ago
- First Post
How Trump's tariffs are a bump, not a blockade
Tariffs erode trust in the dollar as a safe haven—if the US can slap duties arbitrarily, why hold dollars? read more US President Donald Trump has said that his administration has struck a trade deal with Pakistan, which include joint development of the country's "massive" oil reserves. Reuters Picture this: It's a humid evening in Delhi, the kind where the air hangs heavy with the scent of street-side chaiwallahs brewing their spicy concoction. Families huddle around flickering TV screens, debating everything from Operation Sindoor's latest century to the price of petrol. But suddenly, the news flashes – Donald Trump, that larger-than-life American uncle with the golden hair, slaps a 25 per cent tariff on Indian goods. 'India is our friend,' he says, but then adds the kicker: penalties for cozying up to Russia. It's like inviting someone to a Diwali party and then charging them extra for the sweets. STORY CONTINUES BELOW THIS AD As an Indian at heart, we know our country has weathered Mughal invasions, British Raj, and even those endless monsoon floods. But this? This is Trump ka tariff tamasha—a spectacle that's got everyone from Mumbai stock traders to Kerala farmers scratching their heads. Will it burn our pockets in the short run? What does Trump mean by 'not much trade in the past', and what's the script for the future? And hey, could this actually help dethrone the mighty US dollar, especially here in Bharat? Let's dive in, sip by sip, like a proper desi chai session—no sugar-coating, just straight facts right on your forehead. The Backstory Let's rewind the reel a bit, Bollywood-style. Donald Trump, back in the White House as of early 2025, has made tariffs his signature move – think of it as his version of a Shah Rukh Khan blockbuster, full of drama and high stakes. On July 30, 2025, he announced via his Truth Social platform (because where else?) that starting August 1, 2025, all imports from India would face a 25 per cent tariff. Why India? Trump called us a 'friend' but lambasted our 'far too high' tariffs on American goods and those 'obnoxious non-monetary trade barriers.' Add to that our continued purchases of Russian oil and military gear amid the Ukraine conflict, and boom – penalties on top. This isn't Trump's first rodeo with India on trade. Remember 2019? He pulled India's preferential trade status under the Generalised System of Preferences (GSP), hitting exports like chemicals and auto parts. Fast-forward to 2025, and it's escalated. Trump's broader agenda is 'reciprocal trade'—if you tariff us, we'll tariff you back, harder. He's already imposed 10 per cent baseline tariffs on most countries under emergency powers, but India gets the special 25 per cent treatment, plus extras for Russia ties. It's part of his America First playbook: wipe out trade deficits, boost US manufacturing, and use tariffs as leverage for deals. From an Indian lens, this feels like a plot twist from a Bollywood film—we thought the Modi-Trump bromance (remember 'Namaste Trump' in Ahmedabad?) meant smooth sailing. But no, Trump cannot be trusted; geopolitics isn't a feel-good movie. India's trade surplus with the US hit $36 billion in 2024, exporting everything from pharma to textiles, while importing tech and aircraft. Trump sees this as unfair, especially with India's average tariffs at 17 per cent versus the US's 3 per cent. And our Russian oil buys? We've ramped them up to 40 per cent of imports post-Ukraine war, saving billions in discounted crude – a smart desi bargain, but it irks Uncle Sam. STORY CONTINUES BELOW THIS AD Short-Term Shock Let's not mince words—this tariff isn't a gentle pat on the back; it's a solid slap to our exporters. Internal estimates from India's commerce ministry suggest about 10 per cent of our $120 billion annual exports to the US could be affected in the July-September quarter alone if the 25 per cent sticks. That's roughly $3-4 billion in extra costs, passed on to American buyers or absorbed by Indian firms, squeezing margins like the last drop of juice from a lemon. Key sectors in the firing line? Textiles and apparel—our cotton kurtas and jeans might cost more in Walmart, leading to lost orders as buyers shift to Vietnam or Bangladesh. Pharma, India's pride (we supply 40 per cent of US generics), could see hikes in drug prices stateside, but with inelastic demand, it might weather better—though smaller exporters could fold. Auto parts and chemicals? Hit hard, with potential job losses in Tamil Nadu and Gujarat hubs. And don't forget IT services—while not directly tariffed, US firms might cut outsourcing to India amid economic jitters, affecting Bengaluru's silicon valleys. STORY CONTINUES BELOW THIS AD Economically, expect rupee volatility—it dipped 0.5 per cent on announcement day, pushing inflation up as imported goods (hello, iPhones) get pricier. Stock markets? Sensex wobbled, with export-heavy firms like TCS and Reliance taking a knock. But here's the Indian resilience bit: experts call it a 'temporary measure' during negotiations. India's growth story—projected at 7 per cent GDP for 2025—won't derail overnight; it's more like a speed bump on the expressway. Farmers in Punjab might grumble over higher input costs, but 'Make in India' could get a boost as we pivot to domestic manufacturing. Short-term pain? Yes, like a spicy vindaloo hangover. But we Indians are pros at jugaad—improvising our way out. And the penalties for Russian ties? That's the wildcard. India buys S-400 missiles and cheap oil from Putin bhai—tariffs could add 100 per cent extras on those deals, per Trump's threats. Short-term: higher energy bills if we diversify, but we've already cut Russian oil reliance from 40 per cent to 30 per cent this year. It's a tightrope—balancing US pressure without alienating Moscow. STORY CONTINUES BELOW THIS AD What It Spells for the Future Now, the intriguing part: Trump keeps saying, 'While India is our friend, we have, over the years, done relatively little business with them because their tariffs are far too high.' Historically, he's half-right. US-India trade was peanuts pre-1990s liberalisation—think $5 billion in 1990 versus $190 billion today. India's Licence Raj era had sky-high tariffs (over 100 per cent on some goods) and bureaucracy that made doing business feel like a never-ending saas-bahu serial. Trump harks back to that, exaggerating for effect—'little business' ignores the boom since 2000, when IT, pharma, and diamonds flooded US markets. But his point? India's barriers persist: high duties on Harley bikes (which Trump loves complaining about) and data localization rules that irk Big Tech. For the future? This is Trump's negotiation blackmail—a threat to force a deal. He's hinted at 20-25 per cent tariffs as leverage, saying the 'deal with India is not finalized.' What does he want? Lower Indian tariffs on US farm goods, easier market access for American firms, and less Russia hugging. India eyes a mini-trade deal by fall 2025, restoring GSP and cutting duties on US nuts and apples. STORY CONTINUES BELOW THIS AD Future outlook: If talks succeed, tariffs drop; if not, escalation. But India's playbook? Diversify – FTAs with the UK, EU, and ASEAN to reduce US dependence (currently 16 per cent of exports). Long-term, this pushes Aatmanirbhar Bharat (self-reliant India), turning tariffs into opportunity, like how we bounced back from Covid-19 with PLI schemes. Trump's vision? A world where trade bows to America—but for India, it's about emerging as a global player, not a sidekick. As Modi ji might say, 'Sabka saath, sabka vikas'—development for all, on our terms. Tariffs as a catalyst How do these tariffs chip away at the US dollar's throne? The dollar has ruled since Bretton Woods in 1944—60 per cent of global reserves, 80 per cent of trade invoiced in greenbacks. But Trump's tariffs? They're like throwing petrol on the de-dollarization fire. By weaponising trade and sanctions, he alienates allies, pushing them towards alternatives. Economists warn: tariffs disrupt dollar-based systems, accelerating a multipolar currency STORY CONTINUES BELOW THIS AD Globally, BRICS (Brazil, Russia, India, China, South Africa) is the vanguard. Trump threatened 100 per cent tariffs on BRICS for ditching the dollar. Result? It backfired—BRICS expanded in 2024, now discussing a common currency or blockchain-based system. Russia-China trade is 78 per cent non-dollar; they've bypassed SWIFT with their own systems. Tariffs make countries sell US assets—China dumped $860 billion in Treasuries post-threats, weakening the dollar. For India? We're the cautious player in this chess game. We've resisted full de-dollarization in BRICS (ex-RBI governor called a joint currency a 'non-starter'). But Trump's tariffs nudge us further. We've settled trade in rupees with Russia (oil), UAE (gold), and Nepal. Post-tariffs, expect more: rupee-yuan swaps with China, or joining Russia's SPFS alternative to SWIFT. India's forex reserves are diversifying—gold up 20 per cent in 2024, yuan holdings rising. How does it reduce hegemony? Tariffs erode trust in the dollar as a safe haven—if the US can slap duties arbitrarily, why hold dollars? For India, it means lower remittance costs (no dollar conversion fees) and energy security via local currencies. But risks: rupee volatility if global acceptance lags. Still, it's empowering: from dollar-dependent to a rupee powerhouse, aligning with our multipolar vision. Trump's actions might just hasten the dollar's twilight, making way for a world where currencies coexist like spices in a thali—diverse and balanced. STORY CONTINUES BELOW THIS AD Wrapping Up As the chai cools and the debate rages on, one thing's clear: Trump's tariffs are a bump, not a blockade. Short-term? Pain for exporters, market jitters, but our 7 per cent growth engine chugs on. Trump's 'little trade' jab? A nod to history, but the future's about negotiation—lower barriers, diversified partners, and a stronger 'aatmanirbhar' spirit. And dollar hegemony? These tariffs are the unintended push towards a multipolar wallet, with India leading the rupee charge in BRICS. '>We Indians have a saying: 'Barish mein bheegne se dar nahi lagta, sahab, chhata toh hai hi.' (We're not afraid of getting wet in the rain; we have an umbrella.) Our umbrella? Innovation, diplomacy, and that unshakeable desi grit. Trump can bring the tariffs—we'll brew stronger chai and emerge shining. Jai Hind! The author is a columnist, Group Captain (retd) and a former fighter pilot of the IAF. Views expressed in the above piece are personal and solely those of the author. They do not necessarily reflect Firstpost's views.
Time of India
17 minutes ago
- Time of India
India's $68 billion question: How to trade with Russia without making America unhappy
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The enduring Russia-India axis Tired of too many ads? Remove Ads Why India won't 'switch off' its Russia ties Here's the economic risk The Pakistan oil card More pressure on the horizon Diplomatic stress test India's trade ties with Russia are back in the spotlight after US President Donald Trump has imposed a 25% tariff on Indian exports, effective August 1, 2025. His reasoning? India's high duties on American goods and what he calls 'obnoxious' non-monetary trade there's more to is also tying these tariffs directly to India's deepening ties with Russia. He is coupling them with what he calls an 'additional penalty' for India's strategic trade relationship with Moscow, especially its oil purchases and military unspecified penalty, according to The New York Times, is his first test run of what he's branding as 'secondary tariffs' -- a departure from conventional financial sanctions often applied to countries engaging with embargoed new tariff list is broad, covering products from smartphones and steel to shrimp and jewellery, sectors where India has a strong export presence. These exports now face the risk of losing ground in the US never one to mince words, went a step dismissed both Indian and Russian economies as 'dead,' claiming the US does 'very little business' with either, just as he announced a tariff that could cost India billions. He's also accused India of undermining international efforts to stop the war in aggressive stance by the US prompts a critical examination of the deep-rooted relationship between India and Russia -- and the growing pressure on New Delhi to recalibrate its foreign everything, India-Russia relations are still going Affairs Minister S. Jaishankar, speaking to the Indian diaspora at an event in Moscow in December 2023, described the bilateral relationship as 'the one constant in world politics.'And he wasn't being partnership goes back to the 1950s, when the Soviet Union used its UN Security Council veto in India's favour on Kashmir. Moscow also stood by India during the Cold War and helped mediate with Pakistan more than things are FY25, bilateral trade hit $68.7 billion. According to the Indian embassy in Moscow, this is nearly 5.8 times higher than the pre-pandemic trade of $10.1 billion.'It comprises India's exports worth $4.88 billion and imports from Russia amounting to $63.84 billion.'The target is $100 billion in bilateral trade by 2030, as Jaishankar reiterated in March last year, and a huge part of that is crude oil. Russia now accounts for around 40% of India's oil imports, up from just 0.2% before the Ukraine war, according to The Economic shift isn't just dramatic, it's locked in. In December, India signed its biggest-ever energy deal with Russia: a 10-year agreement to supply 500,000 barrels of oil per day to Reliance, worth about $13 billion annually, as Reuters 0.5% of global supply, committed for a decade. It shows just how deeply rooted this energy relationship has here's the twist. Indian state-run refiners have reportedly paused Russian oil purchases . With discounts narrowing and US President Donald Trump warning countries against buying crude from Moscow, state refiners like Indian Oil Corp, Hindustan Petroleum, Bharat Petroleum and Mangalore Refinery haven't placed fresh orders in over a week, according to industry sources cited by private players, Reliance and Nayara, remain the largest buyers of Russian oil, public-sector refiners still control over 60% of India's 5.2 million barrels-a-day refining capacity. Any shift in their strategy oil is just one piece of the remains the world's largest importer of Russian arms. Reports from the Stockholm International Peace Research Institute (SIPRI) consistently show India as a top, if not the top, importer of Russian weaponry over various to the London-based think tank Chatham House, over 50% of India's military equipment is Russian-made. India is trying to diversify under its Make in India initiative, but that kind of dependence doesn't unwind also building nuclear plants to The Moscow Times, Russia's state-owned Rosatom has an agreement to build six reactors in India. And if that's not enough high-level engagement, Prime Minister Narendra Modi has met Vladimir Putin 17 times over the last decade, including two visits to Russia in the past year Delhi has made it clear: it's not walking away from Moscow just because Washington wants it India's High Commissioner to the UK, Vikram Doraiswami, put it: India can't just 'switch off [its] economy' to comply with Western sanctions. Energy security and defence needs take priority. And when critics question India's continued trade with Russia, Indian officials often point to Europe's own ongoing dealings with Moscow as a counter.'Many of our European partners are still buying rare earths and other energy products from the same countries they're refusing to let us buy from,' Doraiswami told Times Radio last week, following Prime Minister Modi's visit to London. 'Don't you think that seems a little odd?'When asked about India's 'closeness' with Russia and President Vladimir Putin, Doraiswami said the relationship rests on several long-term factors, not least of which is defence.'Some of our Western partners wouldn't sell us weapons but had no problem selling them to countries in our neighbourhood that used them to attack us,' he said, alluding to US-Pakistan arms ties during the Cold this stance isn't winning India any friends in the has stayed studiously neutral on the Russia-Ukraine war. It hasn't condemned the invasion, and it abstained on multiple UN resolutions targeting Moscow. That's drawn criticism, particularly from the US and EU, who've grown frustrated with what they see as strategic also concern about India's role in supplying dual-use technologies. As Bloomberg reported last year, US and EU officials now say India is the second-largest supplier of restricted tech to Russia, undermining global efforts to curb Moscow's war Trump's frustration goes beyond Ukraine. He's long complained about stalled US-India trade talks, India's membership in BRICS (which he sees as 'anti-US'), and Delhi's refusal to distance itself from US is India's single biggest export market, accounting for nearly 25% of its exports in recent months, ahead of the UAE, Netherlands, China, and the to Reuters, India exported $87 billion worth of goods to the US in 2024. In May 2025 alone, India posted a trade surplus of over $5 billion with the US, exports stood at $8.83 billion, while imports were $3.63 that trade advantage could come under US currently runs a $45.7 billion goods trade deficit with India. Now, new US tariffs are set to hit Indian goods harder than those from other import tax on Indian goods is expected to be higher than that on exports from nations like Japan (15%), the EU (15%), Indonesia (19%), and even Vietnam (20%), despite Vietnam being explicitly targeted by the Trump to Reuters, Citi economists say India's weighted average tariff rate would end up being five to ten percentage points higher than its Asian could make India a less competitive manufacturing hub at a time when global supply chains are already in flux. Even a modest 5–10% drop in exports to the US would translate into a multi-billion-dollar if things weren't messy enough, Trump, while announcing a trade deal with Pakistan, stated on Truth Social on Wednesday that the United States would help Islamabad develop its "massive oil reserves" — though the specifics of these reserves remain his comments on Truth Social were provocative: "We have just concluded a deal with the country of Pakistan, whereby Pakistan and the United States will work together on developing their massive oil reserves," Trump wrote, adding, "We are in the process of choosing the oil company that will lead this partnership. Who knows, maybe they'll be selling oil to India some day!'This comment is hugely significant for India, given that it came the day after Trump announced the 25% tariff on 'friend' India, along with an unspecified penalty for its close ties with Russia.'…They have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of energy, along with China, at a time when everyone wants Russia to stop the killing in Ukraine, All things not Good!'It's a remarkable juxtaposition: Trump penalising India, a long-time partner, while dangling energy cooperation with Pakistan, a country the US has historically had a rollercoaster relationship US Assistant Secretary of State and partner at The Asia Group, Nisha Biswal, told ANI: 'These differences, divergences in the US-India relationship are longstanding. Historically, the United States has demonstrated a fair amount of understanding regarding India's legacy relationships and the accommodations for that. I think President Trump is probably less inclined to accommodate and adapt to those legacy relationships..."The next few months will be a serious stress test for India's foreign complicate things further, a new bipartisan bill in the US Senate is calling for a 500% tariff on goods from countries that keep buying Russian oil and gas while refusing to back Ukraine. If it passes, India will have some hard decisions to the Sanctioning Russia Act of 2025, the bill has been introduced by Senators Lindsey Graham (Republican) and Richard Blumenthal (Democrat), with support from over 80 co-sponsors across party lines, enough to potentially override a presidential proposed law would slap steep tariffs, up to 500%, on imports from countries that continue buying Russian crude, gas, petroleum products, or uranium and don't actively support and China are explicitly named as top targets. Brazil also comes up frequently. There's also talk, largely from Trump's camp, of an additional 100% 'secondary tariff' bill does include a waiver clause, allowing the US President to choose not to enforce the tariffs even if Congress passes the law -- leaving room for negotiation or strategic has defended its energy deals with Moscow, citing national interest and energy security. External Affairs Minister S. Jaishankar has said India's position has been made clear to Senator Graham and that New Delhi will 'cross that bridge when we come to it' if the bill moves Russian oil imports have surged since the Ukraine war began, making up a large chunk of its crude basket. If this bill becomes law, the fallout could hit Indian exports to the US, one of its most important trade of July 31, the bill remains at the 'Introduced' stage. The Senate version has been referred to the Banking, Housing, and Urban Affairs Committee and is still working its way through the legislative if it doesn't pass, there's more trouble EU's latest sanctions, implemented in July 2025, ban the import of refined petroleum products made from Russian crude, even if those products are processed in third countries like move directly threatens India's fuel exports to the bloc, which were estimated at $14.3 billion in FY25, according to had emerged as a major hub for rerouting Russian oil to Europe, capitalising on discounts offered by Moscow after its invasion of Ukraine. That backdoor has now been for Iran, India's official crude imports have remained negligible since 2019 due to US sanctions. But recent American actions suggest some trade may still be July 30, the US State Department imposed sanctions on six Indian companies, including Alchemical Solutions, Global Industrial Chemicals, and Jupiter Dye Chem, for allegedly engaging in 'significant transactions' involving Iranian petroleum and petrochemical is currently assessing the tariff impact, with a US delegation slated to visit later in August for ongoing trade negotiations. However, the path forward appears fraught with President Vladimir Putin's anticipated visit to India in the coming months will likely ignite similar move by the US marks a sharper turn in pressure tactics to isolate Russia and raises the stakes significantly for India's delicate balancing act between maintaining its strategic autonomy and nurturing partnerships with competing global powers.
Mint
27 minutes ago
- Mint
Survival in times of predatory trade: Is Asia on to something?
For a region often hailed as the future of the global economy, it has been an unedifying experience. One by one, Asian leaders swallowed trade accords with the US that are slightly better than envisaged a few months ago, but more punitive than when they bet on access to the American market as a development strategy decades ago. The glory days of supply chains must seem like a prehistoric time to the countries that lined up to concede to White House demands for levies. It is certainly a throw-back to an earlier, less prosperous, age: The overall level of US tariffs is now the highest since 1930s, according to Bloomberg Economics. Japanese Prime Minister Shigeru Ishiba was once adamant he would never accept duties, especially on automobiles, but concluded he could live with a 15% penalty. The EU's top official, Ursula von der Leyen, on Sunday said the 15% rate the bloc settled on with US President Donald Trump was the best she could manage. Key economies yet to strike a deal, such as South Korea and India, risk more adverse terms than those that already went along to get along. Also Read: Mint Quick Edit | Vietnam's raw trade deal with the US isn't good news Trump is demanding a demonstration of obeisance and, in important ways, is receiving it. At the top of the commercial food chain is the US, still the premier economy by a healthy margin. Import tariffs may not revive the working-class communities that he claims to champion, but Trump can put on an emotionally satisfying show. And the nations that have yielded get Trump off their back—and cross their fingers that they will fare better under the next president. In this sense, it's useful to think in terms of apex predators, those at the pinnacle of the natural food chain that are able to devour smaller players, according to Dmitry Grozoubinski, a former Australian trade negotiator. 'They are to a large extent paying protection money," he told me. Tariffs of around 20% seem to be the benchmark for Southeast Asia, based on deals announced with the Philippines, Indonesia and Vietnam. In the case of the latter two, they negotiated the US down from higher levels than foreshadowed in April. They will still hurt. Efforts to squeeze China are a feature of the pacts; Washington wants to curb the ability of Chinese firms to re-route products through third countries. The Philippines appeared to suffer a humiliation; the levy on goods from the archipelago was just a hair lower than what was announced by Trump a few weeks ago. Many details are still to be resolved and countries haven't given up on getting better terms. The common element, aside from just getting what passes as a deal done, is allowing Trump some of the theatre he craves. Praise the agreements and the White House's occupant. Also Read: India's trade pact with Asean is becoming a casualty of Trump's tariffs And, perhaps, when the attention is elsewhere, you can get a slightly better deal. Philippines President Ferdinand Marcos Jr. made it clear he hasn't given up. Ahead of his recent meeting with Trump at the White House, his team put great store in the close historical ties between the two nations; the Philippines was once a US colony and it regularly brushes up against Chinese ships in the South China Sea. On the face of it, Manila got little from the arrangement. Marcos' best shot is to work with negotiators while Trump has moved on. Pentagon chief Pete Hegseth hinted at this by saying there may be a military component to the accord. 'The wolf is now at other doors," said Grozoubinski, author of the book Why Politicians Lie About Trade. 'The indignity hurts less than the fight would." In return, counterparts get a semblance of certainty about the cost of entry to the US, a vital component in the competition for foreign direct investment. Also Read: Rahul Jacob: The contours of a new trade order are becoming visible The escape can be a form of victory. In Vietnam's case, the country is still fairly competitive with a 20% tariff. It stings, but probably isn't enough to warrant a producer packing up and going somewhere else. It may all be worth it to keep access to US customers. The administration foreshadowed this calculus before 'Liberation Day.' Stephen Miran, chair of Trump's Council of Economic Advisers, told Bloomberg Television in March that nations have little choice other than to sell to the US. They will pay up to retain that privilege. Seoul and New Delhi are next. Korean officials have dangled a shipbuilding partnership as part of a potential compact. Talks with China, underway in Sweden, will be something else. Hopefully, the world economy won't be too damaged. The question Chinese President Xi Jinping will ask is whether the fight is worth it and how much resistance his own economy can stand. The David Attenborough documentary on that one will be compulsory viewing. ©Bloomberg The author is a Bloomberg Opinion columnist covering Asian economies.
