China warns of global ‘turbulence' as Beijing hosts supply chain expo
Beijing is using this week's China International Supply Chain Expo as a forum to boost its image as the global defender of free trade—in contrast with the tariff chaos sparked by US President Donald Trump.
In a thinly veiled swipe at the US leader in his opening remarks, He said: 'some countries are interfering in the market under the pretext of reducing risk, using measures such as imposing tariffs'.
'Global changes of a century are accelerating, with multiple risks intertwining and piling up,' he said.
'We need to further build a shared consensus on development, firmly oppose the politicisation, ideologisation, and over-securitisation of economic and trade issues, and work together to uphold an open and cooperative international environment.' — AFP
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Free Malaysia Today
3 hours ago
- Free Malaysia Today
Report on states' competency to enact Islamic laws presented to rulers
Religious affairs minister Na'im Mokhtar said the report was presented to the Conference of Rulers at their 269th meeting last week. (Bernama pic) PETALING JAYA : The findings of a study on the competency of state assemblies to enact Islamic laws under state enactments has been presented to the rulers, says religious affairs minister Na'im Mokhtar. Na'im said the report prepared by a special committee had been presented to the National Council for Islamic Religious Affairs (MKI) chaired by Perak's Sultan Nazrin Shah on July 1. It was also presented to the Conference of Rulers when it held its 269th meeting on July 16, he said in a written parliamentary reply. The report followed studies, discussions and engagements with the various states' head of shariah courts, muftis, Islamic councils as well as representatives from Islamic institutions and other religions. Na'im said the recommendations outlined in the special committee's report will first be studied by the government before further action is taken, partly to look into the need for legal amendments to be tabled in Parliament. 'This is to ensure that every legal amendment enacted, especially those that touches on federal and state jurisdictions, are clear, organised and in line with the Federal Constitution, other laws that are in force, and shariah laws. 'This is to ensure that the amendments are legitimate and will not be questioned by any party once it comes to effect,' he said. The minister said recommendations involving matters under Putrajaya's jurisdiction will first be brought to the Cabinet. Recommendations involving matters under the purview of the respective states are subject to the agreement of the state governments, he added. In August 2023, then MKI chairman Sultan Sharafuddin Idris Shah of Selangor ordered for the special panel to conduct an in-depth study on the competency of state assemblies to enact Islamic laws under state enactments and the jurisdiction of the shariah courts. He said this was due to the number of cases under the jurisdiction of shariah courts being challenged in the Federal Court. In an 8-1 majority decision last year, the Federal Court struck down 16 provisions in the Kelantan Syariah Criminal Code (I) Enactment 2019 on the grounds of their unconstitutionality. Then chief justice Tengku Maimun Tuan Mat said the state assembly had no authority to pass the provisions as part of the enactment, as the offences in question were covered under federal law.


The Star
4 hours ago
- The Star
Flurry of trade deals with US offers relief for some Asian countries, while others wait for more Trump antics
BANGKOK (AP): US President Donald Trump has announced trade deals with Japan and a handful of other Asian countries that will relieve some pressure on companies and consumers from sharply higher tariffs on their exports to the United States. A deal with China is under negotiation, with US Treasury Secretary Scott Bessent saying an Aug. 12 deadline might be postponed again to allow more time for talks. Steep tariffs on US imports of steel and aluminum remain, however, and many other countries, including South Korea and Thailand, have yet to clinch agreements. Overall, economists say the tariffs inevitably will dent growth in Asia and the world. Trump and Japanese Prime Minister Shigeru Ishiba announced a deal Wednesday that will impose 15% tariffs on U.S. imports from Japan, down from Trump's proposed 25% "reciprocal' tariffs. It was a huge relief for automakers like Toyota Motor Corp. and Honda, whose shares jumped by double digits in Tokyo. Trump also announced trade deals with the Philippines and Indonesia. After meeting with Philippine President Ferdinand Marcos, Jr., Trump said the import tax on products from his country would be subject to a 19% tariff, down just 1% from the earlier threat of a 20% tariff. Indonesia also will face a 19% tariff, down from the 32% rate Trump had recently said would apply, and it committed to eliminating nearly all of its trade barriers for imports of American goods. Earlier, Trump announced that Vietnam's exports would face a 20% tariff, with double that rate for goods transshipped from China, though there has been no formal announcement. Negotiations with China are subject to an Aug. 12 deadline, but it's likely to be extended, Bessent told Fox Business on Tuesday. He said the two sides were due to hold another round of talks, this time in Sweden, early next week. Meanwhile, Trump said a trip to China may happen soon, hinting at efforts to stabilize US-China trade relations. A preliminary agreement announced in June paved the way for China to lift some restrictions on its exports of rare earths, minerals critical for high technology and other manufacturing. In May, the US agreed to drop Trump's 145% tariff rate on Chinese goods to 30% for 90 days, while China agreed to lower its 125% rate on US goods to 10%. The reprieve allowed companies more time to rush to try to beat the potentially higher tariffs, giving a boost to Chinese exports and alleviating some of the pressure on its manufacturing sector. But prolonged uncertainty over what Trump might do has left companies wary about committing to further investment in China. Pressure is mounting on some countries in Asia and elsewhere as the Aug. 1 deadline for striking deals approaches. Trump sent letters, posted on Truth Social, outlining higher tariffs some countries will face if they fail to reach agreements. He said they'd face even higher tariffs if they retaliate by raising their own import duties. South Korea's is set at 25%. Imports from Myanmar and Laos would be taxed at 40%, Cambodia and Thailand at 36%, Serbia and Bangladesh at 35%, South Africa and Bosnia and Herzegovina at 30% and Kazakhstan, Malaysia and Tunisia at 25%. The status of talks with India remains unclear but progress appears to hinge on the country's heavily protected farm sector. It faces a 26% tariff. Nearly every country has faced a minimum 10% levy on goods entering the U.S. since April, on top of other sectoral levies. Even after Trump has pulled back from the harshest of his threatened tariffs, the onslaught of uncertainty and higher costs for both manufacturers and consumers has raised risks for the regional and global economy. Economists have been downgrading their estimates for growth in 2025 and beyond. The Asian Development Bank said Wednesday it had cut its growth estimate for economies in developing Asia and the Pacific to 4.7% in 2025 and 4.6% in 2026, down 0.2 percentage points and 0.1 percentage points. The outlook for the region could be further dimmed by an escalation of tariffs and trade friction, it said. "Other risks include conflicts and geopolitical tensions that could disrupt global supply chains and raise energy prices,' as well as a deterioration in China's ailing property market. Economists at AMRO were less optimistic, expecting growth for Southeast Asia and other major economies in Asia at 3.8% in 2025 and 3.6% next year. While countries in the region have moved to protect their economies from Trump's trade shock, they face significant uncertainties, said AMRO's chief economist, Dong He. "Uneven progress in tariff negotiations and the potential expansion of tariffs to additional products could further disrupt trade activities and weigh on growth for the region,' he said. - AP


New Straits Times
4 hours ago
- New Straits Times
Nvidia AI chips worth US$1bil entered China despite US curbs
NEW YORK: Nvidia's advanced artificial intelligence chips worth at least US$1 billion were smuggled into China in the three months after Washington tightened chip export controls, the Financial Times reported on Thursday The AI chip designer's high-end B200 processors — banned for sale in China — are widely available on a thriving Chinese black market for US chips, the report said, citing sales contracts, company filings and multiple people with direct knowledge of the deals. Nvidia told Reuters that building data centres with smuggled products is inefficient both technically and financially, as the company only offers service and support for authorised products. The US Department of Commerce, White House and Thai government did not immediately respond to requests for comment. Reuters could not independently verify the FT report. In May, multiple Chinese distributors began selling B200s to suppliers of data centres serving Chinese AI groups, according to the report. The US and China are battling for global dominance in AI and other cutting-edge technologies, triggering a tightrope walk for companies such as Nvidia between the world's two largest economies. Nvidia last week said it would be allowed to resume sales to China after the Trump administration reversed an export restriction on the sales of chips such as the H20. The curbs were imposed in April. In the three months before that, Chinese distributors from Guangdong, Zhejiang and Anhui provinces sold Nvidia's B200s, as well as other restricted processors such as the H100 and H200, according to the report. Southeast Asian countries have become markets where Chinese groups obtained restricted chips, the report said, citing industry experts. The US Commerce Department is discussing adding more export controls on advanced AI products to countries such as Thailand as soon as September, the report said.