logo
Southeast Asian nations to discuss US tariffs as a unified bloc

Southeast Asian nations to discuss US tariffs as a unified bloc

BreakingNews.ie26-05-2025
Southeast Asian nations will forge a common front to face challenges, including economic headwinds from US tariffs and a four-year civil war in Myanmar, Malaysian Prime Minister Anwar Ibrahim said on Monday.
Opening an annual summit of the Association of Southeast Asian Nations (Asean), Mr Anwar said he is seeking a unified bloc meeting with US President Donald Trump to discuss the tariffs.
Advertisement
Officials are hopeful it could happen later this year. Malaysia is the current chair of Asean.
'For Asean, our peace, stability and prosperity have often depended on an open, inclusive, rules-based international order… These foundations are now being dismantled under the force of arbitrary action,' Mr Anwar said.
Singapore's Prime Minister Lawrence Wong, Thailand's Prime Minister Paetongtarn Shinawatra, Vietnam's Prime Minister Pham Minh Chinh, Malaysia's Prime Minister Anwar Ibrahim and Philippine's President Ferdinand Marcos Jr (AP/Vincent Thian)
Asean has formed a taskforce to coordinate a response to the US tariffs in parallel with bilateral negotiations by some member countries, Mr Anwar said.
Asean members include bigger economies such as Singapore, Indonesia, Malaysia, Thailand and the Philippines, as well as ones like Vietnam, Cambodia, Laos and Myanmar.
Advertisement
The region relies on exports to the US and is hurt by the Trump administration's tariffs, which range from 10% for Singapore to as high as 49% for Cambodia.
Mr Trump announced a 90-day pause on tariffs in April for most of the world, and this month struck a similar deal with key rival China, easing trade war tensions.
Mr Anwar said an Asean leaders' meeting on Tuesday with Chinese Premier Li Qiang and the Gulf Cooperation Council (GCC) — the first such tripartite meeting — would spur new cooperation that could help insulate Asean's economy.
The GCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Advertisement
The bloc later on Monday will launch a new 20-year vision to deepen their economic and social integration, Mr Anwar said.
Mr Anwar also said Malaysia has managed to 'move the needle forward' in efforts to resolve the Myanmar crisis after forming an informal advisory group headed by former Thai leader Thaksin Shinawatra. Anwar met last month with Myanmar military chief Gen. Ming Aung Hlaing in Bangkok and held virtual talks with the opposition National Unity Government.
Officials said the current emphasis on aid delivery following a March earthquake that killed 3,700 people could eventually pave the way for peace talks.
But critics accuse the army of violating a self-proclaimed ceasefire with dozens of airstrikes, with aid not freely allowed into areas not under the army's control.
Advertisement
President Donald Trump speaks to United States Military Academy graduating cadets (AP/Manuel Balce Ceneta)
The Myanmar war, which has killed thousands and displaced millions, is a challenge to Asean since refugees have fled across borders to neighbouring nations.
The region has also seen rising transnational crimes and cybercrimes. The bloc has made little headway after the Myanmar military refused to comply with its peace plan, including a ceasefire, delivery of humanitarian aid and negotiations.
Mr Anwar said more engagement is being planned in Myanmar.
'Quiet engagement matters. The steps may be small and the bridge may be fragile, but as they say: In matters of peace, even a fragile bridge is better than a widening gulf,' Mr Anwar said.
Advertisement
Thomas Daniel from Malaysia's Institute of Strategic and International Studies said Asean has no real leverage to push for reconciliation.
The Myanmar military has reportedly lost control of a large part of the country, making the situation even more challenging.
'The conditions on the ground are extremely difficult. I don't think we have reached a stage where Asean can facilitate any kind of political dialogue between conflicting parties. They are not ready for that yet,' he said.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Coty forecasts fall in quarterly sales, to raise premium fragrance prices
Coty forecasts fall in quarterly sales, to raise premium fragrance prices

Reuters

time2 hours ago

  • Reuters

Coty forecasts fall in quarterly sales, to raise premium fragrance prices

Aug 20 (Reuters) - Coty (COTY.N), opens new tab on Wednesday forecast a drop in current-quarter sales as weak spending in the U.S. sapped demand for beauty products, and said it would raise prices for its premium fragrances to mitigate tariff costs. The company's shares were down 16% in extended trading after it also posted a surprise fourth-quarter loss. Coty will raise prices in its premium fragrances unit in the U.S. and onshore some production to cushion the impact of the 15% duties on imports from Europe under U.S. President Donald Trump's tariffs policy, executives said. Retailers in the U.S. are increasingly cautious due to tariffs and are destocking inventories as cost-conscious consumers tighten spending on some beauty and skincare products. Coty expects first-quarter like-for-like sales to decline 6% to 8%, compared with 4.5% growth a year ago and said product launches should drive sales growth in the second half. "Our analysis of cosmetics category weakness points to value-seeking behavior, some fatigue with innovation as consumers circle back to basics and less frequent usage, particularly with Gen-Z migrating to fragrances," finance chief Laurent Mercier said in a statement. Changes in the immigration policy under the Trump administration has also contributed to the slowdown in the country, Mercier added. Coty also said it has invested disproportionately in its U.S. mass beauty business at the expense of more profitable fragrances unit. The company would reallocate investment in fragrances instead of mass beauty, which has struggled of late due to intense competition from cheaper products online. Coty reported an adjusted quarterly loss of 5 cents per share, compared with analysts' estimates of a profit of 2 cents per share, according to data compiled by LSEG. The loss included a negative impact from an equity swap mark-to-market of $0.07 due to the stock price decline in the quarter, the company said. Beauty retailer Estee Lauder (EL.N), opens new tab also gave a weak annual profit forecast on Wednesday. The company's fourth-quarter revenue fell 8% to $1.25 billion, but beat estimates of $1.20 billion.

New Zealand central bank says tariff uncertainties hit business confidence
New Zealand central bank says tariff uncertainties hit business confidence

Reuters

time3 hours ago

  • Reuters

New Zealand central bank says tariff uncertainties hit business confidence

WELLINGTON, Aug 21 (Reuters) - New Zealand's central bank said on Thursday the effects of interest rate cuts on the local economy had been slower than expected with uncertainties swirling over tariffs hitting business and consumer confidence. Higher tariffs and trade barriers have created a negative demand shock for the world, Reserve Bank of New Zealand (RBNZ) Governor Christian Hawkesby told a parliamentary committee. The RBNZ on Wednesday cut its policy rate by 25 basis points to a three-year low of 3.00% and flagged further reductions in coming months. The central bank has slashed rates by 250 basis points since August 2024 to spur economic growth. "What we're seeing is the reaction to our interest rate cuts so far being a bit slower than we anticipated," Hawkesby said. He added that this was in part because of the announcements in April on what U.S. President Donald Trump called "Liberation Day" and all the policy uncertainty that has surrounded this. "The surprise for us since May has been what a prolonged impact that's had on business and consumer confidence in New Zealand, despite the fact that we are kind of outside of those worst case scenarios," he added. The U.S. has placed a 15% tariff on goods being imported from New Zealand, which was worse than the 10% initially signalled but not as bad as many other trading partners. Hawkesby said while this would impact a number of New Zealand industries, the greater impact would be how a softer global economy reduced demand for goods and services. "That's what we are focused on in terms of the way that we set interest rates," he said. The central bank is expecting New Zealand's economy to start to improve. "There is a light at the end of the tunnel," Hawkesby said, adding that the RBNZ thinks the second quarter is the low in the economic cycle. "We're seeing growth pick up through that second half of this year."

Latest PS5 news is not great for gamers
Latest PS5 news is not great for gamers

The Independent

time4 hours ago

  • The Independent

Latest PS5 news is not great for gamers

Sony has announced a $50 price increase for all PlayStation 5 models sold in the United States, effective from 21 August. The company cited mounting financial pressure from newly imposed tariffs under the Trump administration as the reason for the "difficult decision". Under the revised pricing, the standard PS5 will now retail for 549.99, the Digital Edition for $499.99 and the PS5 Pro for $749.99. Trump's tariffs, which came into effect on 1 August, impose up to 25 per cent duties on Japanese electronics, costing Sony an estimated $685 million annually. Sony has diversified its supply chain by moving US-bound console manufacturing outside China, aligning with competitors like Microsoft and Nintendo who have also raised prices due to tariffs.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store