US-Vietnam trade deal sows new China standoff
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South China Morning Post
2 hours ago
- South China Morning Post
US House passes Trump policy bill, which will head to White House for president's signature
The US House of Representatives passed a massive tax-and-spending bill on Thursday that President Donald Trump has sought since returning to the White House, an initiative that fundamentally revamps government spending and jeopardises dozens of planned clean energy projects with ties to China. Passing in a 218 to 214 vote, the sprawling One Big Beautiful Bill Act – which would lock in Trump's priorities on border and defence financing, and make permanent tax cuts that Congress passed at Trump's behest during his first term in 2017 – is the most significant legislative win of his second term so far. The final vote in the House followed a session that ran through the night on bringing the legislation to the floor, ending months of wrangling on Capitol Hill. The bill faced resistance from all Democratic lawmakers as well as different factions of the Republican Party over its deep cuts to Medicaid, the healthcare programme which roughly 70 million low-income, elderly and disabled Americans depend on, and its hikes in federal spending. On the latter, the non-partisan Congressional Budget Office projected recently that the bill would add at least US$3 trillion to the federal deficit over the next decade. That prompted a handful of Republican representatives to hold out during the marathon procedural session before giving way; in the end, only Representative Brian Fitzpatrick of Pennsylvania voted no, joining every House Democrat, with the House voting 219-213 to bring the bill to the floor. Trump, who had been helping House Speaker Mike Johnson press the holdouts on Wednesday, intensified his pressure on them in a series of increasingly strident posts. 'RIDICULOUS!!!' he said in one sent shortly after midnight as the bill was in limbo. House Democratic Leader Hakeem Jeffries of New York (left) speaking in the House chamber early Thursday morning before the final vote for President Donald Trump's signature bill of tax breaks and spending cuts. Photo: AP Earlier in the week, Senate Republicans also wrestled over Medicaid, food stamps, green energy credits and rural hospital funding. The chamber passed the same bill on Tuesday 51-50, with Vice-President J.D. Vance casting the tiebreaking vote.
RTHK
6 hours ago
- RTHK
US hiring beats expectations in June
US hiring beats expectations in June Job growth came in at 147,000 last month, rising from a 144,000 figure in May. File photo: Reuters The American economy added more jobs than expected in June while the unemployment rate edged down, official data showed on Thursday, offering signs of continued labour market strength despite worries over US President Donald Trump's tariffs. Job growth came in at 147,000 last month, rising from a 144,000 figure in May – which was also revised upwards – said the Department of Labor. The unemployment rate ticked down from 4.2 percent to 4.1 percent, and wage gains decelerated to 0.2 percent, the report added. The world's biggest economy has fared relatively well since the Covid-19 pandemic, with a resilient jobs market allowing consumers to keep spending. But Trump's sweeping tariffs on US trading partners, including steep rates on imports of steel, aluminium and autos, have dragged on consumer sentiment and fuelled business uncertainty. That uncertainty has been accentuated by the US leader's approach of unveiling, then adjusting or halting measures – causing firms to become cautious in investments. With a further wave of tariff hikes potentially incoming next week, analysts are monitoring for fragility in the job market and signs that companies might pull back in hiring and expansion. A consensus forecast by had expected overall job growth of 120,000. (AFP)
South China Morning Post
6 hours ago
- South China Morning Post
China, US ease export curbs but Trump's Vietnam deal risks blowback: analysts
A week after announcing long-anticipated progress from high-level talks in London, China and the United States are taking concrete steps to clear export hurdles and issue licenses for strategic goods. The easing of trade restrictions signals a tentative reset between the world's two largest economies. But the thaw remains fragile, as analysts warned that Washington's new trade deal with Vietnam could provoke a response from Beijing. Still, for now, both sides have moved to restore access to critical technologies and high-priority exports. Leading American chip design software firms Synopsys and Cadence Design Systems have received official notices about the rollback of export restrictions and were working to restore access to their products for customers in China, according to company statements on Thursday. Siemens also confirmed it had made its software fully available again to Chinese clients. On Wednesday, the US government sent letters to major ethane producers and exporters – Enterprise Products Partners and Energy Transfer – revoking a licensing requirement imposed in June and clearing the way for shipments to China to resume, according to Reuters.
