Trump says US interest rates should be at least two to three points lower
U.S. President Donald Trump looks on as Jerome Powell, his nominee to become chairman of the U.S. Federal Reserve, speaks at the White House in Washington, U.S., November 2, 2017. (Reuters)
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South China Morning Post
38 minutes ago
- South China Morning Post
Beyond Iran: the precarious balance of global oil prices
Global stock markets have experienced a roller-coaster ride during US President Donald Trump's trade wars. He rolled the dice again by authorising strikes on Iran, but he could yet get lucky if Israel and Iran can stick to a ceasefire Trade wars and hot wars have opposite effects on oil prices. Having dropped to about US$60 per barrel in early May from fears over Trump's tariffs, oil prices have seen swings since the start of the Israel-Iran war. The impact of the fighting on oil prices was comparatively modest before the United States joined the fray, with Brent crude hovering below US$75. Oil prices rose immediately after US bombers and submarine-launched missiles struck three Iranian nuclear facilities before experiencing a sharp reversal. Prices fell below US$69 during Tuesday's trading, returning to where they were before Israel began attacking Iran on June 13 . After Iran gave advance warning before launching missiles at the Al Udeid US military base in Qatar on Monday, markets seem to be betting that Iran will not weaponise oil in its retaliatory strikes. Markets also seem unbothered by the supply of oil. Global inventory rose by 93 million barrels in May, and producers from outside the Opec+ cartel are expected to increase supply by 1.4 million barrels per day this year. Global capacity is expected to grow twice as fast as demand in the next five years, according to the International Energy Agency (IEA). Compared to the oil crises in the 1970s, the conflict between Israel and Iran has had less impact thanks to technological advances. The world has become more resilient through improved energy efficiency, and renewable energy has been widely embraced. The rapid transition to electric vehicles (EVs), particularly in China , is significant. The IEA expects EVs to displace an estimated 5.4 million barrels per day of oil demand by the end of the decade, up from 1.3 million last year.
South China Morning Post
an hour ago
- South China Morning Post
Pakistan's Nobel Peace Prize nod to Trump stirs India concerns of US tilt to Islamabad
The nomination was formally filed on Saturday by Pakistan's Deputy Prime Minister Ishaq Dar, who praised Trump's role in helping mediate a ceasefire during last month's cross-border flare-up between India and Pakistan. Dar credited Trump with 'critical and pragmatic diplomacy' that averted wider conflict, describing the intervention as an act of 'stellar statesmanship'. The gesture followed a high-profile lunch hosted by Trump last week for General Asim Munir – the first time a Pakistani military leader has been received at the White House under Islamabad's civilian government – and has been widely interpreted as a symbolic endorsement of Trump's claim that he defused tensions between the two nuclear rivals. Indian Prime Minister Narendra Modi , who had declined Trump's invitation to visit the White House citing prior commitments, has remained publicly silent. US President Donald Trump and Indian Prime Minister Narendra Modi during a meeting at the White House in Washington on February 13. Modi has been silent on Pakistan's nomination of Trump for the Nobel Peace Prize. Photo: Reuters Observers say, however, that eyebrows have been raised in Delhi over the optics of Trump extending such visible warmth to Munir, and the timing and framing of the Nobel nomination, which appears aimed at reinforcing Trump's long-standing narrative that his personal diplomacy helped prevent open conflict between India and Pakistan
South China Morning Post
an hour ago
- South China Morning Post
Stop worrying about US and carry on, Nato chief tells Europe and Canada
Europe should 'stop worrying so much' about Washington breaking away from the alliance, Nato 's chief said on Tuesday, amid US pressure on European allies to pay more for their defence. Addressing the Nato Public Forum in The Hague, an event on the sidelines of the Nato Summit, Mark Rutte, the alliance's secretary general, said he had been questioned many times since January about the reliability of the United States as an ally. Asked on Tuesday whether the US was still with Nato, Rutte said 'yes, they are' and that the US president and his senior officials had a total commitment to the alliance – albeit one that 'comes with an expectation.' US President Donald Trump has been pushing for non-US partners to increase their defence spending from about 2 per cent of GDP to 5 per cent, a level that Rutte said would be agreed to during the two-day summit, which Trump is scheduled to attend. Trump has complained repeatedly about Nato since his first term between 2017 and 2021, and has threatened to not go to the defence of allies that are not fully paying for their defence. Rutte agreed that the Europeans and Canadians were 'not spending enough' on defence, an imbalance that was a 'huge irritant'.
