
US, Indo-Pacific partners agree to strengthen maritime, critical minerals cooperation
The foreign ministers of the four countries, known as the 'Quad,' met in Washington on Tuesday as the Trump administration seeks to expand U.S. influence in the Indo-Pacific to compete with a rising China amid tensions with partners over trade and defense issues.
In a joint meeting with his three colleagues, Secretary of State Marco Rubio said the Quad must be a 'vehicle for action' that goes beyond statements of intent and stressed that commerce and trade will be critical to ensuring the group's relevance in the future.
To that end, the four announced in a statement the creation of a 'Quad Critical Minerals Initiative' that aims 'to strengthen economic security and collective resilience by collaborating on securing and diversifying critical mineral supply chains.' The statement did not provide details of the initiative.
'We are deeply concerned about the abrupt constriction and future reliability of key supply chains, specifically for critical minerals,' they said. 'This includes the use of non-market policies and practices for critical minerals, certain derivative products, and mineral processing technology.'
The statement did not mention China by name, but Chinese domination of the critical minerals supply chain has long been a concern of the U.S. and others. The ministers expressed specific concern about rising tensions in the East and South China Seas, where Beijing has become increasingly assertive of maritime and territorial claims that are rejected by its smaller neighbors.
'We reiterate our strong opposition to any unilateral actions that seek to change the status quo by force or coercion,' they said. 'We express our serious concerns regarding dangerous and provocative actions, including interference with offshore resource development, the repeated obstruction of the freedoms of navigation and overflight, and the dangerous maneuvers by military aircraft and coast guard and maritime militia vessels, especially the unsafe use of water cannons and ramming or blocking actions in the South China Sea.'
The ministers also condemned North Korea for continuing to launch ballistic missiles, expand its nuclear weapons program and engage in malicious cyberactivity. In a veiled reference to North Korean support for Russia in its war against Ukraine, they expressed 'deep concern about countries that are deepening military cooperation with North Korea, which directly undermines the global nonproliferation regime.'
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Reuters
13 minutes ago
- Reuters
Walmart's earnings report will test investor confidence in US market
NEW YORK, Aug 19 (Reuters) - Investors expect Walmart's (WMT.N), opens new tab management to strike a cautious tone on customer demand as the U.S. labor market cools and inflation ticks up, though the company has outperformed its peers over the last year due to its reliance on grocery sales and wealthier customers shopping there more often. Still, analysts say this environment is a sweet spot for Walmart, which reports second-quarter results on Thursday before markets open. Its low-price model and dominance in grocery can help it weather economic storms better than others. The world's largest retailer by sales has surpassed earnings estimates for 11 consecutive quarters, according to LSEG data, sending its valuation soaring even as other consumer staples companies have struggled this year. The Arkansas-based chain's stock has gained nearly 37% in the last 12 months, one of the notable non-tech companies leading a market that has largely sloughed off the effects of U.S. President Donald Trump's ongoing trade war. The broader Consumer Staples sector (.SPLRCS), opens new tab is up 4.5%, trailing the broad-market S&P 500. The company's May-to-July results are the most closely watched event among this week's retail earnings, following Tuesday's results from Home Depot (HD.N), opens new tab and Wednesday's reports from Lowe's (LOW.N), opens new tab and Target (TGT.N), opens new tab. Its significance goes beyond retail; as one of the largest and most recognizable companies in the U.S., Walmart is viewed as a barometer for the state of the U.S. consumer. "Walmart essentially is middle America, so I'll be looking for cues from Walmart as to the health of the broader economy," said Charles Sizemore, a Walmart investor. U.S. shoppers remain resilient despite declining sentiment, but they are being increasingly selective about purchases and have shown signs of trading down. RBC Capital Markets analyst Steven Shemesh cautioned that Walmart may adopt a more cautious tone heading into the second half. "The million-dollar question at this point is how customers respond to higher prices. We have seen some higher prices to date, and the consumer has managed through them OK, and we haven't seen a material impact to volume. But I don't think they're very widespread price increases at this point where the consumer has really noticed," Shemesh said. Home Depot (HD.N), opens new tabmissed estimates for quarterly revenue and profit, but kept its annual forecasts intact on Tuesday. Walmart's forward price-to-earnings ratio currently stands at 35.7, compared with an average of 25.5 over the past five years, suggesting investors expect growth. Its market value has soared to about $800 billion, per LSEG Datastream. Investors and analysts expect the retailer to report earnings of 74 cents a share, up nearly 11% from a year ago, and revenue of $176.16 billion, up 4%. Sales fell slightly short of expectations in Walmart's last quarter, but July's retail sales report bolstered analysts' confidence in current spending trends. "July's data showing retail sales grew faster than inflation tells me that the consumer is still spending and unit counts are up," said D.A. Davidson analyst Michael Baker. Reuters' global tariff tracker shows at least 92 out of nearly 300 companies have announced price hikes in response to the trade war, with about one-third from the consumer sectors. That includes Tide detergent and Bounty paper towels maker Procter & Gamble (PG.N), opens new tab, a top Walmart supplier. "Third quarter is the make-or-break quarter, really, where the higher prices ... are going to be passed along in a more broader way than what we are seeing now," Shemesh said.


The Independent
13 minutes ago
- The Independent
New pics of Trump holding court in Oval Office branded ‘embarrassing' as world leaders sit around his desk: ‘Like schoolchildren'
New pictures showing Donald Trump sitting in the Oval Office in front of major world leaders has been criticized as an "embarrassing" power play by the president, in what should have been a display of global unity. Some on social media noted that the set up, with Trump behind the Resolute Desk and his European counterparts on chairs opposite him, presented the president as hosting a bunch of 'unruly schoolchildren.' The president was joined for the photo-op by leaders including British prime minister Sir Keir Starmer, French president Emmanual Macron, German Chancellor Freidrich Merz, Italian prime minister Giorgia Meloni and Finnish president Alexander Stubb. Also in attendance were European Commission President Ursula von der Leyen, NATO Secretary-General Mark Rutte, and Ukrainian president Volodymyr Zelensky. Another photo showed a smiling Trump posing with a new golf club, gifted to him by Zelensky. However, the meeting of the circled leaders drew the ire of social media users, with some commenting that the staging and White House mantra of of 'peace through strength' was 'deeply disrespectful to U.S. history itself.' 'Permenant peace is never truly obtained through strength. It may hold for a while under pressure, but it won't last,' wrote one user. 'What a breathtakingly rude, narcissistic asshole,' another said. 'Instead of a conference table where everyone can meet equally, Chump lined them up like unruly school children in a row with himself as the authority figure. Chump can just f*** all the way off.' Others questioned how the leaders, who came to Washington D.C. as 'equals' had allowed such a belittling set up. 'Embarrassing,' wrote one user, with another going further, writing 'I cannot believe they let Trump seat them like a bunch of schoolchildren. 'Do none of these 'leaders' have any testosterone whatsoever or PR teams that can approve/reject seating arrangements. Most embarrassing thing I've ever seen for the EU.'


Daily Mail
14 minutes ago
- Daily Mail
Poll: Trump hits lowest approval rating this year
Support for Donald Trump has tumbled as his term has progressed, with the latest poll showing his approval rating at its lowest point all year. The latest Reuters/Ipsos poll of nearly 4,500 Americans found that the president is carrying a 40 percent approval rating. That level of support, the lowest of the president's second term, ties Trump's approval rating from the same pollsters just weeks ago in late July. Trump's disapproval rating ticked slightly down in the latest survey to 54 percent. The 79-year-old president's disapproval stood at 56 percent as of July 27. It is a seven-point drop in support for the president from the beginning of his term, when Trump had a 47 percent approval rating. At this point in his term, former President Joe Biden maintained a 50 percent approval rating, according to a Reuters/Ipsos poll taken in August 2021. The slumping approval rating comes amid signs that the U.S. economy is weakening and high-stakes diplomatic negotiations with Russia and Ukraine to end their ongoing war continue. Over half of the respondents, 54 percent, including a quarter of Republicans, said they believe Trump is too closely aligned with Russia. Notably, Trump bled support among Hispanics as he oversees a sweeping nationwide immigration crackdown that has led to at least 300,00 repatriations. Just 32 percent of Hispanics in the latest Reuters/Ipsos survey approved of the president's performance. Support for Trump came predominantly from registered Republicans. Only 42 percent of respondents voiced support for the president's performance on crime, and 43 percent said he is doing a good job on immigration. Other recent polls, meanwhile, have shown more support for the president's job performance. According to the RealClearPolitics polling average, Trump's approval sits at 46 percent while his disapproval rating is 51 percent.