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South China Morning Post
an hour ago
- South China Morning Post
Will Hong Kong firms feel US tariff pinch? Trade council chief cautious but optimistic
Uncertainties stemming from a reignited US tariff war will potentially cloud Hong Kong business expansion plans and dampen economic growth for the rest of the year, Trade Development Council chairman Frederick Ma Si-hang has said. But in an exclusive interview with the Post, Ma expressed cautious optimism that a US-China trade deal could be reached by the end of the year, noting that Washington was aware heavy tariffs on Beijing would harm the economy and worsen inflation in the United States. Last week, US President Donald Trump announced fresh tariffs on more than 60 countries, part of a shift towards a new era of protectionism. Observers also said Washington's decision to suspend the 'de minimis' rule, which allowed small packages under US$800 to enter duty-free, was set to disrupt the global e-commerce sector. 'The only certainty ... is uncertainty with President Trump these days and that makes business very difficult because in business we want to have certainty. Otherwise, why would you invest? Why would you expand your business?' Ma said. 'I can tell you that if you survey any business in the world today, they will be telling you 'I'm on a holding pattern', 'I don't want to do anything' … This is probably the biggest problem affecting the world. This phenomenon is going to hurt businesses.' Hong Kong's economy grew by 3.1 per cent in the second quarter of 2025 from the same period last year, partly boosted by a rush of shipments ahead of potential new tariffs.
South China Morning Post
2 hours ago
- South China Morning Post
Japan wins US$6 billion deal to give Australia ‘a more lethal navy'
Australia would be upgrading its navy with 11 Mogami-class frigates built by Japan 's Mitsubishi Heavy Industries, Defence Minister Richard Marles said on Tuesday. Advertisement Australia is in the midst of a major military restructuring announced in 2023, turning towards long-range strike capabilities to better respond to China 's naval might. It is striving to expand its fleet of major warships from 11 to 26 over the next 10 years. 'This is clearly the biggest defence-industry agreement that has ever been struck between Japan and Australia,' Marles said, touting the A$10 billion (US$6 billion) deal. Mitsubishi Heavy Industries was awarded the tender over Germany's ThyssenKrupp Marine Systems. 'This decision was made based on what was the best capability for Australia,' Marles said. 'We do have a very close strategic alignment with Japan.' Mogami-class warships are advanced stealth frigates equipped with a potent array of weapons. Marles said they would replace Australia's ageing fleet of Anzac-class vessels, with the first Mogami-class ship to be in service by 2030. Advertisement 'The Mogami-class frigate is the best frigate for Australia,' he said. 'It is a next-generation vessel. It is stealthy. It has 32 vertical launch cells capable of launching long-range missiles.'
South China Morning Post
2 hours ago
- South China Morning Post
How long would Taiwan's energy supplies last under a PLA blockade?
Taiwan would run out of natural gas supplies in about 10 days if Beijing blockaded the island , according to a report published by a Washington-based geopolitical think tank. The report from the Centre for Strategic and International Studies (CSIS) also said that its coal supplies would be depleted in seven weeks and its oil reserves in 20 weeks. The authors of the report, which was released on Thursday, analysed 26 war-gaming scenarios to understand Taiwan's military challenges in countering a blockade from Beijing. They concluded that a blockade would not be a 'low-cost, low-risk' option for Beijing because casualties would be high across all potential scenarios and there was a high chance of a blockade spiralling into a wider conflict. In two of the 'maximum escalation' scenarios, the United States would become involved and its missiles would strike mainland China. In those scenarios, Chinese missiles would also strike Guam and Japan, it said. '[A] blockade was likewise not a good precursor to invasion because the aggressive action put other countries on alert and, in some cases, resulted in the loss of Chinese assets that would be needed in the event of invasion,' the report said.
