
Chinese aircraft carrier sails into Hong Kong to boost patriotism
The Shandong entered the city's waters alongside another vessel from its battle group in the early morning hours. According to state media, two destroyers and a frigate had accompanied the aircraft carrier into Hong Kong. The warships will be open for public visits this weekend.
All 10,000 available tickets for visits have already been claimed by eager residents. Two thousand of them were for seeing the Shandong, while the others were for one of the destroyers and the frigate, local media reported.
The arrival of the carrier comes days after the Asian financial hub marked 28 years since it was turned over to China after more than a century of British colonial rule.
The ship is China's second aircraft carrier and first to have been fully self-built. It is smaller than U.S. carriers, carrying 24 Shenyang J-10 fighters and weighing in at 70,000 tons fully loaded.
China has redoubled its patriotism drive in Hong Kong since crushing anti-government and pro-democracy street protests in 2019. A large number of opposition figures have been imprisoned after the passage of a sweeping new national security law.
Hong Kong enjoys a degree of semi-autonomy and civil liberties compared to other major Chinese cities. But its government has no jurisdiction over military and foreign affairs, with Chinese military officers and a garrison of land, sea and naval forces based in the city.
In April, the Chinese military sent the Shandong, named after the Chinese province of the same name, to conduct training exercises with some naval and air forces in the eastern sea area and airspace of Taiwan, a self-ruled island Beijing claims as its territory.
Beijing sends warplanes and naval vessels toward Taiwan regularly, and it has stepped up the scope and scale of these exercises in recent years.
A month later, the Shandong and China's first carrier, the Liaoning, stirred considerable attention by conducting joint exercises in the Pacific beyond what is referred to as the first island group, showing a degree of assertiveness not seen before.
The Liaoning, built from an unfinished hulk purchased from Ukraine, visited Hong Kong in 2017. Another carrier, this one with a flat top rather than the 'ski jump' type decks used by the first two, is undergoing sea trial and a fourth is under construction.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
32 minutes ago
- Yahoo
Stocks reach record highs as Trump trade fears ease on Wall Street
A key stock market index reached a record high Friday, capping off a comeback from the selloff driven by President Trump's tariffs this spring. The S&P 500 index was up 0.5 percent Friday morning, rising roughly 32.6 points and exceeding the all-time high of 6,147 points set in February. The Nasdaq composite was up 0.3 percent, and the Dow Jones Industrial Average was up 0.4 percent. After falling sharply in March and April as Trump rolled out his trade agenda, stocks have rallied back to their previous highs after the president dramatically reduced the scale and scope of his import taxes. Trump shook markets in April by announcing he would impose roughly $600 billion in tariffs on nearly every U.S. trading partners. His new country-specific tariffs followed import taxes he levied on Canada, Mexico and China earlier in his term, along with additional taxes on foreign metals, autos and auto parts. Despite initially brushing off the market's reaction, Trump adjusted his trade agenda two weeks later by reducing and delaying his April tariffs on all other countries, but ramping them up to levels as high as 145 percent on China. The U.S. and China have since struck several smaller agreements to reduce tariffs on each other's goods and open up Chinese exports of rare metals to the states. The Chinese Ministry of Commerce confirmed further details of the deal on Friday. 'China will, in accordance with the law, review and approve eligible export applications for controlled items. In turn, the United States will lift a series of restrictive measures it had imposed on China,' a Ministry spokesperson said in a statement, which did not go into detail. Estimates for the current overall U.S. tariff rate range between 10 percent and 15 percent now, down from 25 percent when China and the U.S. had triple-digit tariffs in place on each other. The Yale Budget Lab puts the overall number at 15.8 percent now. Major new tariffs include a 10 percent general tariff, 30 percent tariffs on China, 25 percent tariffs on autos and auto parts, 25 percent tariffs on steel and aluminum, and 25 percent tariffs on select goods from Canada and Mexico. The Congressional Budget Office estimated earlier in June that the new tariffs would reduce primary deficits by $2.5 trillion. Accounting for macroeconomic effects, the deficit reduction increases to $2.8 trillion. Also potentially boosting optimism on Wall Street was the downward revision to first-quarter gross domestic product that came this week, which could potentially increase the chances of a rate cut from the Federal Reserve. However, a hotter-than-expected inflation print on Friday likely works against that option. Inflation rose 2.3 percent in May on an annual basis, up from just 2.1 percent in April, the Commerce Department said Friday. Removing the more volatile categories of food and energy, core prices increased 2.7 percent from a year earlier, a rise from 2.6 percent in April. 'Today's report is not good for economic activity and inflation and will continue to keep the Federal Reserve on the sidelines for now,' Raymond James economist Eugenio Aleman said in a commentary. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
36 minutes ago
- Yahoo
U.S. Tariffs on dozens of countries could surge on July 9. Here's why.
A 90-day freeze on sweeping U.S. tariffs is set to expire on July 9, sowing economic uncertainty as the Trump administration works to revamp the terms of global trade. The stakes for millions of U.S. consumers and businesses are high. Economists warn that the barrage of import duties announced on April 2, which President Trump called "Liberation Day," could trigger another bout of inflation, put smaller companies out of businesses and dent financial markets. As next week's deadline approaches, the Trump administration has touted new trade agreements with countries including China, the U.K. and Vietnam, while the status of other pacts remains under wraps. Mr. Trump told reporters on Tuesday that he does not plan to extend the July 9 deadline, leaving little time to clinch bilateral deals with dozens of other countries. Under the April 2 tariffs, imports from some nations would only face a 10% universal tariff, while some Asian nations, such as Cambodia, would also be subject to duties of 49%. If the new tariffs take effect next week, country-specific rates would be added to the baseline 10% charge on all U.S. imports. That 10% duty has been in effect since early April, while the so-called reciprocal rates have largely been temporarily suspended. Additionally, many goods from Canada and Mexico have been exempted from 25% tariffs under the U.S.-Mexico-Canada Agreement. Chinese goods, which were temporarily subject to levies of as high as 145%, are currently subject to 30% across-the-board tariffs. If the U.S. fails to arrange trade deals with some nations by the deadline, country-specific tariffs would take effect after midnight on July 9, substantially hiking duties on billions of dollar in foreign imports from all corners of the globe. The White House didn't immediately respond to a question about whether it could announce more trade deals by the July 9 deadline. Kicking the can? Given the complexity of trade deals, some experts think the U.S. is likely to extend the tariff freeze pause for some nations. "It can take a lot more time [than 90 days] to truly iron these things out," Clark Packard, a trade policy expert and research fellow at the Cato Institute, a nonpartisan public policy think tank, told CBS MoneyWatch. Countries that Trump administration officials see as negotiating in good faith could be given a longer runway, while tariffs are likely to rise on July as scheduled for nations viewed as less compliant, he added. "I think countries the administration believes are not bending at the knee or kissing the ring are likely going to face tariff snapbacks," Packard said. Although imposing sharply higher tariffs on dozens of countries could scare some investors and fuel concerns about higher prices in the U.S., extending the tariff freeze would prolong uncertainty for millions of U.S. businesses. "The threat of tariffs, and this uncertainty, causes capital to sit on the sidelines. You cannot plan out a year from now if you if you can't even figure out what your costs are going to be in a week," Packard said. "All of that causes uncertainty, and that's the enemy of investment and broader economic growth, which are the kinds of things we want in the economy." 3 buckets Patrick Childress, an international trade police attorney at law firm Holland & Knight, expects the countries subject to higher U.S. tariffs to fall into three different broad categories as the clock strikes on July 9. First, he thinks "a modest number" of trade agreements will be finalized before the deadline. Under the new U.S. deal with Vietnam, for example, Mr. Trump said the country's imports would be subject to levies of 20%, plus a 40% tariff on goods that pass through Vietnam from other countries. In return, Vietnam will allow the U.S. to sell products in the country tariff-free, Mr. Trump said. Mr. Trump has also announced the framework of what he called a "breakthrough" deal with the U.K. that includes "billions of dollars of increased market access for American exports." Mr. Trump added that the under the terms of the deal, the U.K. would "reduce or eliminate" numerous nontariff barriers. A broad agreement with China has also been reached, according to both nations. A number of other nations are likely to fall into a second category in which the U.S. keeps a 10% baseline tariff in place as trade talks continue, Childress said. A third group of U.S. trading partners, having either failed to nail down a trade deal or viewed as uncooperative by American trade officials, will be hit with sharply higher tariffs as of 12:01 a.m. on July 9. "We don't know which trading partners will fall into which of the three buckets, or how many trading partners will end up in each of three groups," Childress said. What could happen next "If no action is taken by the executive, the higher rates automatically go into effect," David Murphy, a customs and trade attorney with law firm GDLSK, told CBS MoneyWatch. "If he makes deals like he's done with the U.K., that pulls them out of the whole mess — their deal stands. So if he comes up with other deals and announces them before July 9, they are in that bucket as well." Because trade policy experts don't expect all, or even most, deals to be finalized by Mr. Trump's deadline, uncertainty will likely persist, they say. "The most likely outcome seems to be some combination of very limited agreements which would allow the U.S. to grant further extensions without losing face," analysts with Capital Economics, an investor advisory firm, said in a report. "Indeed, Trump has stated that a longer pause would be 'no big deal'. But given his unpredictability, we wouldn't rule out the possibility that some countries face Liberation Day tariffs from next week." Some experts also think a number of countries are unlikely to fold to U.S. pressure regardless of Mr. Trump's self-imposed deadline. That includes the European Union's 27-member nations, which account for a quarter of all U.S. exports, giving them significant leverage. Meanwhile, much of Mr. Trump's trade agenda could end up in tatters after the U.S. Court of International Trade in May ruled that most of his tariffs were illegal. Although a federal appeals count in Washington, D.C., has temporarily blocked, a final ruling is pending. Supreme Court takes up case on bans for transgender athletes in girls' and women's sports White House reacts to June jobs report that beat expectations Latest news on Trump budget bill as Jeffries takes "magic minute" to stall House vote Sign in to access your portfolio
Yahoo
36 minutes ago
- Yahoo
Vietnam Still Finalizing Trade Deal Already Announced by Trump
(Bloomberg) -- Vietnam said negotiators are still working to finalize the details of the trade deal announced by US President Donald Trump, providing little clarity to businesses and investors beyond the tariff rates disclosed so far. NYC Commutes Resume After Midtown Bus Terminal Crash Chaos Struggling Downtowns Are Looking to Lure New Crowds Massachusetts to Follow NYC in Making Landlords Pay Broker Fees What Gothenburg Got Out of Congestion Pricing Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals Trump said Wednesday the two sides agreed a deal that will see the US impose a 20% tariff on Vietnamese exports, with a 40% levy on any goods deemed to be transshipped through the country. Vietnam had agreed to drop all levies on US imports, he said. Vietnam's Ministry of Foreign Affairs said Thursday that trade negotiators are still coordinating with their US counterparts to finalize the details of the deal. While Trump's announcement of the broad contours of the deal provided some relief to businesses previously bracing for tariffs of as high as 46%, neither country has released fact sheets or published any kind of detailed outline yet. Trump's announcement 'left us with a lot of questions,' said Ngo Sy Hoai, vice chairman and also general secretary of Vietnam Timber and Forest Product Association. 'We need more clarity to fully understand how this 20% tariff will be applied across different products and sectors,' he added. Vietnam posed a particular challenge for the Trump administration, as some of the president's top advisers view the nation as a strategic partner in efforts to counter China in Asia. At the same time, its exports have become staples for American consumers. The US is Vietnam's biggest customer and 'represents not just the most important export market but also its growth model,' said Trinh Nguyen, a senior economist at Natixis. The 20% tariff still makes producing in Vietnam much more attractive than China, so it will give an assurance that Vietnam is a country that prioritizes trade and is a relatively low cost place to do business, Trinh added. China said it was examining the trade deal and would retaliate if its interests were hurt — a sign that tensions between Beijing and Washington risk worsening as more of the pacts are finalized. The agreement with Vietnam was struck after weeks of discussions during which the US pressured the country to get tougher on trade fraud, ensure stricter enforcement against the transshipment of Chinese products, and also pushed for the removal of non-tariff barriers. What's not clear is how the tackling of transshipment will be enacted or enforced. Vietnam is heavily reliant on China for the raw materials essential to maintain its manufacturing-driven growth and China accounted for approximately 38% of Vietnam's total imports last year, according to Vietnamese customs data. Assessing the pros and cons is 'difficult without seeing further details about what the tariffs actually mean,' said Adam Sitkoff executive director of the American Chamber of Commerce in Hanoi. It raises questions over whether the 20% is on top of tariffs already in place, or if it's the total amount, and what the 40% applies to in practice. 'The answers to these questions can be the difference between celebrating or crying,' Sitkoff added. SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too How to Steal a House America's Top Consumer-Sentiment Economist Is Worried China's Homegrown Jewelry Superstar Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate ©2025 Bloomberg L.P.