Paul Chan boosts tech ties in Seoul
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South China Morning Post
9 minutes ago
- South China Morning Post
Millions of jobs at risk as 35% US tariff threatens Bangladesh's garment industry
A proposed 35 per cent US tariff on Bangladesh 's goods could devastate its garment industry and eliminate millions of jobs, observers say, as Dhaka scrambles to avert the looming trade blow. Experts warn the tariff could cripple Bangladesh's export competitiveness and fuel social unrest just as its interim government prepares for a crucial general election. While Dhaka has made efforts to secure concessions from Washington, analysts are sceptical it can avoid the tariff. Bangladesh's ready-made garments industry employs around 4 million people and is the backbone of its economy. It contributes to over 80 per cent of the country's total export earnings, according to data from the Foreign Investors' Chamber of Commerce & Industry in Dhaka. The US is one of the biggest markets for the industry. US President Donald Trump announced that starting on August 1, a 35 per cent tariff would be imposed on Bangladeshi imports – down from 37 per cent that he indicated in April but still more than double the previously proposed 15 per cent. The proposed levy could strip Bangladesh of its price advantage over regional trade rivals such as Vietnam, which faces a lower 20 per cent US tariff, according to analysts. 'If the US implements such a high tariff, then sections of our industry will shut down. Our exports will be in peril. We will be in distress,' said Abdul Wadut, whose firm, Winter Group, exports knitwear and jumpers globally.
RTHK
39 minutes ago
- RTHK
China eyes stronger US cooperation at tariff talks
China eyes stronger US cooperation at tariff talks Spokesman Guo Jiakun says China-US ties should be developed on the basis of equality, respect and mutual benefit. Photo courtesy of Foreign Ministry website China said on Wednesday it will seek to strengthen cooperation with the United States at next week's trade talks in Stockholm. "On the basis of equality, respect and mutual benefit... we will enhance consensus, reduce misunderstandings, strengthen cooperation and promote the stable, healthy and sustainable development of Sino-US relations," Foreign Ministry spokesman Guo Jiakun said. US Treasury Secretary Scott Bessent said on Tuesday he would meet his Chinese counterparts in Stockholm next week for tariff talks, eyeing an extension to a mid-August deadline for levies to snap back to steeper levels. Bessent told Fox Business he will be speaking with Chinese officials in the Swedish capital on Monday and Tuesday for a third round of high-level negotiations, to work out what he said would be a likely postponement of the deadline. Washington and Beijing slapped escalating, tit-for-tat levies on each other's exports earlier this year, reaching triple-digit levels, stalling trade between the world's two biggest economies as tensions surged. But after top officials met in Geneva in May, both sides agreed to temporarily lower their tariff levels in a de-escalation set to expire next month. Officials from the two countries also met in London in June. "That deal expires on August 12, and I'm going to be in Stockholm on Monday and Tuesday with my Chinese counterparts, and we'll be working out what is likely an extension then," Bessent said in the interview. He noted that Washington also wanted to speak about a wider range of topics, potentially including Chinese purchases of Iranian and Russian oil. (AFP)
South China Morning Post
39 minutes ago
- South China Morning Post
Hong Kong authorities have ‘ongoing legal duty' to fulfil same-sex couples ruling
Hong Kong authorities have an 'ongoing legal duty' to fulfil their responsibilities related to same-sex relationships in response to a landmark court ruling, even if the city's legislature rejects a proposal to establish a recognition system, the government has said. The government said on Wednesday that the judiciary had not and would not give any direct orders to either the executive or the legislature about fulfilling the ruling. Authorities also argued that the proposal considered the judiciary's requirements and public sentiments. The proposal is the government's answer to a 2023 ruling from the Court of Final Appeal, which gave authorities two years to draw up laws setting out 'core rights' for same-sex couples, but did not outline what they might be. A source told the Post that the government would apply to the court for an extension in fulfilling the ruling, as the deadline of October 27 was drawing near. If passed, it would allow same-sex couples to apply to have their relationship recognised in Hong Kong if they are already registered in another jurisdiction.
