Trump Tariffs Leave Costly China Supply Question Unanswered
Trump unveiled tariffs of 20% for Vietnam and 19% for Indonesia and the Philippines, signaling those are the levels the US will likely settle on for most of Southeast Asia, a region that ships $352 billion worth of goods annually to the US.
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Yahoo
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Trump pauses export controls to bolster China trade deal, FT says
(Reuters) -The U.S. has paused curbs on tech exports to China to avoid disrupting trade talks with Beijing and support President Donald Trump's efforts to secure a meeting with President Xi Jinping this year, the Financial Times said on Monday. The industry and security bureau of the Commerce Department, which oversees export controls, has been told in recent months to avoid tough moves on China, the newspaper said, citing current and former officials. Reuters could not immediately verify the report. The White House and the department did not respond to Reuters' requests for comment outside business hours. Top U.S. and Chinese economic officials are set to resume talks in Stockholm on Monday to tackle longstanding economic disputes at the centre of a trade war between the world's top two economies. Tech giant Nvidia said this month it would resume sales of its H20 graphics processing units (GPU) to China, reversing an export curb the Trump administration imposed in April to keep advanced AI chips out of Chinese hands over national security concerns. The planned resumption was part of U.S. negotiations on rare earths and magnets, Commerce Secretary Howard Lutnick has said. The paper said 20 security experts and former officials, including former deputy US national security adviser Matt Pottinger, will write on Monday to Lutnick to voice concern, however. "This move represents a strategic misstep that endangers the United States' economic and military edge in artificial intelligence," they write in the letter, it added.
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Head of China's Shaolin Temple removed over embezzlement claims
The head of the Chinese temple known as the birthplace of kung fu will be disrobed for "extremely" bad behaviour, Beijing's top Buddhist authority said Monday, after allegations of embezzlement saw him placed under investigation. The Shaolin Temple said on Sunday that Abbot Shi Yongxin, known as the "CEO monk" for establishing dozens of companies abroad, was suspected of "embezzling project funds and temple assets". The monastery said Shi had "seriously violated Buddhist precepts", including by allegedly engaging in "improper relationships" with multiple women. "Multiple departments" were conducting a joint investigation, it said in a statement on WeChat. In response, the Buddhist Association of China, overseen by the ruling Communist Party, said Monday it would cancel Shi's certificate of ordination. "Shi Yongxin's actions are of an extremely bad nature, seriously undermining the reputation of the Buddhist community, hurting the image of monks," the association said in an online statement. The association "firmly supports the decision to deal with Shi Yongxin in accordance with the law". Shi had previously been accused by former monks of embezzling money from a temple-run company, maintaining a fleet of luxury cars and fathering children with multiple women. China's government exercises authority over the appointment of religious leaders, and "improper" conduct is often grounds for removal from office. A hashtag related to the temple scandal had been viewed more than 560 million times on social media platform Weibo as of Monday morning. The last post to the abbot's personal account on Weibo declared: "when one's own nature is pure, the pure land is here in the present". Shi faced similar allegations in 2015 which the temple called "vicious libel". Shi, 59, took office as abbot in 1999 and in the following decades expanded Shaolin studies and cultural knowledge overseas. He helped the temple establish dozens of companies -- but received backlash for commercialising Buddhism. The temple, established in AD 495, is known as the birthplace of Zen Buddhism and Chinese kung fu. Shi was first elected vice-chairman of the Buddhist Association of China in 2002 and has served as a representative to the National People's Congress, the country's top lawmaking body. mya/oho/mtp
The Hill
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Asian shares are mixed after Wall Street sets more records for US stocks
BANGKOK (AP) — Stock markets in Asia were mixed on Monday after U.S. stocks rose to more records as they closed out another winning week. U.S. futures and oil prices were higher ahead of trade talks in Stockholm between U.S. and Chinese officials. European futures rose after the European Union forged a deal with the Trump administration calling for 15% tariffs on most exports to the U.S. The agreement announced after President Donald Trump and European Commission chief Ursula von der Leyen met briefly at Trump's Turnberry golf course in Scotland staves off far higher import duties on both sides that might have sent shock waves through economies around the globe. Tokyo's Nikkei 225 index lost 1% to 41,056.81 after doubts surfaced over what exactly the trade truce between Japan and U.S. President Donald Trump, especially the $550 billion pledge of investment in the U.S. by Japan, will entail. Terms of the deal are still being negotiated and nothing has been formalized in writing, said an official, who insisted on anonymity to detail the terms of the talks. The official suggested the goal was for a $550 billion fund to make investments at Trump's direction. Hong Kong's Hang Seng index gained 0.4% to 25,490.45 while the Shanghai Composite index lost 0.2% to 3,587.25. Taiwan's Taiex rose 0.3%. CK Hutchison, a Hong Kong conglomerate that's selling ports at the Panama Canal, said it may seek a Chinese investor to join a consortium of buyers in a move that might please Beijing but could also bring more U.S. scrutiny to a geopolitically fraught deal. CK Hutchison's shares fell 0.6% on Monday in Hong Kong. Elsewhere in Asia, South Korea's Kospi was little changed at 3,195.49, while Australia's S&P/ASX 200 rose 0.3% to 8,688.40. India's Sensex slipped 0.1%. Markets in Thailand were closed for a holiday. On Friday, the S&P 500 rose 0.4% to 6,388.64, setting an all-time for the fifth time in a week. The Dow Jones Industrial Average climbed 0.5% to 44,901.92, while the Nasdaq composite added 0.2%, closing at 21,108.32 to top its own record. Deckers, the company behind Ugg boots and Hoka shoes, jumped 11.3% after reporting stronger profit and revenue for the spring than analysts expected. Its growth was particularly strong outside the United States, where revenue soared nearly 50%. But Intell fell 8.5% after reporting a loss for the latest quarter, when analysts were looking for a profit. The struggling chipmaker also said it would cut thousands of jobs and eliminate other expenses as it tries to turn around its fortunes. Intel, which helped launch Silicon Valley as the U.S. technology hub, has fallen behind rivals like Nvidia and Advanced Micro Devices while demand for artificial intelligence chips soars. Companies are under pressure to deliver solid growth in profits to justify big gains for their stock prices, which have rallied to record after record in recent weeks. Wall Street has zoomed higher on hopes that President Donald Trump will reach trade deals with other countries that will lower his stiff proposed tariffs, along with the risk that they could cause a recession and drive up inflation. Trump has recently announced deals with Japan and the Philippines, and the next big deadline is looming on Friday, Aug. 1. Apart from trade talks, this week will also feature a meeting by the Federal Reserve on interest rates. Trump again on Thursday lobbied the Fed to cut rates, which he has implied could save the U.S. government money on its debt repayments. Fed Chair Jerome Powell has said he is waiting for more data about how Trump's tariffs affect the economy and inflation before making a move. The widespread expectation on Wall Street is that the Fed will wait until September to resume cutting interest rates. In other dealings early Monday, U.S. benchmark crude oil gained 24 cents to $65.40 per barrel. Brent crude, the international standard, also added 24 cents to $67.90 per barrel. The dollar rose to 147.72 Japanese yen from 147.71 yen. The euro slipped to $1.1755 from $1.1758.
