
Macron to pitch France as reliable alternative on Asia tour amid US-China rivalry
PARIS, May 22 (Reuters) - French President Emmanuel Macron will travel to south east Asia to pitch France and Europe as reliable partners with "no strings attached" as the U.S. and China use more aggressive ways to gain influence in the region, officials said.
Macron is set to arrive in Hanoi on Sunday, the first trip to Vietnam by a French president in nearly a decade, move on to Indonesia and finish up in Singapore, where he will speak at the annual Shangri-La Dialogue, Asia's top defence conference.
Macron will present France and Europe as defenders of international cooperation and rules-based trade, at a time when other world powers such as the U.S. under President Donald Trump and China use more "coercive" or "predatory" methods.
"As far as we're concerned, we defend the idea of rules for international trade, we don't advocate for the law of the jungle, where it's about survival of the fittest," a French presidential adviser said on Wednesday.
Export-reliant Vietnam was caught off guard by the threat of high tariffs from the U.S. and France, and is keen to diversify its supply sources and markets to rely less on China.
Dozens of deals were being prepared and could be signed during the three state visits, the Elysee told Reuters earlier.
Macron is following leaders of China, Japan and other European countries in visiting the region in recent weeks, in a sign of south east Asia's strategic importance amid uncertainties on global supply chains and trade.
The French leader will also use a speech to Indonesian students and the Singapore conference to dispel "misunderstandings" about the European position on conflicts beyond the region, denying any double standards on Gaza and framing Ukraine as not solely a European issue.
Macron's criticism of Israel has become more strident over recent months, calling Benjamin Netanyahu's action in Gaza "shameful", which French officials hope will resonate in Indonesia, the world's largest Muslim-majority country.
Asked whether Indonesia, which has bought French-made Rafale warplanes, may need reassuring after at least one similar jet from the Indian army was downed by Pakistan, the French presidential adviser said the trip was not about specific "news items".
"Unlike with the United States or other countries, French partners know there's "no strings attached" with (our material)," he said.
Hashtags

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


Reuters
2 hours ago
- Reuters
Morning Bid: No relief from US-China trade truce
A look at the day ahead in European and global markets from Johann M Cherian European investors are set to wake up to a souring mood as rapidly rising tensions in the Middle East and yet another tariff salvo from U.S. President Donald Trump triggered a new wave of dollar-selling and risk-off moves. The much-hyped U.S.-China talks culminated in a fragile truce that may have put a lid on simmering trade tensions between the world's top two economies for now but the lack of details has left investors unnerved. For starters, China President Xi Jinping is yet to give his approval on the 'deal'. And details on how the new tariffs will be implemented are yet to be ironed out and U.S. export restrictions on high-end artificial intelligence chips are still in place. And with the July 8 deadline on worldwide tariffs fast approaching, Trump is back to his unilateral style of policymaking as he said he would send out letters in one to two weeks outlining terms of trade to dozens of other countries, which they could embrace or reject. Markets will be hoping for another TACO moment. While backward looking inflation reports are yet to reflect the price pressures, companies are starting to sound the alarm. Zara-owner Inditex ( opens new tab was the latest to issue a disappointing quarterly report and flag headwinds from trade uncertainty. And as if investors did not have enough to juggle with already, geopolitical tensions in the Middle East are flaring, adding to the risks of rising crude prices fuelling inflation pressures. Supply concerns out of the oil-rich region pushed Brent and West Texas Intermediate futures to two-month highs of nearly $70 a barrel each. In all of this, as my colleague Jamie McGeever points out, valuations in equities and stocks are beginning to appear stretched, compounding the risks to investors in the event of a market selloff. European futures were down 0.7%, while futures in the U.S. are pointing to a lower open on Thursday, but the benchmark indexes in the regions are just about 2% away from their respective record highs. Further, investors continue to question the dollar's safe-haven status. On Thursday, the euro hit a seven-week high and is up 11% this year, poised for its biggest yearly advance since 2017. The central bank bonanza next week could perhaps throw more light on the global economy's outlook. The U.S. Federal Reserve along with the Bank of Japan and the Bank of England are due to announce their policy decisions. Meanwhile, investors will look for a string of UK economic data including reports on gross domestic product and manufacturing output later in the day. Both are expected to reflect a decline in activity on a monthly basis, reigned in by the BoE's cautious approach to monetary policy easing. Key developments that could provide more direction to markets on Thursday: - In the UK: GDP, industrial output, manufacturing output and trade data - In the U.S.: Producer inflation data, initial weekly jobless claims report and an auction of 30-year bonds worth $22 billion - Policymakers expected to speak include ECB's Jose Luis Escriva, Reserve Bank of Australia's David Jacobs - UniCredit ( opens new tab CEO sees slim hopes of BPM ( opens new tab deal, says Commerzbank ( opens new tab too costly - Oracle (ORCL.N), opens new tab raises annual forecast on robust cloud services demand - Warner Bros' (WBD.O), opens new tab credit rating downgraded to junk by Fitch on split-up


Daily Mail
2 hours ago
- Daily Mail
Trump secretary sets the record straight after being 'body-checked' by Elon Musk
Trump's Treasury Secretary Scott Bessent faced an unusual line of questioning on Wednesday when he testified on Capitol Hill. During a hearing on his department's budget before the Ways and Means Committee, Bessent was grilled about whether he really tackled Elon Musk in the White House last month. 'Mr. Secretary, how are you doing?' Representative Jimmy Gomez (D-Calif.) said innocuously. 'So far, so good,' Bessent quipped back. 'Okay. I was just curious because I know Elon Musk body checked you at the White House. No animosity to Elon Musk, right?' Gomez continued. 'You know that?' Bessent asked about the sparring event. 'That's what I heard,' Gomez responded. Bessent had been partaking in three days of trade negotiations in London and had not yet been questioned about the story. 'So you believe, you believe what you read on Breitbart is what you are telling us, Congressman,' Bessent pressed. 'I didn't know ... If it's too sensitive for you I won't ask that question, but let me move' Gomez flubbed. 'I will take South Carolina over South Africa any day', Bessent replied, referring to his home state versus Musk's nation of birth. Musk was spotted with a black eye as he delivered a sort of farewell address in the Oval Office upon departing from his role as a 'special government employee' heading up Trump's Department of Government Efficiency DOGE). At the time, Musk claimed that the black eye was the result of roughhousing with his young son, X í¿ A-12, who is more commonly know as X. But speculation grew as more was revealed about his tense standoff with Bessent. Former Chief Strategist Steve Bannon told in May that Musk's turbulent time in the White House was marred when he was confronted over wild promises to save the administration 'a trillion dollars'. That's when an irate Musk physically 'shoved' 62-year-old Bessent. 'Scott Bessent called him out and said, "You promised us a trillion dollars (in cuts), and now you're at like $100 billion, and nobody can find anything, what are you doing?"' Bannon revealed. And that's when Elon got physical. It's a sore subject with him. 'It wasn't an argument, it was a physical confrontation. Elon basically shoved him.' Bannon said the physical altercation came as the two billionaires moved from the Oval Office to outside Chief of Staff Susie Wiles' office, and then outside the office of the then National Security Advisor, Mike Waltz.


Reuters
2 hours ago
- Reuters
Airbus revises up 20-year jet demand forecast despite trade tensions
PARIS, June 12 (Reuters) - Airbus ( opens new tab revised up its forecast for airplane demand over the next 20 years on Thursday, telling investors and suppliers the air transport industry was expected to ride out the current wave of trade tensions. The European planemaker said it expected the industry it and its U.S. rival Boeing (BA.N), opens new tab dominate to deliver 43,420 commercial jets between 2025 and 2044, an increase of 2% from its previous rolling 20-year forecast issued a year ago. That includes 42,450 passenger jets, up 2% from the previous forecast, and 970 factory-built freighters, up 3%. Airbus stuck to its previous projection that air traffic would grow on average by 3.6% a year, despite chopping half a percentage point off its forecast for annual growth in trade to 2.6% and shaving its projection for global GDP growth slightly to 2.5%. "There is certainly some turbulence thanks to the recent geopolitical and trade situation," Antonio Da Costa, vice president for market analysis and forecast, told reporters. "It is still very early days... nevertheless the early signals are giving us some level of hope." The aerospace industry has been roiled by U.S. tariffs introduced by U.S. President Donald Trump and the prospect of reprisals by the European Union, as well as wild swings in punitive duties exchanged between the U.S. and China. U.S. and Chinese officials agreed on Tuesday on ways to restore a trade truce and roll back duelling restrictions. Airbus officials said the latest forecasts assume that base tariffs of 10% imposed by the Trump administration on most imports would stay in place for a while, contrasting this with the deeper disruption threatened by larger punitive tariffs. Air transport, which is closely tied to the economy and rising numbers of middle classes with disposable incomes, has frequently proven itself resilient to shocks, Da Costa said. Airbus CEO Guillaume Faury has called for a return to tariff-free trading for aerospace, joining a chorus of U.S. industry leaders in warning of damage from a tariff war. Airbus raised its demand forecast for single-aisle planes like the A320neo family and competing 737 MAX, which account for four out of every five deliveries, by 2%. It expects 34,250 of them over 20 years, of which 56% would be additional capacity. Airbus revised up its forecasts for wide-body passenger jet deliveries by 3% to 8,200 planes. That part of the market for long-haul jets has seen growing demand led by Gulf carriers.