logo
US tariff hikes, Myanmar war and sea disputes will top ASEAN summit agenda

US tariff hikes, Myanmar war and sea disputes will top ASEAN summit agenda

PUTRAJAYA, Malaysia (AP) — The civil war in Myanmar, maritime disputes in the South China Sea and U.S. tariff hikes will top the agenda of a two-day Southeast Asian summit next week, Malaysian Prime Minister Anwar Ibrahim said.
The meeting in Malaysia, the current chair of the 10-member Association of Southeast Asian Nations, on Monday will be followed by a summit on Tuesday with Chinese Premier Li Qiang and leaders from the Gulf Cooperation Council comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
The GCC already has strong links with the U.S. and 'wants to be close to China too,' Anwar said. 'We want to have that synergy to enhance trade investments, more effective collaboration,' Anwar said in a media briefing late Wednesday.
ASEAN countries have been hit by U.S. tariffs ranging from 10% to 49%. U.S. President Donald Trump last month announced a 90-day pause on the tariffs, prompting countries including Malaysia and Singapore to swiftly begin trade negotiations with Washington.
Anwar said the U.S. has promised to review Malaysia's case 'sympathetically.' He said ASEAN is also working together to see how it can negotiate with the U.S. as a bloc. At the same time, he said that ASEAN must build its economic resilience by deepening links with other partners such as China, India and the European Union.
Anwar said the U.S.-China rivalry would not split the bloc as the region continues to engage both superpowers. He also downplayed territorial disputes between ASEAN members and China in the South China Sea, which Beijing claims virtually in its entirety, and Myanmar's conflict since the 2021 military takeover.
Anwar met last month with Myanmar military chief Gen. Ming Aung Hlaing in Bangkok and held virtual talks with the opposition National Unity Government. Even though the talks were currently focused on humanitarian aid, Anwar said he hopes they could eventually push a peace process forward.
Min Aung Hlaing has been barred from attending ASEAN meetings after the military refused to comply with ASEAN's peace plan, which includes delivery of humanitarian aid and negotiations. Opponents and critics of the military government say aid is not freely allowed into areas not under the army's control, and accuse the army of violating its self-declared ceasefire with dozens of airstrikes.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Tariff Fallout Hits LA Port: Cargo Decline Leaves Half of Dockworkers Idle
Tariff Fallout Hits LA Port: Cargo Decline Leaves Half of Dockworkers Idle

Yahoo

time30 minutes ago

  • Yahoo

Tariff Fallout Hits LA Port: Cargo Decline Leaves Half of Dockworkers Idle

Dockworkers at the Port of Los Angeles are seeing a shortage of work opportunities due to the decline in cargo entering the California gateway as Chinese exports to the U.S. continue to plummet. Nearly half of the longshoremen who support operations at the port went without work over the past two weeks, Gene Seroka, executive director of the Port of Los Angeles, told The Los Angeles Times in a Saturday report. More from Sourcing Journal Hapag-Lloyd Bookings Double on China-US Route in Weeks After Tariff Truce Guess Limits Tariff Impact to Less Than $10M, Adjusts Sourcing and Buying Strategies US Trade Deficit Contracted in April Amid Tariff-Driven Import Paralysis Over the last 25 work shifts, which span roughly two weeks, only 733 jobs per day were available for 1,575 longshoremen looking for work. The cargo decline has stemmed from President Donald Trump's tariffs on U.S. trading partners initially imposed in April, led by duties on Chinese goods that at one point reached 145 percent. In the wake of those tariffs, American companies had been cancelling import bookings, while ocean carriers on the trans-Pacific trade lane from Asia to the U.S. West Coast began blanking sailings. In May, 17 cargo ships canceled their planned trips to Los Angeles amid the plummeting demand. Although China is just one of the dozens of countries slapped with tariffs on its exports, the magnitude of products flowing from the country to the U.S. gives it a more outsized role on the trade lane and at the Port of Los Angeles itself. About 40 percent of imports that pass through the terminals at the port originate from China, Seroka said in April. In May, China's exports to the U.S. had their sharpest drop in five years—since the early stages of the Covid-19 pandemic—to $28.8 billion, according to customs data. The 34.5 percent decline was the second-biggest pullback on record after the 54 percent collapse in February 2020 as the pandemic upended global trade. The May export drop has been reflected in the decline in cargo at the Port of Los Angeles. While the California gateway has not yet released official statistics for May, the port processed 25 percent less cargo than forecast for the month, according to Seroka. With less cargo comes fewer work opportunities. The 733 'job orders' are a significant decline from the usual range between 1,700 and 2,000 job orders posted during a typical day shift. For night shifts, 1,100 to 1,400 opportunities are typically posted. At the Port of L.A., terminal operators post available work opportunities, known as job orders, on a digital board three times a day. Dockworkers can review the job orders at each shift and bid on the jobs they want to take. If there are more longshoremen than job orders, a portion of them will go without pay. 'They haven't been laid off, but they're not working nearly as much as they did previously,' Seroka told The Times. 'Since the tariffs went into place, and in May specifically, we've really seen the work go off on the downside.' Concerns over the lighter cargo loads have been apparent in industries across the supply chain impacted by port throughput, including trucking and rail, which are tasked with transporting the cargo to warehouses. Retail businesses that would otherwise be taking in these deliveries also remain concerned about the impacts, particularly SMBs that may not have had the luxury of front-loading goods into the U.S. However, the 90-day rollback of the China tariffs in early May has since resulted in a rapid rush to bring goods into the U.S. ahead of a new Aug. 14 negotiation deadline, which could ultimately result in a flood of containers into the Port of Los Angeles and its sister port, the Port of Long Beach. Hapag-Lloyd said it saw bookings out of China more than doubled in the three weeks after the trade truce went into effect, illustrating just how dramatic the swing has been. Such excess ordering, alongside an increase in trans-Pacific ocean freight capacity in line with demand, sets U.S. ports up for another likely escalation in freight handling. This would benefit the dockworkers and result in an increase in job orders across ports once the first wave of post-tariff truce container vessels start to reach the U.S. later this month. Although analysts have predicted that the San Pedro Bay ports could see record traffic across June and July due to the increased capacity from Asia to North America, Seroka has continually held a more reserved viewpoint about possible impacts on Los Angeles. 'The June numbers that we're projecting right now are nowhere near where they traditionally should be,' Seroka said.

Hapag-Lloyd Bookings Double on China-US Route in Weeks After Tariff Truce
Hapag-Lloyd Bookings Double on China-US Route in Weeks After Tariff Truce

Yahoo

timean hour ago

  • Yahoo

Hapag-Lloyd Bookings Double on China-US Route in Weeks After Tariff Truce

After the temporary tariff relief on Chinese imports into the U.S. resulted in a 50-percent one-week surge in bookings for Hapag-Lloyd on the trade route between countries, container flow accelerated even further in the weeks after. Bookings out of China more than doubled in the three weeks after the 90-day trade truce was put into effect, according to CEO Rolf Habben Jansen. More from Sourcing Journal Guess Limits Tariff Impact to Less Than $10M, Adjusts Sourcing and Buying Strategies Panama Canal Sees Post-Drought Spike in Container Shipping Transits US Trade Deficit Contracted in April Amid Tariff-Driven Import Paralysis 'We now need to see over the upcoming couple of weeks what is going to happen, and how much of that cargo rush is going to remain,' said Habben Jansen in a recent online panel discussion hosted by the ocean carrier. Despite various projections calling for a contraction in global container volumes for the year, Hapag-Lloyd revised its outlook upward from its previous flat growth forecast on the back of the recent uptick, projecting global container demand to increase 4 percent. 'I would still expect us to see decent growth in the second quarter,' said Habben Jansen. While China-to-U.S. volumes account for roughly 5 percent of Hapag-Lloyd's total business, the U.S. overall represents 27 percent of its volumes, Habben Jansen said. Approximately 22 percent of global container flows at the company go through American ports. With the U.S. remaining a sizable chunk of the liner's business, the concerns of volatility stemming from the stop-and-start nature of President Donald Trump's tariff decisions makes it challenging to plan for. Case in point, in the company's earnings call in mid-May, the CEO said Hapag-Lloyd saw bookings decrease 20 percent on average in the period after the Liberation Day tariffs were applied and ahead of the tariff rollback. But the China-to-U.S. demand picked up so quickly that Hapag-Lloyd and Gemini Cooperation partner Maersk introduced a new direct trans-Pacific service with a rotation of Xiamen, China; Busan, South Korea; and Long Beach, Calif.. The first sailing will take place out of Xiamen on June 24. The 'WC6' service will connect Busan and Long Beach with a transit time of 14 days, and a competitive direct Xiamen service into Long Beach in 18 days. Hapag-Lloyd's move reflects the industry at large, which has sought to add more capacity on the trans-Pacific trade lane to capitalize on shippers' rush to get cargo space ahead of tariff deadlines in July and August. As the Gemini alliance partners prep to start their new service offering, the carriers still lead the pack when it comes to schedule reliability, keeping their 90 percent schedule reliability goal intact across March and April. The alliance expects to be fully 'phased in' by July, meaning that all shared vessels will sail on Gemini schedules. 'Only then will it be possible to truly evaluate their performance,' said Alan Murphy, CEO of Sea-Intelligence, in the monthly update. Gemini Cooperation officially came in with 90.7 percent reliability, with MSC following suit far behind at 69.8 percent. The Premier Alliance of Ocean Network Express (ONE), HMM and Yang Ming recorded 53 percent reliability in the two-month stretch. Habben Jansen said he was encouraged by the alliance's ability to ensure Hapag-Lloyd's first-quarter volumes surpassed the wider market with 9 percent growth, ahead of the 4.2 percent global growth experienced by the wider container shipping sector. 'That was the intention when we started [the partnership]. We knew that we needed to attract more volumes to fill those ships, also because we lose fewer sailings as we don't do blank sailings, as we used to do,' Habben Jansen said. 'And we sail on time, which basically means that we can use the ships more often. It's very nice to see that also reflected in the numbers, and hopefully we'll see more of that as we move into Q2.' Although competitor CMA CGM has introduced another service line back on the Suez Canal route, Hapag-Lloyd does not have intentions of following suit—the attitude still taken by most major container shipping firms. According to Habben Jansen, the story remains the same. There must be a clear indication that vessels and crew will be safe from potential Houthi attacks. 'If we go back then we will have to do that step by step, as we would like to avoid chaos in the Mediterranean and in Europe in particular, and to a lesser extent, on the East Coast of the U.S.,' said Habben Jansen. 'Right now, we do not see any signs that it is going to be and remain safe in the near future.'

Mitra Chem is raising $50M for its cheaper, domestic battery materials
Mitra Chem is raising $50M for its cheaper, domestic battery materials

TechCrunch

timean hour ago

  • TechCrunch

Mitra Chem is raising $50M for its cheaper, domestic battery materials

Battery material startup Mitra Chem has raised $15.6 million of a planned $50 million funding round, according to a regulatory filing seen by TechCrunch. Mitra Chem is developing materials to make lithium-iron-phosphate (LFP) batteries store more energy. Automakers have begun to turn to LFP in an attempt to trim costs from electric vehicle battery packs, which can make up a significant portion of a car's cost. Currently, all LFP material comes from outside the United States, with the vast majority coming from China. TechCrunch reached out to Mitra Chem for comment, but did not receive an immediate reply. The new funding round comes at a challenging time for battery startups. Sales of electric vehicles (EVs) haven't grown at the rate some automakers and analysts had predicted. Simultaneously, the Trump administration and Congressional Republicans have mounted an assault on EVs and battery manufacturers. The House version of the reconciliation bill would sunset EV tax credits in 2025 or 2026, depending on how many EVs automakers have sold. The Senate has yet to weigh in on the bill. Mitra Chem previously raised a $60 million Series B that closed in 2023. GM led the round, with In-Q-Tel, Social Capital, and others participating. Chamath Palihapitiya's Social Capital led the startup's $20 million Series A in 2021. South Korean battery materials company L&F Corporation is a likely participant in the new round, having invested $10 million in March, Korean Economic Daily has reported. The company was awarded a $100 million grant from the Department of Energy last year to build a battery materials plant in Michigan. According to federal records, that award is still on the books but hasn't yet been paid out.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store