Malaysia to maintain independent economic policy after Trump threat of tariff on BRICS countries
Malaysia was accepted as a partner country to the BRICS group of developing nations last October.
(Reporting by Danial Azhar; Editing by Bernadette Baum)
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Dubai Eye
an hour ago
- Dubai Eye
Trump visits Texas flood zone, defends government's disaster response
US President Donald Trump defended the state and federal response to deadly flash flooding in Texas on Friday as he visited the stricken Hill Country region, where at least 120 people, including dozens of children, perished a week ago. During a roundtable discussion after touring Kerr County, the epicentre of the disaster, Trump praised both Texas Governor Greg Abbott and Homeland Security Secretary Kristi Noem for their response, saying they both did an "incredible job." The Trump administration, as well as local and state officials, has faced mounting questions over whether more could have been done to protect and warn residents ahead of the flooding, which struck with astonishing speed in the pre-dawn hours on July 4, the US Independence Day holiday. Trump reacted with anger when a reporter said some families affected by the floods had expressed frustration that warnings did not go out sooner. "I think everyone did an incredible job under the circumstances," he said. "I don't know who you are, but only a very evil person would ask a question like that." Some critics have questioned whether the administration's spending cuts at the National Weather Service and the Federal Emergency Management Agency, which coordinates the US government's disaster response efforts, might have exacerbated the calamity. Trump officials have said that cuts had no impact on the NWS's ability to forecast the storms, despite some vacancies in local offices. But the president has largely sidestepped questions about his plans to shrink or abolish FEMA and reassign many of its key functions to state and local governments. "I'll tell you some other time," Trump said on Tuesday, when asked by a reporter about FEMA. Before the most recent flooding, Kerr County declined to install an early-warning system after failing to secure state money to cover the cost. Lawrence Walker, 67, and a nearly three-decade veteran resident of Kerrville, said the county and state had not spent enough on disaster prevention, including an early-warning system. Asked about the quality of the government response, he said, "It's been fine since the water was at 8 feet." The Texas state legislature will convene in a special session later this month to investigate the flooding and provide disaster relief funding. Abbott has dismissed questions about whether anyone was to blame, calling that the "word choice of losers." DOZENS STILL UNACCOUNTED FOR Search teams on Friday were still combing through muddy debris littering parts of the Hill Country in central Texas, looking for the dozens still listed as missing, but no survivors have been found since the day of the floods. Heavy rains sent a wall of water raging down the Guadalupe River early on July 4, causing the deadliest disaster of the Republican president's nearly six-month term in office. As sun poked through dark clouds on Friday morning, search crews in hard hats painstakingly walked inch-by-inch along the ruined banks of the river, marking damage and looking through wreckage. After the president arrived in Kerr County in the early afternoon, Trump, first lady Melania Trump and Texas Governor Greg Abbott drove to an area near the river, where Trump received a briefing from first responders amid debris left in the wake of the flood. The county is located in what is known as "flash flood alley," a region that has seen some of the country's deadliest floods. More than a foot of rain fell in less than an hour on July 4. Flood gauges showed the river's height rose from about a foot to 34 feet (10.4 metres) in a matter of hours, cascading over its banks and sweeping away trees and structures in its path. Kerr County officials say more than 160 people remain unaccounted for, although experts say that the number of people reported missing in the wake of disasters is often inflated. The dead in the county include 67 adults and at least 36 children, many of whom were campers at the nearly century-old Camp Mystic, an all-girls Christian summer retreat on the banks of the river. Jon Moreno, 71, a longtime Kerrville resident whose property on high ground was spared, praised the government response - local and federal. He has heard the debate about what more could have been done - including sirens - but said he did not think it would have made much difference, given people's desire to build along the flood-prone riverbanks. "It's unavoidable," he said. "All those people along the river - I wouldn't want to live there ... It's too dangerous." At Stripes, a gas station in Kerrville, the building was tagged in large white letters, accusing "Trump's Big Beautiful Bill" of cutting "our emergency funding." The president's massive legislative package, which cut taxes and spending, won approval from the Republican-controlled Congress last week and was signed into law by Trump on the same day that the flooding hit Texas.
Arabian Post
an hour ago
- Arabian Post
US Push Meets Nigerian Rebuff
Nigeria's foreign minister, Yusuf Tuggar, has accused the United States of mounting significant pressure on African countries to accept deported Venezuelans, including individuals released directly from US prisons—a demand Nigeria says it cannot meet given its own domestic challenges. Speaking from Brazil at the BRICS summit on 11 July, Tuggar emphasised that with a population of roughly 230 million and pressing socio-economic issues, Nigeria cannot shoulder such responsibilities. The diplomatic row follows a White House meeting on 9 July where President Trump met leaders of Liberia, Senegal, Guinea-Bissau, Mauritania and Gabon. Reports indicate that Trump and senior officials, including immigration hardliner Stephen Miller, pressed for 'safe third‑country agreements' to which deported migrants would be sent when direct repatriation proved difficult. Internal US documentation reportedly urged African governments to permit 'dignified, safe, and timely transfers' of third‑country nationals from the US. One example includes the placement of eight deportees in South Sudan—only one of whom was South Sudanese—prompting concerns over legality, transparency and human rights. ADVERTISEMENT Tuggar asserted there is a direct link between US pressure to accept deportees and Washington's punitive measures against Nigeria, including a recent 10 per cent tariff on Nigerian exports. He also addressed newly imposed US visa restrictions—Nigerians are now limited to single-entry, three-month non‑immigrant permits, down from previous multi-year visas—which he described as being tied to Nigeria's refusal to comply. Responding to the visa policy, Tuggar clarified that Nigeria has maintained reciprocal visa flexibility for US citizens and implemented only an e‑visa system to streamline entry. He characterised US claims of reciprocity as a 'false claim' and said diplomatic engagement continues to resolve misunderstandings. Liberia's President Boakai and other West African leaders reportedly refrained from publicly endorsing US demands. Liberia's foreign minister stated that discussions about third‑country deportations were preliminary and did not signal agreement. Civil society and rights advocates have sharply criticised the policy, warning it treats African nations as 'dumping grounds' for deportees and raises human rights concerns. US officials argue the arrangements could serve mutual interests, enhancing trade and diplomatic relations amid a shift away from traditional aid. Analysts suggest African participation may be conditional on incentives such as tariff relief or improved visa access. Control Risks analyst Beverly Ochieng notes that some countries might cooperate 'to avoid losing access to the US economy or economic initiatives and bilateral relations'. Legal developments are also shifting the landscape. A US Supreme Court decision upheld the federal government's authority to deport migrants to third countries, even without direct repatriation. Meanwhile, previous attempts—such as the UK–Rwanda deal—have faltered due to legal pushback, with critics highlighting similar human rights concerns. As pressure increases, Nigeria stands firm that it lacks the capacity to absorb deportees with criminal histories. Tuggar warned that acquiescing could set a dangerous precedent, amplifying future expectations for hosting foreign detainees. Attempts by the US to negotiate policy changes appear to be part of a broader strategy to leverage migration control in reshaping relations with African nations.
The National
2 hours ago
- The National
Central bank demand, geopolitical tension, trade friction and US dollar weakness to support gold this year
Persistent central bank demand, geopolitical tension, sanctions, trade friction and further US dollar weakness are expected to continue supporting gold prices in the second half of the year, analysts say. Bullion prices have recorded year-to-date gains of roughly 26 per cent. Gold prices are trending upwards, reaching $3,355.95 per ounce as of July 12, driven by geopolitical tension, including the Russia-Ukraine conflict, and US tariff policies under President Donald Trump, which bolster its safe-haven appeal. 'The prospect of lower US interest rates could reignite demand, especially for metal-backed exchange-traded funds by reducing the opportunity cost of holding non-yielding assets like precious metals, compared to short-dated government bonds,' said Ole Hansen, head of commodity strategy at Saxo Bank. ' Precious metals are politically neutral, unlike sovereign bonds or fiat currencies. They are universally recognised as a store of value, not tied to the creditworthiness of any nation, which is why central banks are increasingly allocating to gold as a core reserve asset.' Mr Trump unveiled new tariffs against more than a dozen countries on Monday as he increases pressure on America's trade partners to negotiate on deals. Tunisia, Japan, South Korea, Malaysia and Kazakhstan were all hit with tariffs of 25 per cent. Mr Trump announced tariffs of 30 per cent on Bosnia and Herzegovina and South Africa, 32 per cent on Indonesia, 35 per cent on Bangladesh and Serbia, 36 per cent on Cambodia and Thailand, and 40 per cent on Myanmar. He said the US would impose a 35 per cent tariff on imports from Canada next month and also threatened to impose another 10 per cent tariff on any country that aligns itself with the Brics group of emerging economies. Gold is currently trading in a relatively tight horizontal range just below the April record high near $3,500, Saxo Bank's Mr Hansen said. A lack of 'fresh bullish catalysts' has raised the risk of a deeper correction, especially after recent signs of 'buyer fatigue', he added. 'Gold notably failed to rally alongside silver and platinum or attract a safe-haven bid during the brief Israel-Iran conflict. At the same time, surprisingly strong US economic data has postponed rate cut expectations without triggering a significant gold sell-off – another sign of underlying resilience,' Mr Hansen said. 'Technically, gold remains in consolidation mode, with immediate support at $3,245 and secondary support at $3,120. A break below the 200-day moving average – currently at $2,945 – would challenge our bullish outlook. 'However, gold has remained above that level since October 2023, when it traded below $2,000. Until then, we view this consolidation as a pause – not the end – of the investment metals rally.' Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said trade and geopolitical tension have been the major driving force of gold prices so far this year, yet there is strong resistance at $3,400 per ounce lately. Watch: Dubai's gold traders say demand for raw product up amid broader sales slump Gold remains a 'valid play' in the context of rising inflationary pressures with, however, limited upside potential from the actual levels, she said. 'We recommend holding 10 per cent of gold in traditional portfolios,' she added. Strong central bank buying of 900 tonnes in 2025 and robust ETF inflows of 552 tonnes in the first quarter of 2025 reflect sustained demand for gold, while a softer US dollar and anticipated Federal Reserve rate cuts (100 basis points by year-end) enhance the precious metal's attractiveness as an inflation hedge, according to Aaron Hill, chief analyst at forex trading broker FP Market. Mr Hansen of Saxo Bank has a 'constructive' outlook on gold in the second half of the year. Key sources of support include persistent central bank demand aimed at diversifying and de-dollarising reserves, stagflation risks in the US, particularly if the full impact of Mr Trump's tariff policies spur deeper rate cuts, as well as continuing geopolitical tension, sanctions, and trade friction, he said. Other driving factors are mounting US fiscal concerns, with the 'Big Beautiful Bill' set to further inflate an already unsustainable deficit, Mr Hansen added. Also in view is portfolio rebalancing by sovereign wealth funds and institutional investors away from US equities and treasuries, towards tangible assets such as metals, and further dollar weakness particularly if stagflation fears intensify.
