Anthony Tsang Hosts Welcome Dinner for José Luis Rodríguez Zapatero, Former Prime Minister of Spain, at Hong Kong Gate Center
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South China Morning Post
17 minutes ago
- South China Morning Post
As trade deals show, the US now seeks rent from Asean, not partnership
US President Donald Trump's return to tariff diplomacy is on full display in Southeast Asia as he boasts of trade deals with first Vietnam , then Indonesia . The region faces some of the world's steepest US tariffs come August 1, and many countries have rushed into last-minute talks to avoid economic fallout. Advertisement Trump has announced a 19 per cent tariff on all Indonesian goods entering the United States under a deal, down from 32 per cent, with Indonesia agreeing in return to buy 50 Boeing jets and spend US$19.5 billion on US energy and farm products – essentially prepaying for tariff relief. This mirrors Vietnam's deal of a 20 per cent tariff, down from 46 per cent, by essentially agreeing to curb Chinese transshipments. Since Trump launched his global tariff war in April, introducing a baseline 10 per cent and threatening additional tariffs unless countries negotiated US trade deals, few countries have signed up. Other than Vietnam and Indonesia, only Britain has a deal. Others, such as the European Union, are readying retaliatory measures even as they continue to negotiate a deal. For Southeast Asia, these arrangements signal a shift in the US trade strategy – one that threatens to turn Asean members from competitive manufacturing hubs into 'fee for access' economies. Washington isn't offering real integration or mutually beneficial trade. Instead, it's monetising market access, demanding higher tariffs and mandatory purchases. This transactional model may score short-term wins for US negotiators, but it undermines the competitiveness and sovereignty of the Association of Southeast Asian Nations, tying the region into a rent-seeking system rather than a strategic partnership. Advertisement For starters, US tariffs on most Asean exports have risen dramatically, with access to the American market monetised under the guise of 'deals'. Even goods from Vietnam and Indonesia, which used to face most-favoured nation tariffs of 9.4 per cent and 8 per cent respectively on average, now attract more than double that.
South China Morning Post
17 minutes ago
- South China Morning Post
As US and Europe cut aid budgets, China's star is on the rise in Southeast Asia, report says
China's role as Southeast Asia's largest infrastructure financier is increasing its regional influence at a time when the United States and the European Union are slashing their foreign aid budgets, a new report by an Australian think tank said. With the Trump administration in the United States scrapping about US$60 billion in aid and European countries pulling back more than US$25 billion, 'the centre of gravity' in Southeast Asia's development finance landscape 'looks set to drift East, notably to Beijing, but also Tokyo and Seoul', the Lowy Institute report, which was released today, said. 'China is the single largest partner on infrastructure financing in Southeast Asia, but traditional donors combined still outspend it,' the report's lead authors, Alexandre Dayant, Grace Stanhope and Roland Rajah, wrote. 'As Western aid declines and China recalibrates its strategy, Beijing is well positioned to regain dominance.' Southeast Asia's traditional partners include countries such as the US and Australia, and international organisations such as the United Nations, the Asian Development Bank and the World Bank. With the US expected to cut its foreign assistance by 83 per cent this year, the retrenchment of funds from Europe and tariff uncertainties undermining trade ties between the US and other countries, China is enhancing its influence in the region through infrastructure connections. Recent examples include work on high-speed railway links with Vietnam and Thailand. China International Development Cooperation Agency spokesman Li Ming told a news conference in March that China's 'principles related to foreign aid, including non-interference in internal affairs, no political strings attached and no empty promises made, will not change'. 'A major country should act like a major country by shouldering its due international obligations and fulfilling its responsibilities, rather than renege on its promises, be mercenary or bullying,' he said.
South China Morning Post
an hour ago
- South China Morning Post
Hong Kong to build more subsidised homes in I&T hub to meet middle-class demand
Hong Kong will build more subsidised homes in its new I&T hub near the border with mainland China to cater to the increasing needs of middle-class families and align with the city's strategy to attract top talent, the housing minister has said. Secretary for Housing Winnie Ho Wing-yin also outlined her plans to make public flats in the Northern Metropolis, where the San Tin Technopole innovation and technology (I&T) hub is located, more liveable by integrating them into nature and old villages. 'The technopole is a base camp for new productivity and industry. It is also a base camp for talent, whose requirements, income, affordability and standards for their children's education, among other things, will be higher,' she said on Wednesday last week. 'I think the proportion of subsidised sale homes would be adjusted higher to align with the area's position.' Hongkongers who fulfil asset and income requirements are able to apply for subsidised sale flats. The technopole is a flagship project in the Northern Metropolis, which aims to turn 30,000 hectares (74,132 acres) of land into an engine for economic growth and a housing hub with over 500,000 new flats, accommodating a population of about 2.5 million and around 650,000 jobs.
