Taiwan Trims 2025 Growth Forecast as Tariff Concern Lingers
Taiwan lowered its economic growth outlook for this year, reflecting concern about the impact of potential US tariffs on the archipelago's export-driven economy.
Gross domestic product is expected to expand 3.10% in 2025, the statistics bureau in Taipei said in a statement on Wednesday, down from a previous estimate of 3.14%.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
10 minutes ago
- Yahoo
The West tried to make North Korea a pariah – but it's never been stronger
Kim Jong-un sits captivated. Leaning forward with binoculars raised, the North Korean dictator watches tanks manoeuvring over sandy terrain and troops rappelling down from helicopters. Occasionally, he turns to one of the uniformed officers behind him to point something out or ask a question. The scene, captured on video and shared by North Korea's state media last month, offered a rare glimpse into the secretive regime's expanding military capabilities. The isolated country, known for its intensely authoritarian regime, boasts the world's fourth-largest military, with nearly 1.3 million troops. It also has 50 nuclear warheads, with plans to build 150 more by 2027. A recent assessment from the US department of defence found North Korea had reached its 'strongest strategic position' in decades. 'North Korea has never been as strong – strong militarily as well as strong in oppressing its civilian population – as it is right now,' said Joanna Hosaniak, deputy director general of the Citizens' Alliance for North Korean Human Rights. This is, in part, thanks to a new mutual defence treaty signed between North Korea and Russia in November last year. But it is also down to its increasing ability to source foreign income through hacking and forced labour, despite Western sanctions, as it wages an information war against its enemies and its own population. Taken together, these three factors are allowing North Korea quietly to transform itself. Since striking a deal with Russia, North Korea has supplied Moscow with 15,000 soldiers, 100 ballistic missiles and millions of munitions to help Moscow wage war against Ukraine. In return, the Kremlin allowed Pyongyang to have its pick of sophisticated hardware – a huge boost for a regime that commands predominantly outdated, Soviet-era weaponry. While North Korea still has a long way to go in terms of upgrading all of its inventory, the newly strengthened ties with Moscow have reinforced the regime's strength and power. With a defence budget less than one per cent the size of China's, North Korea has had to choose between conventional and nuclear weapons. Kim has largely sided with the nuclear program. Earlier this year, a new intercontinental ballistic missile site was detected near Pyongyang where Kim's 'Winter Palace' once stood, marking the latest developments in the country's nuclear progress. Expanding these capabilities has allowed North Korea to create an effective deterrent against the US, especially in case of any future conflict with South Korea, but it has done this at the expense of upgrading conventional weapons like tanks, warships and fighter jets. 'North Korea has a lot of conventional military power – lots of troops, lots of tanks, but the aircraft are 1950s era,' said Michael Cohen, an associate professor at the Australian National University. 'I suspect Tom Cruise has had more time flying them than the North Korean pilots.' A year before Kim and Russian President Vladimir Putin signed their defence treaty, Kim visited a rocket launch pad at the Vostochny Cosmodrome in far eastern Russia. Leonid Petrov, a leading North Korea expert and dean of the International College of Management in Australia, described the visit as a 'shopping trip' for Kim as he 'named the price for sending North Korean troops and conventional armaments' to Russia. North Korea has since received an unspecified number of short-range air-defence systems and 'advanced electronic warfare systems including jamming equipment' from Russia since the visit, according to South Korea's Yonhap News Agency. Pyongyang has also recently shown off a number of new weapons that closely resemble Russian arms, including a supersonic cruise missile, drones, and a new fighter jet. Satellite images have also shown a rapid expansion of North Korea's drone programme. A report from the Centre for Strategic and International Studies said that North Korea was 'likely incorporating Russian battlefield experience' as it enhanced its drone capabilities. 'North Korea is now getting unlimited access to Russian natural resources, technology, military and ideological support,' said Dr Petrov. North Korea is subject to dozens of sanctions, imposed by the United Nations, the European Union and governments including the United Kingdom, which aim to cut off Pyongyang from the international banking system as well as arms sales. While Russia has become an increasingly important partner in circumventing these restrictions, Pyongyang's relationship with China has also helped keep it afloat. Beijing is believed to have provided Pyongyang with military and nuclear expertise and a huge chunk of its foreign currency. 'China has been bankrolling the North Korean regime for a long time. About 95% of North Korean trade was with China for decades,' said Dr Petrov. Ms Hosaniak explained that North Korea is able to produce commercial goods domestically at a very cheap rate in forced labour camps, then sell them to the international market through China. She said: 'These goods can be sold in the EU, the UK…There are no restrictions, as long as the labels say 'Made in China', although the goods were produced in North Korea.' Companies facilitating this trade almost always need to have state backing to do so. 'In order to trade with North Korea you have to have an official North Korean trading partner so this is really a government-to-government kind of business that is operated by so-called private businesses,' Ms Hosaniak said. Beyond commercial ties with China, the North Korean regime has also brought in cash through cyber theft, especially from overseas workers. Local news outlet Daily NK reported that dozens of researchers from North Korea had been sent to China and Southeast Asia earlier this year to carry out attacks against cryptocurrency exchanges, engage in illegal cryptocurrency mining and target network firewalls. Pyongyang was also revealed to be carrying out an illegal scheme known as 'laptop farming', in which dozens of laptops in the US were being remotely controlled by thousands of North Koreans using stolen identities. Through these increasingly refined schemes, North Korean hackers have stolen an estimated $6 billion (£4.4 billion) in cryptocurrency, according to analysis firm Chainalysis. As Kim expands his country's defence and revenue streams, he also has to contend with a population of over 25 million people. The most effective way of doing this is to wage a full blown information war. 'The more information that North Koreans get, the more they would know that their government isn't being entirely truthful and life perhaps is better on the other side,' said Shreyas Reddy, the lead correspondent at local outlet NK News. Before the advent of the internet, it was significantly easier to do this, but now Pyongyang has had to develop its own technology and enforce new, draconian laws. A key way that outside information has entered the country was through USB sticks and CDs. These contain a wide variety of media, from South Korean media to much more sensitive information about human rights and politics. The COVID-19 pandemic dealt a major blow to these efforts, as North Korea shut its borders and erected an electric fence between it and China. A new law introduced in 2020 also increased the punishment for anyone caught consuming or sharing foreign media and in 2023, Kim outlawed common South Korean phrases and made it illegal to speak in a South Korean accent. 'Videos smuggled out of North Korea show people being punished severely for these sorts of incidents and we've heard unverified reports about executions or other permanent punishments for watching or accessing foreign culture,' said Mr Reddy. The constant evolution of censorship and propaganda efforts have allowed Kim to retain an upper hand in the long-standing information war upon which his reign depends. Most experts agree that North Korea will continue on the same trajectory. Kim is only 41 years old and has put in place numerous mechanisms to ensure that his grip on power remains ironclad, while also posing a major threat to enemies abroad. His newly cemented partnership with Russia, forged from shared isolation, is the latest of these efforts. 'Politically, economically, militarily, it makes them stronger,' said Dr Petrov. 'Both need this alliance. It's a mutually beneficial symbiosis of dictatorial regimes, which have been at war with their neighbours for many years.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Yahoo
11 minutes ago
- Yahoo
Trump, South Korea's new president agree to make a deal on tariffs that would satisfy both countries
President Donald Trump agreed to quickly work toward a deal on tariffs during his first phone call with South Korean President Lee Jae-myung since he was elected on Tuesday, Lee's office said on Friday. Lee Jae-myung, a liberal, replaced former conservative President Yoon Suk Yeol, who was impeached and ousted over his martial law declaration. South Korea, one of many countries impacted by Trump's tariffs, has a bilateral free trade deal with the U.S. "The two presidents agreed to make an effort to reach a satisfactory agreement on tariff consultations as soon as possible that both countries can be satisfied with," Lee's office said in a statement, adding that working-level negotiations are encouraged to "yield tangible results." Delta Warns Against Imposing New Tariffs On Commercial Planes, Parts, Amid National Security Probe On Imports The future of South Korea's export-oriented economy may be contingent on the type of deal Lee can reach with Trump, as the country's key sectors are heavily exposed to global trade. Read On The Fox Business App In addition to imposing tariffs, Trump has pressured South Korea to pay more for the more than 28,000 U.S. troops stationed in the country. Separately, Trump allies have expressed concerns over Lee's more conciliatory position toward China, which U.S. officials have warned is a threat to the Indo-Pacific region. Trump's 50% Tariffs On Imported Steel, Aluminum Take Effect Trump invited Lee to a summit in the U.S., and the two leaders plan to meet soon, according to the White House. The two could potentially meet at a G-7 summit in Canada later this month. During their call on Friday, Lee and Trump also discussed the assassination attempts they each experienced last year and their joint enthusiasm for golf. Lee underwent surgery after he was stabbed in the neck by a man in January of last year, while Trump was wounded in the ear when a man shot at him during a campaign rally in July. South Korea, one of the first countries to engage with U.S. officials on trade talks, agreed in April to craft a package by early July scrapping levies before the 90-day pause on Trump's tariffs is lifted, although progress was disrupted by the administration changes in Seoul. Lee said just ahead of the elections that "the most pressing matter is trade negotiations with the United States." His camp has also said they plan to seek more time to negotiate with Trump, reiterating the importance of the relationship between the U.S. and South Korea. Click Here To Read More On Fox Business Lee has also voiced more conciliatory plans for ties with China and North Korea, acknowledging China as a major trading partner while shying away from taking a firm stance on security tensions in the Taiwan Strait. Speaking at a security conference in Singapore last week, Defense Secretary Pete Hegseth said many countries were tempted by the idea of seeking economic cooperation with China and defense cooperation with the U.S., which he warned could complicate defense cooperation. Reuters contributed to this article source: Trump, South Korea's new president agree to make a deal on tariffs that would satisfy both countries
Yahoo
11 minutes ago
- Yahoo
Jobs at the Port of Los Angeles are down by half, executive director says
Job opportunities at the Port of Los Angeles are dwindling as President Trump's steep tariffs take a hit on global trade and a major economic engine for the regional economy. Nearly half of the longshoremen who support operations at the port went without work over the last two weeks, Gene Seroka, executive director of the Port of Los Angeles, said in an interview. The port processed 25% less cargo than forecast for the month of May, he said. Trump's tariffs have drastically stemmed the flow of goods into the U.S., driving down activity at the neighboring ports of L.A. and Long Beach, which collectively processed more than 20 million 20-foot-long cargo units last year. The two ports are the largest in the country and provide jobs for thousands of dockworkers, heavy equipment operators and truck drivers. But work has fallen off sharply in recent weeks. Over the last 25 work shifts, only 733 jobs were available for 1,575 longshoremen looking for work. Read more: Tariffs bring shipping slowdown, threatening trucking jobs at L.A. ports '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.' Marine terminal operators post available work opportunities, known as job orders, on a digital board at the port three times a day. Longshoremen 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 workers will go without pay. The average of 733 job orders posted over the past 25 shifts, which is equal to roughly two weeks, is unusually low. Ordinarily, between 1,700 and 2,000 job orders are posted during a typical day shift, and between 1,100 and 1,400 are posted during a standard night shift. Seroka attributed the decrease in job opportunities to lower cargo volume moving through the port. In May, 17 cargo ships canceled their planned trips to Los Angeles amid uncertainty over duties the Trump administration imposed worldwide. Although May is typically a busier month than April, this past May saw 18% less cargo processed than the month prior, according to port data. The falloff comes during a critical time in advance of the Christmas shopping season, orders for which are usually placed before July 1. Read more: U.S. representatives sound alarm over slowing port activity Conditions are not expected to significantly improve anytime soon. "The June numbers that we're projecting right now are nowhere near where they traditionally should be," Seroka said. An average of five ships have entered the port each day over the last week. This time of year, there would typically be between 10 and 12 ships in the port each day. 'The drop in cargo volume caused by Trump's tariffs will mean empty shelves when products don't reach our stores, rising prices on everything from groceries to clothes to cars, and undoubtedly, more Americans out of work,' U.S. Sen. Alex Padilla of California said in a news conference last month. The decline in shipping has broader ripple effects on L.A.'s logistics economy. A 2023 report found that the ports of Los Angeles and Long Beach contributed $21.8 billion in direct revenue to local service providers, generating $2.7 billion in state and local taxes and creating 165,462 jobs, directly and indirectly. A decline of just 1% in cargo to the ports would wipe away 2,769 jobs and endanger as many as 4,000 others, the study found. Read more: 'It's going to hurt a lot.' How L.A.'s importers are navigating Trump's shifting tariffs Union officials could not be reached for comment on Friday but had previously predicted job losses for their members. 'Some of the workforce will not be getting their full 40 hours a week based on the loss of cargo,' Gary Herrera, president of the longshoremen union ILWU Local 13, warned last month. 'That is going to have an effect on the work opportunities for not just us, but for truck drivers, warehouse workers and logistics teams,' he said. The slowdown in activity at the ports of L.A. and Long Beach has also spread into surrounding communities. Businesses in the area rely on a robust community of port workers to frequent their establishments. "We're starting to hear from small businesses and restaurants in the harbor area that their customer patronage is trending downward," Seroka said. "Outside of COVID, this is the biggest drop I've seen in my career." Sign up for our Wide Shot newsletter to get the latest entertainment business news, analysis and insights. This story originally appeared in Los Angeles Times.
