Latest news with #TradeAgreements
South China Morning Post
3 days ago
- Business
- South China Morning Post
This moment in US-China rivalry is Asean's chance to remake the bloc
Asean is at a critical juncture. The Southeast Asian bloc, caught between the currents of the US-China trade war , is making a dive for strategic space between a new free-trade agreement with China and the possibility of a Trump tariff meeting. Last month, China and the Association of Southeast Asian Nations finalised negotiations to upgrade their 15-year-old free-trade agreement. Set to be signed by the end of the year, the deal aims to deepen China-Asean economic integration by incorporating digital trade, green economy initiatives and supply chain connectivity. Bilateral trade in goods exceeded US$980 billion last year – China and Asean are each other's biggest trading partner – underscoring the deal's strategic weight. At the same time, Prime Minister Anwar Ibrahim of Malaysia, the current Asean chair, has written to US President Donald Trump to press for an Asean-US meeting to discuss tariffs. These include the 10 per cent baseline tariff and 'reciprocal' tariffs ranging from 17 per cent for the Philippines to 49 per cent for Cambodia. Anwar is seeking a unified response to ensure trade fairness for Asean's export-driven economies. In this moment of tension, Asean has a critical opportunity to rise above passivity, leveraging its diplomatic agility to assert itself as a linchpin in global trade and geopolitics – and become the architect of a new regional order. Rather than being a battleground for US-China rivalry, Asean can redefine its role by fostering a neutral, inclusive trade ecosystem that prioritises regional resilience and strategic autonomy. This opportunity hinges on Asean's ability to exploit the US-China rivalry. Asean's unique position of being geographically central, economically vibrant and diplomatically neutral allows it to shape trade rules rather than merely adapt to them. But this requires navigating internal divisions and external pressures with unprecedented cohesion.
Bloomberg
27-05-2025
- Business
- Bloomberg
EU and US Kick Off Six-Week Sprint to Reach a Trade Deal
Over the next six weeks, a series of high-stakes talks are set to take place between Washington and Brussels after both sides agreed to an aggressive timeline to reach a deal that averts a transatlantic trade war.
Wall Street Journal
12-05-2025
- Business
- Wall Street Journal
U.S. Suspends Bulk of Tariffs on Chinese Goods
The U.S. and China said Monday they have agreed to suspend most of the tariffs on each other's goods while further trade negotiations continue. The U.S. said it would lower its "reciprocal" tariff on Chinese goods to 10% from 125%. China said it would lower its tariff on U.S. goods to 10% from 125%. U.S. tariffs related to fentanyl and other measures will remain.
News24
08-05-2025
- Business
- News24
Western Cape MEC's Taiwan visit unleashes opposition party fury
A heated debate unfolded in the Western Cape legislature over MEC Ivan Meyer's Taiwan trip, which led to sanctions by China. Meyer was banned from entering China, Hong Kong and Macao for violating the One China principle. Opposition parties claimed Meyer's actions risked crucial trade agreements with China. A ruckus broke out during a Western Cape legislature sitting on Thursday over MEC for Agriculture, Economic Development and Tourism Ivan Meyer's trip to Taiwan, which led to sanctions from China. Meyer was barred by China in December last year from entering China, Hong Kong and Macao with his family for violating the One China principle, which demands countries recognise Taiwan as part of China and avoid formal relations with Taiwan. The Chinese government further criticised Meyer's trip as interference in its internal affairs. The sanctions also prohibit meaningful economic exchanges between Meyer and Chinese citizens. Opposition parties accused Meyer of putting crucial trade agreements between China and the province in jeopardy. Leading the charge, ANC provincial leader in the legislature, Khalid Sayed, asked Premier Alan Winde whether Meyer would be held accountable. 'Whatever MEC Meyer does reflects on the position that he holds; hence, he takes an oath of office. The undeniable facts available are that the recent visit to Taiwan by MEC Meyer does in fact run the risk of jeopardising and straining the Western Cape's, and indeed South Africa's, vital diplomatic trade and investment relations with the People's Republic of China, especially considering South Africa's official foreign policy position regarding the One China policy,' he said. In response, Winde told members of the provincial legislature (MPLs) that Meyer's trip to Taiwan was not an official engagement conducted on behalf of the provincial government or any of its entities. 'It was conducted strictly in his personal and private capacity and not as a member of this government. I've been informed that at no time did MEC Meyer suggest that he made the trip as a representative of this government, nor did he attempt to suggest any endorsement of the trip on this government's behalf,' he said. Winde further said the province values its ties to the People's Republic of China. The ANC has consistently criticised the DA over Meyer's trip. Two weeks ago, the ANC caucus left the provincial legislature after its member, Rachel Windvogel, was kicked out after she refused to apologise for saying that Meyer had 'betrayed' the country by visiting Taiwan. DA MPL Benedicta van Minnen hit back at Sayed, accusing him of having 'selective amnesia'. 'Just eight days ago, the honourable member (Sayed) shared a picture on X of himself engaging with Russian representatives, recklessly risking our trade relations with Europe and the United States. Such actions threatened vital agreements like AGOA (African Growth and Opportunity Act), which underpin key industries and thousands of jobs. Yet today he rises to launch a frivolous and deeply inaccurate interpolation, levelling baseless accusations against MEC Meyer, ironically for the very conduct of which he himself is guilty of,' she said. Van Minnen was referring to when Sayed joined the Russian consulate for a reception on the occasion of the arrival of the iconic Kruzenshtern Russian ship in the port of Cape Town. ACDP leader Ferlon Christians accused the ANC benches of misleading the residents of the province. 'This topic is repeated, and I think the ANC is causing more damage by misleading the people. I want to say to members of this House that when they visit countries in their private capacity, they must do so. Member Windvogel must still apologise,' he said. Windvogel shouted, 'I will never do that'. GOOD party MPL Brett Herron said Meyer's foremost duty was to protect and advance the economic interests of the province. He asked: He also wondered 'what exactly happened, or how egregious his behaviour was' to have led to a ban if the MEC had visited Taiwan in a personal capacity. 'Being banned from engaging directly with Chinese officials and business representatives places MEC Meyer in a compromised position. 'It limits his ability to build relationships, attract investment, and promote trade, all of which are critical functions of his portfolio,' said Herron. Meyer was not present during the legislature sitting. Comment from him will be added once received.
South China Morning Post
06-05-2025
- Business
- South China Morning Post
India, UK clinch landmark trade deal in shadow of Trump's tariffs
India and the United Kingdom concluded on Tuesday a long-coveted free trade pact, in a landmark deal that represents London's most significant post-Brexit agreement that was finalised in the shadow of US President Donald Trump's tariff increases. Advertisement The deal, between the world's fifth and sixth-largest economies, concluded after three years of stop-start negotiations and aims to increase bilateral trade by a further €25.5 billion (US$34 billion) by 2040 with liberal market access and eased trade restrictions. 'These landmark agreements will further deepen our comprehensive strategic partnership, and catalyse trade, investment, growth, job creation, and innovation in both our economies,' Indian Prime Minister Narendra Modi said. The deal lowers tariffs on goods such as whisky, advanced manufacturing parts and food products such as lamb, salmon, chocolates and biscuits. It also agrees to quotas on both sides for autos imports. Both countries are also seeking bilateral deals with the United States to remove some of Trump's tariffs that have upended the global trade system, and the resulting turmoil sharpened focus in both London and New Delhi on the need to clinch a UK-India trade deal. Advertisement 'We are now in a new era for trade and the economy. That means going further and faster to strengthen the UK's economy,' British Prime Minister Keir Starmer said.
