Latest news with #US tariffs
Yahoo
an hour ago
- Business
- Yahoo
Asian markets accept that free trade with the US is a thing of the past, says UOBAM
SINGAPORE, July 23, 2025 /PRNewswire/ -- Asian markets have continued to demonstrate resilience, even in the face of US tariffs. In a Special Report published today, UOB Asset Management (UOBAM) assesses that Asian markets could even rally if negotiations ahead of the new 1 August deadline result in improved rates relative to those announced in April. The implication here is that investors no longer expect a return to previous trading arrangements but are nevertheless sanguine about the region's ability to withstand moderate tariffs. Colin Ng, UOBAM's Head of Asian Equities, explains, "The majority of Asian economies are likely to recover relatively quickly from the direct impact of US tariffs. A slowdown in exports to the US can be offset by trading with other countries, and in particular, with their Asian neighbours" "This is because, on the one hand, more and more Asian companies are building globally recognisable brands, and on the other, the Asian consumer base is now large and affluent enough to absorb these products. That is why ASEAN has taken over from the US as China's biggest trading partner." The UOBAM Special Report, entitled "Will US tariffs detail Asia's growth?" looks at the short- and longer-term implications of US tariffs on seven markets in Asia, including the big exporters such as Korea, Taiwan region and Singapore as well as those more domestically-focused such as Malaysia and Indonesia. Ng warns that the risk to Asian economies comes instead from the indirect impact of US tariffs, that is. if the tariffs result in a global growth slowdown or a recession. This is turn would cause the global demand for Asian exports to shrink. However, based on the economic data released so far, Ng says this is not UOBAM's base case. Read the full report: About UOB Asset Management UOB Asset Management Ltd (UOBAM) is a wholly-owned subsidiary of United Overseas Bank Limited. Established in 1986, UOBAM has nearly 40 years of experience in managing collective investment schemes and discretionary funds in Singapore, making us among the largest unit trust managers by assets under management. As of 30 June 2025, we manage 65 unit trusts in Singapore and together with our subsidiaries, oversees S$37.6 billion in clients' assets. Headquartered in Singapore, UOBAM has a strong presence across Asia, with business and investment offices in Brunei, Indonesia, Japan, Malaysia, Thailand and Vietnam. Our network includes UOB Islamic Asset Management Sdn Bhd in Malaysia, a joint venture with Ping An Fund Management Company Limited and strategic alliances with partners such as Wellington Management Singapore. UOBAM is one of the region's most awarded asset managers, with over 380 awards won. In 2025, we were recognised as the Best Regional Asset Management Company by the Asia Asset Management and previously named Best Asset Management House in Asia – 20 Years in 2023. Our digital innovation has also earned top honours, including Best Digital Wealth Management in Asia[1] and Best Robo Advisory Initiative[2] for 3 consecutive years as of 2024. As a leader in sustainable investing, UOBAM was awarded Best application of ESG in ASEAN[3] (2023) and has received multiple sustainability accolades in Indonesia and Thailand. Our artificial intelligence capabilities were also recognised with the Most Innovative Application of Artificial Intelligence (ASEAN) for 2 consecutive years[4]. Connect with us: LinkedIn | Facebook [1] Awarded by Asia Asset Management [2] Awarded by The Digital Banker for the Global Retail Banking Innovations Award [3] Awarded by Asia Asset Management [4] As of 2025, by Asia Asset Management View original content to download multimedia: SOURCE UOB Asset Management
Reuters
7 hours ago
- Business
- Reuters
South Korea is taking a close look at US-Japan trade deal, minister says
SEOUL, July 23 (Reuters) - South Korea's Industry Minister Kim Jung-kwan said on Wednesday that Seoul is taking a close look at the U.S.-Japan trade deal, in comments to reporters before boarding a plane to Washington for talks with U.S. counterparts. South Korea is a major competitor of Japan in areas such as autos and steel, so news of Japan's trade deal will pile pressure on Seoul to come up with its own agreement ahead of an August 1 deadline to avoid the full force of 25% reciprocal U.S. tariffs. Kim said he will have meetings with the U.S. Secretary of Commerce Howard Lutnick and Secretary of Energy Chris Wright during his visit, among others. In a post on Truth Social, U.S. President Donald Trump said the trade deal Japan struck with the U.S. would include $550 billion of Japanese investments in the United States. He also said that Japan would increase market access to American producers of cars, trucks, rice and certain agricultural products, among other items. South Korean newspaper Chosun Ilbo reported last week that during trade talks earlier this month the U.S. had asked Seoul to create a large-scale investment fund to support the reconstruction of the U.S. manufacturing industry, without naming a clear source.
Malay Mail
2 days ago
- Business
- Malay Mail
Indonesia says 19pc US tariff might kick in before August 1
JAKARTA, July 21 — Indonesia's chief economic minister Airlangga Hartarto said today that a 19 per cent tariff on Indonesian goods entering the United States could come into effect sooner than an August 1 deadline set by US President Donald Trump. Airlangga said the timing of the tariff depended on a joint statement expected soon between the two countries, which reached a trade deal last week that led to a reduction in the threatened US proposed tariff rate to 19 per cent from 32 per cent. The deal was one of only a handful reached so far by the Trump administration ahead of the August 1 negotiation deadline with numerous countries. — Reuters
Reuters
2 days ago
- Business
- Reuters
Indonesia says 19% US tariff might kick in before August 1
JAKARTA, July 21 (Reuters) - Indonesia's chief economic minister Airlangga Hartarto said on Monday that a 19% tariff on Indonesian goods entering the United States could come into effect sooner than an August 1 deadline set by U.S. President Donald Trump. Airlangga said the timing of the tariff depended on a joint statement expected soon between the two countries, which reached a trade deal last week that led to a reduction in the threatened U.S. proposed tariff rate to 19% from 32%. The deal was one of only a handful reached so far by the Trump administration ahead of the August 1 negotiation deadline with numerous countries.
Yahoo
2 days ago
- Politics
- Yahoo
Japan PM hangs on after 'extremely regrettable' election
Japanese Prime Minister Shigeru Ishiba clung on Monday even after his coalition suffered what he called an "extremely regrettable" election result, as painful new US tariffs loom. In Sunday's election Ishiba's Liberal Democratic Party (LDP), which has governed almost continuously since 1955, and its partner Komeito fell a projected three seats short of retaining a majority in the upper house. Voters angry at inflation turned to other parties, notably the "Japanese first" Sanseito, which made strong gains with its "anti-globalist" drive echoing the agenda of populist parties elsewhere. "I even think (the LDP) should have lost more," 25-year-old Kazuyo Nanasawa, who voted for a small ultra-conservative party, told AFP, adding that Ishiba should quit. The debacle comes only months after Ishiba's coalition was forced into a minority government in the more powerful lower house, in the LDP's worst result in 15 years. But asked late Sunday if he intended to remain in office, Ishiba told local media: "That's right." "Changes in the external environment, such as the international situation, or natural disasters, cannot wait for the political situation to improve," Ishiba told a news conference on Monday. "For this reason, although I'm acutely aware of our grave responsibility for the election results, in order to not let politics become stagnant, I believe I must fulfil my responsibility as the party with the most votes and to the people of the country, while listening carefully and sincerely to the voices of the local people," he said. It was unclear in any case who might step up to replace Ishiba now that the government needs opposition support in both chambers to pass legislation. LDP supporter Takeshi Nemoto, 80, told AFP that a new leadership contest "would be a losing battle" for the party, further complicating tariff talks with US President Donald Trump's administration. "Diplomacy is under pressure at the moment," agreed Shuhei Aono, 67. "Who is going to take care of it? I think (Ishiba) cannot easily withdraw." - 'Japanese first' - The election saw 125 seats in the 248-seat upper house contested. The coalition needed 50 of those but local media reported they only won 47, with the LDP winning 39 and Komeito eight, giving them 122 deputies. Second-placed was the Constitutional Democratic Party of Japan (CDP), which won 22 contested seats, followed by the Democratic Party For the People (DPP) with 17. The right-wing Sanseito party won 14 seats. Sanseito wants "stricter rules and limits" on immigration, opposes "radical" gender policies, and wants a rethink on decarbonisation and vaccines. It was forced last week to deny any links to Moscow -- which has backed populist parties elsewhere -- after a candidate was interviewed by Russian state media. The opposition is fragmented, and chances are slim that the parties can form an alternative government, Hidehiro Yamamoto, politics and sociology professor at the University of Tsukuba, told AFP. Expanding the coalition would be difficult, with the DPP the most likely partner "on the condition that (the government) delivers some of the positive fiscal measures, such as tax cuts," he said. More likely is that Ishiba will continue needing opposition support on a case-by-case basis to pass legislation. - Trump tariffs - After years of stagnant or falling prices, consumers in the world's fourth-largest economy have been squeezed by inflation since Russia's 2022 invasion of Ukraine. In particular, the price of rice has doubled, squeezing many household budgets despite government handouts. Not helping is lingering resentment about an LDP funding scandal, and US tariffs of 25 percent due to bite from August 1 if there is no trade deal. Japanese imports are already subject to a 10 percent tariff, while the auto industry, which accounts for eight percent of jobs, is reeling from a 25 percent levy. On Monday tariffs envoy Ryosei Akazawa left on his eighth visit to Washington. "We will achieve an agreement that is beneficial to both Japan and the US, based on the concept of investment rather than tariffs," said Ishiba. kh-nf-stu/mtp
