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Business Standard
a day ago
- Business
- Business Standard
China's five-year plan enters final year: How much has it delivered?
China is entering the final stretch of its 14th Five-Year Plan, the country's blueprint for economic and social development. With just months to go before the plan wraps up in 2025, the Chinese Communist Party is preparing to chart the course for the next five years. On Wednesday, state media announced that the Party will hold a key meeting in October in Beijing to set priorities for the 15th Five-Year Plan (2026–2030). The upcoming Fourth Plenary Session will bring together more than 370 senior officials. As global growth slows and tensions with the United States persist, China is using this moment to assess where it stands—and where it's headed next. What are five-year plans, and why do they matter? In China, Five-Year Plans are more than just paperwork. Since 1953, these policy roadmaps have guided nearly every corner of the country's development — from steel production to school reform, internet regulation to green energy. The plans are drafted by the National Development and Reform Commission (NDRC), reviewed by the Communist Party leadership, and approved by the National People's Congress. Though China now operates a market economy, the plans remain central to its long-term strategy. China's current five-year plan 2021-25 The current 14th Plan, adopted in 2021, came with a long list of goals. It aimed to grow the economy steadily, boost homegrown innovation, cut carbon emissions, and improve people's lives, while also keeping the country secure and stable in a rapidly changing world. What China set out to do by 2025 According to the official plan document, the 14th Five-Year Plan (2021–2025) focused on eight big areas: Grow smarter, not just faster – Shift from high-speed to high-quality development. Rely more on domestic innovation – Invest in science and technology to reduce foreign tech dependence. Boost local demand – Rely less on exports, more on consumer spending at home. Go green – Cut emissions and lead in clean energy. Keep reform going – Modernise the economy while still opening up to the world. Make life better for people – Improve jobs, health care, education, and social security. Balance the rural-urban divide – Reduce gaps between cities and the countryside. Strengthen security – Safeguard China's economic and national interests. China's scorecard: What's been achieved Now in its fifth and final year, how close has China come to meeting those goals? According to a recent NDRC briefing and official data released by state media Xinhua, progress has been strong across most areas. A separate report by the US Chamber of Commerce, released in May 2025, also presented its own evaluation of China's economic strides. Here is what the reports say: Economic growth China's economy expanded by an average of 5.5 per cent from 2021 to 2024. Evaluation: In line with the goal of stable and high-quality growth, especially considering pandemic-era disruptions and global economic headwinds. US Chamber perspective: The US Chamber of Commerce acknowledged China's industrial advances, but cautioned that overcapacity and inefficiencies have weighed on productivity, contributing to a slower and less balanced growth model. Technological self-reliance Research and Development spending rose by nearly 50 per cent, totalling over 1.2 trillion yuan. Breakthroughs were reported in chips, AI models, and robotics. Evaluation: Clear progress toward the goal of reducing dependency on foreign technology, though external sanctions continue to pose constraints. US Chamber perspective: The Chamber's assessment agreed that China made strides in emerging sectors like robotics and AI, but emphasised ongoing vulnerabilities in semiconductors, advanced machinery, and biopharmaceuticals — sectors where foreign dependence remains high. Domestic demand and economic restructuring Consumption contributed 56.2 per cent to GDP growth, an increase of 8.6 percentage points from the previous plan period. Evaluation: Achieved intended rebalancing from investment-driven to consumption-led growth. US Chamber perspective: The report added that despite these structural shifts, China's industrial policies continue to favour producers over consumers, limiting the potential for stronger domestic demand and creating persistent imbalances. Green transition Energy consumption per GDP unit fell by 11.6 per cent. Installed renewable energy reached 2.09 billion kW. New energy vehicles surged to 31.4 million. Evaluation: Exceeded targets. China remains a global leader in renewable capacity and electric vehicle deployment. US Chamber perspective: The Chamber recognised China's technological edge in clean energy, but noted that massive state-driven capacity—particularly in solar panels and EVs—has begun to distort global markets and escalate trade tensions. Reform and opening-up Despite geopolitical tensions, foreign trade and investment levels remained stable. The number of private enterprises surpassed 58 million. Evaluation: Mixed success—private sector growth and trade continued, but foreign investment sentiment remains uneven due to policy unpredictability. US Chamber perspective: The report mentioned that foreign firms continue to face market access restrictions, discriminatory procurement rules, and forced localisation, challenging China's narrative of openness and reform. Employment and welfare Over 12 million new urban jobs are created annually. Social insurance coverage remains above 90 per cent. Evaluation: On track. Employment and social welfare targets were largely met despite economic pressure. US Chamber perspective: The report observed that most policy benefits favoured state-backed industrial firms over household welfare, limiting broader livelihood gains and contributing to rising inequality. Urban–rural integration Urbanisation, average life expectancy, and food/energy production exceeded projections. Evaluation: Progress exceeds expectations. Income disparities persist but are narrowing, according to NDRC metrics. US Chamber perspective: While not a primary focus, the US Chamber of Commerce report noted that industrial policies have led to uneven regional outcomes, with wasteful duplication in some provinces and underinvestment in others. National security and stability Enhanced food and energy security, maintained social stability during the pandemic and economic restructuring. Evaluation: Strong performance in stability and self-sufficiency areas. China continues to build capacity for crisis response and strategic autonomy. US Chamber perspective: The Chamber added that the push for self-sufficiency is rooted in national security concerns, but warned it risks exacerbating global fragmentation, retaliation, and supply chain decoupling. China's 15th five-year-plan (2026-30) Officials say the gains made during the 14th FYP lay a strong foundation for the upcoming 15th Plan. With geopolitical tensions rising and global economic uncertainties deepening, the next plan is expected to prioritise technological independence, demographic policy, and large-scale industrial AI integration. 'We are entering a phase of industrial transformation, and the foundation laid over the past four years will support sustainable growth in the next cycle,' said Hu Qimu, deputy secretary-general of the Forum 50 for Digital-Real Economies Integration, speaking to the Global Times.
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First Post
5 days ago
- Politics
- First Post
How Epstein files are a turning point in Trump's Maga presidency
September could bring bad tidings for the Trump presidency, as both Houses of Congress reconvene after their hasty early closure in July, with Jeffrey Epstein at the top of the agenda read more A person takes a photo as a message calling on President Donald Trump to release all files related to Jeffrey Epstein is projected onto the US Chamber of Commerce building across from the White House in Washington, DC, on July 18. AFP United States President Donald Trump faces the sternest test of his turbulent second term in the White House. For the first time since he took office, Trump's Make America Great Again (Maga) base is turning against him. In an unprecedented move, Republican House Speaker Mike Johnson shut down Congress weeks ahead of the August summer recess to avoid Democrats—and angry Republicans—seeking answers to the snowballing Epstein issue. Jeffrey Epstein, a convicted paedophile and a sex trafficker, committed suicide at New York's Metropolitan Correctional Centre in August 2019. Trump has denied involvement in Epstein's infamous parties with underage girls. The furore could have passed but for two disclosures. STORY CONTINUES BELOW THIS AD First, The Wall Street Journal published a lewd birthday greeting allegedly written by Trump to Epstein in 2003. The letter was signed by Trump, the Journal claimed, and had a prurient sketch. An enraged Trump sued the Rupert Murdoch-owned newspaper for $10 billion and banned it from his press pool during his weekend visit to his two golf courses in Scotland. Worse was to follow. CNN revealed a verified image of Epstein attending Trump's marriage to his second wife, Marla Maples, in 1993. Trump had earlier denied he knew Epstein well and had no knowledge of his paedophilia. CNN's report provided explicit details: 'Photos from 1993 confirm for the first time that Epstein attended Trump's 1993 wedding to Marla Maples. Epstein's attendance at the ceremony at the Plaza Hotel was not widely known until now. In addition, footage from a 1999 Victoria's Secret fashion event in New York shows Trump and Epstein laughing and chatting together ahead of the runway event. 'The new footage and photos, which have not been reported and predate any of Epstein's known legal issues, come amid renewed scrutiny of Trump's past relationship with Epstein. Allegations that Epstein sexually abused underage girls first surfaced in 2005, leading to his arrest a year later. He was arrested again in 2019 on federal sex trafficking charges and later died in jail. The medical examiner ruled his death a suicide by hanging. STORY CONTINUES BELOW THIS AD 'In 2002, Trump was quoted in a New York magazine profile of Epstein—'Jeffrey Epstein: International Moneyman of 'Mystery'—describing him as 'a terrific guy', saying he's known Epstein for 15 years. 'It is even said that he likes beautiful women as much as I do, and many of them are on the younger side,' Trump said.' The real danger for Trump is not the media exposés but wilting support from his Maga base. It is where he draws his power. If that support wanes, the damage could ripple through the slender Republican majorities in the Senate and House of Representatives, crippling Trump's agenda on trade tariffs and immigration. A two-day Reuters/Ipsos opinion poll showed that nearly 70 per cent of respondents believed Trump 'was hiding details about Epstein's clients'. Only 6 per cent said he wasn't. The rest said they weren't sure. Trump's voter base in the 2024 US presidential election comprised more than 50 per cent of all Americans. If that support falls significantly over the Epstein issue, it could prove to be a turning point in his presidency. Since Trump knows he can't be president a third time, his principal aim is to protect his legacy and the Republicans' chances in the midterm Congressional elections due in November 2026. STORY CONTINUES BELOW THIS AD To limit the damage, Trump has ordered his attorney general, Pamela Bondi, to release Grand Jury findings on the Epstein case. But both Democrats and Republicans know this is a ruse. Grand Jury transcripts will not reveal Epstein's clients and whether Trump was among them. They are simply screening mechanisms by the jury to validate a criminal case. What Democrats, sensing a kill, want are unredacted files of Epstein that contain explicit details of his clients and their travel to his private Caribbean island. Trump has refused to unseal these files. This contrasts with Bondi's declaration on February 27, when her office released 200 pages of Epstein documents. Bondi's office issued this statement: 'Attorney General Bondi requested the full and complete files related to Jeffrey Epstein. In response, the department received approximately 200 pages of documents. However, the attorney general was later informed of thousands of pages of documents related to the investigation and indictment of Epstein that were not previously disclosed. The Attorney General has requested the FBI deliver the remaining documents to the Department.' STORY CONTINUES BELOW THIS AD The Xi Factor Trump is meanwhile fighting multiple battles. He is keen to meet Chinese President Xi Jinping later this year. Xi has proved the hardest nut to crack in Trump's global trade war. Fond of grand gestures, Trump would like to do a trilateral summit with both Xi and Russian President Vladimir Putin to reprise the famous Roosevelt-Churchill-Stalin summit between the US, Britain, and the Soviet Union in Yalta, Crimea, in February 1945, in the midst of the Second World War. The only change: Xi replaces Churchill in a reflection of the rise and fall of Great Powers. Trump is also looking forward to his second state visit to Britain on September 17-19, hosted by King Charles III at Buckingham Palace. British Prime Minister Keir Starmer secured an early US-UK trade deal by carrying with him to the White House a personal invitation signed by King Charles. But September could also bring bad tidings for the Trump presidency. Both Houses of Congress will reconvene after their hasty early closure in July. The first item on the agenda: Jeffrey Epstein. STORY CONTINUES BELOW THIS AD If more damaging revelations meanwhile emerge about Trump's links with Epstein, they will erode not only his wider public support but also diminish his credibility with his Maga base. The writer is an editor, author and publisher. Views expressed in the above piece are personal and solely those of the author. They do not necessarily reflect Firstpost's views.
The Guardian
7 days ago
- Business
- The Guardian
A fifth of California homes are investor-owned as state's affordability crisis deepens
One in five homes in California is owned by investors, new data reveals, in the latest sign of an affordability crisis that shows no end in sight. The figures, which come from the data tracker BatchData and were analyzed by the Orange County Register, show that California's overall percentage of investor home ownership sits at 19%. The rate is higher in the state's mountain regions such as Sierra county, which has an 83% share of its homes owned by investors, compared with coastal Ventura county, at just 14%. In seven California counties – Sierra, Trinity, Mono, Alpine, Plumas, Modoc and Calaveras – investors owned more than 50% of homes. California's most urban counties, featuring some of its most prized and expensive real estate, had lower shares of investor-owned homes, with Los Angeles county at 15% and San Francisco, San Diego and Orange counties at 16%. While the trend is not unique to California – the state ranks 36th in the country, and just a shade under the 20% national average – it comes as the state is experiencing an acute housing shortage. Home prices in the Golden state are among the most expensive in the nation, and have jumped 50% in the past six years. The US Chamber of Commerce estimates that the US is short roughly 4.5m homes. The share of investor-owned homes is rising as well, accounting for 26.8% of all national residential property sales in the first quarter of 2025. While this indicated the highest percentage in five years, BatchData attributed the number less to increasing investor activity, and more to rising costs of home ownership serving as a barrier for homebuyers. The doubling of mortgage rates in 2022 significantly cut homebuyer purchases, thus increasing investors' share. The report, which did not define what qualifies as an 'investor', saw the sector filling a crucial role in tight markets. 'With traditional buyers sidelined by affordability constraints, investors are providing essential marked liquidity while targeting distinct property segments and geographic markets,' the report said. Omar Ocampo, a researcher at the Institute for Policy Studies and co-author of Billionaire Blowback on Housing, says the 'mega investors and small investors' want to 'make as much money as possible'. Ocampo is not sold that this helps make housing affordable. 'They bring liquidity into the market because they're pouring billions of dollars of cash into real estate, but that is not putting downward pressure on prices,' he said. 'We would argue that's putting upward pressure on prices.' Ocampo acknowledged a shortage of housing, but said that, given investment patterns, an affordability solution would take more than just building new units. 'What happens if you build more housing, and institutional investors are buying up 20% of the new stock?' Ocampo said. 'It's like a never-ending cycle.' Tourist-heavy states Hawaii and Alaska clocked in with the highest share of investor-owned homes with 40% and 35%, respectively. Affordable states such as Arkansas (30%) and West Virginia (30%) also ranked highly. By quantity, California had the second highest number of investor-owned homes in the country (1.45m) after Texas (1.66m), with Florida clinching the bronze medal at 1.21m. Investors owing between one and five properties account for 85% of investor-owned homes, and those owning between six and 10 properties account for another 5%, bringing the total share of small investor-owned homes to about 90%.
The Guardian
7 days ago
- Business
- The Guardian
A fifth of California homes are investor-owned as state's affordability crisis deepens
One in five homes in California is owned by investors, new data reveals, in the latest sign of an affordability crisis that shows no end in sight. The figures, which come from the data tracker BatchData and were analyzed by the Orange County Register, show that California's overall percentage of investor home ownership sits at 19%. The rate is higher in the state's mountain regions such as Sierra county, which has an 83% share of its homes owned by investors, compared with coastal Ventura county, at just 14%. In seven California counties – Sierra, Trinity, Mono, Alpine, Plumas, Modoc and Calaveras – investors owned more than 50% of homes. California's most urban counties, featuring some of its most prized and expensive real estate, had lower shares of investor-owned homes, with Los Angeles county at 15% and San Francisco, San Diego and Orange counties at 16%. While the trend is not unique to California – the state ranks 36th in the country, and just a shade under the 20% national average – it comes as the state is experiencing an acute housing shortage. Home prices in the Golden state are among the most expensive in the nation, and have jumped 50% in the past six years. The US Chamber of Commerce estimates that the US is short roughly 4.5m homes. The share of investor-owned homes is rising as well, accounting for 26.8% of all national residential property sales in the first quarter of 2025. While this indicated the highest percentage in five years, BatchData attributed the number less to increasing investor activity, and more to rising costs of home ownership serving as a barrier for homebuyers. The doubling of mortgage rates in 2022 significantly cut homebuyer purchases, thus increasing investors' share. The report, which did not define what qualifies as an 'investor', saw the sector filling a crucial role in tight markets. 'With traditional buyers sidelined by affordability constraints, investors are providing essential marked liquidity while targeting distinct property segments and geographic markets,' the report said. Omar Ocampo, a researcher at the Institute for Policy Studies and co-author of Billionaire Blowback on Housing, says the 'mega investors and small investors' want to 'make as much money as possible'. Ocampo is not sold that this helps make housing affordable. 'They bring liquidity into the market because they're pouring billions of dollars of cash into real estate, but that is not putting downward pressure on prices,' he said. 'We would argue that's putting upward pressure on prices.' Ocampo acknowledged a shortage of housing, but said that, given investment patterns, an affordability solution would take more than just building new units. 'What happens if you build more housing, and institutional investors are buying up 20% of the new stock?' Ocampo said. 'It's like a never-ending cycle.' Tourist-heavy states Hawaii and Alaska clocked in with the highest share of investor-owned homes with 40% and 35%, respectively. Affordable states such as Arkansas (30%) and West Virginia (30%) also ranked highly. By quantity, California had the second highest number of investor-owned homes in the country (1.45m) after Texas (1.66m), with Florida clinching the bronze medal at 1.21m. Investors owing between one and five properties account for 85% of investor-owned homes, and those owning between six and 10 properties account for another 5%, bringing the total share of small investor-owned homes to about 90%.
Straits Times
20-07-2025
- Politics
- Straits Times
A 15-year bond between Trump and Epstein: Parties, jets and women
A message calling on President Donald Trump to release all files related to Jeffrey Epstein is projected onto the US Chamber of Commerce building across in Washington, DC, on July 18. NEW YORK - In the swirl of money and suntanned women that was their Palm Beach-and-Manhattan set, Donald Trump and Jeffrey Epstein spent nearly 15 years mingling side by side as public friends. There were lavish dinners with boldface names at Epstein's mansion on New York City's Upper East Side and raucous parties with cheerleaders and models at Mr Trump's private club and residence at Mar-a-Lago in Florida. In between, there were trips back and forth from Florida to New York on one of Epstein's private jets. But behind the tabloid glamour, questions have lingered about what Mr Trump's long association with Epstein says about his judgment and character, especially as his allies have stoked sinister claims about Epstein's connections to Democrats. After their relationship ruptured, the disgraced financier ended up behind bars not just once, but two times, after being accused of engaging in sex with teenage girls. One of the young women who later said Epstein groomed and abused her was recruited into his world while working as a spa attendant at Mar-a-Lago. Another accuser recalled being eyed by Mr Trump during a brief encounter in Epstein's office, and claimed that Epstein had told Mr Trump at the time, 'She's not for you.' Another woman has said that Mr Trump groped her when Epstein brought her to Trump Tower in Manhattan to meet him. This past week, The Wall Street Journal reported that Mr Trump gave Epstein a note for his 50th birthday in 2003 that included a sketch of a naked woman and a cryptic reference to a 'secret' the two men shared. Mr Trump has denied writing the message and filed a libel lawsuit on July 18 challenging the story. The New York Times has not verified the Journal report. Mr Trump has never been accused of wrongdoing in connection with the Epstein case, and has said he had 'no idea' that Epstein was abusing young women. In response to a request for comment about the president's history with Epstein, Ms Karoline Leavitt, the White House press secretary, said Mr Trump had barred Epstein from his Mar-a-Lago club 'for being a creep'. 'These stories are tired and pathetic attempts to distract from all the success of President Trump's administration,' she said in a statement. Top stories Swipe. Select. Stay informed. Singapore 1 in 3 vapes here laced with etomidate; MOH working with MHA to list it as illegal drug: Ong Ye Kung Singapore HSA extends hotline hours, launches new platform to report vaping offences Singapore Tampines regional centre set to get more homes, offices and public amenities Multimedia How to make the most out of small homes in Singapore World Diplomats dismissed: Inside the overhaul reshaping Trump's foreign policy Life US tech CEO Andy Byron resigns after viral Coldplay 'kiss cam' video Opinion I thought I was a 'chill' parent. Then came P1 registration Singapore 'God and government are the only things beyond our control,' says Group CEO Mr Trump and Epstein largely went separate ways after a falling-out around 2004, taking drastically different paths – one toward jail and suicide, the other toward further celebrity and the White House. As criticism of the handling of Epstein's case mounted over the years, some of Mr Trump's staunchest allies promoted theories that the government had covered up the extent of his network to protect what they have described as a cabal of powerful men and celebrities, largely Democrats. Now, that story has entangled Mr Trump himself in what amounts to one of the biggest controversies in his second White House stint. The conflict has come primarily from his own appointees, who, after months of promoting interest in the files, abruptly changed course and said there was no secret Epstein client list and backed the official finding that Epstein had killed himself. Still, under mounting pressure from his own supporters to release the government's files on Epstein, the president this past week ordered the Justice Department to seek the unsealing of grand jury testimony in the criminal case brought against Epstein in 2019 and one year later against his longtime partner Ghislaine Maxwell, who is serving a 20-year sentence on a sex-trafficking conviction. She has asked the Supreme Court to consider her appeal. Even if they are released, the transcripts are unlikely to shed much light on the relationship between the two men, which did not figure prominently in either criminal case. What seemed to draw them together, according to those who knew them at the time, was a common interest in hitting on – and competing for – attractive young women at parties, nightclubs and other private events. Palm beach neighbours Mr Trump and Epstein appear to have met around 1990, when Epstein bought a property 2 miles north of Mar-a-Lago and set about staking a claim in Palm Beach's moneyed, salt-air social scene. Mr Trump, who had purchased Mar-a-Lago five years earlier, had already established his own brash presence in the seaside enclave as a playboy with a taste for gold-leaf finery. The two had much in common. Both were outer-borough New Yorkers who had succeeded in Manhattan. Both were energetic self-promoters. And both had reputations as showy men about town. In 1992, an NBC News camera captured the pair at a Mar-a-Lago party that featured cheerleaders from the Buffalo Bills, who were in town that weekend for a game against the Miami Dolphins. At one point in the footage, Mr Trump can be seen dancing amid a crowd of young women. Later, he appears to be pointing at other women while whispering something in Epstein's ear, causing him to double over with laughter. Months later, when Mr Trump hosted a party at Mar-a-Lago for young women in a so-called calendar girl competition, Epstein was the only other guest, according to Mr George Houraney, a Florida-based businessman who arranged the event. Mr Houraney recalled being surprised that Epstein was the only other person on the guest list. 'I said, 'Donald, this is supposed to be a party with VIPs,' ' he told the Times in 2019. 'You're telling me it's you and Epstein?'' Mr Houraney's then-girlfriend and business partner Jill Harth later accused Mr Trump of sexual misconduct on the night of the party. In a lawsuit, she said Mr Trump took her into a bedroom and forcibly kissed and groped her, and restrained her from leaving. She also said that a 22-year-old contestant told her that Mr Trump later that night crawled into her bed uninvited. Ms Harth dropped her suit in 1997 after a related case filed by Mr Houraney was settled by Mr Trump, who has denied her allegations. Mr Trump and Epstein were spotted again at a 1997 Victoria's Secret 'Angels' party in Manhattan. The lingerie company was run by Mr Leslie H. Wexner, a billionaire businessman who handed Epstein sweeping power over his finances, philanthropy and private life within years of meeting him. Court records show that Mr Trump was among those who got rides on Epstein's private jet. Over four years in the 1990s, he flew on Epstein's Boeing 727 at least seven times, largely making jaunts between Palm Beach and a private airport in Teterboro, New Jersey, just outside New York. 'I've known Jeff for 15 years. Terrific guy,' Mr Trump told New York magazine in 2002. 'He's a lot of fun to be with. It is even said that he likes beautiful women as much as I do, and many of them are on the younger side. No doubt about it – Jeffrey enjoys his social life.' An encounter at Mar-a-Lago In 2000, court records show Maxwell, a British socialite who had long been tied to Epstein, struck up a conversation with a 17-year-old girl outside a locker room at Mar-a-Lago. Her name was Virginia Giuffre, and she was a spa attendant at the club, having gotten the job through her father, who worked there as a maintenance man. According to Ms Giuffre, Maxwell offered her a job on the spot as a masseuse for Epstein after seeing that she was reading a book about massage, telling her that she did not need to have any experience. She said that when she was brought to Epstein's Palm Beach home, she found him lying naked on a table. Maxwell, she claimed, instructed her on how to massage him. 'They seemed like nice people,' she later testified, 'so I trusted them.' But over the next two years or so, Ms Giuffre claimed that she was forced by Epstein and Maxwell to have sex with a series of famous men, including Prince Andrew, a member of the British royal family. The prince has denied the accusations and declined to help federal prosecutors in their investigation of Epstein. Ms Giuffre, who died by suicide in April, always maintained that she was trafficked to the prince and other men, once telling the BBC that she had been 'passed around like a platter of fruit' to Epstein's powerful associates. Some women who were in Epstein's orbit have said they encountered Mr Trump during this period. One woman Maria Farmer, who has said she was victimised by Epstein and Maxwell, described an encounter with Mr Trump in 1995 at an office that Epstein once kept in New York City. An art student who had moved to New York City to pursue a career as a painter, Ms Farmer recalled in a 2019 interview that when she was introduced to Mr Trump, he eyed her, prompting Epstein to warn him, 'She's not for you.' Ms Farmer's mother Janice Swain said her daughter had described the interaction with Mr Trump around the time it occurred. Ms Stacey Williams, a former Sports Illustrated swimsuit model, has said she was groped by Mr Trump when she was introduced to him by Epstein, whom she was dating at the time. It was 1993, she said, and she was on a walk with Epstein on Fifth Avenue in Manhattan when he suggested that they pop into Trump Tower to say hello to Trump. Williams thought nothing of it at the time because, as she later put it, 'Jeffrey talked about Trump all the time.' After Mr Trump greeted them in a waiting area outside his office, Ms Williams said, he pulled her toward him, touching her breasts, waist and buttocks as if he was 'an octopus'. She said she later wondered whether she had been part of a challenge or wager between the two men. 'I definitely felt like I was a piece of meat delivered to that office as some sort of game,' she recalled to the Times in 2024. At the time, Mr Trump's presidential campaign denied that the episode had occurred, calling the allegations 'unequivocally false' and politically motivated. In an interview on July 18, Ms Williams said she was upset to hear Mr Trump referring to some of the Epstein story as a 'hoax' and 'boring' news. 'I mean, it's absurd,' she said of his speaking dismissively of the case. Parting ways Eventually, in late 2004, Mr Trump and Epstein ended up squaring off – this time, over a piece of real estate. It was the Maison de l'Amitié, a French Regency-style manse that sat along the ocean in Palm Beach. The two hypercompetitive men each had their lawyers bid on the property. Ultimately, Mr Trump came out ahead, purchasing it for US$41.35 million (S$53 million). There is little public record of the two men interacting after that. Mr Trump later told associates he had another reason for breaking from Epstein around that time: His longtime friend, he has said, acted inappropriately to the daughter of a member of Mar-a-Lago, and Mr Trump felt compelled to bar him from the club. Mr Brad Edwards, a lawyer who has represented many of Epstein's victims, said Mr Trump told him a similar story in 2009. Not long after the standoff over the beachfront mansion, the Palm Beach police received a tip that young women had been seen going in and out of Epstein's home. Four months later, there was a more substantial complaint from a woman who claimed that her 14-year-old stepdaughter had been paid US$300 by Epstein to give him a massage while she was undressed. That led to a sprawling undercover investigation that identified at least a dozen potential victims. Epstein hired a team of top lawyers to defend him – including Mr Alan Dershowitz, a Harvard law professor who would later represent Mr Trump, and Mr Ken Starr, the former independent counsel who investigated President Bill Clinton's affair with Monica Lewinsky. The two men helped negotiate a lenient plea deal with R. Alexander Acosta, who was then the US attorney for the Southern District of Florida. Under the deal, Epstein pleaded guilty in 2008 to state charges of soliciting prostitution from a minor. In exchange, he was granted immunity from federal charges, as were all of his potential co-conspirators. He also had to register as a sex offender. In the end, Epstein wound up serving almost 13 months in jail before he was released. For his part, Mr Trump largely steered clear of the controversy. But in February 2015, as he was gearing up for what would end up being a hard-fought campaign against Mrs Hillary Clinton, he sought to connect Epstein to her husband, the former president. Bill Clinton has 'got a lot of problems coming up, in my opinion, with the famous island with Jeffrey Epstein', Mr Trump told Fox News host Sean Hannity during an appearance at the Conservative Political Action Conference, referring to Epstein's private island where he resided and was suspected of trafficking underage girls. 'A lot of problems.' Mr Clinton has denied visiting the island or having any knowledge of Epstein's criminal behavior, and has said he wishes he had never met him. 'I Wasn't a Fan' In July 2019, Epstein was arrested again. Prosecutors from the public corruption unit of the US attorney's office in Manhattan charged him with sex trafficking and a conspiracy to traffic minors for sex. Mr Trump, then in his third year in the White House, immediately sought to distance himself from his old friend. 'I knew him like everybody in Palm Beach knew him,' he told reporters after the charges were revealed. 'I mean, people in Palm Beach knew him. He was a fixture in Palm Beach. I had a falling out with him a long time ago. I don't think I've spoken to him in 15 years. I wasn't a fan.' The new charges brought renewed scrutiny to the original plea deal. Days after Epstein's arrest, Mr Acosta, who had become Mr Trump's labour secretary, announced he would resign amid criticism of his handling of the case. Speaking to reporters about Mr Acosta's decision, Mr Trump reiterated that he had broken off his ties with Epstein 'many, many years ago.' He added: 'It shows you one thing: that I have good taste.' Asked if he had any suspicions that Epstein was molesting young women, Mr Trump replied, 'No, I had no idea.' The next month, after Epstein was found dead in his jail cell in Manhattan in what was later ruled a suicide, Mr Trump weighed in again, reviving what was by then a years-old effort from his first campaign. He shared a social media post that tried to link the death to Mr Clinton. Days later, when pressed about his unfounded claims of Mr Clinton's involvement, Mr Trump did not let up, calling for a full investigation, even though he offered no facts to support his allegations. 'Epstein had an island that was not a good place, as I understand it,' he said. 'And I was never there. So you have to ask: Did Bill Clinton go to the island?' When Mr Trump was asked about the arrest of Maxwell in the summer of 2020 on charges that included the enticement and trafficking of children, his answer left some of his own allies confused. 'I wish her well, whatever it is,' Mr Trump said. In recent weeks, right-wing influencers and Mr Trump's rank-and-file supporters expressed outrage over his administration's conclusion that there were no revelations to share about the case – not least because some of the president's top law enforcement officials, including Attorney General Pam Bondi and FBI Director Kash Patel, had promised to reveal more information about Epstein's crimes. Mr Trump sought to quiet the demands, calling the Epstein scandal a 'hoax' made up by his Democratic adversaries. He also described it as a subject unworthy of further scrutiny. 'Are you still talking about Jeffrey Epstein?' Mr Trump asked reporters with exasperation at a Cabinet meeting July 8. 'This guy's been talked about for years.' NYTIMES
