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NDTV
16 hours ago
- Entertainment
- NDTV
Bourbon Whiskey Is Trending In India. Here Is Why It Deserves A Spot In Your Home Bar
The party never stops at Bourbon Street in New Orleans (NOLA). It was here at 2 am on a typical wild night in NOLA that I first heard about the Mad Men Effect almost a decade ago. Mad Men, the popular 2010s TV show, contributed to the resurgence of classic cocktails like the Old Fashioned. The rise of a global cocktail culture also led to the soaring sales figures of Bourbon whisky. The Kentucky Bourbon tale is one of America's legendary immigrant stories. It all began in the 1770s when European settlers arrived with rugged stills and learnings from their respective countries on how to put these stills to good use. Bourbon might be an American original, but it is slowly finding a fan base in India, too. From five-star bars to home bar carts, this once-niche spirit is now a go-to for mixologists and drinkers looking to shake things up. Also Read: 5 Must-Have Whiskey Glasses For Your Bar Collection Origins The conflicting legends that surround the origin of bourbon whiskey add to its mystique. Some credit Elijah Craig, a Baptist minister and distiller, as the first to age the product in charred oak casks that lend the Bourbon its distinctive brown hue and taste. Some link the origin to Jacob Spears, an early distiller and the first to label his product as Bourbon whiskey. I also heard another version when I was in New Orleans, which historians like Michael Veach have suggested. They believe that the spirit takes its name from Bourbon Street, where Kentucky whiskey was sold as a cheaper alternative to French cognac. Also Read: Confused About Whisky Vs. Whiskey? Here's Everything You Need to Know Bourbon defined Although Bourbon as we know it became an integral part of the American landscape in the second half of the 19th century, it was finally recognised in 1964 by the United States Congress as a distinctive product of the US. Bourbon may be made anywhere in the US, but it is strongly associated with the Southern US and particularly the Bluegrass state - Kentucky. In simple terms, Kentucky Bourbon refers to a barrel-aged whiskey made primarily from corn. The US Congress recognition in 1964 also stated that Bourbon sold in the US must be produced in the country from at least 51% corn and stored in a new container of charred oak. The popularity of Bourbons has also been driven by mixologists across the world. Nitin Goyal, the Bar Manager at The Ritz-Carlton, Bangalore, compares Bourbon to one of your music playlists with popular music. It's just the spirit when you're mixing for a diverse crowd. Reliable, bold and something that makes you look good behind the bar. Bourbon's unique mix of versatility, flavour complexity and versatility makes it ideal for cocktails. Just what you need for your home bar when you play mixologist: Try these Bourbon Cocktails at home Classic Old Fashioned Recipe Courtesy - Nitin Goyal, Bar Manager, The Ritz-Carlton Bangalore This classic cocktail dates back to 1881. It was believed to have been brought to the Waldorf Astoria in New York by a bartender from the Pendennis Club in Louisville, Kentucky, in the heart of Bourbon country. Nitin recommends Bourbons in the 90-100 proof range. Higher proof options like Wild Turkey 101 or Old Forester 100 stand their ground when mixed-they won't get lost in the ice or muddle. Recipe: Bourbon Whiskey - 60 ml Sugar Cube - 1 Cube Aromatic Bitters - 5 ml or 1 bar spoon Method - Build Up Glassware - Cut Old Fashioned Garnish - Orange Twist Aura Recipe courtesy - Hiramon Paul, Bar Manager, Sheraton Grand Pune Bund Garden Hotel This new age cocktail incorporates truffle-infused Bourbon whiskey. Hiramon describes this as an aromatic, fruity and foamy cocktail. He recommends using freshly squeezed lime juice for the cocktail and actual truffle to infuse the whiskey. Ingredients: Truffle-infused bourbon whiskey - 60 ml Egyptian hibiscus ginger flush shrub (House-made) - 30 ml Citrus juice - 10 ml Egg white (optional) Method: Fill a shaker with ice: Add ice to a cocktail shaker until it's about half full. Add the whiskey, lemon juice, and simple syrup: Pour the truffle-infused bourbon, lemon juice and homemade Hibiscus shrub into the shaker. Shake until chilled: Close the shaker and shake vigorously for about 10-15 seconds to combine and chill the ingredients. Strain into a glass: Strain the mixture into a coupe glass filled with a round ice ball. Garnish with dehydrated hibiscus flower as a sustainable practice Smoked Maple Bourbon Sour Recipe courtesy - Madhumita Maltesh, Executive Mixologist, JW Marriott Hotel Bengaluru Madhumita recommends using a Bourbon with a good oak and vanilla profile for both classic and modern drinks. Ingredients: 60 ml Bourbon 20 ml Fresh lemon juice 15 ml Maple syrup Egg white (optional, for froth) Smoke from burnt cinnamon stick (for aroma) Method: Dry shake all ingredients (without ice) to emulsify. Add ice and shake well, again. Strain into a chilled coupe glass. Infuse with cinnamon smoke for a modern twist. Three Kentucky Bourbons for your home bar Wild Turkey 101: Master Distiller Jimmy Russell is a Kentucky legend and the longest-tenured active master distiller in the world; he's been crafting Wild Turkey 101 for over 60 years with a high rye content that's aged in American White Oak barrels with the deepest char for more character. Jim Beam Black: A recent avatar of the popular Kentucky Bourbon. This award-winning, full-bodied Bourbon is extra-aged with an enhanced level of elegance and refinement. The 86-proof Bourbon whisky spends years longer in American White Oak barrels than the original Jim Beam, offering the spirit its full-bodied flavour with notes of warm oak and smooth caramel. Maker's Mark: This small-batch bourbon whiskey produced in Loretto, Kentucky, has acquired a cult following. Never bitter or sharp, Maker's Mark is made with soft red winter wheat, instead of the usual rye, for a one-of-a-kind, full-flavoured Bourbon that's easy to drink. Each and every bottle of Maker's is still hand-dipped in the signature red wax at the distillery. Disclaimer: The opinions expressed within this article are the personal opinions of the author. NDTV is not responsible for the accuracy, completeness, suitability, or validity of any information in this article. All information is provided on an as-is basis. The information, facts or opinions appearing in the article do not reflect the views of NDTV and NDTV does not assume any responsibility or liability for the same. Advertisement About Ashwin Rajagopalan I am the proverbial slashie - a content architect, writer, speaker and cultural intelligence coach. School lunch boxes are usually the beginning of our culinary curiosity hasn't waned. It's only got stronger as I've explored culinary cultures, street food and fine dining restaurants across the world. I've discovered cultures and destinations through culinary motifs. I am equally passionate about writing on consumer tech and travel. For the latest food news, health tips and recipes, like us on Facebook or follow us on Twitter and YouTube. Tags: Bourbon Whiskey Trendubg Wikskey In India Bourbon Cocktails At Home Show full article Comments
Irish Times
2 days ago
- Business
- Irish Times
What US economic madness means for the rest of the world
Tariffs are a major own goal for the US – and also bad for the rest of the world. Tearing up previous agreements on trade casts doubt on whether any new agreement with the US administration will stick. The EU will still try to reach a settlement with Donald Trump by the end of the month, but there is no certainty that reason will prevail. If there is no agreement, we will face a very disruptive and damaging period of trade wars. Even if there is a deal, it will represent a significantly worse outcome for the EU and the US economies than the status quo. Naturally, all our attention is focused on the trade issue, as it will have an immediate impact on both sides of the Atlantic. However, the US budget, passed by the US Congress earlier this month, referred to as the 'One Big Beautiful Act', has even more serious long-term implications for the US economy. First, the US budget provides for a huge tax give-away for the better-off. Second, it plans to cut healthcare for many millions of Americans in 2027, just after the next congressional elections. Third, the combined effect of the changes in tax and expenditure mean the US government deficit will remain at about 6 per cent of GDP for the next decade, even under optimistic growth assumptions. READ MORE The independent Congressional Budget Office forecast that the US debt, currently at 120 per cent of GDP, will as a result rise to rise to about 140 per cent over the coming decade. In the OECD area, only Italy, Greece and Japan are currently experiencing this level of indebtedness. David McWilliams on how 'big incentives' to build could save Dublin city Listen | 36:51 The White House, akin to the short-lived regime of Liz Truss in the UK, proclaims a different reality, asserting that economic growth will solve the budgetary problems, keeping the debt in check. All serious economists in the US indicate that this is a fairy tale. We have learned the hard way that if debt reaches current US levels, stopping a slide into insolvency is very painful. There is no prospect of the US getting out of the debt mess by defaulting – they can just print dollars. Trying to square the circle of continuing to borrow big, while paying rising interest bills, can only be achieved in one of two ways – through inflation, or by what is termed financial repression. While the latter is less likely, it would involve the US government forcing the rest of the US economy to lend to it. However, if the US government hoovered up all national savings, this would severely impact on investment and growth, as has happened in Japan. [ Will Donald Trump fire Jerome Powell? 'I don't rule out anything. But it's unlikely. Unless …' Opens in new window ] The US budgetary problems matter for the rest of the world because most countries, including China, hold much of their financial reserves in the form of US government debt. In the early 1970s under Richard Nixon , when US borrowing was out of control, inflation was allowed to dramatically increase, peaking at 11 per cent in 1974. This very rapidly eroded the value of the US debt, which also represented much of the financial reserves held by the rest of the world. In response to reproaches from US creditors, the then US treasury secretary John Connally responded with Trump-like arrogance: 'Our money, your problem'. This pattern was repeated under Ronald Reagan , and it is highly likely that under Trump a burst of inflation will again be needed to erode the US government debt, much of which represents foreigners' reserves. Already, worry about this has led to a fall of 10 per cent in the value of the dollar compared to the euro since Trump took office. For our exports to the US, the 10 per cent increase in their cost in dollars comes as a double whammy on top of the 10 per cent tariff rate already imposed. [ 'It's Maga, baby': Trump's 50% tariff threat on Brazil marks unprecedented interference in foreign courts Opens in new window ] Other countries won't be as ready to lend to the US when the value of their bond holdings are being eroded. To date, the interest rate paid by the US government for long-term borrowing has not risen significantly, but it is likely to do so over coming years, given the growing risk that the inflation solution will be adopted. With rapidly rising debt, there's increasing temptation for the US to allow inflation by persuading the US central bank, the 'Fed' , to reduce short-term interest rates, rather than choking off inflation through higher interest rates. To date, Trump's threats to force the Fed to reduce interest rates have fallen on deaf ears. Trump may continue to try to strong-arm current Fed chairman Jerome Powell , but will doubtless replace him at the end of his term next year with a less independent, more pliant, nominee.
Economic Times
2 days ago
- Business
- Economic Times
Still waiting for a fourth stimulus cheque in July or August? Here's why that $2,000 isn't coming
Stimulus Checks: Talk of a new $2,000 stimulus cheque landing in July or August 2025 has gone viral. But as of now, neither the IRS nor the US Congress has proposed or approved such a payment. The rumour, fuelled by social media and unverified reports, has no official backing. The deadline to claim the third and final stimulus passed in April 2025. While some US states continue to issue small inflation relief cheques, there is no federal fourth stimulus in the pipeline. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads IRS and Treasury: No fourth cheque in the works Trump's DOGE plan still just a proposal Cost of living rising, relief still sparse Tired of too many ads? Remove Ads Stimulus payment scams and fake forms on the rise A quick look at past stimulus payments The first cheque, issued in March-April 2020, provided up to $1,200 for individuals and $2,400 for married couples, plus $500 per qualifying child under 17 The second cheque, sent by January 2021, was up to $600 per person and $600 per dependent The third cheque, delivered between March and December 2021, gave $1,400 per eligible individual, and $1,400 per dependent How to track refunds or missing stimulus payments Over the past week, rumours have surged online about a fourth stimulus cheque worth $2,000 supposedly coming in July or August 2025. These claims, heavily circulated on social media and through loosely sourced articles, suggest that new federal relief is on the way for struggling there is no official confirmation. Not from the Internal Revenue Service (IRS), not from the US Congress, and not from the Treasury wave of misinformation follows a 19 July article by Rick Adams, which implied that lawmakers were considering new payments due to mounting public pressure. The article stated that single filers earning less than $75,000, and married couples earning under $150,000, would qualify. It also mentioned additional amounts for dependents, with direct deposits possibly starting late 2025 or early 2026 if that 'if' remains very much draft legislation, budget allocation or public statement supports these claims. The most recent IRS update, IR-2025-75 issued on 15 July, focused on tax security and extensions. It made no mention of new stimulus been no movement from the IRS or the Treasury to suggest that another stimulus is being last round of Economic Impact Payments was part of the American Rescue Plan in 2021. That provided up to $1,400 per eligible individual. As of now, the only related payments still being processed involve the 2021 Recovery Rebate Credit, with $2.4 billion in unclaimed funds still being issued. But that process ends by January IRS confirmed in bulletin IR-2024-314 that this is not a new cheque, just money left unclaimed from the third stimulus. Congress has not passed any law approving a fourth round. And the deadline to file for the third stimulus expired on 15 April in February, Donald Trump floated the idea of a one-time $5,000 'DOGE dividend' during a summit in Miami. He tied it to projected savings from Elon Musk's Department of Government Efficiency (DOGE).Trump said, 'We are considering using part of the 20% in savings DOGE identified and giving that back to taxpayers.'That proposal, however, has gone nowhere. There's been no follow-up from Congress, no formal plan, and certainly no timeline. It remains just an idea with no structure or funding behind no denying that many Americans are feeling the pinch. Rising costs of rent, food and healthcare continue to put pressure on households, especially the elderly and low-income earners. Adams noted this in his article, and there is some factual basis to that Security's Cost-of-Living Adjustment (COLA) for 2025 aims to provide some support. But it's not keeping pace with actual inflation cited by calculated that the proposed DOGE savings of $130 billion, even if redistributed, would only amount to around $807 per taxpayer, far below the claimed $2,000. That figure also assumes full congressional approval, which has not been these rumours spread, so do the scams. Users on X (formerly Twitter) have flagged fake text messages and websites offering early access to the supposed IRS is urging caution. In a statement, it advised citizens to 'check for updates and avoid unsolicited payment requests.'It's also worth noting that some states have issued their own forms of inflation relief. These are not federal cheques, and the amounts are far example, New York sent one-time inflation cheques of $200 for individuals earning up to $75,000, and $400 for married couples earning up to $150,000. Pennsylvania, Georgia and Colorado also issued what they termed 'rebate cheques' to qualifying taxpayers or property owners. Each state uses its own put the $2,000 rumour into context by looking at the actual stimulus history:Any unclaimed stimulus payments had to be filed for via the 2021 tax return. The final deadline was 15 April 2025, with no extensions available. Even if a taxpayer requested a filing extension, that did not apply to the stimulus claim. The IRS made clear that 'any unclaimed stimulus payments become the property of the U.S. Treasury.'If you are waiting for a tax refund or think you might have missed a stimulus payment, the best step is to use the IRS's 'Where's My Refund' tool online. It updates daily and lets users track the progress of their federal return. You will need your Social Security number, filing status and the exact refund amount to access the you filed electronically with direct deposit, you can expect to see the refund in your account within 21 days. For paper filers, it might take up to eight the IRS helpline at 800-829-1954 is available for those unable to use the refunds, meanwhile, must be tracked via each state's own tax portal. For example, the Delaware Division of Taxation and the Pennsylvania Department of Revenue each have dedicated online systems.
Yahoo
2 days ago
- Politics
- Yahoo
Fact check: Netanyahu, Smotrich's claim of $1b. Biden aid to judicial reform foes debunked
Netanyahu's endorsement of the false claim came in the form of the sharing of a post by the Likud party from Friday afternoon. Prime Minister Benjamin Netanyahu, Finance Minister Bezalel Smotrich, and other members of the government and coalition falsely claimed on Saturday and Sunday that the former US administration led by President Joe Biden provided nearly 1 billion dollars in aid to Israeli groups who protested the government's controversial 2023 judicial reforms. Netanyahu's endorsement of the false claim came in the form of the sharing of a post by the Likud party from Friday afternoon. The Likud's post citeda report by the US Committee on the Judiciary published a day earlier. According to the Likud and Netanyahu, "An official document published by the US Congress reveals astonishing information confirming what many have long suspected: the previous US administration transferred close to a billion dollars to left-wing organizations in Israel." The data provided by the report, however, show that the maximum government funds that reached the protest groups in question were less than $600,000. The Likud and Netanyahu called the efforts an attempt to "undermine the rule of a democratically elected, stable right-wing government,' adding that "as part of the attempt to overthrow the government, external pressures were applied, leading to a deep social rift, encouragement of disobedience, and dangerous divisions within Israeli society." In a conference on Sunday morning, Smotrich repeated the false claim. 'Over the weekend, a report was released by the US Congress Judiciary Committee revealing that nearly one billion dollars were transferred to approximately 1,000 NGOs with the aim of dismantling the right-wing government and the broader national camp. This is reportedly being supported not only through funding but also by the mobilization of media and academia in service of this campaign.' 'If anyone is wondering what the government has had to face from the moment it was formed, and what challenges it continues to contend with, this event must be understood first, before delving into discussions about its achievements, successes, and failures,' Smotrich concluded. The report listed a large number of anti-judicial reform organizations and cited various funding sources. However, a large majority of the funds listed in the report either did not originate from the US government or did not reach the organizations in question. The report noted that Congress's Committee on the Judiciary and the Committee on Foreign Affairs on March 26 sent letters to six US and Israeli non-governmental organizations (NGOs) to request 'documents related to any grants, cooperative agreements, or other awards received from the US Agency for International Development (USAID) or State Department.' The NGOs in question The six NGOs were Blue and White Future, Movement for Quality Government in Israel, PEF Israel Endowment Funds, Jewish Communal Fund, Middle East Peace Dialogue Network, and Rockefeller Philanthropy Advisors (RPA). According to the report, the organizations produced 380 total documents. According to the report, between 2021-2024 PEF Israel Endowment Funds, which provided some 18 million USD to the protest group Blue and White Future (BWF), received some $187,000 from the RPA, which itself received approximately 50 million USD in grants from the Biden administration during the same period. The report does not specify whether the $187,000 of aid were part of the funds transferred to the protest groups, nor how much of it was received after the protests began in early 2023. The report mentions a second grant as originating in the RPA that reached anti-judicial reform groups. According to the report, between 2021-2024 RPA donated $557,000 to its 'affiliate and partner' Rockefeller Brothers Fund (RBF), which in 2023 donated $370,000 to three groups affiliated with the protests – Foundation for Middle East Peace (FMEP), New Israel Fund (NIF), and 'Brothers and Sisters in Arms.' Following the Hamas massacre on October 7, 2023, the latter organization ceased protests and launched a logistics center based on philanthropy and volunteers to assist IDF reservists and civilian evacuees. The report did not specify whether or not the RBF funds were given before or after October 7. The report also mentions $42,000 in direct aid from the US government to the Movement for Quality Government in Israel (MQG). MQG was a central organization in the protests, but the funds in question were earmarked for educational activities for students in the 11th and 12th grades. A series of other contributions listed in the report to a number of organizations either did not originate in US federal funding, or did not reach protest organizations. The Likud claim about nearly 1 billion USD in aid may have originated in a stat in the report, noting that PEF Israel Endowment Funds, according to which 'between 2021 and 2024, PEF, a US-based tax-exempt entity, provided more than $884 million to over 1,000 Israeli organizations, including groups involved in the judicial reform.' However, the report does not provide proof of any state funding that may have reached PEF other than the aforementioned $187,000, and the sum of grants that the report lists as originating from the US government is below $600,000. The actual number is likely far less, since the grants in question were provided between 2021-2024 and therefore likely came in part before the announcement of the judicial reforms in January 2023. The report also assumes that the grants provided by RPA came specifically from its income from federal funds, even though the organization receives private funding as well. Solve the daily Crossword
Business Times
5 days ago
- Business
- Business Times
The lasting impact of FTAs amid global trade shocks
AS THE US-Singapore Free Trade Agreement (USSFTA) marks its 20th year, the United States' imposition of a 10 per cent baseline tariff on Singapore casts a long shadow over two decades of strong economic partnership between the two countries. Endorsed by the US Congress on the basis that it would 'enhance and strengthen the strong US-Singapore trade relationship', the USSFTA was the US' first free trade agreement (FTA) with an Asia-Pacific country and remains its only FTA with an Asean country. Today, sweeping tariffs imposed by the US constitute the most significant disruptions in the history of global trade. The ongoing trade war and US retreat from multilateralism seems to threaten not only US-Singapore bilateral relations but also the open, rules-based global trading system. 'The era of rules-based globalisation and free trade is over,' remarked Prime Minister Lawrence Wong in a recent ministerial statement. Unilateral measures such as tariffs, regardless of the good intentions, undermine the predictability that the existing global trading system was designed to uphold. The shift towards one-on-one negotiations, as seen in recent US trade policy, allows countries to leverage their market power at the expense of smaller countries such as Singapore that often have weaker bargaining strength. The result is weakening trust and stability in global trade. However, it is important to recognise all is not lost. Established through years of working together, institutionalised cooperation proves resilient. We believe FTAs have a lasting impact that will continue to anchor economic ties. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Quiet resilience of established institutional frameworks FTAs provide a sense of continuity in a volatile trade environment by establishing clear rules and standards. As commitments from these agreements spread across countries, the resulting regulatory harmonisation strengthens economic cooperation. The far-reaching influence of FTAs is exemplified by the USSFTA. Many of its core provisions, such as those on competition policy, have been widely replicated in subsequent US bilateral agreements and mega-regional trade deals. Shared commitments on competition policy help create a more secure and predictable legal environment for investors. Further, e-commerce facilitation provisions introduced in the USSFTA now reflect the baseline for digital trade regulation in FTAs. Newer agreements build on the digital trade rules included in the USSFTA, broadening the scope of commitments to cover nascent issues like cross-border data flows and cybersecurity. Institutional frameworks facilitated by FTAs also remain intact, sustaining stable and open channels of cooperation. For example, notwithstanding current trade disruptions, government procurement provisions in the USSFTA which provide opportunities for firms of each nation to bid on government contracts are still in effect. Singapore's Competition Act of 2004, enacted as part of its obligations under the USSFTA, further demonstrates how trade agreements can have a long-term impact on domestic legal and policy frameworks. The implications of these longstanding institutional frameworks are profound: trade and investment ties run deep. Research by Asia Competitiveness Institute finds that US exports of advanced manufacturing and professional services to Singapore have surged fivefold since the inception of the USSFTA. These exports have facilitated the creation of over half a million jobs in the US between 2000 and 2019. A recent study by the institute also finds that the USSFTA facilitated US expansion of manufacturing activities in Singapore, particularly in chemicals, pharmaceuticals and electronics. Today, the US is the top source of inward foreign direct investment for Singapore, accounting for more than half of the greenfield investments in high value-added and research-intensive sectors. Existing institutional frameworks thus stand the test of time, providing a stable foundation for robust economic relations. Enduring attraction of trade pacts FTAs continue to hold strong appeal as tools of economic integration. Many agreements are being upgraded to address emerging trade priorities, such as tackling non-tariff barriers and enhancing supply chain resilience. The Asean-Australia-New Zealand Free Trade Area (AANZFTA) Upgrade entered into force in April this year and the Asean-China Free Trade Area (ACFTA) Upgrade is slated to be formalised by October. The FTA between Singapore and the Pacific Alliance – a Latin American bloc comprising Chile, Colombia, Mexico, and Peru, and collectively representing the world's ninth-largest economy – has entered into force for three of the five signatories. New forms of institutional arrangements are also emerging to complement traditional FTAs. Digital Economy Agreements (DEAs), designed to set high-standard rules for digital trade, are increasingly becoming key instruments of economic integration. The world's first DEA, the Digital Economy Partnership Agreement (DEPA) signed in 2020, continues to attract interest from a wide range of economies. As at July 2025, seven countries – China, Canada, Costa Rica, Peru, the United Arab Emirates, El Salvador, and Ukraine – have applied to join the DEPA. Singapore and the European Free Trade Association (EFTA) also concluded negotiations on a DEA earlier this month. Talks for Asean's Digital Economy Framework Agreement, expected to be the world's first regional digital economy agreement, are slated to conclude by the end of the year. These efforts to upgrade existing FTAs and forge DEAs reflect the growing demand for forward-looking frameworks suited to evolving economic realities. In particular, countries are seeking institutional mechanisms to govern the burgeoning digital economy. A coherent digital trade governance regime enables countries to better leverage new avenues of growth in digital trade, where more than two-thirds of new value created over the next decade are expected to be driven by digitally enabled platforms. Institutionalised cooperation: a stabilising force for the future Evidently, far from abandoning institutionalised frameworks, countries are deepening and modernising them. Next-generation arrangements continue to embed legal commitments, cultivating stronger cooperation and reinforcing a rules-based system for global trade. Further, countries have continued to deepen cooperation on trade despite the current absence of US involvement. Following US withdrawal from the Trans-Pacific Partnership (TPP), the remaining member countries chose not to abandon the pact. Instead, they pushed forward with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The CPTPP is now one of the world's largest trade blocs, second only to the Regional Comprehensive Economic Partnership (RCEP) of which the US is also not a member. As Senior Minister Lee Hsien Loong notes, 'even though the US is abandoning the rules (…) the rest of the world is still there, and if we can work together, I think we have a fair shot at keeping the system up'. The dangers of a changing global trade landscape are profound and real, but continued commitment to institutionalised forms of cooperation remains a critical stabilising force that keeps the global trading system alive. Jesslene Lee is a researcher at Asia Competitiveness Institute (ACI), Lee Kuan Yew School of Public Policy. Paul Cheung is director of ACI.
