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Spectator
2 days ago
- Business
- Spectator
The US trade deal may come too late for Japan's prime minister
Relief. That was the overriding emotion in the Japanese financial markets and society at large today when, after months of speculation and discord, a trade deal was finally struck between President Trump and Japanese Prime Minister Shigeru Ishiba's trade representative Ryosei Akazawa. The Japanese envoy, who has made eight trips to Washington in pursuit of an agreement, finally pulled it off just a week before the 1 August deadline (after which a hefty 25 per cent levy would have been imposed on all Japanese goods to the US). With the deal, that will be reduced to a probably manageable and reciprocal 15 per cent. Included in the package was an agreement that Japan would invest $550 billion in the US (details to be announced). The immediate market reaction to the agreement was very positive. Asian (not just Japanese) stocks were significantly up, with the automakers doing especially well. The Nikkei rose 3.5 per cent and finished at around 41,000, just 1,000 points off its record high. Futures trading on the Osaka exchange rose by around 4 per cent. All told, it was a good day for the money men, though with the details still be clarified, how long this will be sustained remains to be seen. For those not employed or invested in financial services though, there is relief of a different sort. The tariff episode has damaged what had been an, if not exactly 'special relationship', then certainly a generally warm and cooperative partnership between Japan and the US that people here had come to rely on. Japan was apparently Trump's favourite country of those he visited in his first term, thanks partly to the reasonable press he received and the lack of protests in the street. There was also a personal 'odd couple' (Felix and Oscar style) chemistry between Trump and former Japanese premiere Shinzo Abe that was as palpable as it was amusing. That was then; the mood has since changed considerably. Ishiba's comment early on in the trade dispute that Trump's policy was 'difficult to understand' was an understatement that hinted at a sense of betrayal. The daily media coverage in the press and on national broadcaster NHK has become much more critical of Trump 2.0. The prospect of a new era with a relationship based solely on the narrow focus on trade figures was disturbing here in Japan for more than simply economic reasons. To the generally pro-American Japanese, it felt like a chilling reclassification of what they had thought was a deep-rooted alliance. The pain was especially acute in political circles as Republican presidents had always been seen as especially supportive (there has a been a degree of animus against Democrats ever since Bill Clinton skipped Japan on an Asian tour in 1998). In light of this, Trump's heralding of the deal as confirming that 'we will always have a great relation with the country of Japan', though it may be a pro-forma statement, will reassure the disillusioned to some extent, and there will be hope that things can be patched up. Wise observers will question, though, how great the deal really is, and whether it was finalised less out of loyalty to an old friend as out of the need for Team Trump to chalk up a big win as the August deadline loomed. A visit to Japan to further heal the wounds might not be a bad idea, but if such a meeting occurs, it is not clear that Ishiba will be the one to greet the Donald at Narita airport. The trade deal comes a little too late to help him and he remains, after a bruising Upper House election, on resignation watch. Ishiba's coalition government came close to hanging on to their majority in Sunday's vote but failed, and the parliamentary arithmetic is now dismal. Along with coverage of the trade deal, Ishiba will have read in the morning papers of a poll that puts his cabinet at their lowest approval rating since he took office. This seems a little unfair. Heads will be scratched over why, unless some sort of last-minute magic was worked by Akazawa at his meeting in the White House on Tuesday, which seems unlikely, the deal could not have been announced before the election? It could be that Trump and Ishiba just didn't take to each other. There is a distinct lack of warmth between the two men. Ishiba even snubbed Trump by leaving a Nato summit early, when a meeting was predicted, and declining to fulling endorse the US bombing of Iranian nuclear installations. Ishiba certainly didn't go out of his way to flatter Trump, which many here respect. The deal may be the best that could have been achieved in the circumstances. But all that will count for naught if, as expected, Ishiba is soon forced out to join the very long list of short-lived Japanese prime ministers.
Newsweek
4 days ago
- Business
- Newsweek
Trump Hosts US's Oldest Pacific Ally Amid Tensions With China
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The leader of the Philippines, the oldest U.S. ally in the Pacific region, aims to win over President Donald Trump in talks this week with an offer of greater economic engagement, including a "mutually beneficial" trade deal, to head off a looming 20-percent tariff on Philippine goods. President Ferdinand Marcos Jr., who arrived in the United States on Sunday and is due to meet Trump on Tuesday, is staunchly pro-American and has made U.S. ties a priority since he was elected in 2022, replacing a predecessor who spurned the U.S. in favor of closer relations with China. Why It Matters The United States and the Philippines have cooperated closely on defense for decades, based on a 1951 Mutual Defense Treaty. The former U.S. colony would be crucial for the U.S. military in the event of a confrontation with China over Taiwan. Under Marcos, Philippine forces have been trying the push back against China's expansive claims in the disputed South China Sea. Philippine efforts have been met with Chinese blockades, ramming and water cannon attacks that last year injured several Philippine service members. The United States last year set out funding of $500 million for the Philippines' military and coast guard in a show of support in the face of Chinese actions in disputed waters. China accused the U.S. of creating tension and inciting confrontation with its support for the Philippines, which now hosts at least two types of U.S. missile systems on its territory. Philippine President Ferdinand Marcos Jr. (L) and U.S. Defense Secretary Pete Hegseth pose during Hegseth's visit to Malacanang Palace on March 28, 2025, in the Philippine capital, Manila. Marcos will meet President Donald Trump on... Philippine President Ferdinand Marcos Jr. (L) and U.S. Defense Secretary Pete Hegseth pose during Hegseth's visit to Malacanang Palace on March 28, 2025, in the Philippine capital, Manila. Marcos will meet President Donald Trump on Tuesday to discuss tariffs and security. MoreWhat To Know Marcos, the son of U.S.-backed dictator Ferdinand Marcos, said he would be offering Trump exclusive economic benefits. "My top priority for this visit is to push for greater economic engagement, particularly through trade and investment between the Philippines and the United States," Marcos said before his departure. "I intend to convey to President Trump and his Cabinet officials that the Philippines is ready to negotiate a bilateral trade deal that will ensure strong, mutually beneficial and future-oriented collaborations that only the United States and the Philippines will be able to take advantage of," he said. In a July 9 letter to Marcos, Trump said the 20-percent tariff on goods from the Philippines was necessary to address what he said was a "far from reciprocal" trade relationship. Marcos said he expected his talks with Trump to also focus on security and defense. Under a 2014 deal, called the Enhanced Defence Cooperation Agreement, or EDCA, the U.S. military has access to Philippine bases and sites for joint training and for facilities such as runways, fuel storage and troop housing. The agreement was expanded in 2023 to allow the United States access to nine locations, up from five before. Manila has not explicitly said whether these would be available for use in a U.S. defense of Taiwan, but leaders including Marcos previously said the sites cannot be used to launch attacks. What People Are Saying Ferdinand Marcos Jr., president of the Philippines, in a public statement, said: "We will see how much progress we can make when it comes to the negotiations with the United States concerning the changes that we would like to institute so as to be able to alleviate the effects of a very severe tariff schedule on the Philippines." Donald Trump, U.S. president, in a July 9 letter to Marcos, wrote: "Please understand that the 20 percent number is far less than what is needed to eliminate the trade deficit disparity that we have with your country." What Happens Next The two leaders will meet at the White House on Tuesday, and any agreement struck over two-way trade is expected to reflect the Philippines' growing geopolitical importance to the United States, too.
New Straits Times
5 days ago
- Politics
- New Straits Times
Malaysia yet to receive formal request on Nick Adams as US envoy
KUALA LUMPUR: The government has yet to receive any formal request from the United States regarding the proposed appointment of conservative commentator and author Nick Adams as the new US ambassador to Malaysia. Foreign Minister Datuk Seri Mohamad Hasan said the ministry will wait and provide views and recommendations to the Cabinet upon receiving the request. He also said it would be premature for Malaysia to react to the proposed appointment without having received any formal documentation or proposal. "We have yet to receive any agreement request from the US. Let's wait and see how the agreement is presented. "Wisma Putra will evaluate it (once received), provide its recommendations, and the matter will then be brought to the Cabinet for a decision. "That is all I can say for now because nothing has been received and we are only hearing talks. "If we reject something that has not even been formally requested, people might say we were never asked in the first place, which would be embarrassing, so let's not appear overeager," he said during a question and answer session in Dewan Rakyat here today Mohamad said this in response to Syed Ibrahim Syed Noh (PH-Ledang) who enquired about the ministry's views on Adams' proposed appointment. On July 11, US President Donald Trump announced that Adams would be nominated as the next US ambassador to Malaysia. In a post on Truth Social, Trump described Adams as a "remarkable patriot" and successful entrepreneur, praising his dedication to what he called "the Virtues of American Greatness." Adams, an Australian-born conservative figure, is a vocal supporter of Trump and is known for his pro-American advocacy. He has authored several books and made numerous media appearances promoting right-wing values. His nomination is expected to undergo the Senate confirmation process before it can be formalised. Prime Minister Datuk Seri Anwar Ibrahim, meanwhile, had previously said that the government will give due consideration to Adam's proposed appointment, but said it is still too early to make a decision. He said Malaysia would continue to adhere to proper diplomatic procedures while maintaining strong bilateral ties with the US.
Winnipeg Free Press
18-07-2025
- Sport
- Winnipeg Free Press
Clint Dempsey says success on the field will help build pro-American crowds at World Cup
Clint Dempsey says success on the field during friendlies over the next year would help the U.S. fill seats with pro-American fans at the World Cup next year, a turnaround from pro-opponent crowds at this year's CONCACAF Gold Cup. Coach Mauricio Pochettino and current players took note that spectators were overwhelmingly rooting for Guatemala in St. Louis and Mexico in Houston. 'We were outnumbered in the games that mattered in terms of the semifinal and then final. There were more fans for the opposing team. So it's up to the national team players to put a product on the field that makes people want to go spend their hard-earned money,' Dempsey said Thursday during an interview with The Associated Press. 'I think with everybody being back and having that fight and kind of mixing that together with the quality, I think that will give people motivation to go out there and support this team.' The Americans have 10 friendlies on FIFA international fixture dates, two each in September, October, November, March and June, before opening the World Cup at Inglewood, California, on June 12. They play at Seattle seven days later then close the group stage at Inglewood on June 25. 'I want to see a team that is playing in an exciting style, whether it's defending well, building out of the back, getting forward, creating chances, getting goals,' Dempsey said. 'I just want to see the fight and the grit that we saw in the Gold Cup, just with more quality. That's what I'm looking forward to, that team that gets you believing again that they can go and win games against top competition.' Dempsey, tied with Landon Donovan for the American record of 57 international goals, is an analyst for CBS soccer coverage and the Men In Blazers Media Network, and he worked for Fox at the 2022 World Cup. He currently is involved in a promotion for the health care company Abbott in which 11 players will be selected to train at Real Madrid with club coaches and with input from Abbott scientists and the club's medical staff. Now 42, Dempsey played for U.S. teams that were eliminated in the group stage of the 2006 World Cup, reached the round of 16 in 2010 and '14, and failed to qualify for the 2018 tournament. He says the rebuild for 2022, when the Americans again reached the round of 16, was positive with the new energy but came at the cost of veteran expertise. Defender DeAndre Yedlin was the only holdover from 2014. After winning the CONCACAF Nations League in 2021, 2023 and 2024, the Americans were eliminated in the group stage of the 2024 Copa America, causing the U.S. Soccer Federation to replace Gregg Berhalter with Pochettino, and lost in the semifinals of this year's Nations League and the final of this year's Gold Cup. 'There wasn't that big mix of a lot of older players kind of passing down lessons that they learned over the years,' Dempsey said. 'And sometimes it's one of those situations where you need someone to shake things up, right? You don't know if it's egos. You don't know what is the reason for why things don't work out. So I think after Copa America after Nations League, there definitely needed to be some things shook up. 'And I think the more that people kind of look over their shoulder a little bit, their spots are not guaranteed, you have a culture that through training you can fight your way into getting into that starting lineup, I think people can get behind that and believe in that.' Dempsey and wife Bethany have six children that keep them busy, daughters Elyse (16), Fifi (12) and Maevy (2), and sons Jackson (14) and Clay (10) and Linc (4). Jackson plays for Charlotte's academy. Dempsey doesn't coach, and while he never expected to remain in soccer as a broadcaster, he's pleased with his new roles. At the World Cup, the U.S. will be seeded as one of the three co-hosts. That means the Americans won't have a top 10 opponent in their group and if they finish first could avoid a strong nation in the new round of 32. 'If you are looking on numbers and looking on paper,' Dempsey said, 'you have a chance to do something special and hopefully they take advantage of it. I think we need all the best players fit, playing week in, week out. I'm excited to see what they do with mixing a little bit more quality into this fighting and gritty kind of culture that you've seen throughout the Gold Cup.' ___ AP soccer:
![[UPDATED] Anwar: Too early to decide on Nick Adams as US envoy](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2FNICKADAM_1752821860.jpg&w=3840&q=100)
New Straits Times
18-07-2025
- Politics
- New Straits Times
[UPDATED] Anwar: Too early to decide on Nick Adams as US envoy
PUTRAJAYA: The government will give due consideration to the proposed appointment of conservative commentator and author Nick Adams as the new United States ambassador to Malaysia, but said it is still too early to make a decision. Prime Minister Datuk Seri Anwar Ibrahim said Malaysia would continue to adhere to proper diplomatic procedures while maintaining strong bilateral ties with the United States. "It is still too early to decide, but the government will consider the matter accordingly while safeguarding good relations between Malaysia and the US," he said. On July 11, US President Donald Trump announced that Adams would be nominated as the next American ambassador to Malaysia. In a post on Truth Social, Trump described Adams as a "remarkable patriot" and successful entrepreneur, praising his dedication to what he called "the Virtues of American Greatness". Adams, an Australian-born conservative figure, is a vocal supporter of Trump and is known for his pro-American advocacy. He has authored several books and made numerous media appearances promoting right-wing values. His nomination is expected to undergo the Senate confirmation process before it can be formalised. Following the announcement, government spokesman and Communications Minister Datuk Fahmi Fadzil reaffirmed Malaysia's sovereign right to accept or reject any proposed foreign ambassador, in accordance with established international diplomatic protocols. He said any nomination must go through the agrément process, the formal procedure by which a host country grants approval before an ambassador can be officially appointed. Fahmi added that the Cabinet has yet to receive an official memorandum from Wisma Putra regarding Adams' nomination, and that the matter will be considered once it is formally presented. His remarks came amid growing public concern in Malaysia, a Muslim-majority country, over Adams' reported views on Islam and his strong support for Israel's military campaign in Gaza, among other sensitive issues.
