As US President Donald Trump’s tariff plan kicked in – before it was then suspended for 90 days – turmoil in world markets was particularly marked in South-East Asia, a region hit especially hard by the new levies.
The Indonesian rupiah fell to its lowest rate ever against the dollar, while other currencies hit lows not seen for years. Emissaries are being sent to Washington by Vietnam – faced with a 46 per cent tariff rate – Indonesia (32 per cent), Malaysia (24 per cent), and Thailand (36 per cent), while others, including Cambodia (49 per cent) and Laos (48 per cent), are doubtless making whatever case they can for leniency.
Myanmar, handed a tariff rate of 44 per cent, is hardly in any position to retaliate or even negotiate, while the Philippines (17 per cent) and Singapore (10 per cent) must be thankful to have gotten off relatively lightly.
Asian markets rallied after Mr Trump announced his pause. But if he goes through with his announced plan, regional economies that benefited from the “China Plus One” formula, where manufacturers moved to third countries to avoid US tariffs on Chinese goods, will be affected very badly – perhaps none more so than Vietnam.
The country makes half the world’s Nike shoes, and about 30 per cent of its total exports are to the US. Its leaders had offered to slash tariffs on US imports to zero, but that was batted away by Mr Trump’s trade adviser, Peter Navarro, who said: “That means nothing to us because it’s the non-tariff cheating that matters.”
His accusation was that Chinese goods were being rerouted through Vietnam, intellectual property was being stolen and, like others in the Trump administration, he also has a strong aversion to value-added taxes, which they view as tariffs. On Thursday, the Vietnamese government said that negotiations had begun for a “reciprocal” trade agreement, but given Mr Trump’s mercurial temperament, who knows what will come of that.
Malaysian Prime Minister Anwar Ibrahim has said that, as this year’s chair of the 10-member Association of South-East Asian Nations, he will be co-ordinating a response “to engage constructively” with the US and that the 680 million-strong bloc should “present a united regional front, maintain open and resilient supply chains and ensure that Asean’s collective voice is heard clearly and firmly on the international stage”.
Nevertheless, the move has still caused mayhem. There are understandable fears that businesses may decide to move to other countries and that foreign investment could be severely hit. When Chinese President Xi Jinping visits Cambodia, Malaysia and Vietnam, a trip that will start next week, he will be well-placed to position his country as a responsible and reliable partner, as opposed to a volatile and capricious America under Mr Trump, who has deliberately not made it clear how long his tariffs are supposed to last.
Are they permanent, or are they to force the kind of deal Mr Trump believes he excels at? “There can be permanent tariffs – and there can also be negotiations because there are things that we need beyond tariffs,” he told reporters recently. If you were an investor considering building a new factory in Vietnam or Cambodia, I don’t think you would find that reply reassuring.
It has been felt for some years in South-East Asia that the US has talked a good game on engagement with the region, but Trump sunk the centrepiece of Barack Obama’s 'pivot to Asia'
Asean can and will look to other markets – this may give a necessary jolt to long-stalled talks on an Asean-EU free trade agreement. But the group as a whole is already Beijing’s largest trading partner, and China is now positioning itself as a defender of free trade against Mr Trump’s tariff onslaught.
At the end of last month, China, South Korea and Japan struck a deal to strengthen mutual free trade ties, and officials held a second trilateral on the sidelines of an Asean finance ministers’ meeting in Kuala Lumpur this week. Considering the sometimes-highly acrimonious territorial disputes the three countries have between them – not to mention the fact that Japan and South Korea are both treaty allies of the US – this increasing co-operation is quite remarkable.
But then the EU has also had a very prickly relationship with Beijing, with Brussels freezing ratification of an important agreement between the two in 2021. Yet, faced with Mr Trump’s trade war, European Commission President Ursula von der Leyen spoke to Chinese Premier Li Qiang to ask for his help and issued a statement stressing “the responsibility of Europe and China, as two of world’s largest markets, to support a strong reformed trading system, free, fair and founded on a level playing field”.
It has been felt for some years in South-East Asia that the US has talked a good game on engagement with the region, but Mr Trump sunk the centrepiece of Barack Obama’s “pivot to Asia” when he withdrew America from the Trans-Pacific Partnership as soon as he took office the first time, while in terms of supporting the big-ticket infrastructure projects many countries need, the Indo-Pacific Economic Framework for Prosperity launched by then-president Joe Biden in 2022 was frankly no match for China’s ambitious (and quite usefully capacious and imprecise) Belt and Road Initiative.
What remains is US commitment to a strong security role in the region. However, some will be asking how sure a security partner it can be when it may be willing to inflict so much economic pain on countries that are (mostly) supposed to be on friendly terms with Washington.
While some countries are closer to China, most wish for balance. Even if they don’t say so publicly, many leaders welcome America’s military presence. This is not out of fear of China, as such; more that any group of countries bordering a large major power is aware of the dominance the hegemon could assert, if unchecked.
No one quite knows what security guarantees mean under Mr Trump. Now they do know that he is happy to take a pick-axe to their growth plans if he thinks it will help his own country – the announced tariffs could knock up to 5 per cent off Vietnam’s gross domestic product, for instance.
Beijing has its own tariffs to deal with, of course, but expect Mr Xi to be all smiles on his imminent mini-tour of South-East Asia. If Mr Trump wanted to make the Chinese President look like the reliable partner in the Asia-Pacific room, he couldn’t have done a better job.
Killing of Qassem Suleimani
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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MATCH INFO
Rugby World Cup (all times UAE)
Third-place play-off: New Zealand v Wales, Friday, 1pm
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One in four Americans don't plan to retire
Nearly a quarter of Americans say they never plan to retire, according to a poll that suggests a disconnection between individuals' retirement plans and the realities of ageing in the workforce.
Experts say illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they'd like.
According to the poll from The Associated Press-NORC Centre for Public Affairs Research, 23 per cent of workers, including nearly two in 10 of those over 50, don't expect to stop working. Roughly another quarter of Americans say they will continue working beyond their 65th birthday.
According to government data, about one in five people 65 and older was working or actively looking for a job in June. The study surveyed 1,423 adults in February this year.
For many, money has a lot to do with the decision to keep working.
"The average retirement age that we see in the data has gone up a little bit, but it hasn't gone up that much," says Anqi Chen, assistant director of savings research at the Centre for Retirement Research at Boston College. "So people have to live in retirement much longer, and they may not have enough assets to support themselves in retirement."
When asked how financially comfortable they feel about retirement, 14 per cent of Americans under the age of 50 and 29 per cent over 50 say they feel extremely or very prepared, according to the poll. About another four in 10 older adults say they do feel somewhat prepared, while just about one-third feel unprepared.
"One of the things about thinking about never retiring is that you didn't save a whole lot of money," says Ronni Bennett, 78, who was pushed out of her job as a New York City-based website editor at 63.
She searched for work in the immediate aftermath of her layoff, a process she describes as akin to "banging my head against a wall." Finding Manhattan too expensive without a steady stream of income, she eventually moved to Portland, Maine. A few years later, she moved again, to Lake Oswego, Oregon. "Sometimes I fantasise that if I win the lottery, I'd go back to New York," says Ms Bennett.
Mohammed bin Zayed Majlis
LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Killing of Qassem Suleimani
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The biog
Name: Mariam Ketait
Emirate: Dubai
Hobbies: I enjoy travelling, experiencing new things, painting, reading, flying, and the French language
Favourite quote: "Be the change you wish to see" - unknown
Favourite activity: Connecting with different cultures
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Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
KILLING OF QASSEM SULEIMANI
Mohammed bin Zayed Majlis
Tips for entertaining with ease
· Set the table the night before. It’s a small job but it will make you feel more organised once done.
· As the host, your mood sets the tone. If people arrive to find you red-faced and harried, they’re not going to relax until you do. Take a deep breath and try to exude calm energy.
· Guests tend to turn up thirsty. Fill a big jug with iced water and lemon or lime slices and encourage people to help themselves.
· Have some background music on to help create a bit of ambience and fill any initial lulls in conversations.
· The meal certainly doesn’t need to be ready the moment your guests step through the door, but if there’s a nibble or two that can be passed around it will ward off hunger pangs and buy you a bit more time in the kitchen.
· You absolutely don’t have to make every element of the brunch from scratch. Take inspiration from our ideas for ready-made extras and by all means pick up a store-bought dessert.
COMPANY%20PROFILE
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ESSENTIALS
The flights
Emirates flies direct from Dubai to Rio de Janeiro from Dh7,000 return including taxes. Avianca fliles from Rio to Cusco via Lima from $399 (Dhxx) return including taxes.
The trip
From US$1,830 per deluxe cabin, twin share, for the one-night Spirit of the Water itinerary and US$4,630 per deluxe cabin for the Peruvian Highlands itinerary, inclusive of meals, and beverages. Surcharges apply for some excursions.
COMPANY%20PROFILE
%3Cp%3ECompany%20name%3A%20CarbonSifr%3Cbr%3EStarted%3A%202022%3Cbr%3EBased%3A%20Dubai%3Cbr%3EFounders%3A%20Onur%20Elgun%2C%20Mustafa%20Bosca%20and%20Muhammed%20Yildirim%3Cbr%3ESector%3A%20Climate%20tech%3Cbr%3EInvestment%20stage%3A%20%241%20million%20raised%20in%20seed%20funding%3Cbr%3E%3C%2Fp%3E%0A
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ALRAWABI%20SCHOOL%20FOR%20GIRLS
%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Bullet%20Train
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KILLING OF QASSEM SULEIMANI
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'Avengers: Infinity War'
Dir: The Russo Brothers
Starring: Chris Evans, Chris Pratt, Tom Holland, Robert Downey Junior, Scarlett Johansson, Elizabeth Olsen
Four stars
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE%3A
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The specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
Mohammed bin Zayed Majlis
Jordan cabinet changes
In
- Raed Mozafar Abu Al Saoud, Minister of Water and Irrigation
- Dr Bassam Samir Al Talhouni, Minister of Justice
- Majd Mohamed Shoueikeh, State Minister of Development of Foundation Performance
- Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
- Falah Abdalla Al Ammoush, Minister of Public Works and Housing
- Basma Moussa Ishakat, Minister of Social Development
- Dr Ghazi Monawar Al Zein, Minister of Health
- Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
- Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth
Out
- Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
- Hala Noaman “Basiso Lattouf”, Minister of Social Development
- Dr Mahmud Yassin Al Sheyab, Minister of Health
- Yahya Moussa Kasbi, Minister of Public Works and Housing
- Nayef Hamidi Al Fayez, Minister of Environment
- Majd Mohamed Shoueika, Minister of Public Sector Development
- Khalid Moussa Al Huneifat, Minister of Agriculture
- Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
- Mounir Moussa Ouwais, Minister of Water and Agriculture
- Dr Azmi Mahmud Mohafaza, Minister of Education
- Mokarram Mustafa Al Kaysi, Minister of Youth
- Basma Mohamed Al Nousour, Minister of Culture
Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
The five pillars of Islam
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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Killing of Qassem Suleimani
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Fighting with My Family
Director: Stephen Merchant
Stars: Dwayne Johnson, Nick Frost, Lena Headey, Florence Pugh, Thomas Whilley, Tori Ellen Ross, Jack Lowden, Olivia Bernstone, Elroy Powell
Four stars
The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
