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.
Mohammed bin Zayed Majlis
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
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Gender equality in the workplace still 200 years away
It will take centuries to achieve gender parity in workplaces around the globe, according to a December report from the World Economic Forum.
The WEF study said there had been some improvements in wage equality in 2018 compared to 2017, when the global gender gap widened for the first time in a decade.
But it warned that these were offset by declining representation of women in politics, coupled with greater inequality in their access to health and education.
At current rates, the global gender gap across a range of areas will not close for another 108 years, while it is expected to take 202 years to close the workplace gap, WEF found.
The Geneva-based organisation's annual report tracked disparities between the sexes in 149 countries across four areas: education, health, economic opportunity and political empowerment.
After years of advances in education, health and political representation, women registered setbacks in all three areas this year, WEF said.
Only in the area of economic opportunity did the gender gap narrow somewhat, although there is not much to celebrate, with the global wage gap narrowing to nearly 51 per cent.
And the number of women in leadership roles has risen to 34 per cent globally, WEF said.
At the same time, the report showed there are now proportionately fewer women than men participating in the workforce, suggesting that automation is having a disproportionate impact on jobs traditionally performed by women.
And women are significantly under-represented in growing areas of employment that require science, technology, engineering and mathematics skills, WEF said.
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MATCH INFO
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Mohammed bin Zayed Majlis
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Honeymoonish
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Yabi%20by%20Souqalmal%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMay%202022%2C%20launched%20June%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAmbareen%20Musa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInitial%20investment%3A%20u%3C%2Fstrong%3Endisclosed%20but%20soon%20to%20be%20announced%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E12%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Eseed%C2%A0%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EShuaa%20Capital%3C%2Fp%3E%0A
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
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- NBA-spec basketball court with auditorium
- 600-seat auditorium
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- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Recipe: Spirulina Coconut Brothie
Ingredients
1 tbsp Spirulina powder
1 banana
1 cup unsweetened coconut milk (full fat preferable)
1 tbsp fresh turmeric or turmeric powder
½ cup fresh spinach leaves
½ cup vegan broth
2 crushed ice cubes (optional)
Method
Blend all the ingredients together on high in a high-speed blender until smooth and creamy.
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Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
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Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
The specs: 2018 Nissan Patrol Nismo
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Gearbox: Seven-speed automatic
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The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
Mohammed bin Zayed Majlis
Zayed Sustainability Prize
