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Your guide to what Trump\u2019s second term means for Washington, business and the world<\/p>\n
This article is an on-site version of our FirstFT newsletter. Subscribers can sign up to our Asia, Europe\/Africa or Americas edition to get the newsletter delivered every weekday morning. Explore all of our newsletters here<\/p>\n
Good morning and welcome back to FirstFT Asia. In today\u2019s newsletter: <\/p>\n
Trump threatens Asian allies with steep tariffs <\/p>\n<\/li>\n
Wall Street trading firm fights India ban<\/p>\n<\/li>\n
Hong Kong\u2019s listings pipeline hits record high<\/p>\n<\/li>\n
Dishoom\u2019s guide to dining in Mumbai<\/p>\n<\/li>\n<\/ul>\n
Donald Trump has renewed his threat to hit major trading partners with steep \u201creciprocal\u201d tariffs even as he granted a three-week reprieve for countries to negotiate trade deals with the US. <\/p>\n
What happened:<\/strong> Trump sent letters to Japan and South Korea, both among the US\u2019s biggest trading counterparts, saying the country would impose 25 per cent levies beginning on August 1. The president also announced big levies on Malaysia, South Africa and several other countries. The tariffs were roughly on a par with those Trump unveiled during his \u201cliberation day\u201d announcement on April 2.<\/p>\n In the letters, addressed to Shigeru Ishiba, Japan\u2019s prime minister, and Lee Jae-myung, South Korea\u2019s president, Trump said that if either country increased its tariffs in retaliation \u201cthen, whatever the number you choose to raise them by, will be added on to the 25 per cent that we charge\u201d. But he indicated that the proposed tariffs could be negotiated down if the countries opened their markets<\/p>\n Market reaction:<\/strong> The scale of Trump\u2019s tariff threats yesterday pressured markets despite the delay in their implementation. The S&P 500 ended Monday down 0.8 per cent. Meanwhile, the Japanese, South Korean and South African currencies all declined about 1 per cent against the US dollar.<\/p>\n Here\u2019s what else we\u2019re keeping tabs on today:<\/p>\n Economic data:<\/strong> Taiwan publishes June inflation and trade figures.<\/p>\n<\/li>\n Monetary policy:<\/strong> The Reserve Bank of Australia is expected to cut interest rates. (The Guardian)<\/p>\n<\/li>\n Asean meeting:<\/strong> Foreign ministers from the south-east Asian bloc gather in Kuala Lumpur, Malaysia, for meetings continuing until Friday. US secretary of state Marco Rubio is expected to be in attendance. <\/p>\n<\/li>\n<\/ul>\n 1.<\/strong> Jane Street plans to contest a finding by India\u2019s financial regulator<\/strong> that the Wall Street trading firm engaged in \u201can intentional, well planned, and sinister scheme\u201d to manipulate the country\u2019s markets. The Securities and Exchange Board of India banned Jane Street from dealing securities in the country and ordered the firm to return more than $550mn of \u201cillegal gains\u201d.\u00a0<\/p>\n 2.<\/strong> Iran\u2019s president Masoud Pezeshkian has said that Israel attempted to assassinate him<\/strong> during last month\u2019s 12-day war between the two countries. Pezeshkian made the claim in a video interview with American conservative media personality Tucker Carlson, during which he also signalled that Iran remains open to renewed diplomacy with the US over the Islamic republic\u2019s nuclear programme. Read the full story.<\/p>\n 3.<\/strong> Russia\u2019s state investigative authority said yesterday that the country\u2019s transport minister had died from a suspected suicide,<\/strong> on the same day he was fired by President Vladimir Putin. Roman Starovoyt\u2019s death came amid a corruption probe into the construction of defensive fortifications in Kursk, which he governed until May 2024.<\/p>\n 4. Italian authorities have arrested a Chinese citizen suspected of being linked to a state-sponsored hacking group<\/strong> that sought to steal Covid-19 vaccine secrets from the US at the height of the pandemic. The Beijing-backed group was accused of penetrating Microsoft email software in 2021 in a mass espionage campaign, a person familiar with the matter said.<\/p>\n EU-China climate stand-off:<\/strong> The EU is holding back on signing a joint declaration on climate action with China at a leaders\u2019 summit this month, unless Beijing pledges greater efforts to cut its greenhouse gas emissions.<\/p>\n<\/li>\n<\/ul>\n 5. Tesla shares tumbled after the electric-car maker\u2019s chief executive Elon Musk said he would form a new political party,<\/strong> escalating a feud with Trump that could imperil the billionaire\u2019s business empire. A return to political activism is contrary to what Musk promised shareholders in late April. <\/p>\n Almasa Salihovi\u0107, whose brother was among more than 8,000 Bosnian Muslims rounded up and murdered by Bosnian Serbs in 1995, walks among graves at the memorial centre in Srebrenica<\/span> \u00a9 L\u00e1szl\u00f3 Balogh\/FT<\/span><\/p>\n \u200bAs the world prepares to mark the anniversary of the Srebrenica massacre three decades ago this week, Bosnia and Herzegovina is facing a risky moment of political upheaval. Read why trouble is brewing again in the ethnically riven Balkan state.<\/p>\n Immigration crackdown:<\/strong> Trump has catapulted ICE into America\u2019s best-funded law enforcement agency \u2014 and increasingly beyond accountability, writes Edward Luce. <\/p>\n<\/li>\n Death of the apprenticeship model?:<\/strong> As hybrid working and AI upend on-the-job learning, employers will have to be more deliberate in the training they offer junior staff, writes Emma Jacobs.<\/p>\n<\/li>\n BlackRock\u2019s HPS takeover:<\/strong> The public markets giant tried private credit once before. Will its latest big foray fare better?<\/p>\n<\/li>\n<\/ul>\n The number of companies applying for a listing in Hong Kong this year has hit an all-time high, as the territory tries to regain its status as a top financial hub.<\/p>\n .\u2009.\u2009.\u2009and check out Dishoom\u2019s guide to dining in Mumbai. The cousins behind the cult Indian restaurant chain share where they eat and drink in the megalopolis that inspires their cuisine. <\/p>\n Dishoom founders Shamil Thakrar and Kavi Thakrar<\/span> \u00a9 Tami Aftab<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" Unlock the White House Watch newsletter for free Your guide to what Trump\u2019s second term means for Washington, business and the world This article is an on-site version of our FirstFT newsletter. Subscribers can sign up to our Asia, Europe\/Africa or Americas edition to get the newsletter delivered every weekday morning. Explore all of our<\/p>\n","protected":false},"author":1,"featured_media":10315,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[964,3241,1771,122,3242,72,899,81],"class_list":{"0":"post-10314","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-donald","9":"tag-japan","10":"tag-korea","11":"tag-south","12":"tag-steep","13":"tag-tariffs","14":"tag-threatens","15":"tag-trump"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/10314","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10314"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/10314\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/10315"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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