Good morning and welcome back to Firstft Asia. On today’s agenda:
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US and Vietnam conclude a trade agreement
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The Dalai Lama Tart Beijing
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Is Trump’s “Big, Beautiful Bill” a political curse?
Donald Trump said that the US had concluded a trade agreement with Vietnam in a deal that would lower the “mutual rate” of Washington in the export of the Asian country to 20 percent. This is what you need to know.
The deal: The new rate level represents a more than halve the 46 percent tax on Trump that was initially imposed on Vietnam during his ‘Liberation Day’ rate blitz on 2 April. It is higher than the rate of 10 percent on which it was lowered when trade discussions took place. The US will also charge Vietnam a rate of 40 percent for “transfer”, since Washington tries to resolve companies that send products in China through other countries to prevent high levies on Chinese goods.
Go deeper: The export from Vietnam to the US has risen in recent years because manufacturers have moved production from China to avoid American rates, whereby the Southeast Asian country organizes the will of Apple, Samsung and Nike. Transfening had become a crucial issue in Hanoi’s negotiations with Washington, because the Trump government accused Vietnam of a management for Chinese exporters.
Read more about the deal, making Hanoi one of the few capitals to reach a trade agreement with Washington in the past three months.
This is what we keep an eye on today:
Five more top stories
1. The Dalai Lama has said that the Tibetan Buddhist community he leads has the “only authority” to recognize his future incarnation, Control over a follow -up process that disputes China. The spiritual leader, who will be 90 on Sunday, said he expected that he would continue after his death.
2. Sir Keir Starmer has said that Rachel Reeves Chancellor will be for “another long time” While the prime minister went to voice speculation about her future. The British government bonds and the pounds fell sharply yesterday afternoon after starmer refused to support a tearful Reeves in the Lower House after the dramatic fate of Labor of his welfare account.
3. Goldman Sachs was only losing $ 300 million this year in an economic shock under the stress test scenario of the Federal Reserve, this year, Much less than the $ 18 billion prediction a year earlier – and a big reason for the large payments of the bank. This is how the Wall Street Bank won the stress test of the FED.
4. A jury has acquitted rapper entrepreneur Sean “Diddy” Kamming of sex trade and racketeering, But condemned him for prostitution -related charges, in a generally viewed the federal court case in New York. The case of Combs, a Grammy Award-winning artist, is one of the most controversial accounts with sexual misconduct in the music business. Read the full story.
5. Shares of New World Development, deeply thanked Hong Kong Property Group, jumped yesterday While investors the end of its refinancing interviews with banks and the resignation of the grandson of the founder welcomed from his remaining board roles. New World was struck by a market after a period of debts driven by debts.
News
Trump has approved his ‘big, beautiful bill’ by the US Senate. But the legislation is still confronted with obstacles, including the house, where several of his fellow republicans have threatened to vote against it. But even if the president can get them in line, he is confronted with a big task in defending the legislation for an American audience that seems to acidify it.
We read too. . .
Graph of the day
Drinking has become more often with Gen Z while baby boomers are reducing their alcohol consumption, according to extensive research by market research agency IWSR. The findings question the assumption that gene has drunk Z en masse.
Take a break of the news
The recent heat waves in Europe and the US have sometimes made traveling to the office unbearable. Becky Malinsky, an New York -based personal stylist, gives advice on how you can dress for work in warm weather.
