Asia disputes forced labour claims used to justify latest US tariffs
Asia’s major economies pushed back against allegations of forced labour, used by the United States on July 24 to impose yet another round of tariffs and seen by many as a pretext by Washington to maintain a “tariff wall” on its trading partners.
Those affected – many of which are now saddled with a slightly higher rate of 12.5 per cent as compared with a flat rate of 10 per cent – said the claims of forced labour are unfounded.
Japan’s Chief Cabinet Secretary Minoru Kihara called the tariffs “regrettable”, while asserting that the country’s industries and trade practices “comply with international rules”.
Australian Trade Minister Don Farrell said the tariffs were “unjustified”, and called for them to be removed.
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Trump warns China, Russia against involvement in Iran war
PHOTO: REUTERS
US President Donald Trump said on July 24 that he does not believe China or Russia are “participating” in the ongoing Iran conflict, but warned that if they did get involved “it would be very bad for them.”
“President Xi, at our recent meeting in Beijing, China, told me that he would not, under any circumstances, give or sell Weapons to the Islamic Republic of Iran – And that statement included Chinese Companies,” he wrote on Truth Social.
Trump said Putin had also told him that he would not sell weapons to Iran and that he believed Russia and China were not participating in the Iran conflict.
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Gold edges up as traders weigh Middle East conflict
PHOTO: REUTERS
Gold edged higher, holding firmly above the key resistance point of US$4,000 an ounce even as the widening conflict in the Middle East fuels expectations for tighter monetary policy.
Bullion inched above US$4,060 an ounce, having fallen as much as 0.7 per cent earlier in the session and 2 per cent the day before. Prices are still up on the week.
Oil prices retreated on July 24 after hitting US$100 a barrel in the previous session, with the Iran war in a new phase of escalation after the effective collapse of a truce. Crude’s recent rally has stoked inflationary pressures, which alongside a seemingly resilient US labor market increase the possibility of interest-rate hikes. Higher borrowing costs are a headwind for non-yielding bullion.
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ICC members dismiss prosecutor Karim Khan
PHOTO: REUTERS
Member states of the International Criminal Court voted on July 24 to dismiss Karim Khan as prosecutor following allegations of sexual misconduct, two diplomatic sources told Reuters.
According to the sources, speaking on condition of anonymity to discuss a sensitive matter, 82 of the court’s 125 member states voted in favour of the prosecutor’s removal.
Khan, 56, denies any wrongdoing and his lawyers have called the process that led to the vote unlawful, procedurally unfair and unsupported by evidence.
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LeBron James is joining Philadelphia 76ers in US$8m deal
PHOTO: REUTERS
LeBron James, the NBA’s all-time leading scorer, said he is signing with the Philadelphia 76ers for his 24th NBA season.
James, 41, announced his plans on July 24 in a post on X. The move comes after he spent eight seasons with Los Angeles Lakers, including winning his fourth NBA Championship in 2020.
He also led the Miami Heat to NBA crowns in 2012 and 2013, and brought his hometown Cleveland Cavaliers a title in 2016.
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