Singapore passes landmark anti-discrimination Bill for workers

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Manpower Minister Tan See Leng responded to MPs ‘ concerns about the bill’s spaces, saying “we’ve only just begun.”

The minister had stated on Tuesday that 95 % of complaints to the authorities are made in the five areas covered by the Bill, and that those who fall outside those areas can still get mediation from the Tripartite Alliance for Fair and Progressive Employment Practices ( TAFEP ). The law covers discrimination based on age, ethnicity, race and gender, among various features. &nbsp,

This Bill is just the beginning, I want to emphasize once more. In accordance with the TGFEP ( Tripartite Guidelines on Fair Employment Practices ), TFEP will monitor, analyze, and share information regarding complaints and cases that have been resolved. He said,” This will enable us to have more meaningful discussions and make decisions about our next steps.”

MPs questioned why the lesbian, gay, bisexual, and transgender ( LGBT ) community was excluded from the Bill because it includes discrimination due to marital status, pregnancy, or caregiving responsibilities, despite the fact that the clause on gender does not address discrimination based on sexual orientation and gender identity.
 
Mr Louis Ng ( PAP-Nee Soon ) said studies show that such employees already face significant workplace discrimination.

Are we letting Gay people know that they are not protected from working bias because of their physical orientation and gender personality? Are we letting companies know that it is acceptable to treat anyone differently based on their sexual orientation and gender personality? he asked.

Additionally, Nominated MP Usha Chandradas addressed the concerns of Gay artists in the community regarding this rejection.

” Taken to an extreme, some may view this as the state condoning this kind of office discrimination. She said that this was even unintentionally indicate to employers that for discriminatory practices may go largely unnoticed.

On Tuesday, Ms He Ting Ru ( WP-Sengkang ) had also called for discrimination against LGBT workers to be included in the Bill. This rejection seems “at odds” with governmental statements made during the reform of area 377A of the Penal Code that “gay people deserve respect, value, acceptance” and “do not need to remain stigmatised because of their physical orientation”, she said.

Dr. Tan argued that discrimination against LGBT employees is hardly tolerated, even in the work, and that TGFEP will continue to handle such cases. &nbsp,

Nonetheless, there has always been difficulty in reaching a compromise on this matter, he said, noting that even the WP found it hard to get a “unified group place” on the reform of 377A.

He questioned whether Ms. He’s “emphatic support” for the inclusion of LGBT workers was consistent with the Workers ‘ Party’s position. &nbsp,

” Let us concentrate our efforts and efforts on providing material support to our staff, while we strengthen our knowledge and understanding of managing such issues under the law,” said Dr. Tan.

Pritam Singh, the party’s leader, responded by saying that the group supports Ms. He on this because 377a’s reform is a different issue than it is with discrimination at work. He noted that TGFEP may address sexual discrimination, but he anticipates that it will be addressed in future legal reforms.

Time, Prejudice BY ASSOCIATION

Regarding ageism, Dr. Tan stated that he and other MPs need to handle age discrimination and alter attitudes toward older workers.

” This calls for a multi-faceted view, including adopting age-friendly work practices and addressing rooted views of ageism,” he said. &nbsp,

A number of MPs, including Mr. Singh, had questioned why the Bill does not allow bias by connection when a worker is subject to discrimination because of their relationship to another. When a spouse is discriminated against because of their culture, as an example.

Dr. Tan claimed that this was primarily because it would be difficult to define the beginning or end of discrimination based on organization because it could affect people’s friends or those they have ties to.

” Legislating against this has far-reaching implications that we can’t ignore and predict, and it fosters a culture of distrust and suspicion between employees and employers.” Thus, we started with a securely scoped Bill to prevent litigiousness and provide valuable protections”, he said.

To Mr Singh’s issue from Tuesday on whether TAFEP had encountered like circumstances, Dr Tan said, to his information, it has not encountered cases of prejudice by relationship.

Dr Tan also addressed queries from Mr Muhamad Faisal Manap ( WP-Aljunied ). &nbsp,

Mr. Manap inquired whether discrimination based on religion may result from Muslim men being denied permission to attend Friday prayers and Arab girls being asked to remove their tudungs.

Dr. Tan asserted that the Bill is not about enacting a law requiring a company to permit people to attend Friday blessings or to adhere to practices and requests for any other church. &nbsp,

There are a lot of administrative details and implications, and opened communication and discussion about the needs of the worker and the employer are best ways to address these issues.

However, he said,” [but ] it is discriminatory under the law if a person attends Friday prayers and is fired for being religious and not because of performance.”

The labor department said that while there is now legal remedy for work bias, it will still take an “education-first approach” to maintain the right mindsets among employers and workers. &nbsp,

According to the ministry,” The Bill introduces calibrated enforcement levers that allow the government to take action based on the severity of the breach.” &nbsp,

” These include issuing directions to attend educational workshops, administrative financial penalties, and heavier civil penalties. This judicious strategy aims to promote compliance among the small number of errant employers while preventing misconduct.

The Workplace Fairness Act will become effective in 2026 or 2027.

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Clifford Capital hires from SocGen in energy push; establishes asset management arm | FinanceAsia

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Sophea Seng has been appointed as the company’s managing director and head of resources, as well as its property management division. &nbsp,

Singapore-based Seng does record to Audra Low, who heads consumer protection for the Taiwanese group. Seng joins the group from Société Générale, where she ran the South &amp, South-East Asia power funding process.

She has worked in Australia, Hong Kong, and Singapore for over 17 times and began her career at Deloitte in Sydney.

In a press release, Low said,” We are happy to have her on table. She brings a wealth of experience in a fast transitioning and higher growth energy sector.” &nbsp, &nbsp,

In a separate announcement, Clifford Capital announced that Vidyasagar ( Vid ) Pulavarti had been named as Clifford Capital Asset Management’s (CCAM ) chief investment officer.

CCAM will be a second line of business for Clifford Capital, adding to its creation and arranging, and supply company. &nbsp,

Pulvarti, who was hired on January 6 and has over 20 years of international credit and expense management experience, joined us. He most recently served as managing director of Asia Pacific ( Apac ) Credit at Apollo Global Management, where he established the firm’s pan-Apac private credit business. His professional career includes posts at major corporations like JP Morgan, Citibank, and Commonwealth Bank of Australia.

” The creation of CCAM represents a major milestone in our development as an infrastructure funds platform”, said Sanjiv Misra, president of CCAM and Clifford Capital, in a speech.

Murli Maiya, Clifford Capital’s party chief professional, added:” Vid’s session, combined with our integrated approach across corporate origination, underwriting, distribution and institutional services, positions us well to level our business, positively affect our clients and assist build institutional markets in the green infrastructure space”.

As recently disclosed at COP29, Clifford Capital is in discussions with the Monetary Authority of Singapore ( MAS ) regarding the management of the Energy Transition Acceleration Finance ( ETAF ) partnership.

Read a detailed FinanceAsia meeting with Maiya around. &nbsp,

For more information on FA people goes, visit this link. &nbsp,

¬ Plaza Media Limited. All rights reserved.

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As Trump’s shadow looms, Southeast Asian economies face ‘hard challenges’ in 2025

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Meanwhile, in Malaysia, Anwar has introduced a higher minimum wage and bumped salaries for the civil service – moves that are expected to increase private consumption and drive economic growth, said Malaysia-based economist Shankaran Nambiar.

Despite that, Nambiar pointed out that the higher minimum wage, alongside another policy to mandate retirement scheme contributions for foreign workers, are moves that will hit small- and medium-sized enterprises (SMEs) and potentially soften the economy.

Consistently described as the backbone of Malaysia’s economy, SMEs account for 48 per cent of employment and contribute 38 per cent of the country’s GDP, according to an October 2023 report by professional services firm EY.

Malaysia’s MSME sector grew 5 per cent and contributed RM613.1 billion to GDP in 2023, but remains highly vulnerable to external factors like policy decisions, technological advancements and geopolitical events.

After Anwar’s Budget 2025 speech, SMEs had warned that the higher minimum wage and mandatory Employee Provident Fund (EPF) contributions for foreign workers would further hit their bottom line at a time when their margins were already squeezed.

“The private sector, particularly the SME sector, may not be fond of a mandatory contribution to EPF for foreign workers. The higher costs might affect some of the less vibrant and smaller companies,” Nambiar said.

“With global growth marking a slightly lower level in 2025 … and China not being able to post the kind of exuberant figures they traditionally have, Malaysia is likely to fall closer to the lower end of the 4.5 per cent (in GDP growth).”

Malaysia’s finance ministry said in its macroeconomic outlook for 2025 that the global economy is projected to grow by 3.3 per cent next year, while China is forecasted to register 4.5 per cent growth mainly due to “sluggish productivity”.

TRUMP’S THREATS

China’s fragile economy is bracing for more US trade tariffs under a second Trump administration, which has threatened tariffs in excess of 60 per cent on imports of Chinese goods.

The US has also begun imposing tariffs on solar imports from Vietnam, Thailand, Cambodia and Malaysia, aimed at curbing Chinese companies that try to diversify their supply chains to avoid harsher tariffs.

Nambiar said the use of tariffs as a foreign policy measure could act as a dampener on Malaysia’s economy.

“The old story of expecting Chinese companies to move to Malaysia to avoid tariffs will not work, unless there’s going to be significant local content,” he said.

“Malaysia will have to be clearer with regard to its policies, particularly in relation to China. The Trump administration may not tolerate ambiguity too well.”

Asrul Hadi Abdullah Sani, a partner at strategic advisory firm ADA Southeast Asia, said the region’s trade surplus with the US could also make Malaysia’s exports, especially semiconductor industries, vulnerable to tariff risks.

“Therefore, it is key for Malaysia to continue to diversify its trade partnerships,” he said.

Asrul Hadi said Malaysia’s government should continue to streamline its agencies and departments, ease regulatory processes and improve transparency in decision-making.

“This approach will make Malaysia more attractive to foreign investments, particularly as the federal government aims to strengthen the country’s position in the global semiconductor supply chain,” he added.

Sunway University’s Yeah, however, highlighted that Trump’s pivot to tariffs and other trade weapons to protect US industries will have mixed effects on Malaysia, given the openness of the country’s economy and good relations with both America and China.

“The trade and investment diversion during Trump’s first term and (current President Joe) Biden administration’s trade disputes with China has benefited Malaysia as evidenced by the rise in FDI and trade volume,” he said.

“It will need to navigate the adverse trade impact and supply chain disruptions should the tariff hikes materialise. This will involve compliance with demand conditions, seeking alternative markets and providing assistance to affected firms to minimise enduring damage to the Malaysian economy.”

Malaysia’s finance ministry said in its macroeconomic outlook that while its trade volume with China is significantly higher than the US, trade with Washington is “crucial” for strategic economic sectors such as technology and healthcare.

“Any policy shift towards protectionism, such as higher tariffs and new non-tariff measures in these countries, could bring repercussions to Malaysia’s external sector,” it said.

Given Trump’s tariff escalation and the ongoing wars in the Middle East and between Russia and Ukraine, Yeah surmised that external conditions are expected to be volatile and unpredictable next year.

“To maintain growth, the government will need to be nimble and pragmatic in responding to potential large destabilising changes in the international trade and investment environment,” he said.

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Trump exposes EU bankruptcy on trade, war and climate – Asia Times

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Europe is haunted by a ghost, Donald Trump’s ghost. The rulers in Europe did not anticipate him returning, and even worse, they had no idea how to counteract him.

The Eurocrats had a dream about” proper independence” when Donald Trump was still the 45th President of the United States when I was elected to the European Parliament in 2019. In 2020, Joe Biden followed Trump, whispering:” America is back to lead the earth once” and all of Brussels rejoiced.

The EU leaders have since followed a plan that is entirely dependent on US progressives ‘ policies and is oriented toward them. The EU has cut ties with Russia and China in terms of trade policy, accepted the threat of the global south, accepted every US sanction against its neighbors, reneged on its own foreign policy freedom, and usually renounced everything that might be in the way of a woke America’s ideas and interests.

And then Donald Trump is reclaiming his position as# 47. He represents the very opposite of a woken America. He may end the war in Ukraine, which will embarrass Western foreign policy. He has announced that he will leave the Paris Climate Agreement, giving the US a significant cost benefit over the heavily taxed German business.

He wants to impose huge trade taxes, forcing Europe’s trade industries to invest in the US. Trump has exposed the wrongheadedness of every Western political decision made in the last four decades.

Trump may make it even worse for the Eurocrats to deny their losses, making things even worse. The EU’s test to judge social networks – above all Elon Musk’s X – through the Digital Services Act may face fierce opposition from Washington, as Vice President-elect Vance has previously announced.

In this situation, the Union cannot actually revert to the old phrase of” strategic freedom”. Unlike in 2016-20, neither China, India, South Africa, nor Turkey believes whatever this EU is saying, not to mention Russia.

Yet before 2020,” proper freedom” was only a brand, never whatever of element: European politicians are too stupid and the EU is too weak to stand up an independent foreign and business plan. They have always been powerless. The only gimmick is that there will no longer be buffed people around.

The social landscape has undergone significant changes as a result of this circumstance. The most devoted Atlanticists have been the Brussels and Berlin leaders ‘ since Politico’s election of Ursula von der Leyen as” Europe’s American President,” but they now sound like Gaullists who sworn by European freedom.

Unlike the real General de Gaulle, to be sure, they have neither ideas nor resources to influence for freedom. On the other hand, functions that have traditionally been wary of America, like Germany’s AfD, have discovered their political ties to Trump and his MAGA perspective and have at the same time received significant press backing from Elon Musk.

Previous Blackrock legislator and board member Friedrich Merz, who is likely to be the next German Chancellor, has spent the last few years relentlessly criticizing the AfD’s opposition from the proper as well as Sarah Wagenknecht’s left-wing opposition for their pretended skepticism regarding the transatlantic alliance.

Now it is obvious to him that these alleged enemies of America sound similar to Trump and Vance, but Merz and the approaching Administration disagree on all important issues.

At the level of the EU, Hungary’s Viktor Orban was the whipping child for all of Biden’s toadies, who reproached him for his politics with Putin, Erdogan, Netanyahu, and Xi. When Trump re-enters the White House, Orban will now have wealthy exposure.

Kaja Kallas, the new EU foreign affairs commissioner, is standing in opposition to Orban. Kallas was hired solely because she is a zealous Russia hater. Her position did fall as a result of a peace deal being reached in Ukraine, making it a remnant of a moment that, hopefully, will soon be put to the end and of no use in the present.

The Eurocrats are the turning points of social life, but they are nothing more than gamers, which exposes them. They are checkmated. They may explain why everyone went against what they had been expecting because they have placed everything on a single cards.

But that isn’t just a problem of conversation, but rather one of economy: The Ukraine conflict was expensive, and the Russian restrictions did more harm to the EU and especially Germany than they did to Russia. And to what end? The weather craze has ruined German economy —and to what purpose, then that the US is abandoning it?

The political proper, which is now feeling the wind coming from America, is energized by this change. The organized European parties were at once in deal that there couldn’t possibly get any assistance with the AfD.

They also spoke of a “firewall” against the AfD. Elon Musk has since resurrected the AfD on X and in the widely circulated Die Welt news. That raises the question of which means the router is directed: against the AfD and Elon, or against the German political idiots?

Donald Trump is altering the political scenery around the world. The German political wealthy and its echo chamber in the mainstream press, with all their ideas and capabilities, have no place in this new environment. For the political right, by contrast, unanticipated opportunities are opening. They only need to be recognized and taken advantage of.

Trump has made it clear that despite having a sizable trade deficit, it can’t continue to support global demand. In the Global South, Europe must look for fresh markets. Trump has warned Europe that it cannot ignore its own defense while clinging to America’s defense umbrella.

Instead of wasting their resources on counterproductive proxy wars, European patriots must provide for the defense of their countries. The patriotic right to rule as opposed to just to complain is now in order. There is no loss, but there is a world in which to triumph. Patriots of the world, unite!

The European Parliament is represented by Maximilian Krah.

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Jimmy Carter: The US president who became China’s friend

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Getty Images Former US Presidents Jimmy Carter (L) and China's paramount leader Deng Xiaoping hug each other on June 29, 1987 in Beijing.Getty Images

On a beautiful January day in 1979, then US president Jimmy Carter greeted a historical tourist in Washington: Deng Xiaoping, the man who unlocked China’s economy.

The first president of Communist China to explore the United States, Deng had arrived the previous night, to mild winter and a pleasant by the US vice-president, the secretary of state and their families.

The political alliance that would forever alter the world may begin to shape China’s economic ascent and subsequent conflict with the US.

During a stormy presidency that ended with a term, Carter’s more notable legacy included establishing official ties with China.

Born on 1 October, the same time as the foundation of the People’s Republic of China, “he liked to say it was life that brought him and China up”, said Yawei Liu, a near friend of Carter’s.

Even after leaving office, he diligently cultivated a close relationship with the Chinese folks, but that was impacted as Washington and Beijing’s relationships cooled.

Yet he continues to be one of a smaller group of US statemen admired by Beijing for assisting in the liberation of Communist China from confinement in the 1970s.

Beijing has expressed its apologies, calling Carter the “driving power” behind the 1979 deal. But the Chinese online has gone much more, referring to him as” Meirenzong” or the “benevolent American”, giving him a name that was once reserved for kings.

Wooing Beijing

Carter first spoke with China in 1949, when the nation was going through the last quakes of a terrible decades-long civil war.

His underwater unit was sent to Qingdao in eastern China as a fresh US naval officer. They were used to support Kuomintang troops as Mao Zedong’s troops fought off a Socialist siege.

A Chinese chief named Deng Xiaoping was only miles away behind army ranges.

When they finally met centuries later, it was as rulers of their respective states.

Richard Nixon, a former US president, and Henry Kissinger, his secretary of state, had laid the groundwork for wooing China at the time of Mao. They had a sensed opportunity to pull aside a Russian ally because Beijing and Moscow were at odds with one another.

However, those efforts came to an end under Carter and Deng, who pushed for deeper relationships. The US president has been sending trusted diplomats to Beijing for covert deals for months.

Getty Images Chinese leader Deng Xiao Ping and US President Jimmy Carter signing an agreement for cooperation between China and the United States on science and technology, Washington, DC, January 1979.Getty Images

The discovery was made in later 1978. The two nations made a statement in the middle of December that they would “recognise each other and build diplomatic ties from January 1, 1979.”

The earth was surprised and Beijing was elated, but the island of Taiwan, which had long relied on US assistance against Chinese says, was crushed. Carter is still a contentious subject it.

Previously, the US had only recognised the government of Taiwan, which China viewed as a renegade province. And for years US support for Taiwan had been the sticking point in negotiations.

Switching recognition to Beijing meant the US had finally acknowledged China’s position that there was only one Chinese government – and it was in Beijing. This is the One China policy, which, to this day, forms the cornerstone of US-China relations.

However, the hinge unavoidably raised concerns about US support for its friends. After being nervous with Carter’s choice, Congress later passed a law codifying its right to provide Taiwan with defensive weapons, invoking a permanent conflict in US international plan.

Although researchers concur that 1979 marked an amazing set of events that reshaped world strength: it opened the way for harmony and rapid economic growth in East Asia as well as the US and China’s alliance against the Soviet Union.

A’ distinctive’ friendship

However, Carter couldn’t had accomplished it without the special connection he had with Deng Xiaoping. According to Deng’s author Ezra Vogel, Carter wrote in his diary after spending a moment with him in January that “it’s a joy to deal with him.”

” The two of them followed popular feeling, there were really important connections in their no-nonsense characters”, said Dali Yang, a professor of political science at the University of Chicago. There was a truly special quality between the two men that” truly formed believe.”

Deng Xiaoping had survived three social revolts under Mao’s leadership and was now one of China’s most influential officials. Historians funds his eyesight, self-assurance, frankness and sharpened wit in no small component for this important political win.

Vogel writes that he saw the potential that Carter had to prevent Soviet dominance and spur off the modernization that had already begun in Japan, Taiwan, and also South Korea. He was aware that it would not be possible for China without US assistance.

Deng’s first official appearance in the US was a warm welcome at the White House, where he chuckled while revealing his Qingdao relationship to Carter, according to Chinese information. As the two clasped their hands in front of cameras in the Rose Garden, he exuberantly said,” Now our two countries ‘ peoples are shaking hands.”

As he toured some states with Carter over the course of the next few days, Deng unleashed a storm charm offensive on the Americans. Deng is seen grinning as he wears a cowboy scarf at a Texan dance in a prominent image. ” Deng avoids elections, goes Texan”, read a local magazine article.

Getty Images With the help of an aide, Deng Xiaoping, tries on a cowboy hat presented to him at a rodeo near Houston in 1979Getty Images

Carter described Deng as” bright, tough, intelligent, frank, courageous, personable, self-assured, friendly”, according to Vogel.

He later claimed in his journal that the trip was “one of the wonderful experiences of my Presidency,” and that “everything went straight, and the Taiwanese leader seemed to be extremely pleased.”

” Carter was truly a enzymatic representative for what was more than a political unification- it was a serious moment of signalling”, said Orville Schell, the director of the Asia Society’s Centre on US-China Relations who, as a journalist in 1979, covered Deng’s trip.

He introduced Deng to the nation and the rest of the world. What had previously been a controversial relationship turned into something very homey. These interactions between Carter and Deng gave the impression that it was acceptable for both individuals to put past apart and begin a new marriage.

Under Carter, China was granted “most represented state” business standing, boosting its business and creating jobs. Within a month, two-way trade between the two nations doubled.

Throughout the next decade China became an important trade partner not just for the US but also the world, which was “extraordinarily important” for China’s growth, noted Prof Yang.

A longtime connection

Carter’s friendship with China lasted a long time after his administration ended.

His non-profit organization The Carter Center, which was active in China’s emerging community politics in the 1990s, trained authorities, and educated voters at the government’s proposal.

Carter frequently went to China on individual sessions, which is unusual for a former US president. On one journey, he and his family Rosalynn helped to build homes for victims of the 2008 Sichuan disaster.

According to Prof. Yang, his commitment to charitable work, his humble beginnings as the son of a peanut farmer, and “folksy style”- which stood in contrast to the proper people personas of Chinese leaders:” He will be seen as a role model of a leader who cares, not just in rhetoric but also in actions” were endeared him to numerous Chinese.

People showed their warm feelings for him wherever he went in China, according to Dr. Liu, a senior director with the Carter Center.” The Chinese people genuinely liked him for his fortitude and honesty. He accompanied Carter on several journeys, including a 2014 visit where he was fêted by local leaders and institutions.

In Qingdao, the town put on a surprise pyrotechnics show for his 90th birthday. In Beijing, Deng’s child hosted a feast and presented a present- a copy of the People’s Monthly front page of the 1979 communique. ” Both were moved to tears”, Dr Liu recalled.

Getty Images Former US President Jimmy Carter attends a Habitat for Humanity work project in Qionglai in southwest China's Sichuan province Thursday November 19, 2009.Getty Images

That was to be his last visit. As the US-China relationship grew rockier, so too did Carter’s ties with the Chinese leadership, particularly after Xi Jinping took power.

On the eve of his 2014 visit, top government officials instructed universities not to sponsor his events, prompting a last-minute scramble to change venues, Carter noted.

According to Mr. Schell, there was a sparse attendance at his state dinner that he had at Beijing’s Great Hall of the People. Notably, it was hosted by then vice-president Li Yuanchao, while Xi was said to be entertaining another dignitary elsewhere in the complex.

” He wouldn’t even come to tip his hat to Carter. That really showed the state of relations”, Mr Schell said. ” Carter was really very angry. Two of his aides informed me that he even considered leaving early because he felt disrespected.

In the end, the Carter Center’s activities in China were halted, and a website maintained to keep track of the elections’ in the villages was shut down. No concise explanation was provided at the time, but Dr. Liu attributed this to China’s growing suspicion of foreign organizations following the 2010 Arab Spring.

Though Carter said little about the snub publicly, it would have been felt no less acutely, given the lengths he had gone to advocate for engagement.

It has also raised questions about whether his approach to China’s human rights, which he described as “patience,” was ultimately justified. Some people have criticized him as” soft-pedalling.

Carter often “made a tremendous effort … not to stick fingers into China’s eyes on the human rights question”, Mr Schell noted. Because The Carter Center had a real stake in the nation, “he did temper himself even when he was out of office.”

Getty Images Chinese Premier Zhao Ziyang shares a toast with married couple, former US First Lady Rosalyn Carter and former US President Jimmy Carter, Beijing, China, June 29, 1987. Getty Images

Some believe that his decision to speak out against Communist China was the result of an American sincerity at the time. There was” a disbelief among many Americans- how could the Chinese be living in angry isolation” following the violent chaos of the Cultural Revolution. Prof Yang said. There was a sincere desire among American leaders to actually assist.

Others claim that the US aimed to set China’s course for development and ultimately led to the creation of one of its greatest rivals as a result of its efforts to shore up support for the Soviets.

However, millions of Chinese people were also helped by these actions, which helped them come out of poverty and, for the first time, expanded political freedom at the local level.

” I think all of us from that generation were children of engagement”, Mr Schell said. We anticipated that Carter would discover the formula that would gradually establish a comfortable relationship between China and the US and the rest of the world.

At the end of his life, Carter began to worry more about the growing distrust between the US and China, and he was frequently warned about a potential “modern Cold War.”

“In 1979, Deng Xiaoping and I knew we were advancing the cause of peace. While today’s leaders face a different world, the cause of peace remains just as important,” he wrote on the 40th anniversary of normalisation of relations.

Leaders must accept our conviction that China and the United States must jointly create their futures for both themselves and the world as a whole.

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China firing preemptive trade war shots at Trump – Asia Times

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By extending the already-imposed tariffs on a significant chemical fluid, imposing security sanctions on seven American businesses, and threatening to stop buying US semiconductors in a single time, China has heightened industry conflicts with the United States.

China’s Ministry of Commerce ( MoC ) announced on December 26 that it will continue to impose anti-dumping taxes on imports of n-butanol from the US, Taiwan, and Malaysia for another five years, effective from December 29, 2024.

According to the MoC, removing anti-dumping duties would probably cause China’s domestic n-butanol economy to resume or continue its dumping practices and suffer as a result.

A significant organic compound is used to make paint, adhesive, and fillers in the production of many materials.

On December 29, 2018, China imposed 52.2-139.3 % tariffs on n-butanol imports from the US and 12.7-26.7 % tariffs on those from Malaysia. A 56.1 % work was imposed on all Chinese firms, except Formosa Plastics Corp, which only paid 6 %.

In 2022, China imported 105, 400 tons ( 66 % of total ) of n-butanol from Taiwan and 37, 300 tons ( 23.4 % of total ) from Saudi Arabia, according to a report published by the Beijing-based Huajing Industry Research Institute. The remaining came from Russia, South Africa and Malaysia.

According to the report, China’s N-butanol manufacturers are lagging behind domestic rivals in terms of product quality. &nbsp,

Hands sales to Taiwan

The Chinese Foreign Ministry sanctioned seven American companies and their related top executives on Friday night, China time, or Thursday night, US time, to fight against US arms sales to Taiwan.

Beijing claimed that the restrictions, which are based on China’s Anti-Foreign Sanctions Laws, are a response to the National Defense Authorization Act of the United States, which contains numerous adverse sections about China.

The sanctioned companies will now have their goods frozen in China and be unable to conduct business with Taiwanese businesses or individuals.

The seven businesses include Insitu Inc, Hudson Technologies, Saronic Technologies, Raytheon Canada, Raytheon Australia, Aerkomm Inc and Oceaneering International Inc. &nbsp,

These companies are engaged in a wide range of business. Insitu is a manufacturer of unmanned aerial techniques and a wholly-owned company of Boeing, a defence company. Aerkomm is a provider of satellite communication technologies. Oceaneering offers products and mechanical solutions to the onshore power, defence, aerospace and production industries. &nbsp,

The Biden administration’s 19th square of arms sales to Taiwan was approved on December 20th, which precipitated the most recent square of Taiwanese restrictions. Upgraded military data url systems and weapon mounts for Taiwanese ships were part of the US$ 29 million deal.

The Biden presidency approved$ 385 million in new arms sales to Taiwan on November 29th, including sections for Taiwan‘s US-made F-16 fighter jet and radar systems due in 2025.

On December 5, China sanctioned 13 US companies engaged in the production of robots, artificial intelligence and defense connections, as well as six mature company executives.

” A series of actions shows that the US has not stopped trying to contain China’s development through the Taiwan issue”, a Shanxi-based military columnist using the pseudonym” Dianwutang” wrote in an article. The promises made by British officials are no longer valuable to us.

China is becoming more and more sophisticated in resolving its problems with the US. If the US doesn’t move, China didn’t take actions, and if the US moves, China will strike with accuracy”.

He said the sanctioned US companies are now in purgatory as they didn’t get high-quality organic material materials such as chromium, tungsten and arsenic, from China. He stated that even if they could purchase these goods from second places, they would still have to pay a very high rate.

In an online panel discussion on December 19th, Stephen Tan, managing director of the International Policy Advisory Group, stated that China will undoubtedly pressure Trump to stop selling arms to Taiwan, but he didn’t make any concessions because he is a staunch supporter of the principle that “you pay your personal expenses for your security,” which may lead to a rise in US hands selling to Taiwan. &nbsp,

Fair competitors?

On December 23, the US Trade Representative Office said it would build a Section 301 research into China’s targeting of fundamental electronics, or identity cards, for supremacy and the impact on the US economy. On December 26, China said Washington may stop pushing forward the research. &nbsp,

In a media briefing on December 27 at 9:30 AM local time, the Ministry of Commerce’s China Council for the Promotion of International Trade (CCPIT ) stated that the US-initiated 301 investigation into China’s semiconductor industry is a clear example of trade protectionionism. &nbsp,

CCPIT’s director, Sun Xiao, demanded that the US abide by WTO regulations and quickly halt punitive restrictions, as well as encourage professional assistance with China through dialogue and consultation.

He criticized the US for subverting fair contest rules by subsidizing its unique semiconductor industry. &nbsp,

CCPIT did not provide specific instructions for what steps it would take, but it appears to be telling China that it can stop buying US cards in the future. Following the US’s announcement of new chip export controls against China, several Chinese business organizations earlier this month asked their members to refrain from purchasing American-made tradition electronics due to” safety” concerns. &nbsp,

The Asia Times has Yong Jian as a contribution. He is a Chinese columnist who specializes in Chinese technologies, economy and politics.

Read: China sharpens trade war equipment away of Trump’s appearance

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Will China let the yuan go in 2025? – Asia Times

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One of the most important questions of 2025 is whether China may degrade the yuan.

Beijing shocked international markets ten years ago with a huge decline in the renminbi exchange rate. Analysts are currently discussing the likelihood that China might withstand a Donald Trump 2.0 administration and its affected business wars with a weaker currency.

Trump’s threat to impose 60 % tariffs on China could stifle an now sluggish economy brought on by a once-in-a-generation home problems.

Weakened retail sales, report youth unemployment, a fast-aging populace and negative forces aren’t helping financial matters. Trump campaign advisors also have plotted moves to devalue the money in order to gain a competitive advantage.

According to scholar Julian Evans-Pritchard of Capital Economics,” This may cause some resistance among these trading partners, who will step in to defend local industries from increased Chinese imports.”

A ruse to yuan the yuan could alter 2025 in unheard way. Of course, betting on a&nbsp, quickly weaker yuan&nbsp, could be a mistake if the last several decades of the Xi Jinping age are any link.

Hedge account bets that Trump may support a strong dollar indicate that he has lost interest in his 2017-2021 name. Finally, Trump vehemently favored a weaker US exchange rate in order to punish China and benefit American companies.

Trump’s abuse on the US Federal Reserve is even worth considering. Trump was angry that his chosen Chairman Jerome Powell continued to support his father Janet Yellen’s price increases earlier in his first word. He browbeat Powell into cutting costs, adding signal in 2019 that the business possibly didn’t want.

On top of the Fed’s broken trust, the US federal debt soared under both Trump and present President Joe Biden. It now exceeds US$ 36 trillion, and the alarming increase is unaffected by any slow.

Add to that the possibility of yet greater political fragmentation when Trump retakes the throne on January 20, 2025. However, Beijing may not be likely to allow the exchange rate to drop too much for at least four factors.

One, a falling yuan might make it more difficult for property developers and highly indebted Chinese companies to pay off their onshore debt. That may improve proxy risks in Asia ‘s&nbsp, biggest market. The last thing Xi wants is to see# ChinaEvergrande trending once more in the internet.

Two, the economic easing needed to sustain the yuan’s decline— especially with the Fed cutting rates, also— could harm Xi’s deleveraging efforts. Xi’s interior group has made significant strides in the past few years in the fight against economic snobbery.

This explains why Xi and Premier Li Qiang have been afraid to permit the People’s Bank of China to cut costs more forcefully, even as China Inc. is under negative pressure.

Three, increasing the dollar’s worldwide use is probably Xi’s biggest economic transformation achievement since 2012. In&nbsp, 2016, China&nbsp, won a place for the renminbi in the International Monetary Fund’s” special&nbsp, drawing&nbsp, right” box joining the dollar, yen, euro and pound.

Since next, the stock’s apply in business and banking has soared. Increased easing then may dent confidence in the yuan, slowing its development to reserve-currency standing.

Four, it may create China a more and controversial issue in US politics only as a truly anti-China administration assumes power. &nbsp,

Trump’s” Tax Man” instincts are all over moves to touch hardliner Peter&nbsp, Navarro, co-author of a text titled&nbsp,” Death by China”, as major commerce director.

The same goes for powerful China writer Marco Rubio being Trump’s secretary of state and adding Robert Lighthizer and&nbsp, Jamieson Greer&nbsp, to Trump’s business negotiation group.

There’s desire that Trump’s pull for Treasury Secretary, Scott Bessent, you persuade the following White House to focus on the art of the package. Trump’s tax discussions are only a negotiating technique, according to the Bessent camp, in order to reach a “grand deal” trade agreement between the Group of Two.

Republicans and Democrats, however, are all in agreement that Trump must be strong with Beijing. Whether China is manipulating the renminbi lower was stoke bipartisan support in Washington.

That is especially true for Team Trump’s tariff-enthusiastic station, which is signaling taxes on Canada, Mexico, and the automobile market in way that are spooking Japan and South Korea.

” Donald Trump’s win … is ushering in a new cycle of stress on the Foreign money”, says Wei He, an scientist at Gavekal Research. What will happen if Trump begins to implement his threats of new tariffs after taking office in January is the main question. In this circumstance, it is highly unlikely that the renminbi will continue to trade at its current level.

After the US began imposing tariffs in 2018, the PBOC allowed a 13 % depreciation of the yuan in order” to partially restore export competitiveness”, He says. Therefore, it is likely that it will allow depreciation once more, especially given the renewed policy emphasis on supporting domestic demand.

To be sure, it’s not the most likely scenario.

Yet “if Trump does start a major trade war, China will, nevertheless, hit back, targeting American companies with interests in China, selling US Treasuries, devaluing the yuan and targeting US exports of agricultural goods”, says Evie Aspinalla, a director&nbsp, at the British Foreign Policy Group think tank. The effects would be significant for global trade. China, if it can, would rather avoid this, but if Trump follows through on his trade rhetoric, a tit-for-tat trade war seems all but inevitable”.

Trump, Aspinalla adds, has been “incredibly forthright throughout … on his views on China, not least in his threats to impose 60 % tariffs on China. China, meanwhile, &nbsp, has pledged to continue to work with the US based on the&nbsp, principles of mutual respect, peaceful co-existence and win-win cooperation, claiming there are’ no winners’ in a trade war. With the&nbsp, Chinese economy&nbsp, already struggling, 60 % tariffs would be crippling and China will be limited in its capacity to respond”.

That threatened tariff maneuver alone, UBS&nbsp, Group estimates, will cut China’s annual growth by more than half – chopping 2.5 percentage points off globe’s top trading nation’s GDP. Due to weak retail spending, property investment, and new home sales, China increased just 4.6 % in the third quarter year over year.

The Xi government’s slow action in resolving the property crisis only increases the chance of an even longer economic issue.

Investors were alarmed to learn that Chinese bank regulators are urging China Vanke Co to disclose their financial exposure in order to assess how assertively Beijing might need to shore up the country’s fourth-largest developer by sales in order to avoid default.

In Hong Kong, New World Development Co, which is exposed to mainland China’s property troubles, is trying to delay some loan maturities. Meanwhile, Parkview Group is seeking buyers for a well-known landmark commercial complex in Beijing.

We believe Vanke could experience a liquidity shortage sooner than expected if there is no turnaround in property sales, asset disposals continue to be slow in a weak property market, and financial institutions start to be more cautious and require additional collateral, according to Jefferies Financial Group Inc. analyst Shujin Chen. We still believe that there is a 50 % chance of a government bailout.

A weakened currency might be a boon. As Raymond Yeung, economist at ANZ Bank, notes, Beijing would probably try to stabilize the yuan instead of an outright devaluation. That could lead to capital outflows in a region on track for its first-ever foreign direct investment loss since 1990.

However, whether Xi launches a surprise yuan trading spree will depend on the president’s upcoming arrival in the White House: Trump, Trump, or Tariff Man, who will spoil a fierce trade war. Only time will tell. However, 2025 has the potential to fundamentally alter foreign exchange markets.

Follow William Pesek on X @WilliamPesek

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