US President Donald Trump blinked first in the global trade war by pausing significant tariffs for 90 days, reducing most to 10%, causing a major humiliation. However, 10% is still a burden for exporting nations, and uncertainty remains as tariffs on China, Canada, Mexico, steel, aluminium, and cars remain high. The conflict has shifted from US-world to US-China, impacting the two largest economies and disrupting global economic growth.
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About 300 employees laid off by China-linked Singapore firm facing US sanctions over Iran oil shipments
Read a summary of this article on FAST.SINGAPORE: A China-linked, Singapore-based firm, CCIC Singapore, has laid off hundreds of employees and is going into liquidation due to US sanctions for its role in obscuring the origins of Iranian oil shipments. The firm, a subsidiary of a state-owned enterprise, notified employees of retrenchments after being blacklisted on May 13, leading to salary delays and dissatisfaction over severance packages. Employees have reached out to labor organizations for...
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