Exports

• Goldman Sachs has identified the South Korean won as the top foreign exchange bet in Asia for the next three months, driven by an AI-fueled boom in exports. • The bullish outlook for the won, Taiwan dollar, Chinese yuan, and Malaysian ringgit contrasts with a bearish stance on the Thai baht and Indonesian rupiah. • Regional pressures include falling gold prices and low interest rates in Thailand, as well as policy uncertainty in Indonesia and oil price sensitivity in the Philippines.

Australia’s trade minister, Don Farrell, says tariff regime is unjustified and inconsistent with free trade agreement with USFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastDonald Trump has hit Australian exports with new trade tariffs, claiming the country is not doing enough to combat forced labour, but the Albanese government has demanded he remove them immediately.The United States announced on Friday morning (AEST) that many Australian exports now attract a new 12.5% tariff as part of a broader regime affecting dozens of countries. Continue reading...

European leaders have made positive noises about the new UK PM, but he is likely to face the same restrictions as StarmerUK politics live – latest updatesAndy Burnham is unknown in Brussels, but that will soon change. In his schedule for the autumn is an EU-UK summit that may underscore the same dilemmas that have confronted previous British prime ministers in the relationship with Europe.EU leaders were quick to offer congratulations to Britain’s prime minister, the seventh since the 2016 Brexit referendum. The European Commission president, Ursula von der Leyen, said she looked forward to strengthening the EU-UK partnership “for the security of our shared continent” and “the prosperity of people on both sides of the Channel”. The German chancellor, Friedrich Merz, invited Burnham to visit Berlin “very soon”, noting that the UK and Germany’s “deep connection is particularly evident in these times”. Continue reading...

Country risks new tariffs from US and EU as it looks likely to match or beat last year’s record surplus of $1tnBusiness live – latest updatesChina’s monthly car ‌exports topped 1m for the first time in June as overall overseas shipments from the world’s second biggest economy rose 27%.Official Chinese customs data showed that a stronger-than-expected trade performance kept China on track to match or beat last year’s record trade surplus of $1tn (£748bn), achieved despite Donald Trump’s curtailed tariff war. Continue reading...

• Premier Li Qiang chaired a State Council meeting focused on accelerating breakthroughs in AI, including the development of ultra-large computing clusters and the acquisition of high-quality data and talent. • The initiative highlights Beijing's strategy to drive growth through technology and exports to offset a significant slump in domestic consumer spending. • These high-level discussions serve as a precursor to a high-stakes economic growth assessment scheduled for the Politburo next month.

• Singapore's non-oil domestic exports (NODX) rose in May, driven primarily by strong global demand for artificial intelligence (AI) technologies. • Key growth drivers included a 66.9% increase in specialized machinery (SG$900 million) and an 83.2% jump in non-monetary gold exports (SG$400 million). • Exports to Taiwan surged by 135.2%, fueled by massive increases in integrated circuits (137.8%) and disk media products (140.9%).

Climate minister Chris Bowen says country must prepare for changing world and can play bigger role in reducing emissionsAustralia will find exporting fossil fuels increasingly difficult but can switch to exporting clean energy products, the president of the next UN climate negotiations has declared.Speaking at a climate conference in Bonn, Germany, Chris Bowen, Australia’s minister for climate change and energy, argued his country had led the global push to “transition away from fossil fuels” – based on the rapid growth of renewable energy and batteries in its domestic power grids – and that its economy could manage the switch. Continue reading...