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The US administration has secured a temporary legal win, allowing its  10% global tariffs  to remain in force while appeals proceed. The ruling adds another layer of  policy uncertainty for global trade, inflation, and corporate supply chains . Tariffs Remain in Place Amid Legal Dispute A US federal appeals court has allowed the government to  continue enforcing the 10% tariffs  introduced under  Section 122 of the Trade Act of 1974 , despite an earlier ruling that questioned their legality. The court noted that the administration had made a  credible case it could ultimately win , justifying the continuation of tariffs during the appeals process.   Key point: Tariffs will stay in effect for now, keeping pressure on global trade flows. Unusual Legal Basis Raises Long-Term Questions The case centers on the interpretation of  “balance-of-payments deficits” , a condition required to justify tariffs under Section 122. The lower trade court argued...

Summary The US plans to impose  10%–12.5% tariffs on imports from 60 economies , marking a major return to protectionist policy and raising fresh concerns over  global trade tension and inflation . Key Highlights Broad tariff rollout At least  10% tariffs  on allies (EU, UK, Canada, Taiwan, etc.) 12.5% tariffs  on major economies (China, India, Japan, Korea) Based on forced labour investigation Targeting countries deemed to have  weak enforcement Covers sectors like  cotton, palm oil, minerals, seafood Not immediate implementation Subject to  public review (until July 6) Final decision after hearings (from July 7) Section 301 used as legal basis More durable than previous tariffs struck down by courts Potential additional tariffs coming Separate probe on  excess manufacturing capacity Future tariffs may be  stacked on top What Investors Need to Watch 1.  Inflation Risk Back on the Table Tariffs =  higher import costs Likely to...

Singapore is increasingly likely to  tighten monetary policy , as rising energy costs from the Middle East conflict threaten to push inflation higher despite weakening growth. MAS Expected to Act Amid Rising Price Pressures The  Monetary Authority of Singapore  is widely expected to adjust policy at its upcoming review, with  15 out of 18 economists forecasting a tightening move . The shift comes as  imported inflation accelerates , driven by surging oil prices and higher logistics costs. Core inflation is projected at  1.9% , near the  upper bound of official forecasts , increasing pressure on policymakers to act. Unique Policy Tool: Currency Management Unlike most central banks, MAS uses the  Singapore dollar exchange rate  as its primary policy tool. Potential tightening measures include: Steepening the slope of the policy band Re-centering the band upward Or a combination of both The Singapore dollar has already been  strengthening t...

The US is taking a  dual-track approach toward Iran , combining  potential sanctions relief  with aggressive  tariff threats on countries supplying weapons , adding another layer of uncertainty to global trade and geopolitics. Mixed Signals: Diplomacy and Escalation Donald Trump  indicated that Washington is  open to discussing tariff and sanctions relief with Iran , acknowledging a key demand from Tehran as part of ongoing ceasefire negotiations. This marks a notable shift, as Iran has been under  heavy economic sanctions since 2018 , following the US withdrawal from the nuclear agreement. At the same time, Trump issued a stark warning: countries providing  military support to Iran could face 50% tariffs on all exports to the US . Tariff Threat Faces Legal Constraints Despite the strong rhetoric, the administration’s ability to implement such tariffs immediately is uncertain. A recent  US Supreme Court ruling  limits the president’s aut...

A temporary ceasefire in the Middle East has failed to restore normal shipping conditions in the  Strait of Hormuz , as Iran continues to exert control through a de facto  “toll system” , keeping global energy markets under pressure. Strait Control Maintains Supply Risk According to reports, Iran has implemented a  politically driven access system  in the Strait: Iran-linked shipments:  Allowed free passage Friendly nations:  Charged fees exceeding  US$1 million per vessel Unfriendly nations:  Potentially blocked The policy effectively turns the Strait into a  strategic chokepoint , reinforcing uncertainty over global oil and gas flows. The arrangement remains in place despite the ceasefire agreement announced by  Donald Trump . Ceasefire Fails to Normalize Energy Flows While the US-Iran truce was expected to ease tensions,  shipping activity remains limited : Many vessels are  avoiding the Strait entirely Others are  forc...

The United Arab Emirates is stepping up efforts to restore global energy flows, signalling willingness to join a  multinational maritime force to reopen the Strait of Hormuz , as geopolitical tensions continue to disrupt supply. Strategic Move to Secure Critical Oil Route The UAE is advocating for a  “Hormuz Security Force” , aimed at: Escorting commercial vessels Protecting shipping from  Iranian attacks Restoring access to a route handling  ~20% of global oil and LNG flows The proposal highlights growing urgency among regional players to  stabilise energy markets and trade routes . Limited Global Support So Far Despite the initiative, several US allies have been  reluctant to commit military resources , reflecting: Concerns over  escalation risks Uncertainty surrounding the  ongoing conflict France has engaged with about  35 countries  on potential cooperation, but any coordinated action may depend on  an eventual ceasefire . UN R...

Iran is drafting legislation to  impose transit fees on vessels passing through the Strait of Hormuz , a move that could significantly disrupt  global trade flows and energy markets  amid escalating geopolitical tensions. Proposed Toll System Signals Tightened Control According to reports, the Iranian parliament is preparing a bill to  formalise toll charges for safe passage , potentially recognising Iran’s authority over the critical shipping route. The  Strait of Hormuz , which connects major oil-producing nations to global markets, has already seen  severely restricted traffic  following recent military conflict. Only limited vessels—mainly those with  Iranian or Chinese ties —have been able to pass. Industry sources suggest that  informal fees of up to US$2 million per vessel  have already been requested, with ships required to disclose  cargo and voyage details . Global Trade and Shipping at Risk The proposed toll system raises...

Singapore equities opened firmer on Wednesday, supported by  resilient global tech gains and improving investor sentiment , even as geopolitical tensions and oil price volatility continue to cloud the macro outlook. Market Holds Steady Amid Global Uncertainty The  FTSE Straits Times Index (STI) rose 0.25% to 4,948 , with market breadth positive ( 400 gainers vs 212 decliners ), reflecting cautious optimism. This follows a steady session on Wall Street, where: Nasdaq gained 0.5% , supported by tech names S&P 500 rose 0.3% Dow Jones edged up 0.1% Despite ongoing tensions in the Middle East and risks to oil supply via the  Strait of Hormuz , markets appear to be  looking through near-term geopolitical noise . Singapore Backs Global Trade and Digital Economy Rules Singapore joined a  10-nation coalition under the Future of Investment and Trade (FIT) Partnership , aiming to strengthen  WTO frameworks on investment and e-commerce . Key initiatives include: Ma...

The  US  has  kicked  off  sweeping  trade  investigations  that  could  pave  the  way  for  new  tariffs,  putting  China,  the  European  Union —  and  key  Southeast  Asian  economies  including  Malaysia  and  Singapore —  directly  in  focus. US  Launches  Section 301  Trade  Investigations Office of the United States Trade Representative  ( USTR),  led  by  Jamieson Greer ,  announced  probes  under  Section 301  of  the  Trade  Act ,  targeting  alleged  excess  manufacturing  capacity. Major  economies  under  investigation  include: China European Union Japan South Korea Taiwan India Mexico Southeast  Asia  is  also  in  the  crosshairs: Malaysia Singapore Vietnam Tha...

US retailers are scrambling to adjust their strategies as tariff rules shift again, adding fresh uncertainty to consumer spending and profit outlooks in 2026. Key Takeaways Tariff rate raised to 15% after Supreme Court ruling Retailers warn of “policy whiplash” complicating planning Companies reluctant to raise prices amid cautious consumers Middle East tensions add new shipping and fuel cost risks Tariff Landscape Shifts Again The US government lifted temporary import levies to  15% , up from 10%, after the Supreme Court struck down emergency duties. Retailers say the bigger problem isn’t just higher tariffs — it’s unpredictability. Key Point: Policy volatility, not just tariff levels, is the main risk for retailers. Companies can plan for higher costs — but not for rules that change week to week. Who Is Most Affected? Abercrombie & Fitch Factored the 15% tariff into forecasts Estimated 70 basis-point hit (~US$40 million) Previously projected US$90 million impact Best Buy Heav...