This article is an on-site version of our FirstFT newsletter. Subscribers can sign up to our Asia<\/a>, Europe\/Africa<\/a> or Americas<\/a> edition to get the newsletter delivered every weekday morning. Explore all of our newsletters here<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n Good morning and welcome back to FirstFT Asia. On today\u2019s agenda: <\/p>\n US and Vietnam strike a trade deal<\/p>\n<\/li>\n The Dalai Lama defies Beijing<\/p>\n<\/li>\n Is Trump\u2019s \u201cbig, beautiful bill\u201d a political curse?<\/p>\n<\/li>\n<\/ul>\n Donald Trump said the US had struck a trade agreement with Vietnam in a deal that would lower Washington\u2019s \u201creciprocal tariff\u201d on exports from the Asian country to 20 per cent. Here\u2019s what to you need to know.<\/p>\n The deal:<\/strong> The new tariff level represents a more than halving of the 46 per cent levy Trump initially imposed on Vietnam during his \u201cliberation day\u201d tariff blitz on April 2. But it is higher than the 10 per cent rate it was lowered to as trade talks took place. The US will also charge Vietnam a 40 per cent tariff on \u201ctrans-shipping\u201d as Washington seeks to crack down on businesses sending products made in China through other countries to avoid high levies on Chinese goods.<\/p>\n Go deeper:<\/strong> Vietnam\u2019s exports to the US have risen in recent years as manufacturers have moved production out of China to avoid US tariffs,\u00a0with the south-east Asian country hosting the likes of Apple, Samsung and Nike. Trans-shipment had become a critical issue in Hanoi\u2019s negotiations with Washington, as the Trump administration accused Vietnam of being a conduit for Chinese exporters. <\/p>\n Read more about the deal<\/a>, which makes Hanoi one of the few capitals to reach a trade agreement with Washington in the past three months. <\/p>\n Here\u2019s what else we\u2019re keeping tabs on today:<\/p>\n 1. The Dalai Lama has said that the Tibetan Buddhist community he leads has the \u201csole authority\u201d to recognise his future incarnation,<\/strong> asserting control over a succession process contested by China<\/a>. The spiritual leader, who will turn 90 on Sunday, said he expected the role he occupies to continue after his death. <\/p>\n 2. Sir Keir Starmer has said Rachel Reeves will be chancellor for \u201ca very long time to come\u201d<\/strong> as the prime minister moved to stem speculation over her future. UK government bonds and the pound fell sharply yesterday afternoon after Starmer declined to back a tearful Reeves<\/a> in the House of Commons following Labour\u2019s dramatic gutting of its welfare bill.<\/p>\n 3. Goldman Sachs stood to lose just $300mn in an economic shock under the Federal Reserve\u2019s stress test scenario this year,<\/strong> vastly less than the $18bn forecast a year earlier \u2014 and a big reason for the bank\u2019s outsized shareholder payouts. Here\u2019s how the Wall Street bank won the Fed\u2019s stress test<\/a>.<\/p>\n 4. A jury has acquitted rapper-entrepreneur Sean \u201cDiddy\u201d Combs of sex trafficking and racketeering,<\/strong> but convicted him of prostitution-related charges, in a widely watched New York federal court case. The case of Combs, a Grammy award-winning artist, is among the most high-profile reckonings with sexual misconduct in the music business. Read the full story<\/a>.<\/p>\n 5. Shares of New World Development, the heavily indebted Hong Kong property group, jumped yesterday<\/strong> as investors welcomed the end of its refinancing talks with banks<\/a> and the resignation of the founder\u2019s grandson from his remaining board roles. New World has been hit by a market downturn following a period of debt-fuelled expansion.<\/p>\n Trump has narrowly passed his \u201cbig, beautiful bill\u201d through the US Senate. But the legislation still faces hurdles, including the House, where several of his fellow Republicans have threatened to vote against it. But even if the president is able to get them in line, he faces a big task in defending the legislation before an American public that already seems to be souring on it<\/a>. <\/p>\n Drinking has become more prevalent among Gen Z<\/a> as baby boomers cut back their alcohol consumption, according to an extensive study by market research company IWSR. The findings call into question the assumption that Gen Z has turned its back on drinking en masse.<\/p>\n The recent heatwaves in Europe and the US have made travelling to the office unbearable at times. Becky Malinsky, a New York-based personal stylist, gives advice on how to dress for work in hot weather<\/a>.<\/p>\n\n
Five more top stories<\/h3>\n
News in-depth<\/h3>\n
We\u2019re also reading\u2009.\u2009.\u2009.\u2009<\/h3>\n
Chart of the day\u2009<\/h3>\n
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