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, happy Friday and welcome back to FirstFT Asia. In today\u2019s newsletter:<\/p>\n Trump\u2019s landmark bill passes the House<\/p>\n<\/li>\n China criticises US-Vietnam trade deal<\/p>\n<\/li>\n Pakistan\u2019s strategy to woo the US president<\/p>\n<\/li>\n<\/ul>\n Donald Trump has secured a political victory after the House of Representatives gave final approval to his flagship tax and spending legislation. <\/p>\n What\u2019s happening?<\/strong> With the bill\u2019s passage, Trump plans to sign it into law at 5pm today (local time), according to White House press secretary Karoline Leavitt. The 218 to 214 vote by the House yesterday came after Democratic minority leader Hakeem Jeffries spoke against what he called the \u201cugly\u201d legislation for a record eight hours and 44 minutes, in a symbolic act of defiance. <\/p>\n What\u2019s in the bill? <\/strong>The legislation extends vast tax cuts from Trump\u2019s first administration, paid for in part by steep cuts to Medicaid, the public health insurance scheme for low-income and disabled Americans, and other social welfare programmes. The bill will also roll back Biden-era tax credits for clean energy, while scaling up investment in the military and funds for Trump\u2019s crackdown on immigration. It has been projected to add more than $3tn to the US debt over the long term, raising worries among economists.<\/p>\n Read more about Trump\u2019s \u201cbig, beautiful bill\u201d<\/a>, which has already set the political battle lines ahead of next year\u2019s midterm elections.<\/p>\n More US news:<\/strong> The US economy surpassed expectations<\/a> to add 147,000 jobs in June, leading investors to scale back their bets on interest rate cuts. <\/p>\n<\/li>\n Interview:<\/strong> Abbe Lowell, the star lawyer who defended Jared Kushner and Hunter Biden, has warned that Trump is pushing US democracy to a breaking point<\/a>.<\/p>\n<\/li>\n<\/ul>\n Here\u2019s what else we\u2019re keeping tabs on today and over the weekend:<\/p>\n Economic data: <\/strong>The Philippines publishes June inflation figures and Singapore reports May retail sales. On Sunday, Vietnam releases a batch of data, including June inflation and second-quarter GDP.<\/p>\n<\/li>\n India-Argentina relations:<\/strong> Indian Prime Minister Narendra Modi meets Argentine President Javier Milei in Buenos Aires.<\/p>\n<\/li>\n Brics annual summit:<\/strong> A two-day gathering of the group of developing countries begins Sunday in Rio de Janeiro, Brazil, with India\u2019s Modi and Chinese Premier Li Qiang among the leaders in attendance.<\/p>\n<\/li>\n Birthday:<\/strong> The Dalai Lama turns 90 on Sunday. The Tibetan Buddhist leader recently asserted \u201csole authority\u201d over a succession process contested by China<\/a>.<\/p>\n<\/li>\n<\/ul>\n How well did you keep up with the news this week? <\/em>Take our quiz<\/em><\/a>.<\/em><\/p>\n 1. China has hit out at the US-Vietnam trade deal,<\/strong> amid concerns in Beijing that Trump is using his \u201cliberation day\u201d tariff negotiations with third countries to curb its export machine<\/a>. The US president\u2019s focus on punishing \u201ctrans-shipping\u201d of goods \u2014 widely believed to be aimed at Chinese re-exports to the US \u2014 has drawn Beijing\u2019s ire.<\/p>\n US-China trade:<\/strong> The three largest developers of chip design software have said the US has removed recent restrictions<\/a> on sales in China.<\/p>\n<\/li>\n More trade news: <\/strong>South Korea\u2019s president has expressed pessimism<\/a> at agreeing a deal with the US before Washington\u2019s self-imposed deadline next week. <\/p>\n<\/li>\n<\/ul>\n 2. China\u2019s central bank has asked European financial institutions for advice on dealing with the effects of low interest rates.<\/strong> The move suggests the People\u2019s Bank of China is concerned about a multiyear deflationary environment<\/a>, which would threaten bank profits and financial stability \u2014 similar to what many European countries experienced last decade.<\/p>\n 3. The $33bn privatisation of a major Toyota supplier has been called out as a \u201cstudy in opacity\u201d<\/strong> by an\u00a0investment industry group. The Hong Kong-based Asian Corporate Governance Association released a searing attack yesterday<\/a> of Japan\u2019s biggest management buyout, saying it would \u201cserve as a referendum on the credibility of Japan\u2019s corporate governance revolution\u201d. <\/p>\n 4. Trump and Volodymyr Zelenskyy will discuss the abrupt halt in some key US weapons deliveries to Kyiv<\/strong> in a call on Friday or the coming days<\/a>, the Ukrainian president said yesterday. Ukraine summoned a senior US diplomat on Wednesday after it was caught off guard by the Pentagon\u2019s decision to stop delivering several advanced weapons systems. <\/p>\n 5. Fast-fashion retailer Shein has been fined \u20ac40mn by French regulators,<\/strong> a record penalty, for misleading consumers on price reductions and environmental commitments. Here\u2019s what the 11-month investigation into the China-founded retailer found<\/a>.<\/p>\n Cash-strapped Pakistan is hoping to get on Donald Trump\u2019s good side and stave off hefty trade tariffs. Its strategy? Pitching itself as a bitcoin mining hub, a source of rare earths and offering its support for a Nobel Peace prize for the US president. Humza Jilani has more on Islamabad\u2019s effort to woo the White House<\/a>.<\/p>\n Japan\u2019s great unsticking:<\/strong> The end of the zero-interest era is unleashing competition in the banking sector and changes in saver and investor behaviour<\/a>, writes Leo Lewis. <\/p>\n<\/li>\n Artificial intelligence:<\/strong> Tim Harford\u2019s latest column asks \u2014 as AI becomes ever more capable, is any job secure<\/a>? <\/p>\n<\/li>\n UK Labour: <\/strong>It feels as if we are already mourning a lost government<\/a>, writes Robert Shrimsley, and these are unlikely to be the last tears shed.<\/p>\n<\/li>\n<\/ul>\n US tariff revenues surged almost fourfold<\/a> from a year earlier to a record $24.2bn in May, the first full month in which Trump\u2019s 10 per cent global tariff was in effect.<\/p>\n Don\u2019t miss HTSI\u2019s guide to Bali<\/a>, where \u201ceverything feels like a ritual\u201d, as told by Ronald Akili, the founder of beach club Desa Potato Head.<\/p>\n\n
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