50pc steel tariff to start on Wednesday

US Defence Secretary Pete Hegseth pressed US partners in Asia to boost defence spending toward 5 per cent of gross domestic product, warning that more urgency is needed to prepare for a potential Chinese invasion of Taiwan. Speaking in Singapore, Hegseth acknowledged that many Asian nations try to balance economic ties with China and defence ties with the US. But he said those relationships complicate decisions during times of tension. And he made clear that President Donald Trump's administration would apply the NATO model to the region — aggressively demanding countries spend more to defend themselves. "NATO members are pledging…