Some foreign policy failures don’t make headlines or appear in casualty counts or ceasefire agreements. They surface months later, buried in a consultancy report no one in the White House was eager to read.

Last week, the geopolitical research firm Asia Group confirmed what should have been clear from the beginning: the biggest winner of Donald Trump’s Middle East war isn’t the United States, Israel, or even Iran—it’s China.

The bare facts are stark enough to make the point on their own. After the US and Israel launched joint strikes on Iran on 28 February, killing Iran’s supreme leader, Ali Khamenei, in the process, Tehran responded by effectively shutting down the Strait of Hormuz. 

That single act of retaliation choked off a waterway carrying roughly 80% of the region’s oil exports and nearly 90% of its liquefied natural gas, almost all of it bound for Asia. Prices spiked. Economies that depend on that energy, India, Japan, South Korea, and the smaller economies of Southeast Asia, took the hit exactly as you’d expect.

China, alone among them, barely flinched.

That is not an accident, and it is not luck. It is the result of years of deliberate planning that Washington chose to treat as a rival’s eccentricity rather than a strategic threat worth answering. Beijing spent the past several years building up enormous strategic oil reserves, buying aggressively whenever prices dipped. 

According to the analysis cited in the report, China’s crude imports rose from 11.1 million barrels a day to 11.6 million in 2025 alone, with more than 80% of that increase going straight into storage rather than consumption. While other nations ran their economies on just-in-time energy logistics, China was quietly building a buffer for exactly this kind of shock. When the shock came, the buffer held.

Layer on top of that China’s renewables build-out, a program so large it has reshaped global manufacturing in solar panels, wind turbines, and electric vehicles, and you get a country that was simply less exposed to a Middle Eastern energy crisis than its neighbors, and structurally positioned to gain from the global scramble toward clean energy that such crises accelerate. 

This is the unglamorous secret of strategic advantage: it is rarely won in the moment of crisis. It is won in the years of preparation beforehand, when nobody is paying attention, and there’s no credit to claim.

This ought to sting, because containing China’s rise has been the one constant, bipartisan thread running through American foreign policy for over a decade. Yet here is a war launched under a president who has made “America First” and great-power competition with Beijing central to his political identity, and its most concrete geopolitical dividend has flowed to Beijing. Not because China plotted this outcome, but because Washington created the conditions for it and then handed China the opportunity on a plate.

It would be a mistake, though, to read this as a simple story of Chinese triumph. The report’s own analysts are careful to note the limits of Beijing’s gain. 

Drew Thompson of Singapore’s Rajaratnam School of International Studies makes the sharper point: any erosion of American credibility in the region is not automatically a win for China, which has shown no appetite to become the Middle East’s security guarantor in Washington’s place. Beijing wants the economic upside of stability without the burden of providing it, a free-rider position that works only as long as someone else, however reluctantly, keeps the sea lanes open.

There’s also a more unsettling lesson buried in here for anyone watching the Taiwan Strait. As the Atlantic Council’s Wen-Ti Sung observes, the paralysis a single closed waterway inflicted on the world economy is a preview, in miniature, of what a contested Taiwan Strait would do to China’s own ambitions. 

If Beijing’s planners are as rational as this report suggests, the chaos in Hormuz may be less an argument for aggression than a cautionary tale against it. Blocking a strait is easy. Living with the consequences, even as the ostensible winner, is not.

None of this should be read as an argument that Trump’s Middle East strikes were somehow a secretly good strategy in disguise; this is not the case, Beijing itself would need to make. 

The Asia Group’s own framing is more sobering: China doesn’t view the turbulence as an existential threat, but as a set of pain points to be managed, and opportunities to be exploited where possible.

 That is a country adapting well to a mess it did not create. It is not a country that has been checked, weakened, or contained. If the goal of American Middle East policy was ever to leave China worse off, the ledger, for now, reads the opposite way.

Other People are Reading

Mumbai: Rich investors eyeing a debt-oriented portfolio with higher returns and better tax efficiency are considering niche plans offered by mutual funds and the newly created specialised investment funds. These structures bundle together high-yielding debt, equity arbitrage, REITs (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts) among other securities that boost returns while minimising the tax outgo.

For instance, the UNIFI Dynamic Asset Allocation Fund (UDAAF) allocates roughly one-third of its portfolio each to arbitrage, high-rated debt papers and credit. While the scheme does not hold unhedged equity positions, it may participate in special situations such as buybacks, open offers and IPOs to generate additional returns. The fund has delivered a return of 8.05% over the past year, compared with the Value Research category average of 2.24% and 1.28% for the CRISIL Hybrid 50+50 – Moderate Index.

Meanwhile, the Redhex Hybrid Long Short Fund, (RHLSF) a Specialised Investment Fund (SIF) launched in June, allocates 25-35% to arbitrage strategies, up to 10% to REITs, up to 15% to InvITs, 15-25% to high-yielding non-convertible debentures (NCDs), 10-15% to liquid fixed-income instruments and 5-15% to retail loan securitisation.

Buoyed by the response to these products, some smaller fund houses are evaluating similar offerings in the SIF space.

“Using mutual funds and specialized investment funds as vehicles, there are products that add credit to portfolios to boost returns. Due to high returns and tax efficiency these funds are finding favour with HNIs,” says Arihant Bardia, CIO and Founder, Valtrust

High networth individuals (HNIS) are increasingly drawn to these schemes for their combination of relatively stable returns and tax efficiency. The presence of high-yielding credit partly serves as an alternative to equities, which are going through a rough phase currently.
As hybrid products, they are eligible for long-term capital gains (LTCG) taxation at 12.5% depending on their holding period. For instance, investors in the UNIFI Dynamic Asset Allocation Fund must hold their units for at least two years to qualify for the concessional tax rate, while those investing in the Redhex Hybrid Long Short Fund, a lSIF strategy, need to hold for just one year.Investors exiting UNIFI Dynamic Asset Allocation before completing two years will be taxed according to their applicable income tax slab. In the case of RHLSF, gains realised within one year will attract a short-term capital gains (STCG) tax of 20%.

By comparison, a fixed deposit yielding 6.5% delivers a post-tax return of about 4.5% for investors in the highest tax bracket. An arbitrage-heavy hybrid SIF or mutual fund generating an 8% return, however, can deliver a post-tax return of around 7%, translating into a 200-250 basis point advantage over fixed deposits or debt mutual funds.

Managing risk remains the key to success in such a strategy, said fund officials. “We calibrate high yield allocation dynamically with the economic cycle and tap special situations offering favourable risk-reward,” says Premal Damania, National Head Sales, Unifi Mutual Fund.

However, these products are not meant for every investor. While conventional mutual funds typically credit redemption proceeds within two working days, regulations allow SIFs to take longer, reducing their liquidity.

“In a mutual fund, you can get money back in two working days, but in this SIF, redemption happens only once a week, and subsequently redemption takes 10 days, so investors have to budget 15 days for their money,” says Anup Bhaiya, MD and CEO, Money Honey Financial Services.

RITTMAN, Ohio — A Rittman police officer was killed and two other officers were injured after responding officers came under gunfire during a shooting that left four people dead overnight in this small northeast Ohio city, according to the Wayne County Sheriff’s Office.

Wayne County Sheriff Tom Ballinger said dispatchers received a 911 call around 9:30 p.m. Sunday reporting a disturbance and shots fired in the area near North Metzger Avenue and Saurer Street. When officers arrived at the scene, they immediately came under fire, Ballinger said.

“Officers responded to the area and immediately started taking fire,” Ballinger told reporters Sunday night. “At this point in time, we have lost an officer in the line of duty and two others have been injured.”

The officer killed was a member of the Rittman Police Department, according to multiple law enforcement sources, though Ballinger did not initially confirm which agency the fallen officer belonged to during his first public remarks. Two additional officers were injured and taken to area hospitals for treatment. A Wayne County Sheriff’s Office K-9 was also wounded during the confrontation.

According to Ballinger, the suspect was found dead inside a home at the scene, along with two other victims. In total, four people died in the incident: the officer, the suspect and two other victims described only as civilians. Authorities have not released the identities of the officer, the suspect or the other victims, pending notification of family members.

“We’ll have maybe a statement later, but right now, just no questions at this time,” Ballinger said as investigators began working to secure the scene in the overnight hours.

The shooting triggered a large-scale law enforcement response that included officers and deputies from multiple agencies across northeast Ohio, among them the Rittman, Wooster and Smithville police departments and the Wayne County Sheriff’s Office. The Ohio Bureau of Criminal Investigation has taken over the investigation and is expected to process the crime scene, collect forensic evidence, interview witnesses and review body camera footage as it works to determine exactly how the shooting unfolded.

Television news crews at the scene Monday morning reported seeing at least six law enforcement vehicles towed away, including patrol cars from the Rittman Police Department, a Wayne County Sheriff’s K-9 vehicle, and vehicles belonging to the Wooster and Smithville police departments. Several of the vehicles were reported to have visible bullet holes.

The Ohio State Highway Patrol’s Wooster post asked residents to stay away from the area near Rittman High School as the emergency response continued overnight, and a broader lockdown affected part of the city as investigators worked the scene.

The scale of the incident prompted county officials to declare a mass casualty event, drawing in additional emergency resources from neighboring Medina County. In a statement, the Medina County Firefighters Association confirmed that first responders from the county had been called in to assist after multiple people were injured in Wayne County, while other crews shifted to cover calls in southern Medina County to maintain normal emergency coverage during the response. The association urged the public to stay out of the affected area and asked residents to keep the responders in their thoughts.

Rittman is a small city of roughly 6,100 residents situated along the border of Wayne and Medina counties in northeast Ohio. The community, like many small towns in the region, maintains a modest local police force that regularly coordinates with the Wayne County Sheriff’s Office and surrounding municipal departments on major incidents.

Law enforcement agencies across Ohio have offered condolences following news of the officer’s death, with tributes expected once the fallen officer’s identity is officially released. Authorities have not disclosed the suspect’s identity, a possible motive, or whether any additional individuals were involved in the incident. Investigators have also not said what led to the initial disturbance call that prompted officers to respond to the area.

The Ohio Bureau of Criminal Investigation, which routinely leads inquiries into officer-involved shootings and other major law enforcement incidents in the state, will be responsible for determining the sequence of events that led to the officer’s death and the deaths of the suspect and the two other victims. Investigators are expected to examine forensic evidence gathered from the scene, along with witness accounts and any available surveillance or body camera footage, as part of a broader effort to reconstruct what happened in the moments before officers began taking fire.

As of Monday morning, multiple law enforcement agencies remained on scene, continuing to process evidence and secure the area. Officials have not provided a timeline for when the investigation might conclude or when further details about the victims might be released.

The incident marks one of the more significant law enforcement tragedies in the region in recent memory, with a single overnight shooting resulting in the death of an officer alongside three other individuals, and additional officers and a police K-9 among the injured. Community members in Rittman and surrounding areas have been asked to avoid the immediate vicinity of the shooting while the investigation continues, as authorities work to provide additional updates in the coming days.

This is a developing story, and further details, including the identities of those killed and injured, are expected to be released by the Wayne County Sheriff’s Office and the Ohio Bureau of Criminal Investigation as the investigation progresses.

Asian equities edged lower as technology shares remained under pressure, with Samsung Electronics Co. declining after its earnings report.

The MSCI Asia Pacific Index fell 0.3%, with decliners narrowly outnumbering gainers. Technology stocks led the losses, with Samsung falling over 5% even after quarterly profit surged 19-fold. The Kospi Index retreated 3.5%, while SK Hynix Inc. shares dropped 1% after kicking off the formal marketing process for its US listing.

Elsewhere, West Texas Intermediate crude traded below $69 a barrel on signs of growing oversupply, with Saudi Arabia slashing prices and traffic through the Strait of Hormuz picking up. During the New York session, short-term US Treasury notes edged higher. The yen was steady around 162.08 per dollar even as hedge funds turned the most negative on the Japanese currency since 2007.

Recent swings in tech stocks have left investors searching for fresh evidence that the AI boom can sustain its momentum. Even after US semiconductor shares posted a record quarter, attention has turned to whether soaring capital spending, rising competition and expanding capacity will deliver the earnings growth needed to justify lofty expectations.

“Are we in an AI bubble? We think the answer depends on whether AI can turn today’s scarcity into tomorrow’s abundance,” according to BlackRock Investment Institute’s team led by Jean Boivin. “Markets are increasingly pricing that outcome, expecting AI to lift productivity and growth enough to sustain today’s extraordinary earnings.”

In Asia, early attention was on Samsung’s earnings. The company’s quarterly profit surged 19-fold, soaring past elevated expectations due to rocketing demand for memory chips needed in AI data centers.
The world’s largest memory maker reported preliminary operating income of 89.4 trillion won ($58 billion) in the three months through June, dwarfing its performance for all of 2025. Analysts on average had projected 84.2 trillion won.Elsewhere, short-dated Treasuries gained during the US session as last week’s jobs report continued to reverberate through the market, leading traders to wager the Federal Reserve is less likely to raise interest rates in the coming months.

Retail giants Walmart and Sam’s Club on Monday announced sweeping summer discounts on thousands of everyday essentials and seasonal items, a move that quickly drew political attention after President Donald Trump said the retailer acted at his administration’s request.

In a news release Monday, Walmart and Sam’s Club said they are introducing nationwide price cuts to help families stretch their dollars during backyard barbecues, vacations and weekly grocery trips.

The savings span several categories, including groceries, household essentials, outdoor living, toys and apparel.

At Walmart, fresh sweet corn on the cob was slashed to $0.25 each from $0.68, fresh red cherries were cut to $5.63 from $11.18, and 1 lb. fresh 73% ground beef rolls were reduced to $5.94 from $6.74.

WALMART LAUNCHES HARDWARE OVERHAUL, NEW KIDS BRAND IN PRIVATE-LABEL PUSH

Soda prices also fell steeply, with 24-packs of Coca-Cola products dropping to $9.97 from $14.97, and 24-packs of Pepsi products dropping to $9.97 from $13.97.

“Customers count on Walmart to deliver the value they need every day, and summer is no exception,” Julie Barber, executive vice president and chief merchant for Walmart U.S. wrote in a statement.

Barber added Walmart is investing heavily in lowering costs on items customers shop for most, ranging from beef and fresh produce to grills, pools and summer fashion.

WALMART WARNS SHOPPERS COULD FACE HIGHER PRICES AS FUEL COSTS SURGE, TAX REFUNDS DRY UP

Meanwhile, Sam’s Club is lowering prices on more than 250 items, targeting road trip snacks, grilling essentials and summer entertaining favorites.

Notable club discounts include Member’s Mark bone-in chicken wings marked down to $2.00/lb. from $2.88/lb., and Member’s Mark beef hot dogs reduced to $10.86 from $12.96.

Ticker	Security	Last	Change	Change %
WMT	WALMART INC.	110.65	-1.19	-1.06%

In a Truth Social post on Monday, President Donald Trump praised Walmart as a “truly patriotic company” and said Walmart’s discounts were initiated “at my Administration’s request to celebrate our great Country’s 250th birthday.”

He highlighted the ground beef price drop specifically, claiming the retailer is dropping the price “by almost 15%, among many other products.”

GET FOX BUSINESS ON THE GO BY CLICKING HERE

“This is a huge deal for the many millions of Americans who, smartly, shop at Walmart, which is a truly patriotic Company who loves the U.S.A.,” Trump wrote in the post. “My Administration is lowering prices that Joe Biden incompetently raised with the worst inflation crisis in history, a total disaster along with the Southern Border, the botched withdrawal from Afghanistan, and many other failures.”

“Just as I promised, Oil Prices are plummeting FAST, and Gas Prices at the pump are dropping too, just like egg and Prescription Drug prices which I am bringing down by historic levels,” he continued. “Walmart is stepping up in a big and bold way, and other Retailers should follow the lead of these absolute Patriots. Together, we will make America stronger and greater than ever before!”

In hospitals across the US, patients and staff have become accustomed to seeing a one-armed, four-foot high, friendly-looking white robot going about its business.

Nurses have been known to greet Moxi, as the robot is called by its maker Diligent Robotics, with a “good morning”, a high five or even a hug.

Moxi – which shuttles medical supplies around hospitals – might respond by displaying its heart-shaped LED eyes and a beep beep greeting of its own.

“We get a lot of feedback that Moxi feels like a part of the team,” says Todd Brugger, chief operating officer at the Texas-based robotics company, which has around 100 of the wheeled robots in operation.

But bringing Moxi into a hospital doesn’t mean buying one of the machines outright. Instead, it is among robots available to rent or on a subscription basis.

Robotics companies use the term robotics-as-a-service. As well as the robot itself, service, maintenance and upgrades are bundled into the deal. A human engineer sitting in a remote control room may be on hand to take control of the robot if needed.

In Moxi’s case, Brugger says: “It lowers the expense and the outlay for the hospital because you’re not paying for the full purchase up front. Secondly, and I think more importantly, this tech is evolving very quickly… we’re routinely evolving the software and capabilities of the robot.”

Robot rentals are becoming available for anything from a day to years for a variety of purposes, from Moxi’s hospital deliveries to robot bartenders or autonomous weeders for farms.

Increasingly this includes early humanoid models, designed to behave and look like humans, and operate in environments designed for people.

Given humanoids are still a work-in-progress, they are currently rented out for clearly defined tasks. That often means entertainment. Depending on the model, a machine might dance, sing or serve guests at a wedding or corporate event.

Ethan Qi, a Beijing-based associate director at Counterpoint Research, says an act like a humanoid dance routine is relatively simple to pull off.

“You hire a real dancer to perform and video it. The video is then used to train the robot. Then the robot will know how to dance. But the engineer will still often go with the robot in case the environment or the platform isn’t simple,” he says.