Here’s what’s happening in geopolitics today. It’s another packed day on the geopolitical front, with a fresh round of Trump tariffs reigniting global trade tensions, the US and Iran exchanging fire for a 13th straight night, and the UK warning it is prepared to defend itself as the conflict threatens to widen.
Elsewhere, Bangladesh enters a new phase of political uncertainty following the president’s resignation, while Ukraine continues its long-range drone campaign with strikes deep inside Russian territory.
And in today’s conflict tracker, we zoom in to provide an analysis and summary of the last few days in Manilla, as Ukraine and Russia largely took the spotlight.
Donald Trump has imposed a new wave of tariffs on imports from more than 80 countries, with duties ranging between 10% and 12.5% as the administration replaces previous temporary trade measures. The tariffs, introduced under Section 301 of the U.S. Trade Act, were justified by the White House as a response to concerns over forced labour in global supply chains, but have drawn criticism from allies including the European Union, Canada and Australia. The move has renewed global trade tensions, with affected countries warning of economic disruption and potential retaliation as businesses adjust to higher import costs.
The United States carried out a 13th consecutive night of airstrikes against Iranian military targets, with U.S. Central Command saying the operation struck missile, drone, naval and air defence infrastructure. President Donald Trump warned that Washington was prepared to launch "bigger" strikes if Iran or its Houthi allies continued attacks on commercial shipping, following Houthi missile and drone attacks on two Saudi oil tankers in the Red Sea. Iran condemned the latest strikes and vowed to continue retaliatory action, while the escalating conflict has intensified concerns over regional stability, global energy markets and the security of key maritime trade routes.
The UK government has said its armed forces are “ready to defend” the country after Iran’s Islamic Revolutionary Guard Corps warned that British bases supporting US operations could become “legitimate targets.” The warning follows the UK allowing US aircraft, including bombers operating from RAF Fairford, to use British facilities for missions against Iran, though London has said its role is defensive and conducted in coordination with allies. The escalation has raised concerns that the wider US-Iran conflict could expand beyond the Middle East, bringing European military sites into Tehran’s list of potential targets.
Bangladesh President Mohammed Shahabuddin, a longtime ally of former Prime Minister Sheikh Hasina, has resigned nearly two years before the end of his term, citing serious health issues amid mounting political pressure over his ties to the ousted leader. His resignation comes days after Hasina announced she would return from exile to surrender following her conviction and death sentence in absentia over the 2024 crackdown on anti-government protests, a move that has further heightened political tensions. With Shahabuddin's departure, the speaker of parliament will assume the largely ceremonial presidency until a successor is elected, removing Hasina's last ally from a senior state position as Bangladesh navigates a volatile political transition.
Ukrainian drones targeted Russia's St. Petersburg and Tver regions overnight, prompting temporary airport restrictions, air defence responses and a large fire at a Wildberries logistics facility in Tver. Russian authorities said emergency services were battling the blaze and reported no immediate casualties, while Ukrainian officials have not commented on the attack. The strikes are part of Ukraine's ongoing long-range drone campaign targeting logistics and industrial infrastructure inside Russia, which Kyiv says supports Moscow's war effort.
Russia-Ukraine / Asia And just like that Manila has just closed out four days of ASEAN foreign ministry meetings, running 20 to 24 July under the Philippine chairmanship. For me I would first say it is worth noting up front that this was the 59th Foreign Ministers' Meeting and its associated post-ministerial conferences rather than a leaders' summit. The 49th ASEAN Summit is scheduled for November, also in Manila, and that is where the substantive decisions are being deferred to.
Three issues dominated, with the first being the Middle East. The resumption of open US-Iran conflict has raised concerns about energy flows through the Strait of Hormuz, alongside inflation and global growth. Ministers adopted a standalone statement on the situation, and ASEAN and China issued a joint statement on the regional impacts and energy cooperation, which is a reasonable proxy for how seriously Southeast Asian governments are treating supply risk.
The second was the South China Sea (as expected). Malaysian Foreign Minister Mohamad Hasan said the Code of Conduct is expected to be finalised at the November summit, with several key paragraphs still requiring agreement from all parties. Talks have run for close to a decade, so the November target reads as an ambition rather than a commitment. The friction was immediate. The Philippine military accused Chinese coast guard personnel of striking a navy sailor with a baton near Second Thomas Shoal days before Foreign Secretary Lazaro met Wang Yi, their first foreign minister level meeting since 2024.
The third was Myanmar. Ministers reaffirmed the Five-Point Consensus and called for concrete, measurable steps, without any visible enforcement mechanism attached. Five years after the coup, the bloc's position has not meaningfully moved.
The most consequential moment was on the sidelines. Rubio and Lavrov met on 23 July to discuss Ukraine, in a forum neither country belongs to – that remains the real function of these meetings. This is their fourth meeting since 2025 after Riyadh, Kuala Lumpur and New York. The State Department readout was minimal, confirming only that the two discussed the bilateral relationship and the need to end the war. Rubio had conceded a day earlier that US mediation efforts had fallen off over recent months as the Iran war took priority, and said afterwards that Washington remained prepared to play a constructive role if the opportunity arose. Lavrov reaffirmed Russian readiness for a political settlement and pointed back to the framework agreed by Trump and Putin in Alaska in August 2025.
Two things are worth reading into that. The first is that the Alaska framework is still Moscow's reference point a year on, which suggests very little has moved on substance. The second is structural: Ukrainian Foreign Minister Sybiha was invited to Manila for the TAC anniversary but was not a participant in the sessions Rubio and Lavrov attended. The war was discussed in a forum neither belligerent belongs to, and the belligerent with the most at stake was in the building but not in the room.
All in all, nothing much of significant substance. This was a run of the mill international summit that was more about reaffirming existing points than necessarily pivoting in new directions – which is what the ASEAN summit has historically been.

TODAY IN HISTORY (July 24, 1923): The Treaty of Lausanne, the final treaty concluding World War I, was signed.

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