Trump says he's not planning to fire Fed's Powell
Trump is open to the idea of firing Powell, a source told Reuters on Wednesday before Trump said he wouldn't, even as he unleashed a new barrage of criticism against the Fed chair for not cutting interest rates.
Trump polled some Republican lawmakers on firing Powell and received a positive response, the source told Reuters.
In response to a question about whether the White House has given any indication that the president intends to try to fire Powell, a Fed official pointed to Powell's public statements that he intends to serve out his term. REUTERS
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AsiaOne
18 minutes ago
- AsiaOne
Indonesia to cut tariffs, non-tariff barriers in US trade deal, Money News
WASHINGTON — Indonesia has agreed to eliminate tariffs on more than 99 per cent of US goods and scrap all non-tariff barriers facing American firms, while the US will drop threatened tariffs on Indonesian products to 19 per cent from 32 per cent, the two countries said on Tuesday (July 22). Trump hailed the deal, which he first announced on July 15, in a posting on his Truth Social media platform, calling it a "huge win for our Automakers, Tech Companies, Workers, Farmers, Ranchers, and Manufacturers". Details of a framework for the accord were released in a joint statement by both countries, and a fact sheet issued by the White House. They said negotiators for both countries would finalize the actual agreement in coming weeks. "Today, the United States of America and the Republic of Indonesia agreed to a framework for negotiating an agreement on reciprocal trade to strengthen our bilateral economic relationship, which will provide both countries' exporters unprecedented access to each other's markets," the statement said. The Indonesia deal is among only a handful reached so far by the Trump administration ahead of an Aug 1 deadline when higher tariffs are due to kick in. The US tariff rate on Indonesia, Southeast Asia's largest economy, matches the 19 per cent announced for the Philippines earlier on Tuesday. Vietnam's tariff rate has been set at 20 per cent. Under the agreement, Indonesia will immediately drop its plans to levy tariffs on internet data flows and it agreed to support renewal of a longstanding World Trade Organisation moratorium on e-commerce duties, a senior Trump administration official told reporters on a conference call. Indonesia also will remove recently enacted pre-shipment inspections and verifications of US exports that have posed problems for US agricultural exports and contributed to a growing US farm trade deficit, the official said. The official, who was not authorised to speak publicly, said the agreement could help restore the surplus in agricultural goods that the United States once had with Indonesia, until it implemented the pre-shipment requirements. In a win for US automakers, the official said Indonesia has agreed to accept US Federal Motor Vehicle Safety Standards for vehicles exported from the United States to the growing country of 280 million people. Indonesia also has agreed to remove export restrictions on industrial commodities, including critical minerals, the joint statement said. The US official said it would also remove local content requirements for products using these commodities that were shipped to the United States. The joint statement said the US would reduce the reciprocal tariff rate to 19 per cent, and "may also identify certain commodities that are not naturally available or domestically produced in the United States for a further reduction in the reciprocal tariff rate". No further details were provided. The two countries said they would negotiate rules of origin to ensure the benefits of the deal accrue mainly to the US and Indonesia, not third countries. They said Indonesia would work to address barriers for US goods, including through the removal of import restrictions and licensing requirements on US remanufactured goods or parts. Indonesia also agreed to join the Global Forum on Steel Excess Capacity and take actions to address global excess capacity in the steel sector. [[nid:720233]]
AsiaOne
18 minutes ago
- AsiaOne
US-Philippines trade talks yield modest tariff shift after Trump-Marcos meeting, Money News
WASHINGTON — US President Donald Trump announced on Tuesday (July 22) a new 19 per cent tariff rate for goods from the Philippines after what he called a "beautiful visit" by Philippine President Ferdinand Marcos Jr. to the White House, and said US goods would pay zero tariffs. The new tariff rate is just below the 20 per cent threatened by Trump earlier this month, but still above the 17 per cent rate set in April when Trump announced what he called reciprocal tariff rates for dozens of countries. It matches the 19 per cent rate announced for Indonesia and bests Vietnam's slightly higher rate of 20 per cent. Trump posted the news on his Truth Social media platform after meeting with Marcos in the Oval Office, where he had earlier signaled a deal could be reached during the visit. "It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs. The Philippines will pay a 19 per cent Tariff," Trump said, calling Marcos a "very good and tough negotiator." Trump said the two Pacific allies, who will celebrate 80 years of diplomatic relations next year, would also work together militarily but gave no details. Marcos, the first Southeast Asian leader to meet Trump in his second term, told reporters at the start of the meeting that the United States was his country's "strongest, closest, most reliable ally." He had no comment after Trump's post on the new tariff rate. Philippine Ambassador to the United States Jose Manuel Romualdez said it represents "an evolving good deal for both countries that could be further improved over time." Trump said the "very big numbers" in the trade agreement would only grow larger. The US had a deficit of nearly US$5 billion (S$6.39 billion) with the Philippines last year on bilateral goods trade of US$23.5 billion. Trump has upended global trade flows with tariffs on nearly every trading partner, with almost all countries facing a 10 per cent tariff that took effect in April and many facing steep additional tariffs from Aug 1. Gregory Poling, a Southeast Asia expert at Washington's Center for Strategic and International Studies, said it was too early to say much about the Philippines trade deal since no details had been released, as was the case with similar pacts with Indonesia and Vietnam. "At the end of the day, I don't think the Philippine government is sweating the final number so long as it keeps Philippine-made goods competitive with those of its neighbours, which this does," Poling said. The White House announced further details of a framework for a US-Indonesia trade agreement on Tuesday, saying negotiators were due to finalize the terms in coming weeks. During the Oval Office event, Trump said he may visit China for a landmark trip "in the not-too-distant future" and noted the Philippines had distanced itself from Beijing after his election last November. "The country was maybe tilting toward China, but we un-tilted it very, very quickly," Trump said. Philippine officials had said Marcos planned to stress that Manila must become economically stronger if it is to serve as a truly robust US partner in the Indo-Pacific. Protesters gathered near the White House as Marcos arrived, demanding the Philippine leader address pleas of Filipino Americans and migrant workers who have made multiple requests for support amid federal immigration raids. [[nid:720500]]
Business Times
18 minutes ago
- Business Times
Crypto industry boosted lobbying to pass coveted stablecoin bill
[WASHINGTON] Crypto companies and advocates of digital assets boosted their lobbying this year to ensure passage of landmark legislation, delivering the nascent industry its first major policy victory in Washington. The firms reported spending US$6.9 million in the second quarter, congressional disclosures show, a 21 per cent increase over their outlays in the previous three months. The expanded spending came as Congress advanced industry-backed bills, including stablecoin legislation that US President Donald Trump signed into law last Friday (Jul 18). During the run-up to the bill's passage by the House of Representatives, during what Trump dubbed 'crypto week', Bitcoin roared to record highs, breaching US$120,000 for the first time. The law, known as the Genius Act, sets regulatory rules for US dollar-backed stablecoins, a move advocates say will broaden the adoption of digital assets in everyday finance. And more bills supported by the industry are moving through Congress. The House has passed broader legislation that creates a market structure for trading digital assets and a bill that bars the US Federal Reserve System from issuing its own cryptocurrency. Both measures await Senate approval. The total spent by the crypto firms and allies is still relatively small by Washington standards as lobbyists focused their attention largely on industry-specific concerns. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Coinbase Global, one of the biggest lobbying spenders with expenditures at US$970,000, listed just seven issues it focused its lobbying on. Six of those concerned digital assets, including the stablecoin and market structure bills. It also lobbied on matters affecting the Securities and Exchange Commission's budget and appropriations request. By contrast, pharmaceutical giant Pfizer spent US$3.5 million in the second quarter, lobbying on dozens of issues including the federal budget, vaccine coverage, intellectual property protection, taxes, tariffs, other trade barriers, international supply chains, and regulation of pharmacy benefit managers, according to its disclosure. That laser-sharp focus was demonstrated in the 2024 election, in which industry executives and advocates for digital assets tapped their war chests to back friendly candidates, most prominently Trump. Fairshake, the industry's super political action committee, and two affiliated super-PACs combined to raise US$230 million. They stayed out of the presidential contest, and instead backed or opposed congressional candidates based on their positions on cryptocurrency. It marked an unprecedented sum for an organisation with a single business interest. The National Association of Realtors Congressional Fund was the next biggest super-PAC, raising US$20 million. Fairshake announced days before the House vote on the stablecoin bill that it raised US$109 million since the 2024 election, including US$25 million donated by Coinbase. Part of the increased spending on lobbyists was driven by new hiring in 2025, with 44 additional lobbying registrations filed with Congress, more than the number who signed up in all of 2024. Tether Operations, whose eponymous stablecoin is among the most widely traded, has added four new firms this year, collectively paying them US$290,000. A one-time sceptic who has embraced the industry, Trump courted crypto enthusiasts during his 2024 campaign. He made US$57.7 million from token sales via a digital assets firm he and his sons helped launch in 2024, according to his most recent financial disclosure. BLOOMBERG
