US stocks open lower amid Trump's fresh tariff salvo on Canada
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South China Morning Post
25 minutes ago
- South China Morning Post
Trump claims trade deal struck with Indonesia; Bessent calls China deal timeline ‘flexible'
US President Donald Trump said on Tuesday that his administration had reached a trade deal with Indonesia, while his Treasury Department chief cut China some slack on the deadline for a final deal of its own. Advertisement Speaking to reporters at the White House on Tuesday, Trump said that Indonesia would charge no tariffs on US imports, while exports from the southeast Asian country to America would be subject to a 19 per cent levy. 'They are going to pay 19 per cent and we are going to pay nothing ... we will have full access into Indonesia, and we have a couple of those deals that are going to be announced,' Trump said. On his Truth Social account, Trump called the deal a 'landmark', saying that it 'opens up Indonesia's ENTIRE MARKET to the United States for the first time in History'. 'As part of the Agreement, Indonesia has committed to purchasing $15 Billion Dollars in U.S. Energy, $4.5 Billion Dollars in American Agricultural Products, and 50 Boeing Jets, many of them 777's,' Trump wrote in his post. Advertisement 'For the first time ever, our Ranchers, Farmers, and Fishermen will have Complete and Total Access to the Indonesian Market of over 280 million people.'
South China Morning Post
7 hours ago
- South China Morning Post
Driven by Trump's tariffs, US inflation accelerated 2.7% in June
Inflation rose last month to its highest level since February as President Donald Trump's sweeping tariffs are pushing up the cost of a range of goods, including furniture, clothing, and large appliances. Advertisement Consumer prices rose 2.7 per cent in June from a year earlier, the Labour Department said on Tuesday, up from an annual increase of 2.4 per cent in May. On a monthly basis, prices climbed 0.3 per cent from May to June, after rising just 0.1 per cent the previous month. Worsening inflation poses a political challenge for President Donald Trump, who promised during last year's presidential campaign to immediately lower costs. The sharp inflation spike of 2022-2023 was the worst in four decades and soured most Americans on former president Joe Biden's handling of the economy. Higher inflation will also likely heighten the Federal Reserve's reluctance to cut its short-term interest rate, as Trump is loudly demanding. Trump has often insisted in comments on social media that there was 'no inflation' and that as a result, the central bank should swiftly reduce its key interest rate from its current level of 4.3 per cent to around 3 per cent. Excluding the volatile food and energy categories, core inflation increased 2.9 per cent in June from a year earlier, up from 2.8 per cent in May. On a monthly basis, it picked up 0.2 per cent from May to June. Economists closely watch core prices because they typically provide a better sense of where inflation is headed. Advertisement
The Standard
10 hours ago
- The Standard
Chinese firms rush to buy Nvidia AI chips as sales set to resume
A NVIDIA logo is displayed on a building in Taipei, Taiwan April 16, 2025. REUTERS/Ann Wang/ File Photo
