Trump Needs His Own Shultz
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Yahoo
19 minutes ago
- Yahoo
Trump Says Indonesian Goods to Face 19% Tariff Under Trade Pact
(Bloomberg) — US President Donald Trump said he reached a deal with Indonesia that will see goods from the country face a 19% tariff, while US exports will not be taxed. 'They are paying 19 percent and we are not paying anything,' Trump told reporters Tuesday at the White House. 'We are going to have full access to Indonesia.' Trump has sent tariff letters over the last week to multiple trading partners, increasing pressure on negotiators ahead of an Aug. 1 deadline for higher duties to take effect. A pact with Indonesia, which was threatened with a 32% tariff, would be the first struck with a country targeted by one of those messages to reduce their rate. Trump announced the accord earlier on social media, without providing any specifics. He said he dealt directly with Indonesian President Prabowo Subianto to finalize the deal. Indonesia is preparing a joint statement with the US that will detail additional information, including non-tariff measures and commercial agreements, Coordinating Ministry for Economic Affairs Secretary Susiwijono Moegiarso said in a text message late Tuesday in Jakarta. Indonesia's top negotiator Minister Airlangga Hartarto last week met with US officials, including Trade Representative Jamieson Greer, Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent, to hash out an improved deal. Southeast Asia's largest economy had earlier proposed near-zero tariffs on about 70% of US imports, as well as business deals in critical minerals, energy, agriculture and defense, but that failed to convince Trump to lower the levy on Indonesian goods from the 32% rate he first set back in April. Markets have been in wait-and-see mode on Trump's trade proclamations, given he has changed rates and deadlines multiple times since he announced country-by-country tariffs on April 2 and then quickly paused them. The iShares MSCI Indonesia ETF rose as much as 0.7% Tuesday morning New York time after Trump's post, while the S&P 500 was little changed. An agreement with Indonesia would be the fourth trade framework Trump has announced with foreign governments, after Vietnam and the UK. The US and China also reached a tariff truce that includes the planned resumption of critical minerals and technology trade between the world's two largest economies. The pacts have thus far fallen short of full-fledged trade deals, with many details left to be negotiated later. Trump provided no paper to back up last week's claim of a deal with Vietnam. The country's leadership was caught off guard by Trump's declaration that Hanoi agreed to a 20% tariff, and the Vietnamese government is still seeking to lower the rate, according to people familiar with the matter. Trump has kept foreign governments and investors on edge about his tariff agenda, with partners rushing to avoid higher import taxes and markets facing yet another dose of uncertainty. The US president indicated Monday he preferred to stick with the levies in his letters, saying, 'I really don't want deals. I just want the paper to get sent.' The president also said he was willing to continue talks with major economies, including the European Union. Trump over the last week unleashed a barrage of tariff demand letters, informing other economies of new duties set to begin Aug. 1 if they cannot negotiate better terms with the US. The letters extended what was initially a July 9 deadline for another three weeks, setting off another frantic dash of negotiations. The slew of tariff threats from Trump have prompted economies to broaden trade ties beyond the US; Indonesia reached a tentative economic agreement with the EU over the weekend. 'There is quite a level of frustration with these deals and more talk about exploring those other options, to include Europe,' said Erin Murphy, senior fellow on emerging Asia economics at the Center for Strategic and International Studies. Southeast Asian nations — loathe to choose between the US and China — have long been caught in the middle of economic and political battles between the two superpowers. While Vietnam is is said to be further along in trade negotiations with the US, Thailand is in ongoing talks and mulling how to reduce US duties without giving away too much and stoking domestic unrest. Philippine officials also are pushing to secure a pact ahead of the new deadline, with President Ferdinand Marcos Jr. set to visit Washington later this month in an effort to reduce or eliminate Trump's planned 20% tariff on the island nation. —With assistance from Grace Sihombing and Claire Jiao. ©2025 Bloomberg L.P.
CNN
23 minutes ago
- CNN
Former Trump Campaign Adviser breaks down the internal MAGA fight over the Epstein files
Republican strategist David Urban talks with CNN's Wolf Blitzer about President Trump's attempts to tamp down the controversy over his Justice Department's handling of files relating to Jeffrey Epstein.
CNN
23 minutes ago
- CNN
‘Incredibly sad' Supreme Court allowing mass layoffs at Education Dept. : Union official
Sheria Smith, President of AFGE Local 252 representing Education Dept. employees, talks about the Supreme Court decision giving the go-ahead for mass layoffs, and tells CNN's Wolf Blitzer how she thinks this move will impact children.
