EU warns that a 30% tariff would prohibit trade with the US
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CNA
a few seconds ago
- CNA
Indonesia, Peru strike trade agreement as leaders meet
JAKARTA: Indonesia and Peru sealed a trade agreement on Monday (Aug 11) as their leaders met in Jakarta, with Southeast Asia's biggest economy looking to make inroads into South American markets. The agreement comes after US President Donald Trump recently imposed a tariff rate of 19 per cent on imports from Indonesia under a new pact. Peruvian President Dina Boluarte was greeted by a marching band and national anthems at a ceremony at the presidential palace in the Indonesian capital before talks. Indonesian President Prabowo Subianto said the leaders then witnessed the signing of the trade pact, dubbed a Comprehensive Economic Partnership Agreement (CEPA), which will deepen ties between the two nations after he visited Lima last year. "This agreement will expand market access and boost trade activity between the two countries," Prabowo said after their meeting. "Normally, this agreement would have taken years, but Indonesia and Peru managed to finalise this agreement within 14 months." They agreed to boost cooperation in fields including defence, narcotics, food security, energy, fisheries and mining, he said, without providing details. In 2024 Indonesian exports to Peru were worth US$329.4 million while Peru's exports to Indonesia amounted to US$149.6 million, according to trade ministry data. Boluarte's trip was a reciprocal visit after Prabowo travelled to Peru in November for the APEC Summit. Indonesia's trade minister said before Boluarte's state visit that the economic deal would allow Indonesian goods to enter markets in Central and South America. Boluarte, 63, is a highly unpopular leader at home and has faced protests against an explosion of gang violence. Her approval rating hovered around 2 per cent in May.
Business Times
30 minutes ago
- Business Times
Trump hopes China will quickly quadruple its US soybean orders
[WASHINGTON] US President Donald Trump said on Sunday (Aug 10) that he hoped China would quadruple its soybean orders from the US adding that it was also 'a way of substantially reducing' Beijing's trade deficit with Washington. 'China is worried about its shortage of soybeans. Our great farmers produce the most robust soybeans. I hope China will quickly quadruple its soybean orders. This is also a way of substantially reducing China's trade deficit with the USA. Rapid service will be provided. Thank you President XI,' Trump said on Truth Social. A tariff truce between Beijing and Washington is set to expire on August 12, but the Trump administration has hinted that the deadline may be extended. China, which takes more than 60 per cent of soybeans shipped worldwide, buys the oilseed mainly from Brazil and the United States. The most active soybean contract on the Chicago Board of Trade (CBOT) was up 2.13 per cent at US$10.08 a bushel at 0446 GMT, having been little changed before Trump's post. China imported roughly 105 million metric tons of soybeans last year, just under a quarter coming from the US and the remainder from Brazil. Quadrupling shipments would require China to import the bulk of its soybeans from the US. 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 'It's highly unlikely that China would ever buy four times its usual volume of soybeans from the US,' Johnny Xiang, founder of Beijing-based AgRadar Consulting, said. It is unclear if securing China's agreement to buy more US soybeans is a condition for extending the trade truce. China's Ministry of Commerce did not immediately respond to a Reuters request for comment. The country has steadily reduced its reliance on US soybeans in recent years, shifting more purchases to South America. Under the Phase One trade deal signed during Trump's first term, China agreed to boost purchases of US agricultural products, including soybeans. However, Beijing ultimately fell far short of meeting those targets. This year, amid Washington–Beijing trade tensions, it has yet to buy any fourth quarter US beans, fuelling concerns as the US harvest export season approaches. 'On Beijing's side, there have been quite a few signals that China is prepared to forego US soybeans altogether this year, including booking those test cargoes of soymeal from Argentina,' said Even Rogers Pay, an agricultural analyst at Trivium China. Reuters previously reported that Chinese feedmakers have purchased three Argentine soymeal cargoes as they aim to secure cheaper South American supplies amid concerns about a possible soybean supply disruption in the fourth quarter. US soybean industry has been seeking alternative buyers, but no other country matches China's scale. Last year, China imported 22.13 million tons of soybeans from the US, and 74.65 million tons from Brazil. REUTERS
AsiaOne
4 hours ago
- AsiaOne
Trump vows to evict homeless from Washington, official says National Guard may be deployed, World News
WASHINGTON — President Donald Trump pledged on Sunday (Aug 10) to evict homeless people from the nation's capital and jail criminals, despite Washington's mayor arguing there is no current spike in crime. While details of the plan were unclear, the administration is preparing to deploy hundreds of National Guard troops to Washington, a US official told Reuters, a controversial tactic Trump used recently in Los Angeles to tackle immigration protests over the objections of local officials. Trump has not made a final decision, the official said, adding that the number of troops and their role are still being determined. Unlike in California and every other state, where the governor typically decides when to activate Guard troops, the president directly controls the National Guard in Washington, DC. Past instances of the Guard's deployment in the city include in response to the Jan 6, 2021, attack on the US Capitol by a mob of Trump supporters. "The Homeless have to move out, IMMEDIATELY," Trump posted on his Truth Social platform. "We will give you places to stay, but FAR from the Capital. The Criminals, you don't have to move out. We're going to put you in jail where you belong." The White House declined to explain what legal authority Trump would use to evict people from Washington. The Republican president controls only federal land and buildings in the city. Trump plans to hold a press conference on Monday to "stop violent crime in Washington, DC." It was not clear whether he would announce more details of his eviction plan then. There are 3,782 single persons experiencing homelessness on any given night in the city of about 700,000, says the Community Partnership, an organisation working to reduce homelessness in DC. Most such individuals are in emergency shelters or transitional housing, rather than on the street, it says. A White House official said on Friday more federal law enforcement officers were being deployed in the city following a violent attack on a young administration staffer that angered the president. Alleged crimes investigated by federal agents on Friday night included "multiple persons carrying a pistol without license," motorists driving on suspended licenses and dirt bike riding, a White House official said on Sunday. The official said 450 federal law enforcement officers were deployed across the city on Saturday. The city's police department says violent crime was down 26 per cent in DC in the first seven months of 2025, compared with last year, while overall crime was down about seven per cent. The Democratic mayor of Washington, DC, Muriel Bowser, said on Sunday the capital was "not experiencing a crime spike." "It is true that we had a terrible spike in crime in 2023, but this is not 2023," Bowser said on MSNBC's the Weekend. "We have spent over the last two years driving down violent crime in this city, driving it down to a 30-year low." Bowser said Trump was "very aware" of the city's work with federal law enforcement after meeting him several weeks ago in the Oval Office. The US Congress has control of DC's budget after the district was established in 1790 with land from neighbouring Virginia and Maryland, but resident voters elect a mayor and city council. For Trump to take over the city, it is likely that Congress would have to pass a law revoking the law that established local elected leadership. [[nid:720910]]
