Latest news with #Department of Commerce
CNA
2 days ago
- Business
- CNA
India estimates about 55% of goods exported to US will face Trump tariff
MUMBAI :About 55 per cent of India's merchandise exports to the United States will be subject to the tariff imposed by President Donald Trump's administration, the Indian government said on Monday. Last week, Trump imposed an additional 25 per cent tariff on Indian goods as punishment for Delhi's purchases of Russian oil. That raised the total duty on Indian exports to the U.S. to 50 per cent - among the highest on any American trading partner. The Indian government had taken into account the 25 per cent tariff that Trump initially imposed on goods while providing Monday's estimate, Pankaj Chaudhary, India's junior finance minister, said in a written response to a question from a lawmaker. "The Department of Commerce is engaged with all stakeholders including exporters and industry for taking feedback of their assessment of the situation," Chaudhary added. Goods trade between the United States and India - the world's biggest and fifth-largest economies respectively - was worth about $87 billion in the last fiscal year, according to Indian government estimates.
Malay Mail
6 days ago
- Business
- Malay Mail
Tengku Zafrul: No formal US tariff yet on Malaysia-made chips
KUALA LUMPUR, Aug 7 — Malaysia has sought clarification from the United States on a proposed 100% tariff on semiconductor chips manufactured in countries without US-based production facilities. Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz told Parliament today that the ministry had reached out to the US Trade Representative and Department of Commerce to understand the policy's implementation, The Edge reported. Tengku Zafrul expressed hope that any changes in US trade policy, including exclusion criteria, would be communicated and negotiated early to preserve Malaysia's position as a strategic trading partner. The move follows remarks yesterday by US President Donald Trump, who reportedly said that a 100 per cent tariff would be imposed on all imported semiconductor chips entering the US. However, Trump clarified that the tariff would not apply to companies that had already committed to or were in the process of setting up manufacturing operations in the US. Tengku Zafrul noted that there had been no formal announcement yet and said semiconductor products from Malaysia remain exempt from the 19 per cent 'reciprocal' tariff set to take effect on August 8. He warned that the exemption remains under review as part of a Section 232 investigation by the US Department of Commerce, which could still result in new tariffs being imposed. In 2024, Malaysia exported nearly RM120 billion worth of electrical and electronic (E&E) goods to the US, accounting for about 20 per cent of the nation's total E&E exports. Of this, semiconductor products alone contributed RM60.6 billion, underscoring the sector's importance to Malaysia's trade with the US. Tengku Zafrul warned that if US tariffs are applied, the impact on Malaysia could be severe, and said his ministry would hold outreach sessions with industry players and push for greater export market diversification.
France 24
05-08-2025
- Business
- France 24
US trade gap shrinks on imports retreat as tariffs fuel worries
The overall trade deficit in the world's biggest economy narrowed by 16 percent to $60.2 billion, down from a revised $71.7 billion figure in May, the Department of Commerce said. The narrowing was more than analysts expected but largely reflected a drop in goods imports -- including consumer goods as Trump's wide-ranging tariffs added to businesses' costs of bringing in foreign products. In April, Trump imposed a 10-percent duty on most US trading partners and he has also slapped much steeper tariffs on steel, aluminum and autos. This baseline tariff is set to rise to varying levels for dozens of economies including Japan and the European Union come Thursday. Given that plans have been set out for higher rates to take effect, policy uncertainty has eased somewhat, said Nationwide financial markets economist Oren Klachkin. "But businesses hoping tariffs were just threats must now adjust to the reality they are here to stay," he added in a note. "We think the negative impact of high tariff rates will outweigh any positives from lower policy uncertainty," Klachkin said. The June deficit narrowed on the back of a fall in imports, by 3.7 percent to $337.5 billion, while exports also dropped by 0.5 percent to $277.3 billion. The drop in imports came as those of consumer goods decreased $8.4 billion, while those of industrial supplies and materials fell by $2.7 billion. Imports of autos and parts also dropped by $1.3 billion. The retreat in exports, meanwhile, came as goods exports declined by $1.3 billion, with decreases seen in industrial supplies as well. The goods deficit with China dropped by $4.6 billion, to $9.4 billion in June. Washington and Beijing slapped escalating tariffs on each other's products in April, reaching prohibitive triple-digit levels and snarling supply lines between the world's two biggest economies. But in May, the countries reached a temporary agreement to bring these duties to a lower level until August 12.
