Latest news with #SoutheastAsian
Economic Times
10 minutes ago
- Business
- Economic Times
Dollar rides Treasury yields higher as Trump's tariffs begin to bite
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The U.S. dollar rose alongside Treasury yields on Wednesday, which in turn kept pressure on the yen after the latest U.S. inflation report showed signs that President Donald Trump's tariffs were beginning to feed into prices on goods as varied as coffee, audio equipment and home furnishing pulled the inflation rate higher in June, with substantial increases in prices of the heavily imported pushed the dollar and bond yields higher as investors pared back expectations of Federal Reserve interest rate cuts this jump in the dollar was most apparent against the yen, as it knocked the Japanese currency to a four-month low of 149.03 overnight. The dollar last traded at 148.90 euro and sterling similarly languished near three-week lows hit in the previous session, and last bought $1.1608 and $1.3394, tick up in U.S. prices of core goods "could be a sign that we're starting to see some inflationary pressure from tariffs creeping in" though it is too soon to tell "definitively", said Nathaniel Casey, investment strategist at Evelyn Partners."While this inflation report isn't especially alarming, the tick up in core goods, and the continued uncertainty around future tariff rates could still make the Federal Reserve and (Chair Jerome) Powell hesitant to want to cut rates," said are now pricing in roughly 43 basis points worth of Fed easing by December, down from just above 50 bps at the start of the week.U.S. Treasury yields stayed elevated on Wednesday, with the benchmark 10-year yield scaling a one-month top of 4.4950%.The two-year yield steadied at 3.9503%, having risen about 6 bps in the previous kept the U.S. dollar supported against a basket of currencies, as it hovered near a one-month high at the Australian dollar edged 0.02% higher to $0.6517 after falling 0.45% on Tuesday. The New Zealand dollar rose 0.17% to $ weighing on investors' minds was the prospect that Powell's eventual successor could be someone more inclined to lower interest rates, potentially fuelling price has railed against Powell for months for not easing and repeatedly urged him to resign. On Tuesday, Trump said cost overruns on a $2.5 billion renovation of the Fed's Washington headquarters could amount to a firing offence."The additional unwanted attention on Powell has given some credence to the notion that we could see his early departure and an early nomination from Trump," said Molly Schwartz, cross-asset macro strategist at trade, Trump on Tuesday said the U.S. would impose a 19% tariff on goods from Indonesia under an agreement with the Southeast Asian country and that more deals were in the also said letters notifying smaller countries of tariff rates would be sent soon, and that his administration would likely set a tariff of "a little over 10%" for those countries.
Time of India
12 minutes ago
- Business
- Time of India
Dollar rides Treasury yields higher as Trump's tariffs begin to bite
The U.S. dollar rose alongside Treasury yields on Wednesday, which in turn kept pressure on the yen after the latest U.S. inflation report showed signs that President Donald Trump's tariffs were beginning to feed into prices. Rising prices on goods as varied as coffee, audio equipment and home furnishing pulled the inflation rate higher in June, with substantial increases in prices of the heavily imported items. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Đây có thể là thời điểm tốt nhất để giao dịch vàng trong 5 năm qua IC Markets Tìm hiểu thêm Undo That pushed the dollar and bond yields higher as investors pared back expectations of Federal Reserve interest rate cuts this year. The jump in the dollar was most apparent against the yen, as it knocked the Japanese currency to a four-month low of 149.03 overnight. The dollar last traded at 148.90 yen. The euro and sterling similarly languished near three-week lows hit in the previous session, and last bought $1.1608 and $1.3394, respectively. Live Events The tick up in U.S. prices of core goods "could be a sign that we're starting to see some inflationary pressure from tariffs creeping in" though it is too soon to tell "definitively", said Nathaniel Casey, investment strategist at Evelyn Partners. "While this inflation report isn't especially alarming, the tick up in core goods, and the continued uncertainty around future tariff rates could still make the Federal Reserve and (Chair Jerome) Powell hesitant to want to cut rates," said Casey. Traders are now pricing in roughly 43 basis points worth of Fed easing by December, down from just above 50 bps at the start of the week. U.S. Treasury yields stayed elevated on Wednesday, with the benchmark 10-year yield scaling a one-month top of 4.4950%. The two-year yield steadied at 3.9503%, having risen about 6 bps in the previous session. That kept the U.S. dollar supported against a basket of currencies, as it hovered near a one-month high at 98.60. Elsewhere, the Australian dollar edged 0.02% higher to $0.6517 after falling 0.45% on Tuesday. The New Zealand dollar rose 0.17% to $0.5955. Also weighing on investors' minds was the prospect that Powell's eventual successor could be someone more inclined to lower interest rates, potentially fuelling price rises. Trump has railed against Powell for months for not easing and repeatedly urged him to resign. On Tuesday, Trump said cost overruns on a $2.5 billion renovation of the Fed's Washington headquarters could amount to a firing offence. "The additional unwanted attention on Powell has given some credence to the notion that we could see his early departure and an early nomination from Trump," said Molly Schwartz, cross-asset macro strategist at Rabobank. In trade, Trump on Tuesday said the U.S. would impose a 19% tariff on goods from Indonesia under an agreement with the Southeast Asian country and that more deals were in the works. He also said letters notifying smaller countries of tariff rates would be sent soon, and that his administration would likely set a tariff of "a little over 10%" for those countries.
Hamilton Spectator
38 minutes ago
- General
- Hamilton Spectator
Photos of the giant rats leading land mine detection efforts in Cambodia
SIEM REAP, Cambodia (AP) — Rats may send some squealing, but in Cambodia, teams of the not-so-little critters have become indispensable in helping specialists detect land mines that have killed and maimed thousands in the Southeast Asian country. The African giant pouched rats, which can grow up to 45 centimeters (around 18 inches) and weigh up to 1.5 kilograms (more than 3 pounds), are on the front line, making their way nimbly across fields to signal to their handlers when they get a whiff of TNT, used in most land mines and explosive ordnance . 'While working with these rats, I have always found mines and they have never skipped a single one,' said Mott Sreymom, a rat handler at APOPO, a humanitarian demining group that trains and deploys rodent detection teams across the world. 'I really trust these mine detection rats,' Mott told The Associated Press while on her lunch break after working on a land mine field in the province of Siem Reap. After three decades of conflict in the previous century, remnants of war littered approximately 4,500 square kilometers (about 1,737 square miles) of Cambodian land, according to a survey by the Cambodian Mine Action and Victim Assistance Authority (CMAA) in 2004. This affected all 25 Cambodian provinces and nearly half of the country's 14,000 villages. As of 2018, CMAA reported 1,970 square kilometers (760 square miles) remain uncleared. The rats have a keen sense of smell, making them a favorite at APOPO, which also employs land mine-detecting dog teams. 'Dogs and rats are better compared to other animals because they are trainable,' said Alberto Zacarias, a field supervisor of APOPO's technical survey dog teams, adding that they are also friendly and easily learn commands. Since demining officially began in Cambodia in 1992, more than 1.1 million mines have been cleared, as well as approximately 2.9 million other explosive remnants of war, according to a 2022 government demining progress report. And the African giant pouched rats are doing their part. 'We work with them almost daily, so we get closer,' Mott said. 'They are very friendly and they don't move around and get scared. They are like family.' Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
Malaysian Reserve
an hour ago
- Business
- Malaysian Reserve
Trump says Indonesia to face 19% tariff under trade deal
WASHINGTON – US President Donald Trump said Tuesday that he had struck a trade pact with Indonesia resulting in significant purchase commitments from the Southeast Asian country, following negotiations to avoid steeper tariffs. Indonesian goods entering the United States would face a 19 percent tariff, Trump said in a post on his Truth Social platform. This is significantly below the 32 percent level the president earlier threatened. 'As part of the Agreement, Indonesia has committed to purchasing $15 Billion Dollars in US Energy, $4.5 Billion Dollars in American Agricultural Products, and 50 Boeing Jets, many of them 777's,' Trump wrote. Boeing shares closed down 0.2 percent after the announcement. The Trump administration has been under pressure to wrap up trade pacts after promising a flurry of deals recently, as countries sought talks with Washington to avoid the US president's tariff plans. But Trump has so far only unveiled other deals with Britain and Vietnam, alongside an agreement to temporarily lower tit-for-tat levies with China. Last week, Trump renewed his threat of a 32 percent levy on Indonesian goods, saying in a letter to the country's leadership that this would take effect August 1. It remains unclear when the lower tariff level announced Tuesday will take effect for Indonesia. The period over which its various purchases will take place was also not specified. Trump said on social media that under the deal, which was finalized after he spoke with Indonesian President Prabowo Subianto, goods that have been transshipped to avoid higher duties would face steeper levies. He separately told reporters that other deals were in the works, including with India, while talks with the European Union are continuing. Indonesia's former vice minister for foreign affairs, Dino Patti Djalal, told a Foreign Policy event Tuesday that government insiders had indicated they were happy with the new deal. Trump in April imposed a 10 percent tariff on almost all trading partners, while announcing plans to eventually hike this level for dozens of economies, including the EU and Indonesia. But days before the steeper duties, customized to each economy, were due to take effect, he pushed the deadline back from July 9 to August 1. This marked his second postponement of the elevated levies. Instead, since early last week, Trump has been sending letters to partners, setting out the tariff levels they would face come August. So far, he has sent more than 20 such letters including to the EU, Japan, South Korea and Malaysia. Canada and Mexico, both countries that were not originally targeted in Trump's 'reciprocal' tariff push in April, also received similar documents outlining updated tariffs for their products. But existing exemptions covering goods entering the United States under a North American trade pact are expected to remain in place, a US official earlier said. Trump has unveiled blanket tariffs on trading partners in part to address what his administration deems as unfair practices that hurt US businesses. Analysts have warned that without trade agreements, Americans could conclude that Trump's strategy to reshape US trading ties with the world has not worked. 'In the public's mind, the tariffs are the pain, and the agreements will be the gain. If there are no agreements, people will conclude his strategy was flawed,' William Reinsch, senior adviser at the Center for Strategic and International Studies, previously told AFP. –AFP
Korea Herald
an hour ago
- Business
- Korea Herald
Trump sets 19% tariff on Indonesia goods in latest deal
WASHINGTON (Reuters) — President Donald Trump on Tuesday said the US would impose a 19 percent tariff on goods from Indonesia under a new agreement with the Southeast Asian country and more deals were in the works as he continued to press for what he views as better terms with trading partners and ways to shrink a huge US trade deficit. The pact with the relatively minor US trading partner is among the handful struck so far by the Trump administration ahead of an Aug. 1 deadline for tariffs on most US imports to rise again. The accord came as the top US trading partner — the European Union — readied retaliatory measures should talks with Washington fail. As that deadline approached, negotiations were under way with other nations eager to avoid more US levies beyond a baseline 10 percent on most goods that has been in place since April. Trump's roll-out of the policies has often been chaotic. His moves have upended decades of negotiated reductions in global trade barriers and roiled international financial markets and economic activity along the way. Based on Trump tariff announcements through Sunday, Yale Budget Lab estimated the US effective average tariff rates will rise to 20.6 percent from between 2 percent and 3 percent before Trump's return to the White House in January. Consumption shifts would bring the rate down to 19.7 percent, but it's still the highest since 1933. Trump outlined an Indonesia deal similar to a pact struck recently with Vietnam, with a flat tariff on exports to the US roughly double the current 10 percent and no levies on US exports going there. It also included a penalty rate for so-called transhipments of goods from China via Indonesia and a commitment to buy some US goods. "They are going to pay 19 percent 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 outside the Oval Office. Trump later announced on his Truth Social platform that Indonesia had agreed to buy $15 billion of US energy products, $4.5 billion of American farm products and 50 Boeing jets, though no time frame was specified. Indonesia's total trade with the US — totaling just under $40 billion in 2024 — does not rank in the top 15, but it has been growing. US exports to Indonesia rose 3.7 percent last year, while imports from there were up 4.8 percent, leaving the US with a goods trade deficit of nearly $18 billion. The top US import categories from Indonesia, according to US Census Bureau data from the International Trade Centre's TradeMap tool, last year were palm oil, electronics equipment including data routers and switches, footwear, car tires, natural rubber and frozen shrimp. Susiwijono Moegiarso, a senior official with Indonesia's Coordinating Ministry for Economic Affairs, told Reuters in a text message: "We are preparing a joint statement between US and Indonesia that will explain the size of reciprocal tariff for Indonesia including the tariff deal, non-tariff and commercial arrangements. We will inform (the public) soon." Trump had threatened the country with a 32 percent tariff rate starting August 1 in a letter sent to its president last week. He sent similar letters to about two dozen trading partners this month, including Canada, Japan and Brazil, laying out tariff rates ranging from 20 percent to 50 percent, plus a 50 percent tariff on copper. Speaking in Pittsburgh on Tuesday, Trump said he favored blanket tariffs over complicated negotiations, but his Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick were keen to land more trade agreements. Upon his arrival back in Washington, Trump told reporters that letters would be going out soon for many smaller countries, suggesting they would face a tariff of "a little over 10 percent." The Aug. 1 deadline gives targeted countries time to negotiate about lower tariff rates. Some economists have also noted Trump's pattern of backing off his tariff threats. Since launching his tariff policy, Trump has clinched only a few deals, falling short of earlier promises to land "90 deals in 90 days." So far, framework agreements have been reached with the United Kingdom and Vietnam, and an interim deal has been struck with China to forestall the steepest of Trump's tariffs while negotiations continue between Washington and Beijing. Trump said talks with India were moving "along that same line," adding, "We're going to have access to India. And you have to understand, we had no access into any of these countries. Our people couldn't go in. And now we're getting access because of what we're doing with the tariffs." The breakthrough with Indonesia came as the European Commission, which oversees trade for the EU, prepared to target 72 billion euros ($84.1 billion) worth of US goods — from Boeing aircraft and bourbon whiskey to cars — for possible tariffs if trade talks with Washington fail. Trump is threatening a 30 percent tariff on imports from the EU from August 1, a level European officials say is unacceptable and would end normal trade between two of the world's largest markets. The list, sent to EU member states and seen by Reuters Tuesday, pre-dated Trump's move over the weekend to ramp up pressure on the 27-nation bloc and responded instead to US duties on cars and car parts and a 10 percent baseline tariff. The package also covers chemicals, medical devices, electrical and precision equipment as well as agriculture and food products — a range of fruits and vegetables, along with wine, beer and spirits — valued at 6.35 billion euros.
