Latest news with #TradeMap
Shafaq News
17-07-2025
- Business
- Shafaq News
China and Turkiye lead Iraq's imports in 2024
Shafaq News – Iraq/China/Turkiye China and Turkiye have emerged as Iraq's top trading partners in 2024, supplying the highest volume of goods to the country, according to data published on Wednesday by Trade Map, a global trade statistics platform. The site's statistics indicate that imports from both countries accounted for between 20% and 50% of Iraq's total imports during the year. Chinese exports to Iraq primarily included mechanical and electrical equipment, automobiles, and various industrial goods, while Imports from Turkiye featured products such as precious stones, electrical machinery, furniture, and other consumer items. India ranked third among Iraq's import sources, contributing between 5% and 10% of total imports, which mainly include goods like rice, gasoline, and meat products. The report also noted that Iraq imported between 1% and 5% of its goods from countries including the United States, Italy, Germany, the United Kingdom, Japan, South Korea, Saudi Arabia, and Egypt. Smaller import volumes—less than 1%—came from Brazil, Argentina, Russia, Kazakhstan, Spain, Ukraine, and several other nations.
Khaleej Times
16-07-2025
- Business
- Khaleej Times
Trump sets 19% tariff on Indonesia goods in latest deal, EU readies retaliation
President Donald Trump on Tuesday said the U.S. would impose a 19% tariff on goods from Indonesia under a new agreement with the Southeast Asian country and more deals were coming, while offering fresh details on planned duties on pharmaceuticals. Trump announced the pact with Indonesia, a relatively minor U.S. trading partner, as he continued to press for what he views as better terms with trading partners and ways to shrink a huge U.S. trade deficit. Letters setting tariff rates for dozens of smaller countries were also coming soon, he said on Tuesday. The deal with Indonesia is among the handful struck so far by the Trump administration ahead of an August 1 deadline when duties on most U.S. imports are due to rise again. The accord came as the top U.S. 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 U.S. levies beyond a baseline 10% 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, unsettling international financial markets and threatening a new wave of inflation. Based on Trump tariff announcements through Sunday, Yale Budget Lab estimated the U.S. effective average tariff rates will rise to 20.6% from between 2% and 3% before Trump's return to the White House in January. Consumption shifts would bring the rate down to 19.7%, but it's still the highest since 1933. Trump outlined an Indonesia deal similar to a preliminary pact struck recently with Vietnam, with a flat tariff on exports to the U.S. roughly double the current 10% and no levies on U.S. 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 U.S. goods. "They are going to pay 19% 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 said on his Truth Social platform that Indonesia had agreed to buy $15 billion of U.S. energy products, $4.5 billion of American farm products and 50 Boeing jets, though no time frame was specified. He told reporters the deal with Vietnam was "pretty well set" but said it was not necessary to release details. India talks Indonesia's total trade with the U.S. - totalling just under $40 billion in 2024 - does not rank in the top 15, but it has been growing. U.S. exports to Indonesia rose 3.7% last year, while imports from there were up 4.8%, leaving the U.S. with a goods trade deficit of nearly $18 billion. The top U.S. import categories from Indonesia, according to U.S. 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 U.S. 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% 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% to 50%, plus a 50% 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%." He said his administration would also announce tariffs on pharmaceuticals imported into the United States, probably at the end of the month, starting with what he called a low tariff rate to give companies time to move manufacturing to the U.S. before imposing a "very high tariff" in a year or so. The August 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 "framework" agreements, falling short of earlier promises to land "90 deals in 90 days." So far, such deals 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," saying the agreement would give U.S. firms access to the large Indian market. EU readies retaliation 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 U.S. goods - from Boeing aircraft and bourbon whiskey to cars - for possible tariffs if trade talks with Washington fail. Trump has threatened a 30% 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 on Tuesday, pre-dated Trump's move over the weekend to ramp up pressure on the 27-nation bloc and responded instead to U.S. duties on cars and car parts and a 10% 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.
Korea Herald
16-07-2025
- 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.
AsiaOne
16-07-2025
- Business
- AsiaOne
Trump sets 19% tariff on Indonesia goods in latest deal, EU readies retaliation, Money News
WASHINGTON/BRUSSELS — President Donald Trump on Tuesday (July 15) said the US would impose a 19 per cent 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 August 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 per cent 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 per cent from between two per cent and three per cent before Trump's return to the White House in January. Consumption shifts would bring the rate down to 19.7 per cent, 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 per cent 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 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 outside the Oval Office. Trump later announced on his Truth Social platform that Indonesia had agreed to buy US$15 billion (S$19 billion) of US energy products, US$4.5 billion of American farm products and 50 Boeing jets, though no time frame was specified. Trump: India talks moving same way Indonesia's total trade with the US — totalling just under US$40 billion in 2024 — does not rank in the top 15, but it has been growing. US exports to Indonesia rose 3.7 per cent last year, while imports from there were up 4.8 per cent, leaving the US with a goods trade deficit of nearly US$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. [[nid:720228]] 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 per cent tariff rate starting Aug 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 per cent to 50 per cent, plus a 50 per cent tariff on copper. Speaking in Pittsburgh on Tuesday, Trump said he favoured 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 per cent." The August 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." EU readies retaliation The breakthrough with Indonesia came as the European Commission, which oversees trade for the EU, prepared to target 72 billion euros (S$107.33 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 per cent 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 on 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 per cent 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. [[nid:720129]]
The Sun
16-07-2025
- Business
- The Sun
Trump imposes 19% tariff on Indonesia goods as EU prepares retaliation
WASHINGTON/BRUSSELS: President Donald Trump on Tuesday said the U.S. would impose a 19% 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 U.S. trade deficit. The pact with the relatively minor U.S. trading partner is among the handful struck so far by the Trump administration ahead of an August 1 deadline for tariffs on most U.S. imports to rise again. The accord came as the top U.S. 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 U.S. levies beyond a baseline 10% 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 U.S. effective average tariff rates will rise to 20.6% from between 2% and 3% before Trump's return to the White House in January. Consumption shifts would bring the rate down to 19.7%, 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 U.S. roughly double the current 10% and no levies on U.S. 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 U.S. goods. 'They are going to pay 19% 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 U.S. energy products, $4.5 billion of American farm products and 50 Boeing jets, though no time frame was specified. TRUMP: INDIA TALKS MOVING SAME WAY Indonesia's total trade with the U.S. - totalling just under $40 billion in 2024 - does not rank in the top 15, but it has been growing. U.S. exports to Indonesia rose 3.7% last year, while imports from there were up 4.8%, leaving the U.S. with a goods trade deficit of nearly $18 billion. The top U.S. import categories from Indonesia, according to U.S. 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 U.S. 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% 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% to 50%, plus a 50% 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%.' The August 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.' EU READIES RETALIATION 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 U.S. goods - from Boeing aircraft and bourbon whiskey to cars - for possible tariffs if trade talks with Washington fail. Trump is threatening a 30% 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 on Tuesday, pre-dated Trump's move over the weekend to ramp up pressure on the 27-nation bloc and responded instead to U.S. duties on cars and car parts and a 10% 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. - Reuters
