Latest news with #US tariffs
Bloomberg
3 days ago
- Business
- Bloomberg
Chaos Is Taking a Sabbatical in Indonesia
Bad news can be good for Indonesia. A slowdown in economic growth and the prospective hit from US tariffs may be imposing some discipline on President Prabowo Subianto's government. It's a welcome change. The former general is only seven months into his term and some of the toughest decisions probably still lie ahead. Nonetheless, the sense of chaos that characterized the very start of the administration has abated. Markets approve the return of normalcy: The rupiah has gained this quarter after disappointing last year, and a recent bond auction was well received. Offshore investors are warming to the nation's stock market after seven months of outflows.
Free Malaysia Today
3 days ago
- Business
- Free Malaysia Today
Japan to provide US$15bil tariff help to SMEs
Japan's economy contracted by 0.2% in Q1 2025. (EPA Images pic) TOKYO : Japan announced a bundle of measures today worth more than US$15 billion aimed at shielding small to medium-sized businesses (SMEs) from the impact of US tariffs. The key Washington ally is subject to the same 10% baseline tariffs imposed by President Donald Trump on most nations, plus steeper levies on cars, steel and aluminium. 'The ¥2.2 trillion (US$15.5 billion) package will include help with corporate financing and easing of loan conditions at a government-backed lending institution,' said chief cabinet secretary Yoshimasa Hayashi. 'We will provide full support for small and medium-sized enterprises affected by the US tariffs,' Hayashi told a news conference. Trump also announced 24% 'reciprocal' tariffs on Japan in early April, but later paused them along with similar measures on other countries until early July. Japan wants all Trump's levies on its exports to the US lifted, with the government's tariffs envoy expected to return to Washington this week for a fourth round of talks. Prime Minister Shigeru Ishiba has suggested that he aims to hammer out an agreement with the US president when they meet at a Group of Seven gathering in Canada next month. Trump's 25% auto tariffs are particularly painful for Tokyo, with roughly 8% of all Japanese jobs tied to the sector. The world's fourth-largest economy contracted 0.2% in the first quarter (Q1) of 2025, adding to pressure on the unpopular Ishiba ahead of upper house elections expected in July. The government also said today that it will spend ¥288 billion to help families deal with surging electricity and gas prices in the three months to September, when air conditioning demand will surge to fight sweltering heat. The planned assistance should mean utility bills will be cut by ¥3,000 per family over the quarter, Hayashi said, adding that it was also part of efforts to deal with the US tariffs and inflation. The government also plans to increase funds for special grants so that entities such as hospitals and small businesses can deal with energy costs that may fall outside the existing assistance programmes.
CNA
20-05-2025
- Business
- CNA
Some Singapore firms on 'life-support mode' amid crippling US tariffs: ASME's Ang Yuit
Some Singapore companies are shelving expansion plans amid crippling US tariffs. The Association of Small & Medium Enterprises said some firms are on "life-support mode", while one non-bank lender said there are warning signs of cash flow instability. Funding Societies has seen a 15% dip in loan requests and submissions, adding that firms are also hesitant to take on loans as they reconsider their cash flows to stay afloat.
South China Morning Post
11-05-2025
- Business
- South China Morning Post
Hong Kong will ‘play it safe' with growth figures amid US tariff war: Paul Chan
Hong Kong is unlikely to significantly adjust its estimates for the economy as there are major uncertainties externally, the city's finance chief has said, adding that export growth is expected to slow down after businesses rushed to beat US tariffs in the first quarter. Advertisement Financial Secretary Paul Chan Mo-po said on Sunday that the widespread effects of the US tariff war were a major concern across the board during his recent visits to international summits. 'There are major uncertainties over the economic outlook,' he told a radio programme. 'The US tariffs have a huge impact, so in the near future, to play it safe, we might not readily make major changes to our gross domestic product estimates.' The United States and China started trade talks in the Swiss city of Geneva this weekend, with US President Donald Trump calling it ' a very good meeting ' after discussions broke off on Saturday evening. Chan had forecast in his budget in February that the economy could see full-year growth of 2 to 3 per cent. Financial Secretary Paul Chan was in Italy last week for the Asian Development Bank's annual meeting. Photo: Handout
South China Morning Post
11-05-2025
- Business
- South China Morning Post
Hong Kong will ‘play it safe' with growth figures due to US tariffs: Paul Chan
Hong Kong is unlikely to significantly adjust its estimates for the economy as there are major uncertainties externally, the city's finance chief has said, adding that export growth is expected to slow down after businesses rushed to beat US tariffs in the first quarter. Advertisement Financial Secretary Paul Chan Mo-po said on Sunday that the widespread effects of the US tariff war were a major concern across the board during his recent visits to international summits. 'There are major uncertainties over the economic outlook,' he told a radio programme. 'The US tariffs have a huge impact, so in the near future, to play it safe, we might not readily make major changes to our gross domestic product estimates.' The United States and China started trade talks in the Swiss city of Geneva this weekend, with US President Donald Trump calling it ' a very good meeting ' after discussions broke off on Saturday evening. Chan had forecast in his budget in February that the economy could see full-year growth of 2 to 3 per cent. Financial Secretary Paul Chan was in Italy last week for the Asian Development Bank's annual meeting. Photo: Handout
