Latest news with #USAtariff
Yahoo
6 days ago
- Business
- Yahoo
On eve of US tariffs, Brazilian beef exports hit record high in July
By Roberto Samora and Ana Mano SAO PAULO (Reuters) -Exports of fresh beef from Brazil reached a record 276,900 metric tons in July, according to trade data on Wednesday, showing a steep rise before a hefty U.S. tariff applied on sales from the world's biggest exporter. July shipments exceeded those of the same month last year by nearly 17%, surpassing the previous monthly record from October 2024, when 270,300 tons of beef were shipped, the data showed. Some 12% of Brazil's beef shipments go the United States, its second most important importer after China. Other key markets for Brazil include Mexico and the Middle East. Brazilian exporter Astra, which sells 5% of its production to the U.S. from Parana state, said the company sent cargo this week to avoid the new duty, which is valid from today. Astra ships beef to practically every port in the United States. "We don't know what will happen," Diogo Oliveira, Astra's export coordinator, said in an interview. "My U.S. volume, although small, was consistent. And from September onward, I don't know if we'll have more business." Brazil's beef sales have steadily grown this year, with strong demand from major importers. In the first half, Brazil sent 181,400 tons of beef to the U.S. alone, which faces a persistent cattle shortage, and another 631,800 tons to the Chinese market. (By Roberto SamoraWriting by Ana Mano; Editing by Aurora Ellis) Sign in to access your portfolio
Zawya
01-08-2025
- Business
- Zawya
South Africa factory mood lifts in July, Absa PMI shows
JOHANNESBURG - South African manufacturing sentiment improved in July, a survey showed on Friday, pointing to improved business conditions in the sector for the first time in nine months. The seasonally-adjusted purchasing managers' index (PMI) sponsored by South African bank Absa rose to 50.8 points in July from 48.5 in June. It was the first time the headline PMI has been above the 50-point mark that separates expansion from contraction since October 2024. The rise was driven by a recovery in demand, with the new sales orders sub-index rising 9.8 points to 55.9 points, the third consecutive month of improvement. But sub-indices tracking employment and expected business conditions in six months' time fell by 6 points and 6.1 points, respectively, suggesting a full recovery in the sector is still some way off. Absa said in a statement that this was an indication of growing caution over issues like volatile global trade policy. South Africa faces a 30% tariff on its exports to the U.S. starting next week, a move expected to cost tens of thousands of jobs after it failed to secure a trade deal before a deadline set by U.S. President Donald Trump.
Malay Mail
01-08-2025
- Business
- Malay Mail
Tengku Zafrul: Semiconductor and pharma exports to US remain duty-free despite broader tariff deal
KUALA LUMPUR, Aug 1 — Minister of Investment, Trade, and Industry (Miti) Datuk Seri Tengku Zafrul Abdul Aziz today clarified that the semiconductor and pharmaceutical industries are not affected by recent tariff negotiations, and that imports to the United States remain at zero tariff. He also reiterated that the tariff rate has dropped from 25 per cent to 19 per cent. Zafrul said Malaysia will have 6,911 lines with zero tariffs following protracted negotiations with their American counterparts. He said this amounted to 61 per cent of the total 11,260 tariff lines requested by the United States. A tariff line refers to an item listed in a country's tariff schedule, which is used to classify merchandise goods for the purpose of applying tariffs. The agreement follows extensive negotiations involving multiple ministries, agencies and stakeholders while ensuring Malaysia's national policies and strategic interests are not compromised. 'This is a systematic and methodical approach to determine our final offer to the United States and we've made a comprehensive offer that covers 98 per cent of all tariff lines but have only agreed to liberalise 61 per cent,' Zafrul said at a press conference at Miti headquarters today. Zafrul also addressed the issue of non-tariff barriers stating that the government is committed to reforming bureaucratic processes that have historically been seen as impediments to trade and investments. 'We acknowledge that some non-tariff barriers arise from inefficiencies in the system and we see this as an opportunity to improve our processes. However, these reforms will not come at the expense of Malaysia's regulatory standards,' he said. Despite the concessions, Zafrul also said Malaysia drew the line on key sectors. He said the government refused US requests to abolish excise duties on vehicles, tobacco and alcohol and declined to eliminate import permit requirements or relax foreign equity caps in strategic sectors. 'We are not compromising our economic sovereignty or national security. Excise duties, import licenses and equity restriction remain in place where necessary,' he said. Zafrul said that negotiations are always ongoing and are part of a broader strategy to strengthen Malaysia's trade position while safeguarding domestic industries.
Malay Mail
01-08-2025
- Business
- Malay Mail
Malaysia SME Association presses Putrajaya for urgent SST review in wake of US tariffs
KUALA LUMPUR, Aug 1 — The SME Association of Malaysia has urged the government to urgently review the Sales and Services Tax (SST) framework in response to a new 19 per cent tariff on Malaysian exports to the United States. The association said the tariff, which affects key industries like electronics, rubber products and medical devices, is severely weakening the competitiveness of export-oriented SMEs. Its national president, Chin Chee Seong, said the added burden of SST at home has worsened the cost pressures caused by the external trade barrier. 'The 19 per cent US tariff is already putting immense pressure on our export-oriented SMEs, especially in sectors like electronics, rubber products, and medical devices. 'At the same time, the expanded SST has raised operational costs for businesses involved in manufacturing, leasing, logistics, and services — without any form of input tax credit to offset cascading tax effects,' Chin said in a statement. He warned that without urgent reforms, many SMEs may not survive the dual hit of international tariffs and domestic tax policies. The group is calling for immediate SST restructuring, including business-to-business exemptions for licensed manufacturers and essential service providers. It also wants the government to consider bringing back a reformed Goods and Services Tax (GST) that includes input tax credits and lower compliance costs. Chin said the SST's cascading tax effect and lack of transparency discourage formal business growth and damage supply chain efficiency. To help offset export losses, the association urged the government to increase funding for market expansion, particularly in the Halal sector and difficult markets like China and the Middle East. It said SMEs need hands-on support in areas such as branding, regulatory compliance and localisation strategies tailored to overseas markets. The association also called for faster disbursement of soft loans, digitalisation grants and other financial aid to SMEs hit hardest by the tariff. Chin stressed that a coordinated tax and export support strategy is vital to keep Malaysian SMEs competitive amid rising global and domestic pressures. This morning, US President Donald Trump announced the new tariff rate for Malaysia, down from the 25 per cent he initially planned to impose on the country over a trade deficit he believes to be evidence of unfair trade practices.
