Latest news with #USEnergy
Yahoo
35 minutes ago
- Business
- Yahoo
President Trump: Pharma tariff is coming, Indonesia deal sealed
US President Donald Trump announced that Washington had sealed a trade deal with Indonesia on Tuesday. The tariffs on imports from the Asian country will now be 19%, Trump said on his Truth Social platform, significantly below the previously threatened 32%. 'They are going to pay 19% and we are going to pay nothing,' said Trump to reporters about the agreement, before boarding the presidential helicopter on Tuesday. He claimed that American goods sent to the Southeast Asian country would face no tariffs. In a separate social media post, Trump said, 'Great deal, for everybody, just made with Indonesia'. He added that he dealt with the country's president directly. 'As part of the agreement, Indonesia has committed to purchasing $15 billion in US Energy, $4.5 billion in American Agricultural Products, and 50 Boeing Jets, many of them 777s,' said the US President in his Truth Social post. The Indonesian government has yet to confirm this agreement. Trump also said Indonesia was 'very strong' on copper. But it was unclear what role copper played in any agreement, as he has separately taxed the commodity at 50% starting on 1 August. Trump also said he would "probably" announce tariffs on pharmaceutical drugs at the end of the month, and that levies on semiconductors could come soon as well. The president said he would start at a lower tariff rate and give pharma companies a year to build domestic factories before they face higher import tax rates. Trump said computer chips would face a similar style of tariffs. As the EU is negotiating a deal with the US, the pharmaceutical sector is eagerly watching every move that might impact the industry in the bloc, as more than one-third of EU pharma exports are sent to the US. Related Which European economy stands to suffer the most from US tariffs? President Donald Trump told reporters on Tuesday that he also plans to place tariffs of over 10% on smaller countries, including nations in Africa and the Caribbean. "We'll probably set one tariff for all of them," Trump said, adding that it could be "a little over 10% tariff" on goods from at least 100 nations. Commerce Secretary Howard Lutnick interjected that the nations with goods being taxed at these rates would be in Africa and the Caribbean. These are countries that generally do relatively modest levels of trade with the US and would be fairly insignificant for addressing Trump's goals of reducing trade imbalances with the rest of the world. This month, the president has been posting letters to roughly two dozen countries and the European Union, outlining tariff rates to be charged starting 1 August. The countries targeted so far have generally been threatened with tax rates close to the 2 April levies announced by the US president. The initial announcement of historically high US import taxes caused financial markets to panic and led to the creation of a 90-day negotiating period that was set to expire on 9 July, before an extension into August. Related Lula vows retaliatory tariffs if Trump imposes 50% levies on Brazil Meanwhile, this week, the United States has launched an investigation into trading practices by Brazil, labelling them as "unfair". The Office of the United States Trade Representative (USTR) said in a statement that Brazil's approach was harming American companies, particularly in the fields of digital trade and electronic payment services. The White House has accused Brazil of harming US exports by offering more preferential tariffs to 'certain globally competitive trade partners'. The probe is also looking into the country's anti-corruption measures, intellectual property protection and illegal deforestation, and tariffs on US ethanol exports. 'Brazil has walked away from its willingness to provide virtually duty-free treatment for US ethanol and instead now applies a substantially higher tariff on US ethanol exports,' said the statement. These accusations follow Washington's threat of a 50% tariff on goods imports from Brazil from 1 August, if there is no agreement on a trade deal. In his letter, informing the country about the new tariff rate, the US President also accused the government of the country of undertaking a 'witch hunt' against former far-right President Jair Bolsonaro. Bolsonaro is currently on trial for allegedly attempting a coup to overturn the 2022 election results. Brazilian President Lula da Silva warned of retaliatory tariffs on the US if Trump imposes a 50% levy, risking a trade war.
Euronews
37 minutes ago
- Business
- Euronews
President Trump: Pharma tariff is coming, Indonesia deal sealed
US President Donald Trump announced that Washington had sealed a trade deal with Indonesia on Tuesday. The tariffs on imports from the Asian country will now be 19%, Trump said on his Truth Social platform, significantly below the previously threatened 32%. 'They are going to pay 19% and we are going to pay nothing,' said Trump to reporters about the agreement, before boarding the presidential helicopter on Tuesday. He claimed that American goods sent to the Southeast Asian country would face no tariffs. In a separate social media post, Trump said, 'Great deal, for everybody, just made with Indonesia'. He added that he dealt with the country's president directly. 'As part of the agreement, Indonesia has committed to purchasing $15 billion in US Energy, $4.5 billion in American Agricultural Products, and 50 Boeing Jets, many of them 777s,' said the US President in his Truth Social post. The Indonesian government has yet to confirm this agreement. Trump also said Indonesia was 'very strong' on copper. But it was unclear what role copper played in any agreement, as he has separately taxed the commodity at 50% starting on 1 August. How Big Pharma is about to be tariffed Trump also said he would "probably" announce tariffs on pharmaceutical drugs at the end of the month, and that levies on semiconductors could come soon as well. The president said he would start at a lower tariff rate and give pharma companies a year to build domestic factories before they face higher import tax rates. Trump said computer chips would face a similar style of tariffs. As the EU is negotiating a deal with the US, the pharmaceutical sector is eagerly watching every move that might impact the industry in the bloc, as more than one-third of EU pharma exports are sent to the US. US tariffs of over 10% on smaller nations, including those in Africa and the Caribbean President Donald Trump told reporters on Tuesday that he also plans to place tariffs of over 10% on smaller countries, including nations in Africa and the Caribbean. "We'll probably set one tariff for all of them," Trump said, adding that it could be "a little over 10% tariff" on goods from at least 100 nations. Commerce Secretary Howard Lutnick interjected that the nations with goods being taxed at these rates would be in Africa and the Caribbean. These are countries that generally do relatively modest levels of trade with the US and would be fairly insignificant for addressing Trump's goals of reducing trade imbalances with the rest of the world. This month, the president has been posting letters to roughly two dozen countries and the European Union, outlining tariff rates to be charged starting 1 August. The countries targeted so far have generally been threatened with tax rates close to the 2 April levies announced by the US president. The initial announcement of historically high US import taxes caused financial markets to panic and led to the creation of a 90-day negotiating period that was set to expire on 9 July, before an extension into August. US launches investigation into Brazil's trade practices Meanwhile, this week, the United States has launched an investigation into trading practices by Brazil, labelling them as "unfair". The Office of the United States Trade Representative (USTR) said in a statement that Brazil's approach was harming American companies, particularly in the fields of digital trade and electronic payment services. The White House has accused Brazil of harming US exports by offering more preferential tariffs to 'certain globally competitive trade partners'. The probe is also looking into the country's anti-corruption measures, intellectual property protection and illegal deforestation, and tariffs on US ethanol exports. 'Brazil has walked away from its willingness to provide virtually duty-free treatment for US ethanol and instead now applies a substantially higher tariff on US ethanol exports,' said the statement. These accusations follow Washington's threat of a 50% tariff on goods imports from Brazil from 1 August, if there is no agreement on a trade deal. In his letter, informing the country about the new tariff rate, the US President also accused the government of the country of undertaking a 'witch hunt' against former far-right President Jair Bolsonaro. Bolsonaro is currently on trial for allegedly attempting a coup to overturn the 2022 election results. Brazilian President Lula da Silva warned of retaliatory tariffs on the US if Trump imposes a 50% levy, risking a trade war.
The Star
an hour ago
- Business
- The Star
Trump says Indonesia to face 19% tariff under trade deal
It remains unclear when the lower tariff level announced on July 15 will take effect for Indonesia. - AFP WASHINGTON: US President Donald Trump said Tuesday(July 15) that he had struck a trade pact with Indonesia resulting in significant purchase commitments from the country, following negotiations to avoid steeper tariffs. Indonesian goods entering the United States would face a 19 per cent tariff, Trump said in a post on his Truth Social platform. This is significantly below the 32 per cent 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 per cent 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 per cent levy on Indonesian goods, saying in a letter to the country's leadership that this would take effect Aug1. 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 finalised 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 per cent 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, customised to each economy, were due to take effect, he pushed the deadline back from July 9 to Aug 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, said previously. - AFP.
Roya News
2 hours ago
- Business
- Roya News
Trump says Indonesia to face 19% tariff under trade deal
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. Tariffs drive 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.
New Indian Express
3 hours ago
- Business
- New Indian Express
Trump says Indonesia to face 19% tariff under trade deal with US
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.
