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AsiaOne
23-07-2025
- Business
- AsiaOne
Indonesia to cut tariffs, non-tariff barriers in US trade deal, Money News
WASHINGTON — Indonesia has agreed to eliminate tariffs on more than 99 per cent of US goods and scrap all non-tariff barriers facing American firms, while the US will drop threatened tariffs on Indonesian products to 19 per cent from 32 per cent, the two countries said on Tuesday (July 22). Trump hailed the deal, which he first announced on July 15, in a posting on his Truth Social media platform, calling it a "huge win for our Automakers, Tech Companies, Workers, Farmers, Ranchers, and Manufacturers". Details of a framework for the accord were released in a joint statement by both countries, and a fact sheet issued by the White House. They said negotiators for both countries would finalize the actual agreement in coming weeks. "Today, the United States of America and the Republic of Indonesia agreed to a framework for negotiating an agreement on reciprocal trade to strengthen our bilateral economic relationship, which will provide both countries' exporters unprecedented access to each other's markets," the statement said. The Indonesia deal is among only a handful reached so far by the Trump administration ahead of an Aug 1 deadline when higher tariffs are due to kick in. The US tariff rate on Indonesia, Southeast Asia's largest economy, matches the 19 per cent announced for the Philippines earlier on Tuesday. Vietnam's tariff rate has been set at 20 per cent. Under the agreement, Indonesia will immediately drop its plans to levy tariffs on internet data flows and it agreed to support renewal of a longstanding World Trade Organisation moratorium on e-commerce duties, a senior Trump administration official told reporters on a conference call. Indonesia also will remove recently enacted pre-shipment inspections and verifications of US exports that have posed problems for US agricultural exports and contributed to a growing US farm trade deficit, the official said. The official, who was not authorised to speak publicly, said the agreement could help restore the surplus in agricultural goods that the United States once had with Indonesia, until it implemented the pre-shipment requirements. In a win for US automakers, the official said Indonesia has agreed to accept US Federal Motor Vehicle Safety Standards for vehicles exported from the United States to the growing country of 280 million people. Indonesia also has agreed to remove export restrictions on industrial commodities, including critical minerals, the joint statement said. The US official said it would also remove local content requirements for products using these commodities that were shipped to the United States. The joint statement said the US would reduce the reciprocal tariff rate to 19 per cent, and "may also identify certain commodities that are not naturally available or domestically produced in the United States for a further reduction in the reciprocal tariff rate". No further details were provided. The two countries said they would negotiate rules of origin to ensure the benefits of the deal accrue mainly to the US and Indonesia, not third countries. They said Indonesia would work to address barriers for US goods, including through the removal of import restrictions and licensing requirements on US remanufactured goods or parts. Indonesia also agreed to join the Global Forum on Steel Excess Capacity and take actions to address global excess capacity in the steel sector. [[nid:720233]]
Perth Now
23-07-2025
- Business
- Perth Now
Indonesia to cut tariffs, barriers in new US trade deal
Indonesia has agreed to eliminate tariffs on more than 99 per cent of US goods and scrap all non-tariff barriers facing American firms, while the US will drop threatened tariffs on Indonesian products to 19 per cent from 32 per cent. Trump hailed the deal, which he first announced on July 15, in a posting on his Truth Social media platform, calling it a "huge win for our Automakers, Tech Companies, Workers, Farmers, Ranchers, and Manufacturers." Details of a framework for the accord were released in a joint statement by both countries, and a fact sheet issued by the White House. They said negotiators for both countries would finalise the actual agreement in coming weeks. "Today, the United States of America and the Republic of Indonesia agreed to a framework for negotiating an agreement on reciprocal trade to strengthen our bilateral economic relationship, which will provide both countries' exporters unprecedented access to each other's markets," the statement said. The Indonesia deal is among only a handful reached so far by the Trump administration ahead of an August 1 deadline when higher tariffs are due to kick in. The US tariff rate on Indonesia, Southeast Asia's largest economy, matches the 19 per cent announced for the Philippines earlier on Tuesday. Vietnam's tariff rate has been set at 20 per cent. Under the agreement, Indonesia will immediately drop its plans to levy tariffs on internet data flows and it agreed to support renewal of a longstanding World Trade Organization moratorium on e-commerce duties, a senior Trump administration official told reporters on a conference call. Indonesia also will remove recently enacted pre-shipment inspections and verifications of US exports that have posed problems for US agricultural exports and contributed to a growing US farm trade deficit, the official said. The official, who was not authorised to speak publicly, said the agreement could help restore the surplus in agricultural goods that the United States once had with Indonesia, until it implemented the pre-shipment requirements. In a win for US automakers, the official said Indonesia has agreed to accept US Federal Motor Vehicle Safety Standards for vehicles exported from the United States to the growing country of 280 million people. Indonesia also has agreed to remove export restrictions on industrial commodities, including critical minerals, the joint statement said. The US official said it would also remove local content requirements for products using these commodities that were shipped to the United States. The joint statement said the US would reduce the reciprocal tariff rate to 19 per cent, and "may also identify certain commodities that are not naturally available or domestically produced in the United States for a further reduction in the reciprocal tariff rate".
West Australian
23-07-2025
- Business
- West Australian
Indonesia to cut tariffs, barriers in new US trade deal
Indonesia has agreed to eliminate tariffs on more than 99 per cent of US goods and scrap all non-tariff barriers facing American firms, while the US will drop threatened tariffs on Indonesian products to 19 per cent from 32 per cent. Trump hailed the deal, which he first announced on July 15, in a posting on his Truth Social media platform, calling it a "huge win for our Automakers, Tech Companies, Workers, Farmers, Ranchers, and Manufacturers." Details of a framework for the accord were released in a joint statement by both countries, and a fact sheet issued by the White House. They said negotiators for both countries would finalise the actual agreement in coming weeks. "Today, the United States of America and the Republic of Indonesia agreed to a framework for negotiating an agreement on reciprocal trade to strengthen our bilateral economic relationship, which will provide both countries' exporters unprecedented access to each other's markets," the statement said. The Indonesia deal is among only a handful reached so far by the Trump administration ahead of an August 1 deadline when higher tariffs are due to kick in. The US tariff rate on Indonesia, Southeast Asia's largest economy, matches the 19 per cent announced for the Philippines earlier on Tuesday. Vietnam's tariff rate has been set at 20 per cent. Under the agreement, Indonesia will immediately drop its plans to levy tariffs on internet data flows and it agreed to support renewal of a longstanding World Trade Organization moratorium on e-commerce duties, a senior Trump administration official told reporters on a conference call. Indonesia also will remove recently enacted pre-shipment inspections and verifications of US exports that have posed problems for US agricultural exports and contributed to a growing US farm trade deficit, the official said. The official, who was not authorised to speak publicly, said the agreement could help restore the surplus in agricultural goods that the United States once had with Indonesia, until it implemented the pre-shipment requirements. In a win for US automakers, the official said Indonesia has agreed to accept US Federal Motor Vehicle Safety Standards for vehicles exported from the United States to the growing country of 280 million people. Indonesia also has agreed to remove export restrictions on industrial commodities, including critical minerals, the joint statement said. The US official said it would also remove local content requirements for products using these commodities that were shipped to the United States. The joint statement said the US would reduce the reciprocal tariff rate to 19 per cent, and "may also identify certain commodities that are not naturally available or domestically produced in the United States for a further reduction in the reciprocal tariff rate".
West Australian
22-07-2025
- Business
- West Australian
Australian news and politics live: Legislation introduced for childcare safety reforms and HECS debt changes
Scroll down for the latest news and updates. Indonesia will drop tariffs to zero on more than 99 per cent of its trade with the United States and will also eliminate all non-tariff barriers for American goods in a deal that cuts threatened US tariffs on Indonesian products to 19 per cent from an initial 32 per cent. A senior Trump administration official said Indonesia will immediately drop its plans to levy tariffs on internet data flows and will support renewal of a longstanding World Trade Organization moratorium on e-commerce duties, the official told reporters on a conference call held a week after the deal was first announced on July 15. Indonesia also will remove recently enacted pre-shipment inspection and verifications of US exports, which have posed problems for US agricultural exports and contributed to a growing U.S. farm trade deficit, the official said. In a win for US automakers, the official said that Indonesia has agreed to accept US Federal Motor Vehicle Safety Standards for vehicles exported from the United States to the growing country of 280 million people. Indonesia also has agreed to remove export restrictions on critical minerals and remove local content requirements products using these commodities shipped to the US. - via Reuters Students and graduates will soon see a reduction in their HECS debts and save hundreds of dollars a year. Federal Education Minister Jason Clare will introduce legislation to slash student debt by 20 per cent and increase the income that graduates need to earn before minimum repayments kick in. It's the first bill that the Albanese government will put before parliament at the start of its second term. People earning between $60,000 and $180,000 will save hundreds of dollars each year under the changes. Someone on $70,000 will save the most, $1300 a year, on minimum repayments due to an increase to the thresholds at which the debts must be paid back. The US Justice Department has asked lawyers for Jeffrey Epstein associate Ghislaine Maxwell if she would be willing to speak with prosecutors, and Deputy Attorney General Todd Blanche says he expects to meet with her in the coming days. The decision to request a meeting with Maxwell comes as Attorney General Pam Bondi has faced mounting pressure from US President Donald Trump's supporters to release additional materials related to Epstein, who died in a jail cell in 2019 while awaiting trial on sex-trafficking charges. US President Donald Trump has now weighed in, after being asked about it in the Oval Office he said: 'I don't know about it, but I think it's something that would be, sounds appropriate.' Read more. The Federal Government is introducing legislation today to strip funding from childcare centres that fail to meet safety standards. This move comes as Parliament resumes sitting and aims to fast-track child protection reforms amid growing concerns about the security of CCTV plans in centres nationwide. It follows allegations that a 26-year-old Melbourne childcare worker has been charged with over 70 offenses, including sexual abuse. 'The work on this is being undertaken every day since these allegations emerged,' Housing minister Clare O'Neil told Sunrise on Wednesday morning. 'The working with children checks are of course a part of this and the Attorneys-General across the country are working together in a way that's actually really unusual for the states and the Commonwealth to make sure that we fast-track this. So that meeting next month will be to finalise some of that work. 'I've got a daughter who's in childcare at the moment. I'm desperately about, this not just as a politician but as a parent. I'm really pleased to see the Education Minister bringing forward some legislation today that is going to have incredibly harsh repercussions for childcare centres that do not properly protect our children.'
Time of India
13-06-2025
- Automotive
- Time of India
Hyundai's Motional names AI veteran Laura Major as CEO amid major US expansion drive
Hyundai Motor Group announced the official appointment of robotics and artificial intelligence expert Laura Major as President and CEO of Motional, its autonomous driving joint venture based in the United States. Major, who had been serving as interim CEO since September 2024, was unanimously confirmed by Motional's board, the South Korean automotive giant said Friday, reports IANS. The leadership update comes amid a sweeping investment push by Hyundai Motor Group in the US economy. The company recently pledged $21 billion in US investments through 2028, including $8.6 billion for the automotive sector and $6.3 billion in future technologies such as AI and energy, as part of a broader effort to localise manufacturing and innovation. Hyundai Motor Group Executive Chair Euisun Chung made the announcement earlier this month alongside US President Donald Trump and Louisiana Governor Jeff Landry, underlining the strategic alignment of the company's American expansion with rising domestic manufacturing priorities. Motional said Major's appointment comes at a critical juncture, as the company ramps up AI development efforts ahead of its planned commercial launch of autonomous driving services in 2026. 'In partnership with Hyundai, we're bringing embodied AI to transportation and introducing significant societal benefits,' Major said in a statement. 'Leveraging our deep expertise in building fully driverless systems and our agility in realizing the latest AI breakthroughs, we are strongly positioned to unlock a future where safe autonomous vehicles are a practical part of daily life.' Past experience A founding executive at Motional, Major previously served as its Chief Technology Officer (CTO), where she spearheaded the development of the Ioniq 5 robotaxi. The fully driverless vehicle is among the first in the world to receive certification under US Federal Motor Vehicle Safety Standards (FMVSS), marking a significant milestone in the commercialisation of autonomous mobility. Before joining Motional, Major held senior leadership roles at Draper Laboratory and drone-tech firm Aria Insight, where she contributed to AI and autonomy projects for national security and spaceflight applications. With Major now at the helm, Motional is expected to play a central role in Hyundai's vision for next-generation mobility and AI-led transport infrastructure in North America.
