Latest news with #tariff policy

ABC News
5 days ago
- Business
- ABC News
Donald Trump announces trade deal with Indonesia with a 19 per cent levy to be imposed
US President Donald Trump says he has struck a trade deal with Indonesia, the latest pact since unveiling his so-called "liberation day" tariff policy. News of the deal came as the European Union continued to push for its own agreement with the US, while also readying to retaliate if one could not be reached. "Great deal, for everybody, just made with Indonesia. I dealt directly with their highly respected President. DETAILS TO FOLLOW!!!" Mr Trump said in a post on his social media platform, Truth Social. He later said the US would pay no tariffs to Indonesia as part of a trade deal while goods from the south-east Asian nation would face a 19 per cent levy. Indonesia's total trade with the US, which totalled just under $US40 billion ($61.4 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 $US18 billion ($27.6) Last year, the top US import categories from Indonesia, according to US Census Bureau data retrieved on the International Trade Centre's TradeMap tool, were palm oil, electronics equipment including data routers and switches, footwear, car tires, natural rubber and frozen shrimp. Prior to Mr Trump's comments, 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." Mr Trump had threatened the South-East Asian country with a 32 per cent tariff rate effective August 1 in a letter sent to its president last week. The US president sent similar letters to roughly two dozen trading partners this month, including Canada, Japan and Brazil, setting blanket tariff rates ranging from 20 per cent up to 50 per cent, as well as a 50 per cent tariff on copper. The August 1 deadline gives the targeted countries time to negotiate agreements that could lower the threatened tariffs. Some investors and economists have also noted Mr Trump's pattern of backing off his tariff threats. 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. The breakthrough with Indonesia came as the European Commission, the EU's governing body, gets set 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. Mr 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-dates Mr Trump's move over the weekend to ramp up pressure on the 27-nation bloc and responds 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 including a range of fruits and vegetables, wine, beer and spirits, valued at 6.35 billion euros ($11.3b). Following a meeting of EU ministers in Brussels on Monday, officials said they were still seeking a deal to avoid Mr Trump's heavy tariff blow. But EU trade chief Maroš Šefčovič said those at the meeting expressed unprecedented resolve to protect EU businesses using European countermeasures if negotiations with Washington failed to produce a deal. NATO secretary-general Mark Rutte warned on Wednesday that countries such as Brazil, China and India could be hit very hard by secondary sanctions if they continued to do business with Russia. Mr Rutte made the comment while meeting with senators in the US Congress the day after President Donald Trump announced new weapons for Ukraine and threatened "biting" secondary tariffs of 100 per cent on the buyers of Russian exports unless there was a peace deal in 50 days. "My encouragement to these three countries, particularly is, if you live now in Beijing, or in Delhi, or you are the president of Brazil, you might want to take a look into this, because this might hit you very hard," Mr Rutte told reporters. "So please make the phone call to Vladimir Putin and tell him that he has to get serious about peace talks, because otherwise this will slam back on Brazil, on India and on China in a massive way," he added. Republican US senator Thom Tillis praised Trump for announcing the steps, but said the 50-day delay "worries" him. He said he was concerned that: "Putin would try to use the 50 days to win the war, or to be better positioned to negotiate a peace agreement after having murdered and potentially collected more ground as a basis for negotiation. "So we should look at the current state of Ukraine today and say, no matter what you do over the next 50 days, any of your gains are off the table," he added. Mr Rutte said Europe would find the money to ensure Ukraine was in the best possible position in peace talks. Reuters/ABC


Times of Oman
10-07-2025
- Business
- Times of Oman
Indian trade delegation to visit Washington as India-US trade talks enter final stage: Govt sources
New Delhi: India and the United States have stepped up their trade talks, with both sides actively engaging in virtual discussions. The government sources told ANI that an Indian trade delegation will revisit Washington DC soon for in-person negotiations aimed at finalising a trade deal. Sources familiar with the matter also said that besides in person meetings, Indian officials have also been engaged in several virtual meetings with their US counterparts in recent weeks. These meetings have helped set the stage for more detailed and comprehensive face-to-face talks. The upcoming visit by the Indian delegation is seen as a major step forward in advancing discussions on a possible trade agreement. The talks are focusing on both a broad-based trade agreement as well as targeted trade arrangements that could help resolve key issues between the two countries. The ongoing dialogue reflects a serious effort by both sides to deepen trade ties and reduce friction on trade-related matters. The discussions gained momentum after US President Donald Trump, who returned to office earlier this year, announced a tariff policy targeting countries with trade surpluses against the United States. India was among the countries likely to be affected by the proposed tariffs on exports to the US. However, the tariff implementation, initially planned for April, was paused for 90 days and later extended until August 1. This extension has provided both countries extra time to negotiate and try to reach on a mutually beneficial agreement. Officials said that the current round of discussions is critical, and the Indian delegation's visit could play a key role in finalising the deal before the extended deadline. Meanwhile the Donald Trump continues with his tariff policy as a tool to pressurize countries as on Wednesday, he announced a new list of tariffs targeting 14 countries. Products from Algeria, Libya, Iraq, and Sri Lanka will face a 30 per cent tariff, while Brunei and Moldova will see a 25 per cent tariff. Goods from the Philippines will attract a 20 per cent tariff. Brazil has been hit the hardest, with a steep 50 per cent punitive tariff, especially on copper. On July 8, Trump shared letters sent to Japan's Prime Minister Shigeru Ishiba and South Korea's President Lee Jae-myung, stating that both countries would face a 25 per cent tariff from August 1. He later confirmed that similar letters had been sent to Malaysia and Kazakhstan, which will also face 25 per cent tariffs. According to the letters, Myanmar and Laos will face a 40 per cent tariff, while Indonesia will be subject to a 32 per cent tariff. Imports from Thailand and Cambodia will be taxed at 36 per cent, and from Bangladesh and Serbia at 35 per cent. South Africa and Bosnia and Herzegovina will see 30 per cent tariffs, and Tunisia will face a 25 per cent rate.