Latest news with #trade relations
Khaleej Times
a day ago
- Business
- Khaleej Times
Indonesia hails 'new era' with US after Trump trade pact
Indonesia's president on Wednesday hailed a "new era" of trade relations with the United States, after Donald Trump said he would slash tariffs faced by Southeast Asia's biggest economy from 32 per cent to 19 per cent. The Trump administration has been under pressure to wrap up trade pacts after promising a flurry of deals, as countries sought talks with Washington to avoid the US president's threatened tariffs ahead of an August 1 deadline. "I had a very good call with President Donald Trump. Together, we agreed and concluded to take trade relations between Indonesia and the United States into a new era of mutual benefit," President Prabowo Subianto wrote on Instagram. Prabowo confirmed the new tariff rate after landing back in Indonesia from Europe. "We agreed... the tariffs to be lowered from 32 (per cent) to 19 (per cent)," he told reporters, adding he could visit Washington in September or October. Prabowo, a populist former general, posted pictures of himself laughing on the phone with Trump, but did not give any specifics about their trade deal. Prabowo's presidential spokesperson confirmed the 19 per cent rate and said it was struck after direct negotiations. "It is an extraordinary negotiation conducted directly by our president with President Donald Trump," spokesperson Hasan Nasbi said, adding that the deal was "progress that cannot be called small". Trump said the rate reduction was in return for significant purchase commitments from Jakarta, including a pledge to buy 50 Boeing jets. Indonesia has committed to spending billions to increase energy, agriculture and merchandise imports from the United States. Trump and Prabowo have developed a warm relationship since the US leader first clinched the presidency in 2016. Washington invited then-defence minister Prabowo to visit in 2020, lifting a de facto visa ban, which had been in effect over alleged crimes committed during the reign of Indonesia's late dictator Suharto. After Trump announced the tariffs in April, Prabowo sent his top economic minister to Washington, and also suggested that Trump was maybe helping Jakarta by causing it to rethink its trade surplus with the world's top economy. Data from the US Trade Representative office shows Washington's goods trade deficit with Indonesia was $17.9 billion in 2024, up 5.4 per cent from the year before. The deal struck with Indonesia would be slightly better than the 20 per cent given to Southeast Asian neighbour Vietnam. Both Indonesia and Vietnam are key markets for the shipment of Chinese goods. Trump said the deal with Indonesia would include a penalty for goods transiting Indonesia from China. But experts said the Indonesia pact appeared one-sided. "The 19 per cent tariff on Indonesian exports to the US, while the US can enjoy 0 per cent, actually poses a significant risk to Indonesia's trade balance," said Bhima Yudhistira Adhinegara, executive director of the Center of Economic and Law Studies. "Do not be too reliant on exports to the US, because the result of the tariff negotiation is still detrimental to Indonesia's position."
News.com.au
3 days ago
- Business
- News.com.au
Anthony Albanese praised in editorial in Chinese state media
Anthony Albanese has enjoyed a glowing editorial in a state-owned Chinese newspaper, which welcomed his 'friendly' approach to the nation on his six-day trip. The editorial in the China Daily, however, took a shot at previous prime minister Scott Morrison for not having clear 'judgment and understanding' of the country. Titled 'Common ground prevails over differences', the editorial was published in China Daily, an English-language news organisation owned by the Chinese Communist Party's Central Propaganda Department. The release of the editorial coincides with Mr Albanese's planned meeting with Chinese President Xi Jinping in Beijing's Great Hall of the People. 'Australian Prime Minister Anthony Albanese's ongoing visit to China is not only of significance for the bilateral and trade relations between the two countries, it also sends a message amid the changing global trade landscape,' the editorial started. 'Albanese's visit, which began on Saturday and will last until Friday, is notably long for a state leader, highlighting Australia's commitment to deepening ties and fostering stability amid the uncertain global landscape.' It continued on to highlight rising tensions with the US and makes a point of criticising former prime minister Scott Morrison. 'Albanese's visit shows that the Australian side has a clearer judgment and understanding of China than it had under the previous Scott Morrison government,' it said. Australia's relationship with the superpower soured under the Morrison government after Australia called for an investigation into the origins of Covid. Tariffs were placed on some of Australia's most significant exports to China, including coal, barley, copper and wine. The editorial noted that tension but praised the 'positive upturn' in China-Australia relations under the Albanese government as 'desirable' to restart negotiations on a free-trade agreement. Mr Morrison responded to the comments in a statement made to The Australian. 'Having a character reference from the China Daily was never one of my foreign policy aspirations,' he said. The China Daily editorial highlighted 'difference in terms of geopolitics' between the two nations but welcomed Mr Albanese's trip. 'Albanese's visit, his second since becoming prime minister, is intended as a 'friendly gesture' to ensure the positive development of bilateral relations on a stable track, according to his office,' it said. 'China, on its part, stands ready to work with Australia to take this visit as an opportunity to strengthen communication, enhance mutual trust, expand practical co-operation and push forward the two countries' comprehensive strategic partnership, as the Chinese Foreign Ministry indicated.'
Yahoo
4 days ago
- Business
- Yahoo
Australian Prime Minister Anthony Albanese visits China to strengthen trade relations
BEIJING (AP) — Australian Prime Minister Anthony Albanese kicked off a visit this weekend to China meant to shore up trade relations between the two countries. Albanese met with Shanghai Party Secretary Chen Jining on Sunday, the first in a series of high-level exchanges that will include meetings with Chinese President Xi Jinping, Premier Li Qiang and Chairman Zhao Leji of the National People's Congress. The prime minister is leading 'a very large business delegation' to China, which speaks to the importance of the economic relations between Australia and China, he told Chinese state broadcaster CGTN upon his arrival in Shanghai on Saturday. During a weeklong trip, Albanese was set to meet business, tourism and sport representatives in Shanghai and Chengdu, including a CEO roundtable on Tuesday in Beijing, his office said. He oversaw the signing of an agreement between Chinese online travel giant and the government agency Tourism Australia aimed at attracting more Chinese tourists to the continent. It is Albanese's second visit to China since his center-left Labor Party government was first elected in 2022. The party was reelected in May with an increased majority. Albanese has managed to persuade Beijing to remove a series of official and unofficial trade barriers introduced under the previous conservative government that cost Australian exporters more than 20 billion Australian dollars ($13 billion) a year. Beijing severed communications with the previous administration over issues including Australia's calls for an independent inquiry into the origins of and responses to COVID-19. But Albanese wants to reduce Australia's economic dependence on China, a free trade partner. "My government very much values our relationship with China," Albanese said during his meeting with Chen. 'We deal with each other in a calm and consistent manner, and we want to continue to pursue our national interests, and it is in our interest to have good relations with China.' Chinese state-run Xinhua News Agency, in an editorial Saturday, described China's relationship with Australia as 'steadily improving' and undergoing 'fresh momentum.' 'There are no fundamental conflicts of interest between China and Australia,' the editorial stated. 'By managing differences through mutual respect and focusing on shared interests, the two sides can achieve common prosperity and benefit.'
Yahoo
5 days ago
- Business
- Yahoo
Australia PM Albanese kicks off China visit focused on trade
BEIJING (AP) — Australian Prime Minister Anthony Albanese kicked off a visit to China this weekend meant to shore up trade relations between the two countries. Albanese met with Shanghai Party Secretary Chen Jining on Sunday, the first in a series of high-level exchanges that will include meetings with Chinese President Xi Jinping, Premier Li Qiang and Chairman Zhao Leji of the National People's Congress. Albanese is leading 'a very large business delegation' to China, which speaks to the importance of the economic relations between Australia and China, he told Chinese state broadcaster CGTN upon his arrival in Shanghai Saturday. During a weeklong trip, Albanese is set to meet business, tourism and sport representatives in Shanghai and Chengdu including a CEO roundtable Tuesday in Beijing, his office said. It is Albanese's second visit to China since his center-left Labor Party government was first elected in 2022. The party was reelected in May with an increased majority. Albanese has managed to persuade Beijing to remove a series of official and unofficial trade barriers introduced under the previous conservative government that cost Australian exporters more than 20 billion Australian dollars ($13 billion) a year. Beijing severed communications with the previous administration over issues including Australia's calls for an independent inquiry into the origins of and responses to COVID-19. But Albanese wants to reduce Australia's economic dependence on China, a free trade partner. 'My government has worked very hard to diversify trade … and to increase our relationships with other countries in the region, including India and Indonesia and the ASEAN countries,' Albanese said before his visit, referring to the 10-member Association of Southeast Asian Nations. 'But the relationship with China is an important one, as is our relationships when it comes to exports with the north Asian economies of South Korea and Japan,' he added. Chinese state-run Xinhua News Agency, in an editorial Sunday, described China's relationship with Australia as 'steadily improving' and undergoing 'fresh momentum.' 'There are no fundamental conflicts of interest between China and Australia,' the editorial stated. 'By managing differences through mutual respect and focusing on shared interests, the two sides can achieve common prosperity and benefit.'
Arab News
5 days ago
- Business
- Arab News
Australia PM Albanese kicks off China visit focused on trade
BEIJING: Australian Prime Minister Anthony Albanese kicked off a visit to China this weekend meant to shore up trade relations between the two countries. Albanese met with Shanghai Party Secretary Chen Jining on Sunday, the first in a series of high-level exchanges that will include meetings with Chinese President Xi Jinping, Premier Li Qiang and Chairman Zhao Leji of the National People's Congress. Albanese is leading 'a very large business delegation' to China, which speaks to the importance of the economic relations between Australia and China, he told Chinese state broadcaster CGTN upon his arrival in Shanghai Saturday. During a weeklong trip, Albanese is set to meet business, tourism and sport representatives in Shanghai and Chengdu including a CEO roundtable Tuesday in Beijing, his office said. It is Albanese's second visit to China since his center-left Labour Party government was first elected in 2022. The party was reelected in May with an increased majority. Albanese has managed to persuade Beijing to remove a series of official and unofficial trade barriers introduced under the previous conservative government that cost Australian exporters more than 20 billion Australian dollars ($13 billion) a year. Beijing severed communications with the previous administration over issues including Australia's calls for an independent inquiry into the origins of and responses to COVID-19. But Albanese wants to reduce Australia's economic dependence on China, a free trade partner. 'My government has worked very hard to diversify trade … and to increase our relationships with other countries in the region, including India and Indonesia and the ASEAN countries,' Albanese said before his visit, referring to the 10-member Association of Southeast Asian Nations. 'But the relationship with China is an important one, as is our relationships when it comes to exports with the north Asian economies of South Korea and Japan,' he added. Chinese state-run Xinhua News Agency, in an editorial Sunday, described China's relationship with Australia as 'steadily improving' and undergoing 'fresh momentum.' 'There are no fundamental conflicts of interest between China and Australia,' the editorial stated. 'By managing differences through mutual respect and focusing on shared interests, the two sides can achieve common prosperity and benefit.'
