Latest news with #trading partners
South China Morning Post
a day ago
- Business
- South China Morning Post
Trump says US struck trade deal with Indonesia, without providing details
President Donald Trump said on Tuesday that the United States had struck a trade deal with Indonesia. 'Great deal, for everybody, just made with Indonesia. I dealt directly with their highly respected President. DETAILS TO FOLLOW!!!' Trump said in a social media post. Trump had threatened the Southeast Asian country with a 32 per cent tariff rate effective August 1 in a letter sent to its president last week. He had sent similar letters to roughly two dozen trading partners this month, including Canada, Japan and Brazil, setting blanket tariff rates ranging from 20 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 Trump's pattern of backing off his tariff threats.
South China Morning Post
a day ago
- Business
- South China Morning Post
Xi Jinping hails ‘turnaround' in China-Australia relations as PM Albanese visits Beijing
China's relations with Australia have 'turned around' after overcoming 'setbacks', President Xi Jinping told visiting Australian Prime Minister Anthony Albanese in Beijing on Tuesday. 'The most important thing we can learn from this is a commitment to equal treatment, to seeking common ground while sharing differences, pursuing mutually beneficial cooperation, serving the fundamental interests of our two countries and two peoples,' he told Albanese. 'No matter how the international landscape may evolve, we should uphold this overall direction unswervingly.' Albanese, who is making his second visit to China as prime minister and meeting Xi for the fourth time, echoed his host's comments about 'seeking common ground while sharing differences' and welcomed the chance to 'set out Australia's views and interests'. His six-day trip, which includes stops in Shanghai and Chengdu, comes at a time when Australia is working to strengthen economic ties following a thaw that came after years of frosty relations. Meanwhile, China is pushing for closer ties with major trading partners, including US regional allies, as it seeks to counter the impact of Donald Trump's policies, including tariffs.
Bloomberg
2 days ago
- Business
- Bloomberg
Trump's Tariffs Target US Trade Partners Both Big and Small
With the letters unveiled Saturday to the European Union and Mexico threatening tariffs of 30% on each of the major trading partners' goods, President Donald Trump passed a significant milestone. If he delivers on his threats, he's increasing the amount of trade on which US importers will have to pay new elevated taxes to more than half the value of goods coming into the US. Products from the EU and Mexico together were worth more than $1.1 trillion in 2024, or more than a third of all imports. Add Japan, Canada and South Korea, all of which got their own letters last week, and you easily get over half of US annual imports. Which in the logic advanced by the US administration — that tariffs are meant to eliminate a trade deficit that has got out of hand — makes sense.
