Additional 10pct tariff for nations aligning with Brics' 'anti-American policies'
"There will be no exceptions to this policy," he wrote on his Truth Social platform.
In another post, he announced that...
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
18 minutes ago
- The Star
Indonesia's top negotiator to visit US ahead of tariff deadline: Official
JAKARTA: Indonesia's senior economic minister Airlangga Hartarto (pic), the country's main negotiator in US. tariff talks, is scheduled to go to the United States on Monday (July 7), an official told Reuters. Airlangga is currently in Brazil accompanying President Prabowo Subianto for the Brics conference, but is scheduled to go to the United States afterwards to oversee tariff negotiations ahead of the July 9 deadline, said Haryo Limanseto, spokesperson at the coordinating ministry for economic affairs. The largest economy in South-East Asia is facing a 32% tariff in US markets and Jakarta has offered to cut duties to near-zero on US main goods. To smoothe tariff talks, it has also proposed US investment in its critical minerals and offered to import more US products. A US$34 billion trade deal between Indonesian companies - including state carrier Garuda and noodle making giant Indofood - and US partners was expected to be signed on Monday, but the exact time has not yet been disclosed, Indofood director Franciscus Welirang told Reuters on Monday. Indofood together with other members of Indonesia's wheat flour mills association have agreed to buy two million tonnes of US wheat worth $500 million. The United States is Indonesia's second largest export market after China, with a total value of $28.1 billion in goods shipped to the United States in 2024, according to US. Trade Representative. The South-East Asian country ran a $17.9 billion goods trade surplus with the United States last year. US tariffs could reduce Indonesia's potential growth by 0.3 to 0.5 percentage points, Finance Minister Sri Mulyani Indrawati has warned. The government has adjusted Indonesia's 2025's GDP outlook downwards to a range of between 4.7% and 5.0%, compared to an earlier target of 5.2%. - Reuters
The Star
18 minutes ago
- The Star
Thailand to offer US more trade concessions to avert 36% tariff
BANGKOK: Thailand, in its latest proposal to avert steep US tariffs, is aiming to boost bilateral trade volumes with the US and reduce its US$46 billion trade surplus by 70% within five years, reaching balance in seven to eight years, Finance Minister Pichai Chunhavajira (pic) told Bloomberg News on Sunday (July 6). Washington has threatened to impose a 36% levy on imports from Thailand if a reduction cannot be negotiated before July 9, when a 90-day pause capping tariffs at a baseline of 10% for most nations expires. Thailand is pushing for a best-case rate of 10%, Pichai said Bloomberg in an interview, adding that even a range of between 10% and 20% would be acceptable. Pichai expects to submit the revised offer before July 9, the report said. If approved, Thailand would be able to immediately waive import duties or non-tariff barriers for most goods, while gradually removing restrictions on a smaller number of items, according to Pichai. The move follows Pichai's meeting with Jamieson Greer, a US trade representative, and Michael Faulkender, US Assistant Secretary of the Treasury, last Thursday during the first ministerial-level talks on tariff issues. Pichai said the increased access to US products is unlikely to impact Thai farmers or local producers, as the goods in question are items Thailand does not produce in sufficient quantity to meet domestic demand. 'What we offered them is a mutually beneficial proposal,' he said. 'The US can trade more with us, and we will have the opportunity to streamline our processes and reduce red tape.' Thailand is among several countries racing to conclude a trade agreement with the United States in a bid to avoid steep tariff hikes. If Thailand fails to lower trade barriers with its largest export market, the result could be a sharp decline in export volumes, potentially shaving up to 1% off national economic growth, Pichai warned. Neighbouring Vietnam finalised its own deal last week after former US President Donald Trump announced a 20% import tariff on general goods and a 40% tariff on foreign products routed through Vietnam. Thailand is now pushing for a 10% tariff rate from the US—described by Pichai as the most favourable scenario. However, he noted that even a 10–20% rate would be manageable. 'The worst-case scenario,' he said, 'would be ending up with a worse deal than our regional neighbours.' To strengthen its position, Thailand has intensified plans to purchase more American products, particularly liquefied natural gas (LNG) and Boeing aircraft, as part of efforts to narrow the trade imbalance, Pichai said. Thai petrochemical firms including SCG Chemicals Plc and PTT Global Chemical Plc have committed to importing more ethanol from the US. State-owned energy giant PTT Plc also announced it could purchase up to 2 million tonnes of LNG annually from an Alaskan gas project over a 20-year period. In addition, state-run Thai Airways said it may buy as many as 80 Boeing aircraft over the next few years. Lowering US tariffs is seen as critical to shielding Thailand's trade-dependent economy, which is already under pressure from South-East Asia's highest household debt and sluggish domestic consumption. A favourable trade deal could also help restore investor confidence following the recent political turbulence triggered by the suspension of Prime Minister Paetongtarn Shinawatra over allegations of ethical misconduct in handling a border dispute with Cambodia. Thai exports rose by roughly 15% in the first five months of the year, largely driven by advance orders placed before a temporary 90-day tariff reprieve came to an end. - The Nation/ANN
New Straits Times
an hour ago
- New Straits Times
European shares mixed on caution ahead of US tariff deadline
LONDON: European shares were mixed on Monday, with investors alert for any trade-related headlines in the countdown to US President Donald Trump's tariff deadline. The pan-European STOXX 600 index was flat at 541.08 points, as of 0709 GMT. Other major regional indexes were mixed, with Germany's DAX up 0.4 per cent, France's CAC 40 down 0.1 per cent, Spain's IBEX edging 0.1 per cent higher, and the UK's FTSE 100 slipping 0.2 per cent. The US is close to finalising several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, Trump said on Sunday. The new rates are set to take effect from August 1. Trump also threatened an extra 10 per cent tariff on countries aligning themselves with the "anti-American policies" of the BRICS group of developing nations. Both the tariff levels and effective dates have become moving targets as Trump, on Friday, added to the confusion by mentioning that some tariffs could reach up to 70 per cent, levels far higher than the 10 per cent-50 per cent range he announced in April. A White House official said on Friday that US trade talks with the European Union were continuing and there was optimism an agreement could be reached in short order. European energy stocks fell 1.3 per cent, tracking oil prices. Banks were up 0.6 per cent. Capgemini fell 2.8 per cent after the French IT services firm agreed to buy technology outsourcing company WNS for a cash payment of $3.3 billion.
