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The Advertiser
2 hours ago
- The Advertiser
Trump touts deal with Indonesia, flags pharma tariffs
US President Donald Trump says the United States will impose a 19 per cent tariff on goods from Indonesia under a new agreement with the Southeast Asian country. He said more deals were in the works as he continued to press for what he views as better terms with trading partners and a path to reducing a massive US trade deficit. The pact with the relatively minor US trading partner is among the handful struck so far by Trump's administration ahead of an August 1 deadline for tariffs on most US imports to rise again, and it came as the top US trading partner - the European Union - readied retaliatory measures should talks between US and its top trading partner fail. As that deadline approaches, talks were underway with other trading partners eager to avoid yet more levies being imposed on their exports to the US beyond a baseline 10 per cent on most goods that has been in place since April. It is a policy regime - rolled out often chaotically by Trump - that has upended decades of trends toward lower trade barriers, often roiling global financial markets and economic activity along the way. Based on Trump tariff announcements through July 13, Yale Budget Lab estimates the US effective average tariff rates will rise to 20.6 per cent from between two per cent and three per cent before Trump's return to the White House in January. Trump outlined an Indonesia deal that had rough contours resembling a pact struck recently with Vietnam, with a flat tariff on exports to the US roughly double the current 10 per cent and no levies placed on US exports going there. It also included a penalty rate for so-called transhipments of goods from China via Indonesia, and a commitment to buy some US goods. "They are going to pay 19 per cent and we are going to pay nothing ... we will have full access into Indonesia, and we have a couple of those deals that are going to be announced," Trump said outside the Oval Office. In addition, Trump said later on his Truth Social platform that Indonesia had agreed to buy $US15 billion ($A23 billion) of US energy products, $US4.5 billion of farm products and 50 Boeing jets although no time frame for the purchases was specified. Indonesia's total trade with the US - totalling just under $US40 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. 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." Trump had threatened the country with a 32 per cent tariff rate effective August 1 in a letter sent to its president last week. He sent similar letters to about 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. The US president also said he will "probably" announce tariffs on pharmaceutical drugs. Trump told reporters such an announcement could come at the "end of the month." Trump said he would start out at a lower tariff rate and give companies a year to build domestic factories before they face higher import tax rates. "... there are two ways you do it. You make money, or you have them move here so they don't have to pay the tariff. Those are the two ways. "The pharmaceutical companies are moving back to America, where they should be." Earlier this month the US president laid out plans to impose 200 per cent tariffs on drug imports, threatening Australia's third-most significant export. with AP US President Donald Trump says the United States will impose a 19 per cent tariff on goods from Indonesia under a new agreement with the Southeast Asian country. He said more deals were in the works as he continued to press for what he views as better terms with trading partners and a path to reducing a massive US trade deficit. The pact with the relatively minor US trading partner is among the handful struck so far by Trump's administration ahead of an August 1 deadline for tariffs on most US imports to rise again, and it came as the top US trading partner - the European Union - readied retaliatory measures should talks between US and its top trading partner fail. As that deadline approaches, talks were underway with other trading partners eager to avoid yet more levies being imposed on their exports to the US beyond a baseline 10 per cent on most goods that has been in place since April. It is a policy regime - rolled out often chaotically by Trump - that has upended decades of trends toward lower trade barriers, often roiling global financial markets and economic activity along the way. Based on Trump tariff announcements through July 13, Yale Budget Lab estimates the US effective average tariff rates will rise to 20.6 per cent from between two per cent and three per cent before Trump's return to the White House in January. Trump outlined an Indonesia deal that had rough contours resembling a pact struck recently with Vietnam, with a flat tariff on exports to the US roughly double the current 10 per cent and no levies placed on US exports going there. It also included a penalty rate for so-called transhipments of goods from China via Indonesia, and a commitment to buy some US goods. "They are going to pay 19 per cent and we are going to pay nothing ... we will have full access into Indonesia, and we have a couple of those deals that are going to be announced," Trump said outside the Oval Office. In addition, Trump said later on his Truth Social platform that Indonesia had agreed to buy $US15 billion ($A23 billion) of US energy products, $US4.5 billion of farm products and 50 Boeing jets although no time frame for the purchases was specified. Indonesia's total trade with the US - totalling just under $US40 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. 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." Trump had threatened the country with a 32 per cent tariff rate effective August 1 in a letter sent to its president last week. He sent similar letters to about 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. The US president also said he will "probably" announce tariffs on pharmaceutical drugs. Trump told reporters such an announcement could come at the "end of the month." Trump said he would start out at a lower tariff rate and give companies a year to build domestic factories before they face higher import tax rates. "... there are two ways you do it. You make money, or you have them move here so they don't have to pay the tariff. Those are the two ways. "The pharmaceutical companies are moving back to America, where they should be." Earlier this month the US president laid out plans to impose 200 per cent tariffs on drug imports, threatening Australia's third-most significant export. with AP US President Donald Trump says the United States will impose a 19 per cent tariff on goods from Indonesia under a new agreement with the Southeast Asian country. He said more deals were in the works as he continued to press for what he views as better terms with trading partners and a path to reducing a massive US trade deficit. The pact with the relatively minor US trading partner is among the handful struck so far by Trump's administration ahead of an August 1 deadline for tariffs on most US imports to rise again, and it came as the top US trading partner - the European Union - readied retaliatory measures should talks between US and its top trading partner fail. As that deadline approaches, talks were underway with other trading partners eager to avoid yet more levies being imposed on their exports to the US beyond a baseline 10 per cent on most goods that has been in place since April. It is a policy regime - rolled out often chaotically by Trump - that has upended decades of trends toward lower trade barriers, often roiling global financial markets and economic activity along the way. Based on Trump tariff announcements through July 13, Yale Budget Lab estimates the US effective average tariff rates will rise to 20.6 per cent from between two per cent and three per cent before Trump's return to the White House in January. Trump outlined an Indonesia deal that had rough contours resembling a pact struck recently with Vietnam, with a flat tariff on exports to the US roughly double the current 10 per cent and no levies placed on US exports going there. It also included a penalty rate for so-called transhipments of goods from China via Indonesia, and a commitment to buy some US goods. "They are going to pay 19 per cent and we are going to pay nothing ... we will have full access into Indonesia, and we have a couple of those deals that are going to be announced," Trump said outside the Oval Office. In addition, Trump said later on his Truth Social platform that Indonesia had agreed to buy $US15 billion ($A23 billion) of US energy products, $US4.5 billion of farm products and 50 Boeing jets although no time frame for the purchases was specified. Indonesia's total trade with the US - totalling just under $US40 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. 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." Trump had threatened the country with a 32 per cent tariff rate effective August 1 in a letter sent to its president last week. He sent similar letters to about 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. The US president also said he will "probably" announce tariffs on pharmaceutical drugs. Trump told reporters such an announcement could come at the "end of the month." Trump said he would start out at a lower tariff rate and give companies a year to build domestic factories before they face higher import tax rates. "... there are two ways you do it. You make money, or you have them move here so they don't have to pay the tariff. Those are the two ways. "The pharmaceutical companies are moving back to America, where they should be." Earlier this month the US president laid out plans to impose 200 per cent tariffs on drug imports, threatening Australia's third-most significant export. with AP US President Donald Trump says the United States will impose a 19 per cent tariff on goods from Indonesia under a new agreement with the Southeast Asian country. He said more deals were in the works as he continued to press for what he views as better terms with trading partners and a path to reducing a massive US trade deficit. The pact with the relatively minor US trading partner is among the handful struck so far by Trump's administration ahead of an August 1 deadline for tariffs on most US imports to rise again, and it came as the top US trading partner - the European Union - readied retaliatory measures should talks between US and its top trading partner fail. As that deadline approaches, talks were underway with other trading partners eager to avoid yet more levies being imposed on their exports to the US beyond a baseline 10 per cent on most goods that has been in place since April. It is a policy regime - rolled out often chaotically by Trump - that has upended decades of trends toward lower trade barriers, often roiling global financial markets and economic activity along the way. Based on Trump tariff announcements through July 13, Yale Budget Lab estimates the US effective average tariff rates will rise to 20.6 per cent from between two per cent and three per cent before Trump's return to the White House in January. Trump outlined an Indonesia deal that had rough contours resembling a pact struck recently with Vietnam, with a flat tariff on exports to the US roughly double the current 10 per cent and no levies placed on US exports going there. It also included a penalty rate for so-called transhipments of goods from China via Indonesia, and a commitment to buy some US goods. "They are going to pay 19 per cent and we are going to pay nothing ... we will have full access into Indonesia, and we have a couple of those deals that are going to be announced," Trump said outside the Oval Office. In addition, Trump said later on his Truth Social platform that Indonesia had agreed to buy $US15 billion ($A23 billion) of US energy products, $US4.5 billion of farm products and 50 Boeing jets although no time frame for the purchases was specified. Indonesia's total trade with the US - totalling just under $US40 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. 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." Trump had threatened the country with a 32 per cent tariff rate effective August 1 in a letter sent to its president last week. He sent similar letters to about 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. The US president also said he will "probably" announce tariffs on pharmaceutical drugs. Trump told reporters such an announcement could come at the "end of the month." Trump said he would start out at a lower tariff rate and give companies a year to build domestic factories before they face higher import tax rates. "... there are two ways you do it. You make money, or you have them move here so they don't have to pay the tariff. Those are the two ways. "The pharmaceutical companies are moving back to America, where they should be." Earlier this month the US president laid out plans to impose 200 per cent tariffs on drug imports, threatening Australia's third-most significant export. with AP
Sky News AU
2 hours ago
- Sky News AU
Trump roasts ‘low IQ' AOC and Jasmine Crockett
US President Donald Trump has mocked the intelligence of Democratic representatives Alexandria Ocasio-Cortez and Jasmine Crockett. While the president was answering questions on the White House lawn, he said AOC was 'very nice' but has a 'very low IQ'. Trump went on to say AOC and Crockett should have an IQ test to see who 'comes out best'.
The Age
3 hours ago
- The Age
Trump flags drug tariffs as soon as end of the month
Washington: US President Donald Trump said he was likely to impose tariffs on pharmaceuticals as soon as the end of the month and that levies on semiconductors could come soon as well, suggesting that those import taxes could hit alongside broad 'reciprocal' rates set for implementation on August 1. 'Probably at the end of the month, and we're going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we're going to make it a very high tariff,' Trump told reporters on Tuesday (Wednesday AEST) as he returned to Washington after attending an artificial intelligence summit in Pittsburgh. Trump also said his timeline for implementing tariffs on semiconductors was 'similar' and that it was 'less complicated' to impose levies on chips, without providing additional detail. At a cabinet meeting earlier this month, Trump said he planned to impose a 50 per cent tariff on copper in the coming weeks, and that he expected pharmaceutical tariffs to grow as high as 200 per cent after giving companies a year to bring manufacturing back to the US. Trump has already announced investigations under Section 232 of the Trade Expansion Act of 1962 on drugs, arguing a flood of foreign imports was threatening national security. Pharmaceutical products are the third-biggest category in Australia's exports to the United States, after beef and gold. The category was worth $2.2 billion last year and includes plasma exports from biotech giant CSL, a company that also has large US operations. Loading The threat came as Trump in recent days has sent letters to a number of trading partners unilaterally dictating the rates for tariffs on many imports, while maintaining he would continue to carry out negotiations. Earlier on Tuesday, Trump announced an agreement with Indonesia reducing the 32 per cent rate announced in one of the letters to 19 per cent. Indonesia agreed to purchase $US15 billion ($23 billion) in US energy, $US4.5 billion worth of agricultural products and 50 Boeing jets as part of the agreement, the US said. Trump on Tuesday predicted that he could strike 'two or three' trade deals with countries before implementing his so-called reciprocal tariffs before they were implemented on August 1, saying that an agreement with India was among the most likely. Trump told reporters the US was engaged in substantive discussions with between five and six countries, but that he wasn't necessarily inclined to finalise agreements over simply dictating a tariff rate.
