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Time of India
8 minutes ago
- Time of India
Trump deals bring some clarity for world's manufacturing base
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads After months of uncertainty, President Donald Trump 's latest tariff deals are providing clarity on the broad contours of a new trade landscape for the world's biggest manufacturing on Tuesday announced a deal with Japan that sets tariffs on the nation's imports at 15%, including for autos — by far the biggest component of the trade deficit between the countries.A separate agreement with the Philippines set a 19% rate, the same level as Indonesia agreed and a percentage point below Vietnam's 20% baseline level, signaling that the bulk of Southeast Asia is likely to get a similar rate.'We live in a new normal where 10% is the new zero and so 15% and 20% doesn't seem so bad if everyone else got it,' said Trinh Nguyen, senior economist for emerging Asia at Natixis. At a 15%-20% tariff level, it's still profitable for US companies to import from abroad rather than produce similar goods at home, she US Treasury Secretary Scott Bessent said he'll meet his Chinese counterparts in Stockholm next week for their third round of talks aimed at extending a tariff truce and widening the discussions. That suggests a continuing stabilization in ties between the world's two largest economies after the US recently eased chip curbs and China resumed rare earths exports.'We're getting along with China very well,' Trump told reporters on Tuesday. 'We have a very good relationship.'Throw it all together and a level of predictability is finally emerging after six months of tariff threats that had at one point jacked up tariff levels to 145% on China and near 50% on some smaller Asian exporters. Investors cheered the moves, with Asian shares rising the most in a month and contracts for the S&P 500 up 0.2%. The Nikkei-225 index in Japan jumped 3.2%, with Toyota Motor Corp. and other carmakers leading the gains.'What's been interesting to me is that equity markets still have been fairly rosy about the changes,' Albert Park, chief economist at the Asian Development Bank, said in a Bloomberg Television interview. 'I'm not sure they've priced in fully all of the effects that are likely to occur from the disruption of higher tariff rates.'Back in April, Trump hit the pause button on the steepest levies after a rare combination of weakening US stocks, bonds and the dollar showed investors were unnerved by his protectionist salvos. That bought time for policymakers from Tokyo, Manila and across the globe to negotiate more palatable the latest deals bring some relief, key questions remain. The Trump administration is still considering a range of sectoral tariffs on goods like semiconductors and pharmaceuticals that will be critical for Asian economies including Taiwan and India — both of which have yet to announce tariff agreements with the Korea is also more exposed to sectoral tariffs, even though the Japan deal provides a potential template for new President Lee Jae Trump moves quickly on talks with countries accounting for the bulk of the US trade deficit, he has said he may hit around 150 smaller countries with a blanket rate of between 10% and 15%.With some certainty on tariff levels now emerging, businesses with complex supply chains across Asia and still reliant of the US consumer can start to game out how they'll shift operations to minimize the hit to like the first trade war in 2018, the latest tariff announcements are likely to spur companies to increasingly shift production outside of China. The average tariff rate on the world's second-largest economy remains the highest in the region, and continued White House pressure on the nation's technology and trade ambitions means companies may find more stability and industry groups have been flagging for months that uncertainty is worse than tariffs for investment. The manufacturing sector across the ASEAN region saw the most notable weakening since August 2021, according to S&P PMI, led by a sharper decrease in new orders, major job cuts and weaker purchasing front-loading of shipments from Asia to the US to get ahead of the incoming levies will likely slow once the new rates kick in. While there's relief that tariff rates for Southeast Asian economies and 15% for Japan are lower than some of Trump's earlier threats, the reality is that they're far higher than they were before he took latest deals 'continue the trend of tariff rates gravitating towards the 15-20% range that President Trump recently indicated to be his preferred level for the blanket rate instead of 10% currently,' Barclays Plc analysts including Brian Tan wrote in a note. That skews risks to GDP growth forecasts for Asia 'to the downside,' they US consumers who have so far been spared the tariff ticket shock, economists warn there's likely to be some pass through in the months ahead. Goldman Sachs Group Inc. economists now expect the US baseline 'reciprocal' tariff rate will rise from 10% to 15% — an outcome that threatens to fuel inflation and weigh on economic Reserve Chair Jerome Powell has argued he wants to see where tariffs land and how they filter through the economy before cutting interest rates — much to the annoyance of now, the US president is hailing a win on trade, and investors seem overall relieved.'I just signed the largest trade deal in history — I think maybe the largest deal in history — with Japan,' Trump said at an event at the White House on Tuesday after announcing the deal on social media. 'It's a great deal for everybody.'
New Indian Express
8 minutes ago
- New Indian Express
Flurry of US trade deals offers relief for some Asian countries, while others wait
BANGKOK: US President Donald Trump has announced trade deals with Japan and a handful of other Asian countries that will relieve some pressure on companies and consumers from sharply higher tariffs on their exports to the United States. A deal with China is under negotiation, with US Treasury Secretary Scott Bessent saying an Aug. 12 deadline might be postponed again to allow more time for talks. Steep tariffs on US imports of steel and aluminum remain, however, and many other countries, including South Korea and Thailand, have yet to clinch agreements. Overall, economists say the tariffs inevitably will dent growth in Asia and the world. Deals reached so far ahead of Trump's Aug. 1 deadline Trump and Japanese Prime Minister Shigeru Ishiba announced a deal Wednesday that will impose 15% tariffs on US imports from Japan, down from Trump's proposed 25% 'reciprocal' tariffs. It was a huge relief for automakers like Toyota Motor Corp. and Honda, whose shares jumped by double digits in Tokyo. Trump also announced trade deals with the Philippines and Indonesia. After meeting with Philippine President Ferdinand Marcos, Jr., Trump said the import tax on products from his country would be subject to a 19% tariff, down just 1% from the earlier threat of a 20% tariff. Indonesia also will face a 19% tariff, down from the 32% rate Trump had recently said would apply, and it committed to eliminating nearly all of its trade barriers for imports of American goods. Earlier, Trump announced that Vietnam's exports would face a 20% tariff, with double that rate for goods transshipped from China, though there has been no formal announcement.
Time of India
8 minutes ago
- Time of India
Experts Hail PM Modi's Visit as Key Step in Rebuilding India-Maldives Trust
'Stopped India-Pakistan Nuclear War': Trump's Explosive Claim, Repeats 'Five Jets Were Shot Down' US President Donald Trump has once again claimed that five fighter jets were shot down during the India-Pakistan conflict following the April 2025 Pahalgam terror attack. Trump also claimed that he personally intervened to stop a potential nuclear war between the two nations, using trade leverage. However, his comments have stirred controversy in India, especially as he did not clarify which side lost jets, nor did he provide any evidence. India had earlier confirmed that Operation Sindoor was a targeted, non-escalatory strike on terror camps in PoK. Trump's repeated claims, now adding a dramatic jet loss tally, raise questions about foreign intervention, disinformation, and global narratives. Was it an exaggeration or a classified truth?#india #pakistan #donaldtrump #opsindoor #pok #trumpclaims #operationsindoor #indiausrelations #indiapakconflict #fighterjets #nuclearwar #toi #toibharat #bharat #trending #breakingnews #indianews 16.2K views | 3 hours ago
