Thailand gets third leader this week as new cabinet sworn in
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South China Morning Post
7 hours ago
- South China Morning Post
Vietnam hails US pact a boost for business as firms await deal details
Vietnam hailed a long-awaited trade deal with the United States as a breakthrough on Thursday and said negotiators were working to finalise details, as business groups awaited clarity on the finer points to assess the impact of the new tariffs. Advertisement The agreement, announced by US President Donald Trump on Wednesday, would place a lower-than-expected 20 per cent tariff on many Vietnamese exports and a 40 per cent rate for transshipments through Vietnam from third countries. The agreement follows months of talks and a raft of concessions by regional manufacturing powerhouse Vietnam to negotiate a reduction in tariffs that were initially set at 46 per cent, triggering alarm in the export-dependent, Communist-ruled nation. 'This is an important negotiation result, creating hope and expectations for businesses,' Finance Minister Nguyen Van Thang told a cabinet meeting, adding Vietnam would also expand 'harmonious and sustainable' trade relations with other countries. The announcement followed a phone conversation between Trump and Vietnamese President To Lam on Wednesday. Foreign ministry spokesperson Pham Thu Hang said To Lam 'highly values President Donald Trump's attention to Vietnam'. 08:13 After Vietnam threatened with 46% US tariffs, how will Hanoi strike a deal with Washington? After Vietnam threatened with 46% US tariffs, how will Hanoi strike a deal with Washington? The United States is Vietnam's largest export market and the two countries' growing economic, diplomatic and military ties are a hedge against Washington's biggest strategic rival, China, a top source of imports for Hanoi. The United States recorded a trade deficit of US$123 billion with Vietnam last year, one of its highest globally.
South China Morning Post
8 hours ago
- South China Morning Post
Indonesia bets on critical minerals to avert US tariffs – will its ‘second-best offer' work?
Indonesia is banking on its rich reserves of critical minerals to persuade the United States to pull back steep looming tariffs – an offer that could appeal to American strategic interests even as concerns remain about regulatory risks and China's entrenched role in the country's mineral supply chains. Coordinating Minister for Economic Affairs Airlangga Hartarto has described Indonesia's critical minerals proposal as its 'second-best offer' to avert a looming 32 per cent tariff under President Donald Trump's trade actions. Trump announced the tariffs in April, with a 90-day reprieve allowing negotiations. During this period, Indonesian exports face a temporary 10 per cent duty, set to rise unless a deal is reached by July 9. 'We also offered the US [an opportunity] to invest in the critical mineral ecosystem, together with Danantara,' Airlangga said on Monday, referring to Indonesia's sovereign wealth fund. 'For the US, Indonesia's offer is quite interesting.' Airlangga Hartarto, Indonesia's coordinating minister for economic affairs, says the country has already reformed its trade policies. Photo: Reuters He said the US needed access to Indonesia's copper for its electronics, defence and aerospace sectors, while also highlighting opportunities in nickel and other minerals vital to electric vehicles. Any investment, he said, would take the form of 'brownfield' projects – leasing existing facilities such as those run by Freeport – rather than new construction.
The Standard
8 hours ago
- The Standard
Thailand gets third leader this week as new cabinet sworn in
Thailand new acting Prime minister Phumtham Wechayachai speaks to media after a cabinet meeting at Government House in Bangkok on July 3, 2025. (AFP)
