Indonesian Growth Unexpectedly Accelerates Ahead of Tariffs
Gross domestic product in the three months through June rose 5.12% from a year ago, the nation's statistics office announced on Tuesday. That beat the 4.8% median estimate in a Bloomberg survey. The economy expanded 4.04% on a quarterly basis, more than the 3.69% expansion forecast by economists.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
6 minutes ago
- Yahoo
How Tariffs Might Be Impacting the U.S. Trade Deficit
Key Takeaways The U.S. trade deficit fell for the third month as President Donald Trump's tariff policies began taking hold. Census Bureau data showed that both imports and exports declined in June. Economists said that the recent decline mainly reflects normalization in international trade as businesses work through the imported inventory they stocked up on ahead of tariff announcements. While imports from China fell, trade from nearby countries picked up to fill the Donald Trump has said that one of the goals of higher tariffs was to close the U.S. trade deficit with other nations. So far, things appear to be moving in that direction, as the trade deficit in June declined to its lowest level in nearly two years. According to Census Bureau data released Tuesday, the U.S. trade deficit in goods and services was $60.2 billion in June, down more than 16% from May. It's the lowest trade deficit since September 2023. However, tariffs may not be affecting the trade deficit in the way some expected so far. Economists from Wells Fargo said some of the data indicate an 'unwinding of behavioral effects." After Trump unveiled his tariff plans earlier this year, businesses rushed to import products before higher import taxes could be applied, sending the trade deficit soaring. Now, with the tariffs largely set, the trade deficit is beginning to fall back to normal levels. 'Businesses pulled forward demand in Q1, resulting in a massive import surge. With a surplus of product and inventory on hand, imports fell in all three months of the second quarter, ' wrote Wells Fargo economists Shannon Grein and Tim Quinlan. Imports From China Decline, as Do U.S. Exports Still, imports of Chinese products declined by nearly 7% in June despite a trade truce that lowered tariffs. Since the start of the year, the share of imports from China has been more than cut in half, though trading with countries like Indonesia, Malaysia and Taiwan has increased, the data showed. 'Other trading partners in Asia have mostly filled the void, increasing their share by roughly the same amount,' said Matthew Martin, senior economist at Oxford Economics. While overall imports were lower by 3.7% in June, U.S. exports also took a step back. 'Exports are not poised to record strong growth going forward, but stronger foreign currencies and an opening up of foreign markets may bolster U.S. exports—though admittedly this will take time to play out,' wrote Nationwide Financial Markets Economist Oren Klachkin. Read the original article on Investopedia
Yahoo
6 minutes ago
- Yahoo
MEXC Pushes into Southeast Asia With Deal Valuing Indonesian Exchange at $200 Million
Licensed crypto exchange Triv, based in Indonesia, has received a strategic equity investment from MEXC Ventures, the investment arm of global crypto platform MEXC. The deal values Triv at $200 million and reflects MEXC's growing focus on Southeast Asia, as Indonesia's crypto market enters a new phase of institutional participation and regulatory clarity. Leo Zhao, investment director at MEXC Ventures, told Decrypt the investment was 'structured as pure equity, not tokens or convertible instruments,' and is part of the group's broader expansion strategy in Southeast Asia. 'Triv's regulatory track record, user base, and infrastructure made it a high-conviction candidate,' he said, adding that the deal reflects MEXC's push to support 'local champions with strong compliance profiles' as institutional adoption grows across the region. MEXC Ventures declined to disclose the investment amount, citing a confidentiality agreement with Triv. The deal follows a major shift in Indonesia's crypto tax policy, which took effect as the month opened. Under a new finance ministry regulation, sellers of digital assets on domestic exchanges will now pay a 0.21% final income tax, at double the previous rate, while those using overseas platforms face a steeper 1% levy, per a Reuters report. Buyers, however, are no longer subject to value-added tax. Tokocrypto, a local exchange, said in the aforementioned report that the changes reflect Indonesia's shift in classifying crypto as a financial asset rather than a commodity, signaling a more formal regulatory phase for one of Southeast Asia's fastest-growing crypto markets. These measures are part of a broader transition in oversight from the commodities regulator BAPPEBTI to the Financial Services Authority (OJK), signaling a more institutional phase of market development. 'Natural fit' for expansion Zhao said the decision to back Triv stemmed from its 'proven market leadership' and alignment with local regulations, calling the Indonesian platform a 'natural fit for a long-term strategic partnership.' He noted that the timing reflects MEXC's wider ambitions to grow in high-potential, regulated markets across Southeast Asia. Founded in 2015, Triv is one of Indonesia's longest-running digital asset platforms. The exchange is fully licensed to offer spot trading, staking, and derivatives, and claims over 3 million registered users. It also operates a crypto media division, CryptoWave, and supports more than 1,000 digital assets including Bitcoin, Ethereum, meme coins, and synthetic U.S. stock products. Toncoin Jumps After '8-Figure' Investment by MEXC Ventures Triv said the deal would help expand products, boost liquidity, and strengthen infrastructure amid rising compliance demands. It will retain operational independence. MEXC Ventures signaled more regional investments may follow. The partnership would allow Triv to scale while maintaining its identity, Zhao said. 'For Triv's users, partnership with MEXC means enhanced services and reliability coupled with the core values and independence that have earned their trust over the last nine years,' he told Decrypt. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
9 minutes ago
- Bloomberg
Russia's Crude Output Was Slightly Above OPEC+ Target in July
Russia's oil data show its crude output was slightly above the nation's OPEC+ target in July, according to people familiar with the matter. Crude production rose to 9.13 million barrels a day last month, the people said, asking not to be identified as the information isn't public. That's about 27,000 barrels a day above the required level for the month, including compensation cuts, and the second time this year that output slightly exceeded the nation's target, Bloomberg calculations show.
