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Times of Oman
7 days ago
- Business
- Times of Oman
White House announces US-Indonesia framework for Reciprocal Trade deal
Washington: The United States and the Republic of Indonesia have agreed to a framework for negotiating an Agreement on Reciprocal Trade to strengthen bilateral economic ties, the White House said in a joint statement on Tuesday. The agreement aims to provide both countries' exporters unprecedented access to each other's markets and builds upon the U.S.-Indonesia Trade and Investment Framework Agreement signed on July 16, 1996. According to the statement released by the White House, "Indonesia will eliminate approximately 99 percent of tariff barriers for a full range of U.S. industrial and U.S. food and agricultural products exported to Indonesia." It further added, "The United States will reduce to 19 percent the reciprocal tariffs, as set forth in Executive Order 14257 of April 2, 2025, on originating goods of Indonesia, and may also identify certain commodities that are not naturally available or domestically produced in the United States for a further reduction in the reciprocal tariff rate." The White House also stated that the two countries will negotiate facilitative rules of origin to ensure that the benefits of the agreement accrue primarily to the United States and Indonesia. The agreement will also address non-tariff barriers. As per the joint statement, "The United States and Indonesia will work together to address Indonesia's non-tariff barriers that affect bilateral trade and investment in priority areas, including exempting U.S. companies and originating goods from local content requirements; accepting vehicles built to U.S. federal motor vehicle safety and emissions standards; accepting FDA certificates and prior marketing authorizations for medical devices and pharmaceuticals; removing certain labeling requirements; exempting U.S. exports of cosmetics, medical devices, and other manufactured goods from certain requirements; taking steps to resolve many long-standing intellectual property issues identified in USTR's Special 301 Report; and addressing U.S. concerns with conformity assessment procedures." The White House also noted that "Indonesia will work to address barriers for U.S. exports, including through the removal of import restrictions or licensing requirements on U.S. remanufactured goods or their parts; the elimination of pre-shipment inspection or verification requirements on imports of U.S. goods; and the adoption and implementation of good regulatory practices." On agricultural cooperation, the statement said: "The United States and Indonesia have also committed to address and prevent barriers to U.S. food and agricultural products in the Indonesian market, including exempting U.S. food and agricultural products from all import licensing regimes, including commodity balance requirements; ensuring transparency and fairness with respect to geographical indications; providing permanent Fresh Food of Plant Origin (FFPO) designation for all applicable U.S. plant products; and recognizing U.S. regulatory oversight, including listing of all U.S. meat, poultry, and dairy facilities and accepting certificates issued by U.S. regulatory authorities." Digital trade, labor rights, and environmental cooperation are also included in the framework. The White House added, "Indonesia has committed to address barriers impacting digital trade, services, and investment... Indonesia commits to eliminate existing HTS tariff lines on 'intangible products' and suspend related requirements on import declarations; to support a permanent moratorium on customs duties on electronic transmissions at the WTO... and to take effective actions to implement the Joint Initiative on Services Domestic Regulation." Further, "Indonesia commits to protecting internationally recognized labor rights... adopt and implement a prohibition on the importation of goods produced by forced or compulsory labor; amend its labor laws... and strengthen enforcement of its labor laws," the statement said. It also noted that "Indonesia commits to adopt and maintain high levels of environmental protection and to effectively enforce its environmental laws, including by taking measures to improve forest sector governance... and combat illegal, unreported, and unregulated fishing and illegal wildlife trade." On industrial exports, the White House said, "Indonesia will remove restrictions on exports to the United States of industrial commodities, including critical minerals." The countries have also pledged to enhance economic and national security cooperation: "The United States and Indonesia are committed to strengthening economic and national security cooperation to enhance supply chain resilience and innovation through complementary actions to address unfair trade practices of other countries, and through cooperation on export controls, investment security, and combatting duty evasion." Additionally, the statement acknowledged upcoming commercial deals, including the "procurement of aircraft currently valued at 3.2 billion USD; purchase of agriculture products... with an estimated total value of 4.5 billion USD; and purchases of energy products... with an estimated value of 15 billion USD." In the weeks ahead, "the United States and Indonesia will negotiate and finalize the Agreement on Reciprocal Trade, prepare the Agreement for signature, and undertake domestic formalities in advance of the Agreement entering into force," the White House concluded.
Zawya
16-07-2025
- Business
- Zawya
Bahrain, US private firms sign $17bln worth of agreements, says court of Bahraini crown prince
Bahrain's prime minister, Crown Prince Salman bin Hamad Al Khalifa, witnessed the signing ceremony of several agreements between Bahraini and U.S. private-sector companies valued at around $17 billion during a visit to Washington, the Court of the Crown Prince said on Wednesday in a post on X. (Reporting by Enas Alashray; Editing by Christopher Cushing)
The Independent
13-07-2025
- Business
- The Independent
One in four Trump supporters has concerns about tariff policy
A recent poll reveals that many of Donald Trump 's voters have reservations about his tariff policies, especially those targeting China. Only half of Trump voters surveyed believe that his tariffs on China will ultimately benefit US companies. Roughly one in four Trump voters expressed concerns that the tariffs are damaging the US's ability to negotiate trade agreements with other nations. Trump's supporters are nearly evenly split on whether he should require Congressional approval to impose tariffs or if he should possess the sole authority. While 46 per cent of Trump voters support tariffs on China even if they lead to higher domestic prices, a quarter of them also think these tariffs are detrimental to US companies.
Irish Times
10-07-2025
- Business
- Irish Times
Occupied Territories Bill poses ‘serious risks' for US companies in Ireland
The proposed Occupied Territories Bill would pose 'serious risks' to American companies operating in Ireland because US laws prohibit compliance with such legislation, according to an analysis by US legal experts supplied to the Oireachtas foreign affairs committee. The committee is conducting pre-legislative scrutiny of the proposed bill in advance of its expected presentation to the Dáil in the autumn. The bill would prohibit trade in goods with Israeli companies operating in the illegally occupied Palestinian territories , though there have been calls to include services in the scope of the bill. The legal opinion, drawn up by New York attorneys Alan S Futerfas, was sent to the committee and the Government by B'nai B'rith International, a US-based Jewish advocacy and social service organisation with operations all over the world. It anticipates what US companies are likely to be advised by their own lawyers if the bill is passed into law. According to the analysis, the proposed Irish legislation 'conflicts with US federal and state laws designed to prohibit BDS (boycott, divestment and sanctions) activity directed at the state of Israel '. It points out that 'many US states now require companies to certify that they do not, and will not, boycott Israel (including the occupied territories) as a condition of doing business with that state'. 'Many US states also prohibit investment of state funds in companies that support BDS activities. 'Thus, a company doing business in Ireland, and required to comply with the 2025 Act, may find itself unable to comply with the laws of US states with which they do business, or be subject to divestment by state pension funds,' it says. The analysis reports that US federal law is even broader, forbidding companies from refusing to deal with Israel. [ Palestinians say Occupied Territories Bill would give them hope: 'We are really in a big cage' Opens in new window ] 'Given US state and federal anti-boycott laws, the current US administration's strong political support for Israel, and its antipathy for BDS activity, enactment of the 2025 Act will create significant liability risks for companies including, as always, from the inevitable negative publicity attendant to the investigation of alleged violations of US federal or state laws,' it says. US companies 'that acquiesce to Ireland's boycott of Israel's 'Israeli settlements' or refrain from doing business with such companies' are almost certainly in violation of US laws, the opinion states. It says the proposed law may also fall foul of executive orders issued to combat anti-Semitism. There are now 970 US companies in Ireland, employing 378,000 people directly and indirectly and spending more than €41 billion in the Irish economy annually, according to the American Chamber of Commerce. The opinion is intended to 'serve as a summary of the potential legal and political risks that US companies doing business in Ireland will necessarily have to confront should the 2025 Act, or similar boycott legislation, be enacted'. [ Ireland has a proud history of opposing anti-Semitism Opens in new window ] According to a political source in the United States who is close to the issue, the issue is fast gaining political and legal prominence in the US, where it is seen as part of an overtly anti-Israel agenda. 'Ireland's attacks on Israel and this legislation in particular are going to increasingly become a focus of attention in the Administration, Congress and US companies doing business in Ireland and the potential impact on Ireland would be huge,' the source said. While the Government has repeatedly insisted that it intends to progress the bill, there are also fears among some ministers and senior officials about the possible consequences of enacting the bill.
Malay Mail
09-07-2025
- Business
- Malay Mail
Backdoor metals: US is still getting China's banned antimony — just via Thailand and Mexico
BEIJING, July 10 — Unusually large quantities of antimony — a metal used in batteries, chips and flame retardants — have poured into the United States from Thailand and Mexico since China barred US shipments last year, according to customs and shipping records, which show at least one Chinese-owned company is involved in the trade. China dominates the supply of antimony as well as gallium and germanium, used in telecommunications, semiconductors and military technology. Beijing banned exports of these minerals to the US on December 3 following Washington's crackdown on China's chip sector. The resulting shift in trade flows underscores the scramble for critical minerals and China's struggle to enforce its curbs as it vies with the US for economic, military and technological supremacy. Specifically, trade data illustrate a re-routing of US shipments via third countries — an issue Chinese officials have acknowledged. Three industry experts corroborated that assessment, including two executives at two US companies who told Reuters they had obtained restricted minerals from China in recent months. The US imported 3,834 metric tons of antimony oxides from Thailand and Mexico between December and April, US customs data show. That was more than almost the previous three years combined. Thailand and Mexico, meanwhile, shot into the top three export markets for Chinese antimony this year, according to Chinese customs data through May. Neither made the top 10 in 2023, the last full year before Beijing restricted exports. Thailand and Mexico each have a single antimony smelter, according to consultancy RFC Ambrian, and the latter's only reopened in April. Neither country mines meaningful quantities of the metal. US imports of antimony, gallium and germanium this year are on track to equal or exceed levels before the ban, albeit at higher prices. Ram Ben Tzion, co-founder and CEO of digital shipment-vetting platform Publican, said that while there was clear evidence of transshipment, trade data didn't enable the identification of companies involved. 'It's a pattern that we're seeing and that pattern is consistent,' he told Reuters. Chinese companies, he added, were 'super creative in bypassing regulations.' China's Commerce Ministry said in May that unspecified overseas entities had 'colluded with domestic lawbreakers' to evade its export restrictions, and that stopping such activity was essential to national security. It didn't respond to Reuters questions about the shift in trade flows since December. The US Commerce Department, Thailand's commerce ministry and Mexico's economy ministry didn't respond to similar questions. US law doesn't bar American buyers from purchasing Chinese-origin antimony, gallium or germanium. Chinese firms can ship the minerals to countries other than the US if they have a license. Levi Parker, CEO and founder of US-based Gallant Metals, told Reuters how he obtains about 200 kg of gallium a month from China, without identifying the parties involved due to the potential repercussions. First, buying agents in China obtain material from producers. Then, a shipping company routes the packages, re-labelled variously as iron, zinc or art supplies, via another Asian country, he said. The workarounds aren't perfect, nor cheap, Parker said. He said he would like to import 500kg regularly but big shipments risked drawing scrutiny, and Chinese logistics firms were 'very careful' because of the risks. Brisk trade Thai Unipet Industries, a Thailand-based subsidiary of Chinese antimony producer Youngsun Chemicals, has been doing brisk trade with the US in recent months, previously unreported shipping records reviewed by Reuters show. Unipet shipped at least 3,366 tons of antimony products from Thailand to the US between December and May, according to 36 bills of lading recorded by trade platforms ImportYeti and Export Genius. That was around 27 times the volume Unipet shipped in the same period a year earlier. The records list the cargo, parties involved, and ports of origin and receipt, but not necessarily the origin of the raw material. They don't indicate specific evidence of transshipment. Thai Unipet couldn't be reached for comment. When Reuters called a number listed for the company on one of the shipping records, a person who answered said the number didn't belong to Unipet. Reuters mailed questions to Unipet's registered address but received no response. Unipet's parent, Youngsun Chemicals, didn't respond to questions about the US shipments. The buyer of Unipet's US shipments was Texas-based Youngsun & Essen, which before Beijing's ban imported most of its antimony trioxide from Youngsun Chemicals. Neither Youngsun & Essen nor its president, Jimmy Song, responded to questions about the imports. China launched a campaign in May against the transshipment and smuggling of critical minerals. Offenders can face fines and bans on future exports. Serious cases can also be treated as smuggling, and result in jail terms of more than five years, James Hsiao, a Hong Kong-based partner at law firm White & Case, told Reuters. The laws apply to Chinese firms even where transactions take place abroad, he said. In cases of transshipment, Chinese authorities can prosecute sellers that fail to conduct sufficient due diligence to determine the end user, Hsiao added. Yet for anyone willing to take the risk, big profits are available overseas, where shortages have sent prices for gallium, germanium and antimony to records. The three minerals were already subject to export licensing controls when China banned exports to the US China's exports of antimony and germanium are still below levels hit before the restrictions, according to Chinese customs data. Beijing now faces a challenge to ensure its export-control regime has teeth, said Ben Tzion. 'While having all these policies in place, their enforcement is a completely different scenario,' he said. — Reuters
