Latest news with #USImports
The Guardian
09-07-2025
- Business
- The Guardian
Australian government ‘urgently seeking more detail' after Trump flags 200% tariffs on foreign pharmaceuticals
Labor is making urgent representations to the White House about Donald Trump's threat to impose 200% tariffs on drug imports to the US, an announcement Jim Chalmers says is very concerning for the Australian economy. The US president said on Wednesday that the punishing new border levies would come with a transition period that could last more at least a year, after sustained pressure from the US pharmaceutical industry over price controls on common drugs in countries like Australia. 'We'll be announcing something very soon on pharmaceuticals,' Trump said. 'We're going to give people about a year, year and a half to come in, and after that they're gonna be tariffed if they have to bring the pharmaceuticals into the country at a very high rate, like 200%.' Sign up for Guardian Australia's breaking news email Trump, who this week delayed the lifting of a pause on his so-called 'retaliatory tariffs' against more than 100 countries until 1 August, also announced a plan to hit copper imports into the US with a 50% tariff. Australia's copper exports to the US are worth about $50m annually and make up less than 1% of total sales of the metal. But Australia exports about $2.5bn in pharmaceutical (mainly vaccines and blood products) as well as healthcare products to the US each year – a share of about 40% of medicines exports across the globe annually. This week Guardian Australia reported some of the most influential lobby groups in Washington were pushing the US to retaliate against Australia's treatment of US exporters under the $18bn pharmaceutical benefits scheme, pointing to drug approvals and domestic manufacturing incentives as proof of unfair 'freeloading'. The PBS keeps prices for nearly 1,000 commonly used medicines capped, with supply deals negotiated with drug companies to ensure access to life-saving drugs. The treasurer said the plan to impose tariffs on foreign pharmaceuticals and copper were 'very concerning developments'. 'Our pharmaceuticals industry is much more exposed to the US market, and that's why we're seeking, urgently seeking, some more detail on what's been announced,' Chalmers told ABC radio. 'But I want to make it really clear once again, as we have on a number of occasions before, our pharmaceutical benefits scheme is not something that [we are] willing to trade away.' Lobby groups including the US Chamber of Commerce and the Pharmaceutical Research and Manufacturers of America have told the US trade representative, Jamieson Greer, that the system is discriminatory and 'socialised medicine'. Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion Chalmers said growing global trade tensions linked to Trump's unpredictable and expanding tariff regime were a 'substantial concern' to Australia. 'It does pose a risk to the progress that the world has been making in our economies after Covid,' he said. 'We've made it really clear on a number of occasions, these tariffs are bad for Australia. They're bad for the US. They're bad for the global economy. 'These developments, they are sometimes unpredictable. There's been an element of volatility and uncertainty injected into the global economy.' Trump this week sent letters of demand to 14 US trading partners, including Japan and South Korea, warning them of the 1 August deadline. Australia had not received a letter as of Wednesday, though Trump flagged then that additional letters would be sent in the next 'short period of time'. 'As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025,' he said. 'There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted. Thank you for your attention to this matter!' The US commerce secretary, Howard Lutnick, told CNBC he expected the copper tariffs to be put into place as soon as the end of July or sometime in early August.
Yahoo
04-07-2025
- Business
- Yahoo
China's Trade Collapse Sparks a New Asian Power Shift--Investors Are Watching Closely
China's grip on U.S. imports just hit a new low. According to the latest U.S. Census Bureau data, China's share of total U.S. imports dropped to 7.1% in Maythe weakest showing since 2001. That's down 4.3 percentage points from the same time last year and less than half the 14.8% peak reached in September 2024, before Donald Trump reentered the White House and doubled down on tariffs. While this trend has been building since Trump's first term, it appears to be picking up speedand investors are watching where that demand is now heading. One answer? Taiwan. Its share of U.S. goods imports has nearly doubled in a year, reaching close to 6%just 1.2 percentage points behind China. That rise is no coincidence. AI demand is still red hot, and Taiwan's dominance in semiconductor manufacturing puts it at the center of that boom. Companies like Taiwan Semiconductor Manufacturing (NYSE:TSM) could be quietly gaining even more strategic importance as supply chains reroute away from the mainland. Vietnam's also moving up the ladder. Matching Taiwan's near-6% import share, Vietnam is benefiting from a mix of locally made products and rerouted Chinese goods. But the story isn't all upside. Earlier this week, the U.S. slapped a 40% tariff on certain Vietnam-origin products tied to Chinese componentsintroducing a new layer of friction. For investors, this trade reshuffling could signal opportunity in the region's manufacturing hubsbut it comes with complexity that can't be ignored. This article first appeared on GuruFocus. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Bloomberg
04-07-2025
- Business
- Bloomberg
China's Share of US Imports Falls to 7% as Vietnam Closes in
China's share of US imports fell to 7.1% in May, the lowest since 2001, according to trade data published on Thursday by the US Census Bureau. That's a 4.3 percentage point lower than the same period last year and part of a longer-term decline that began during President Donald Trump's first term in office. China's share of imports was recently as high as 14.8% in September 2024, prior to Trump returning to office and implementing steep new tariffs on imports from the country.
Reuters
03-07-2025
- Business
- Reuters
Indonesia to sign $34 bln pact with U.S. partners ahead of tariff negotiation deadline, minister says
JAKARTA, July 3 (Reuters) - Indonesia will sign a pact worth $34 billion with business partners next week to boost purchases from the United States, as part of efforts to strike a trade deal with Washington ahead of the July 9 deadline, Indonesia's chief economic minister said on Thursday. Jakarta is facing a 32% tariff in U.S. markets and has previously offered to increase U.S. imports to facilitate trade talks between the two sides. Indonesia enjoyed a goods trade surplus of $17.9 billion with the United States in 2024, according to the U.S. Trade Representative. Speaking to journalists, Minister Airlangga Hartarto said the memorandum of understanding due to be signed on July 7 will deploy the $34 billion for new Indonesian investments and purchases in the United States. Airlangga said that by addressing the trade balance with the United States, Indonesia hoped to get a better trade deal than the one struck with Vietnam. The United States announced on Wednesday that it will place a lower-than-promised 20% tariff on many Vietnamese exports, down from the original 46% announced by President Donald Trump in April.
Yahoo
03-07-2025
- Business
- Yahoo
Indonesia to sign $34 billion pact with U.S. partners ahead of tariff negotiation deadline, minister says
JAKARTA (Reuters) -Indonesia will sign a pact worth $34 billion with business partners next week to boost purchases from the United States, as part of efforts to strike a trade deal with Washington ahead of the July 9 deadline, Indonesia's chief economic minister said on Thursday. Jakarta is facing a 32% tariff in U.S. markets and has previously offered to increase U.S. imports to facilitate trade talks between the two sides. Indonesia enjoyed a goods trade surplus of $17.9 billion with the United States in 2024, according to the U.S. Trade Representative. Speaking to journalists, Minister Airlangga Hartarto said the memorandum of understanding due to be signed on July 7 will deploy the $34 billion for new Indonesian investments and purchases in the United States. Airlangga said that by addressing the trade balance with the United States, Indonesia hoped to get a better trade deal than the one struck with Vietnam. The United States announced on Wednesday that it will place a lower-than-promised 20% tariff on many Vietnamese exports, down from the original 46% announced by President Donald Trump in April. 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
