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Indonesia to cut tariffs, barriers in new US trade deal
Indonesia to cut tariffs, barriers in new US trade deal

Yahoo

time2 hours ago

  • Business
  • Yahoo

Indonesia to cut tariffs, barriers in new US trade deal

Indonesia has agreed to eliminate tariffs on more than 99 per cent of US goods and scrap all non-tariff barriers facing American firms, while the US will drop threatened tariffs on Indonesian products to 19 per cent from 32 per cent. Trump hailed the deal, which he first announced on July 15, in a posting on his Truth Social media platform, calling it a "huge win for our Automakers, Tech Companies, Workers, Farmers, Ranchers, and Manufacturers." Details of a framework for the accord were released in a joint statement by both countries, and a fact sheet issued by the White House. They said negotiators for both countries would finalise the actual agreement in coming weeks. "Today, the United States of America and the Republic of Indonesia agreed to a framework for negotiating an agreement on reciprocal trade to strengthen our bilateral economic relationship, which will provide both countries' exporters unprecedented access to each other's markets," the statement said. The Indonesia deal is among only a handful reached so far by the Trump administration ahead of an August 1 deadline when higher tariffs are due to kick in. The US tariff rate on Indonesia, Southeast Asia's largest economy, matches the 19 per cent announced for the Philippines earlier on Tuesday. Vietnam's tariff rate has been set at 20 per cent. Under the agreement, Indonesia will immediately drop its plans to levy tariffs on internet data flows and it agreed to support renewal of a longstanding World Trade Organization moratorium on e-commerce duties, a senior Trump administration official told reporters on a conference call. Indonesia also will remove recently enacted pre-shipment inspections and verifications of US exports that have posed problems for US agricultural exports and contributed to a growing US farm trade deficit, the official said. The official, who was not authorised to speak publicly, said the agreement could help restore the surplus in agricultural goods that the United States once had with Indonesia, until it implemented the pre-shipment requirements. In a win for US automakers, the official said Indonesia has agreed to accept US Federal Motor Vehicle Safety Standards for vehicles exported from the United States to the growing country of 280 million people. Indonesia also has agreed to remove export restrictions on industrial commodities, including critical minerals, the joint statement said. The US official said it would also remove local content requirements for products using these commodities that were shipped to the United States. The joint statement said the US would reduce the reciprocal tariff rate to 19 per cent, 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". Error in retrieving data Sign in to access your portfolio Error in retrieving data

Indonesia to cut tariffs, non-tariff barriers in US trade deal, Trump official says
Indonesia to cut tariffs, non-tariff barriers in US trade deal, Trump official says

CNA

time3 hours ago

  • Business
  • CNA

Indonesia to cut tariffs, non-tariff barriers in US trade deal, Trump official says

WASHINGTON: Indonesia has agreed to eliminate tariffs on more than 99 per cent of US goods and scrap all non-tariff barriers facing American firms, while the US will drop threatened tariffs on Indonesian products to 19 per cent from 32 per cent, the two countries said on Tuesday (Jul 22). Trump hailed the deal, which he first announced on July 15, in a posting on his Truth Social media platform, calling it a "huge win for our Automakers, Tech Companies, Workers, Farmers, Ranchers, and Manufacturers". Details of a framework for the accord were released in a joint statement by both countries, and a fact sheet issued by the White House. They said negotiators for both countries would finalise the actual agreement in coming weeks. "Today, the United States of America and the Republic of Indonesia agreed to a framework for negotiating an agreement on reciprocal trade to strengthen our bilateral economic relationship, which will provide both countries' exporters unprecedented access to each other's markets," the statement said. The Indonesia deal is among only a handful reached so far by the Trump administration ahead of an Aug 1 deadline when higher tariffs are due to kick in. The US tariff rate on Indonesia, Southeast Asia's largest economy, matches the 19 per cent announced for the Philippines earlier on Tuesday. Vietnam's tariff rate has been set at 20 per cent. Under the agreement, Indonesia will immediately drop its plans to levy tariffs on internet data flows. It also agreed to support renewal of a longstanding World Trade Organization moratorium on e-commerce duties, a senior Trump administration official told reporters on a conference call. Indonesia also will remove recently enacted pre-shipment inspections and verifications of US exports that have posed problems for US agricultural exports and contributed to a growing US farm trade deficit, the official said. The official, who was not authorised to speak publicly, said the agreement could help restore the surplus in agricultural goods that the United States once had with Indonesia, until it implemented the pre-shipment requirements. In a win for US automakers, the official said Indonesia has agreed to accept US Federal Motor Vehicle Safety Standards for vehicles exported from the United States to the growing country of 280 million people. Indonesia also has agreed to remove export restrictions on industrial commodities, including critical minerals, the joint statement said. The US official said it would also remove local content requirements for products using these commodities that were shipped to the United States. The joint statement said the US would reduce the reciprocal tariff rate to 19 per cent, 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". No further details were provided. The two countries said they would negotiate rules of origin to ensure the benefits of the deal accrue mainly to the US and Indonesia, not third countries. They said Indonesia would work to address barriers for US goods, including through the removal of import restrictions and licensing requirements on US remanufactured goods or parts.

Trump says US, Philippines 'very close' to trade deal
Trump says US, Philippines 'very close' to trade deal

Yahoo

time9 hours ago

  • Business
  • Yahoo

Trump says US, Philippines 'very close' to trade deal

Trump says US, Philippines 'very close' to trade deal US President Donald Trump has welcomed Philippine President Ferdinand Marcos Jr to the White House, saying the two countries are close to finalising a trade agreement. "We're going to talk about trade today and we are very close to finishing a trade deal, a big trade deal actually," Trump told reporters at the start of his meeting with the Philippine leader. Trump has already struck trade deals with two regional partners of the Philippines - Vietnam and Indonesia. The United States had a deficit of nearly $US5 billion ($A7.7 billion) with the Philippines last year on bilateral goods trade of $US23.5 billion. ADVERTISEMENT Trump this month raised the threatened "reciprocal" tariffs on Philippine imports to 20 per cent, from 17 per cent threatened in April. .@POTUS: "It's a great honor to have President Ferdinand Marcos Jr. of the Philippines... we're going to be talking about trade... we have some fantastic military relationships with the Philippines." — Rapid Response 47 (@RapidResponse47) July 22, 2025 Trump said the two countries did "a lot of business" with each other, saying he was surprised to see what he called "very big numbers" that would only grow under a trade agreement. Gregory Poling, from the Washington's Center for Strategic and International Studies, said Marcos might be able to do better than Vietnam, with its agreement of a 20 per cent baseline tariff on its goods, and Indonesia at 19 per cent. Trump underscored the importance of the US-Philippine military relationship. ADVERTISEMENT "They're a very important nation militarily and we've had some great drills lately," he said. Marcos, who arrived in Washington DC on Sunday, went to the Pentagon on Monday for talks with Defense Secretary Pete Hegseth and later met with Secretary of State Marco Rubio. During his trip, he will also meet US business leaders investing in the Philippines.

England v India: series-deciding third women's cricket ODI
England v India: series-deciding third women's cricket ODI

The Guardian

time15 hours ago

  • Sport
  • The Guardian

England v India: series-deciding third women's cricket ODI

Update: Date: 2025-07-22T11:00:42.000Z Title: Preamble Content: You wait ages for a banger of a bilateral, then two turn up at once. Though England and India are two teams still seeking themselves, in the meantime, they are both fine teams, in the process of serving us a terrific series. It's easy to make a case for both to take it today, as it is for almost every player of the 22 to make the crucial contribution. We play sport partly to find out what's going to happen when we do, and anyone confidently predicting the outcome of this contest is bluffing. There are players in form – for England, Sophia Dunkley, Alice Davidson-Richards, Amy Jones and, of course, Sophie Ecclestone, with Sneh Rana, Jemimah Rodrigues, Deepti Sharma and Smriti Mandhana at it for India. But there are also players who've yet to fully figure but rarely let a series go by without a major contribution – Tammy Beaumont and Nat Sciver-Brunt for the hosts, Harmanpreet Kaur for the tourists. Any one of them could be definitive today, likewise someone we've not named – we just don't know, which is what makes this match so exciting. Likewise, the imminent World Cup: everything that happens today is building towards that, with players jockeying for position and units looking to cement themselves. For the teams, there's a series on the line, but the players are playing for their futures. This is going to be great. Play: 1pm BST

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