Latest news with #reciprocaltariffs
NHK
a day ago
- Business
- NHK
Indonesia announces $34 bil. deal with US partners
Indonesia's chief economic minister revealed the country will sign a 34-billion-dollar deal to increase purchases from US partners. The move comes about a week before a pause on what US President Donald Trump calls "reciprocal tariffs" expires. Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto said the pact will be signed on July 7th. The agreement includes expanding US energy and agriculture imports, as well as boosting investment. He also said by buying more goods from the US, Indonesia hopes to secure a lower levy. The Trump administration had announced a 32 percent "reciprocal tariff" on Indonesia, saying the country enjoyed a trade surplus of nearly 18 billion dollars. When asked about reaching a trade agreement with the US, Airlangga said, "Let's just wait." US tariff talks have been intensifying. Vietnam announced Thursday it is finalizing a trade deal with the US.
Arab News
30-05-2025
- Business
- Arab News
Pakistan formally initiates talks with US on ‘reciprocal tariffs' amid export concerns
KARACHI: Pakistan has formally begun negotiations with the United States over newly imposed 'reciprocal tariffs,' an official statement said on Friday, with Finance Minister Muhammad Aurangzeb holding a conference call with US Trade Representative Ambassador Jamieson Greer to launch the process. The talks come after US President Donald Trump imposed steep tariffs on a number of countries earlier this year, a move widely viewed as a setback for the global economy still recovering from the coronavirus pandemic. Defending the action, Trump said the tariffs were necessary to correct trade imbalances and counter what he described as unfair treatment of American goods abroad. Pakistan was among the countries affected, with a 29 percent tariff placed on its goods at a time when Islamabad is pushing for export-driven growth. Aurangzeb called the development both a challenge and an opportunity to reset trade ties in April, adding that a high-level delegation would soon travel to Washington to pursue the matter further. 'Pakistan's formal negotiations on US reciprocal tariffs kick-started between Mr. Muhammad Aurangzeb, Pakistan's Finance Minister and Ambassador Jamieson Greer, United States Trade Representative through a telephonic/conference call on 30th May, 2025,' the finance ministry said. 'The two sides exchanged their viewpoint through a constructive engagement with the understanding that technical level detailed discussions would follow in the coming few weeks,' it added. The ministry said both sides expressed confidence in advancing the negotiations toward a successful conclusion at the earliest. The US is Pakistan's largest export destination, and the newly imposed duties threaten to undermine Islamabad's fragile economic recovery. According to Pakistan's central bank, the country exported $5.44 billion worth of goods to the US in 2024. From July to February of the current fiscal year, exports to the US reached $4 billion, up 10 percent from the same period last year. Nearly 90 percent of those exports are textiles, which analysts say will be hardest hit. Experts have also warned previously the tariffs could reduce Pakistan's competitiveness, especially if regional exporters such as China, Bangladesh and Vietnam redirect more goods to Europe, intensifying competition in alternative markets.
