The US has signaled it will not relax its August 1 deadline for higher tariffs against the European Union as the bloc struggles to reach a deal on time. Over the weekend, US Commerce Secretary Howard Lutnick said he was confident a trade deal with the EU could be reached, but cautioned that the deadline for the 30% base tariffs was fixed. "That's a tight deadline, so on August 1, the new tariffs will go into effect," Lutnick said Sunday on CBS News when asked about his EU tariff deadline. He did hint that negotiations could continue beyond that date, stating: "These are the two largest...
A 19% U.S. tariff on Indonesian exports could take effect earlier than the previously expected August 1 deadline, Indonesia's chief economic minister Airlangga Hartarto said Monday. The exact timing hinges on a forthcoming joint statement between the two countries. The tariff threat stemmed from a recent trade dispute, but following negotiations last week, President Trump agreed to lower the proposed tariff rate from 32% to 19%. As part of the deal, Indonesia has committed to purchasing USD 15 billion in U.S. energy, USD 4.5 billion in agricultural products, and 50 Boeing aircraft. In...
Indonesia's sovereign wealth fund, Danantara, plans to sign a USD 8 billion engineering, procurement, and construction (EPC) contract with US engineering firm KBR Inc. to build 17 modular refineries, according to two sources familiar with the matter and an official presentation by the Economic Ministry, as reported by Reuters. The contract is part of a trade pact reached last week between Indonesia and the US, which resulted in a reduction of proposed US tariffs, from 32% down to 19%. Indonesia's Economic Minister, Airlangga Hartarto, who served as chief negotiator for the deal, revealed...
The European Union appears to be considering whether to deploy its "Anti-Coercion Instrument" characterized as a "nuclear option" to try to deter trade disputes — as the threat of a 30% tariff on EU imports looms large. A number of EU member states, including France and Germany, are reportedly considering using "anti-coercion" measures targeting the U.S. if the bloc cannot reach a trade deal with U.S. President Donald Trump, EU diplomats told Reuters this week. The measures could see the EU restrict U.S. suppliers' access to the EU market, excluding them from participation in public...
U.S. Treasury Secretary Scott Bessent said on Tuesday that he will meet his Chinese counterpart next week and discuss what is likely to be an extension of an August 12 deadline for higher tariffs. Bessent told Fox Business that trade with China was in "a very good place" and the meetings in Stockholm would take place next Monday and Tuesday. "I think we've actually moved to a new level with China, where it's very constructive and very we're able we're going to be able to get a lot of things done now that trade has kind of settled in at a good level," Bessent said Source: Investing.com