Trump, trade deals
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Bangladesh signed a deal on Sunday to import 700,000 tonnes of wheat annually from the United States over the next five years, in a move aimed at securing tariff relief from the Trump administration amid growing trade tensions,
Indonesia also has agreed to purchase billions in U.S. energy, agriculture products and airplanes, Trump said July 15 in a social media post.
Steep tariff rates are set to go back into effect after a 90-day pause on the April 2 rates that rocked the stock market.
The two countries reached a trade deal this week that led to a reduction in the threatened U.S. proposed tariff rate to 19% from 32%.
Indonesia secures a 19 percent US tariff rate which is the lowest in ASEAN boosting export competitiveness while committing to enforcement.
13don MSN
The Trump administration is expected to send dozens of letters to countries that have not made a trade deal, warning them that higher tariffs could kick in next month.
But the level of trade success Trump will have achieved by next week looks to fall short of his goals. Trump’s trade adviser Peter Navarro touted “90 deals in 90 days” in April. As the deadline approaches though, others in the Administration are lowering expectations.
America is close to clinching several trade deals ahead of a July 9 deadline when higher tariffs were due to kick in, Treasury Secretary Scott Bessent said.
The Dow, S&P 500 and Nasdaq remain volatile as trade deals and tariffs keep investors in limbo. Amazon’s Prime Day met with fierce competition as Walmart, Costco offer their own deals. Oil inches higher.
The European Union is pushing to secure a trade deal with the U.S. ahead of President Donald Trump's Aug. 1 deadline.