US President Donald Trump announced a trade deal with Indonesia on Tuesday, saying it agreed to pay a 19 per cent tariff on its exports and pledged to buy American goods.
In a post on his Truth Social platform, Mr Trump said Indonesia would supply the US with critical minerals and planned to purchase Boeing aircraft and farming products.
“This Deal is a huge win for our automakers, tech companies, workers, farmers, ranchers and manufacturers,” Mr Trump wrote.
The deal comes as Indonesia was facing a 32 per cent tariff on exports to the US, starting from August 1. US officials said the agreement ensured some tariffs remained on Indonesia, which has a population of about 280 million.
“The deal is significant,” one official told journalists on a call. “It opens new markets for us, exports, reaffirms US digital leadership and it eliminates non-tariff barriers on US exports.”
The official added that Indonesia would drop its tariffs “to zero on over 99 per cent of its trade” with the US and would also eliminate all non-tariff barriers.
The deal solidifies Mr Trump’s strategy of using the threat of high tariff rates to extract concessions from trade partners under his America First approach. It may serve as a blueprint for agreements with other nations.
He also announced a new 19 per cent tariff rate for goods from the Philippines, the country's President Ferdinand Marcos Jr visited the White House.
“It was a beautiful visit and we concluded our trade deal, whereby the Philippines is going open market with the United States, and zero tariffs. The Philippines will pay a 19 per cent tariff,” Mr Trump said. He called Mr Marcos a “very good and tough negotiator".
In April, Mr Trump announced a blanket 10 per cent tariff on almost all trading partners, while imposing higher levies on other countries with trade deficits.
Mr Trump, who took office in January, had framed his so-called reciprocal tariff policy as a way to reduce deficits the US has with its trading partners.
The US official said the agreement with Indonesia was worth at least $50 billion to the country in new market access, as well as purchases by Indonesian companies, including liquefied natural gas and farm commodities.
The US had a goods trade deficit of $17.9 billion with the country last year, according to the Office of the US Trade Representative. That was a 5.4 per cent increase from 2023.
While US exports to Indonesia increased by 3.7 per cent to $10.2 billion last year, imports rose by 4.8 per cent.
Mr Trump's efforts to reformat US trade has also come with great uncertainty and course reversals. The President said he would quickly reach trade deals with nations, but only Indonesia, the UK and Vietnam have announced agreements. Mr Trump has secured a “trade truce” with China, which has a separate deadline.
Earlier this month, trade letters went out to more than a dozen countries, with threats of tariff rates ranging from 20 to 50 per cent.
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What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
Changing visa rules
For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.
Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.
It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.
The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.
The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.
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LA LIGA FIXTURES
Friday (UAE kick-off times)
Levante v Real Mallorca (12am)
Leganes v Barcelona (4pm)
Real Betis v Valencia (7pm)
Granada v Atletico Madrid (9.30pm)
Sunday
Real Madrid v Real Sociedad (12am)
Espanyol v Getafe (3pm)
Osasuna v Athletic Bilbao (5pm)
Eibar v Alaves (7pm)
Villarreal v Celta Vigo (9.30pm)
Monday
Real Valladolid v Sevilla (12am)
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
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The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
SPECS
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How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
UAE currency: the story behind the money in your pockets
