Beiyi Seow
@beiyis
Economics correspondent at @AFP in Washington DC, covering the Treasury Dept, trade & tariff policy. Previously in 🇨🇳 / 🇸🇬. Reach out at [email protected].
Delivering remarks in Rehoboth, President Biden says plans to speak to former president Trump soon, hopes to speak to him tonight.
A piece I wrote this week on Trump’s tariff letters and a push to circumvent transshipping — with an eye on China:
China’s efforts to circumvent tariffs by transshipping goods to the US via third countries are massive. But China is running on borrowed time, as Vietnam-style trade agreements will shut this down. Great piece by @beiyis in @barronsonline. barrons.com/news/us-target…
Trump announces trade deal with Japan, tariff rate lowered to 15% from 25% earlier threatened:
Scott Bessent says will meet China counterparts in Stockholm next Mon, Tues, to work out what is likely an extension of a Aug 12 deadline for US-China tariffs to snap back to higher levels.
Wrote about Trump's growing criticism of Fed Chair Powell -- most recently over the Fed's renovation project in Washington -- and whether these are grounds to oust him: finance.yahoo.com/news/know-trum…
USTR says initiating Section 301 investigation into “Brazil’s attacks on American social media companies as well as other unfair trading practices,”opening door to tariffs. Hearing on this probe to come.
Trump says struck a deal with Indonesia, a week after renewing his threat of 32% tariff. Dino Patti Djalal, former Indonesian vice minister for foreign affairs, told a Foreign Policy event that it remains unclear what the new tariff level is, but govt insiders "happy" with deal.
US consumer inflation (CPI) up 2.7% y/y in June -- policymakers expect to learn more about Trump tariff effects in the summer months so this marks the beginning of a series of closely watched data.
On tariffs, Trump says open to talking, including to Europe, while framing the tariff letters he's sent out as deals.
Trump warns of "secondary tariffs" hitting Russia's trading partners (100%) if no deal on Ukraine within 50 days. "We're going to be doing secondary tariffs. If we don't have a deal in 50 days, it's very simple. And they'll be at 100 percent." - per @dannyctkemp
Per AFP in Brussels: EU trade ministers are set to meet Monday in Brussels to discuss the bloc's response to Trump's latest move - and crucially how strong a line to take with Washington. channelnewsasia.com/world/eu-chief…
President Donald Trump on Saturday targeted Mexico and the European Union with steep 30 percent tariffs, dramatically raising the stakes in already tense negotiations with two of the largest US trading partners. u.afp.com/SYwk by @beiyis
“Despite all the movement toward a deal, this threat shows the EU is in the same camp of uncertainty as almost every other country in the world,” @joshualipsky tells AFP. sg.news.yahoo.com/trump-says-mex…
US Treasury reports trade surplus in June though budget deficit widened for Oct-June period overall (fiscal year). Customs duties seen massive boost since Trump's tariffs this year, with a record $113 bn collected in the 9-month period.
US official says Trump's threatened 35% tariff on Canadian goods is expected to still exempt USMCA compliant products. The rate applies to goods that currently face 25%. sg.news.yahoo.com/trump-threaten…
EU says still 'fully locked and loaded' to conclude US tariff deal. On retaliatory duties suspended until July 14 -- bloc says can extend quickly if needed. barrons.com/news/eu-locked…
