The announcement came hours after he also informed Brazil that its "reciprocal" tariff on August 1 would rise to 50% from 10%, a shockingly high level for a country with a balanced US trade relationship.

Indonesia’s state oil company and agricultural firms have signed deals to increase their purchases of US goods, the country’s chief economic minister told AFP on Wednesday, as Jakarta lays the groundwork to avoid the worst of President Donald Trump’s tariffs.

US President Donald Trump said Tuesday that he would not extend an August 1 deadline for higher US tariffs to take effect on dozens of economies, while announcing plans for a separate 50 percent duty on copper imports.

Hanoi eyes FTA markets, product upgrades to offset us tariff reliance

"We're going to give people about a year, a year and a half to come in and, after that, they're going to be tariffed," Trump told reporters

Anwar's remarks came as US Secretary of State Marco Rubio flew to Malaysia for talks overshadowed by fears of a trade war.

Trump said countries have been clamoring to negotiate.

Southeast Asian nations will express "concern" over "counterproductive" US tariffs, according to a draft statement shared with AFP on Tuesday, after Donald Trump threatened more than a dozen countries with higher levies.

The reward for negotiators from South Africa to Malaysia working to reach a deal with the White House: three more weeks in the pressure cooker. On Monday, President Donald Trump again extended his deadline to seal country-by-country trade agreements, this time until August 1. The announcement came posed as a threat, with letters sent to a group of world leaders declaring that their exports would be subject to levies ranging from 25 percent to 40 percent next month. Effectively a reminder of Trump’s “Liberation Day” tariff threats, his whack-a-mole demands portend ill for any deals that are struck.

Bangladesh’s foreign exchange reserves declined by $2.02 billion after routine payments under the Asian Clearing Union (ACU) mechanism on Monday.

Bangladesh maintained its position as the world’s second‑largest apparel exporter in 2024, behind only China, according to World Trade Organization (WTO) data.

The EU will seek to rebalance economic ties with China, demanding it eases market access for European firms and loosen export controls on rare earths at a summit this month, the bloc’s chief said Tuesday.

'The final tariff will be fixed in the one-to-one negotiation with the USTR... The rate is not final yet...,' says finance adviser

Trump issued similar letters to countries including Bangladesh, saying he would slap duties on their products ranging from 25 percent to 40 percent.

Failure to secure a more favourable bilateral agreement by Aug 1 deadline would be a significant blow to the country's export-oriented economy

US President Donald Trump began informing, in a wave of letters, a range of trading partners from Japan to Myanmar of sharply higher tariffs on goods they sell into the United States starting August 1

Indonesia’s flour mills association will sign a deal to import at least one million metric tons of US wheat annually for the next five years in a $1.25 billion deal, it told AFP Monday, as Jakarta lays the groundwork to avoid the worst of Donald Trump’s tariffs.

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Here's the state of play for several US trading partners facing deadlines this week

Commerce Secretary Howard Lutnick told reporters the higher tariffs would take effect on August 1