Trump Planned to Impose 50% Tariff on Copper, Pharma Faces 200% Tariff Risk

MACROECONOMY 
China, US Make Progress on Trade Under London Framework 
China and the US made progress under the London Framework, with China approving export licenses and the US easing some restrictions. Both sides emphasized resolving trade disputes through equal dialogue. China warned against unilateral US tariffs ahead of the August deadline and reaffirmed its commitment to WTO-centered multilateralism. (中国财经）
 

Trump Planned to Impose 50% Tariff on Copper, Pharma Faces 200% Tariff Risk 
US President Donald Trump announced a 50% import tariff on copper, triggering a +17% surge in NY copper futures the sharpest intraday gain since 1988. Trump also warned of a potential 200% tariff on foreign-made pharmaceutical products, but granted a grace period of 1–1.5 years for companies to relocate production to the US. The copper tariff, expected to be effective by 01 Aug-25. The US imported 36% of its refined copper demand in 2024, primarily from Chile (38%), Canada (28%), and Mexico (8%). Pharma giants like Lilly and Pfizer, operating major plants in Ireland. (Bloomberg Technoz)

INDUSTRY 
Indonesian Govt. Proposed IDR 604 Bn BUMN Ministry Budget via Danantara Dividend 
The Indonesian Govt. proposed increasing the 2026 budget for the Ministry of SOEs to IDR 604 bn, up from the current IDR 150 bn allocation. The IDR 454 bn boost would be funded through SOE dividends via Danantara. The additional budget would support regulatory functions (IDR 111 bn), oversight (IDR 118 bn), Series A shareholder duties and public enterprises (IDR 101 bn), staffing (IDR 117 bn), and admin/operations (IDR 157 bn). (Bisnis.com) 

Indonesia Car Sales Drop 22.6% in Jun-25, GIIAS Hopes to Revive Demand 
Gaikindo reported Jun-25 wholesale car sales at 57,760 units (-4.7% MoM; -22.6% YoY). Retail sales also fell to 61,647 units (+0.6% MoM; -12.3% YoY). YTD Jan–Jun 2025, wholesale and retail volumes dropped 8.6% and 9.7% YoY, respectively. Astra brands Toyota and Daihatsu led with 123,846 and 64,405 units. Industry players now look to the GIIAS 2025 auto show (24 Jul–03 Aug 25) to boost momentum. (Bisnis.com)