This article is an on-site version of our FirstFT newsletter. Subscribers can sign up to our Asia<\/a>, Europe\/Africa<\/a> or Americas<\/a> edition to get the newsletter delivered every weekday morning. Explore all of our newsletters here<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n Good morning and welcome back to FirstFT Asia. In today\u2019s newsletter: <\/p>\n The US-Indonesia trade deal<\/p>\n<\/li>\n How BYD caught up with Tesla<\/p>\n<\/li>\n Taiwan\u2019s Han Kuang military drills <\/p>\n<\/li>\n<\/ul>\n Donald Trump has said the US has reached a trade deal with Indonesia that will result in the south-east Asian nation paying a 19 per cent tariff on its exports to the US and buying American energy and Boeing jets.<\/p>\n Deal details:<\/strong> In a social media post, Trump wrote that Indonesia had committed to buying $15bn worth of energy exports and $4.5bn of agricultural goods from the US. It would also buy \u201c50 Boeing Jets, many of them 777\u2019s\u201d. He also told reporters Indonesia was \u201cknown for\u2009.\u2009.\u2009. very high-quality copper, which we will be using\u201d \u2014 a comment that comes after he imposed a 50 per cent levy on the metal last week.<\/p>\n Why it matters:<\/strong> The preliminary deal is the first with the more than 20 trading partners who last week received letters from the US president threatening tariffs (Trump had threatened to impose a 32 per cent levy on Indonesia). But he said yesterday he thought the latest arrangement \u2014 under which the US will pay zero tariffs on exports to Indonesia \u2014 was \u201ca good deal for both parties\u201d. Here are more details<\/a>.<\/p>\n More trade news:<\/strong> Brussels plans to impose tariffs on Boeing aircraft, cars and bourbon<\/a> as part of a proposal for further retaliation against \u20ac72bn of annual US imports if trade talks with Washington fail.<\/p>\n<\/li>\n Opinion:<\/strong> As Trump returns to tariffs, Martin Wolf asks, what is to be done<\/a> about this madness?<\/p>\n<\/li>\n<\/ul>\n Here\u2019s what else we\u2019re keeping tabs on today:<\/p>\n Monetary policy:<\/strong> Indonesia\u2019s central bank announces its interest rate decision.<\/p>\n<\/li>\n China:<\/strong> The four-day International Supply Chain Expo begins in Beijing, with AI chipmaker Nvidia taking part for the first time.<\/p>\n<\/li>\n Results:<\/strong> Tech Mahindra, ASML, Goldman Sachs and Morgan Stanley report earnings.<\/p>\n<\/li>\n<\/ul>\n 1. China\u2019s economy expanded 5.2 per cent year on year in the second quarter<\/strong> as the world\u2019s biggest exporter shrugged off the impact of Trump\u2019s trade war. The rate, which beat analysts\u2019 expectations, shows how China has been able to keep growth on track through exports and investment even as it struggles with weak demand at home<\/a>. <\/p>\n 2. The UK government set up a secret multibillion-pound scheme to relocate thousands of Afghans to Britain<\/strong> after a data leak put them at risk of reprisals from the Taliban \u2014 and gagged the media with a super-injunction. The names, contact information and other personal details of about 25,000 Afghans were accidentally disclosed by a British soldier in emails<\/a> in February 2022.<\/p>\n 3. Donald Trump has privately encouraged Ukraine to step up deep strikes on Russian territory,<\/strong> even asking Volodymyr Zelenskyy whether he could strike Moscow<\/a> if the US provided long-range weapons, according to people briefed on the discussions.<\/p>\n 4. Yields on 10-year Japanese government bonds hit their highest level since the 2008 financial crisis <\/strong>as markets begin to price in the risk of populist campaign pledges and political uncertainty ahead of an election. \u201cThe market sold off on the expectation the [ruling Liberal Democratic party] is going to lose its majority in the upper house,\u201d said Wei Li, head of multi-asset investment at BNP Paribas in China. Read the full story<\/a>.<\/p>\n 5. Jamie Dimon has warned that the independence of the US Federal Reserve is \u201ccritical\u201d<\/strong> as the Trump administration increases its pressure on Jay Powell, the central bank\u2019s chair, to cut interest rates. The JPMorgan chief\u2019s comments came as Treasury secretary Scott Bessent said the \u201cformal process\u201d to select Powell\u2019s successor had begun<\/a>.<\/p>\n Wall Street results:<\/strong> JPMorgan Chase and Citigroup struck an upbeat tone<\/a> on the strength of American consumers, underscoring how the US economy has remained resilient despite Trump\u2019s tariffs.<\/p>\n<\/li>\n<\/ul>\n China\u2019s BYD is catching up with Tesla and is poised to overtake its US rival in electric vehicle sales for the first time. In the past three years, the Chinese auto group has narrowed the technology gap between the two carmakers, including in autonomous driving. Read what is powering BYD\u2019s headway in the EV market<\/a>.<\/p>\n Taiwan defence: <\/strong>Taiwan\u2019s military has taken the annual Han Kuang exercises to civilians\u2019 doorsteps<\/a> this year, as part of efforts to better prepare for a Chinese attack.<\/p>\n<\/li>\n \u2018Epstein files\u2019: <\/strong>For years Trump insisted on a deep-state plot that only he could expose. Now he says there is nothing to show<\/a>, writes Edward Luce.<\/p>\n<\/li>\n Rare earths:<\/strong> A small mining company won Pentagon backing as Trump sought to counter China and take a new approach to national defence<\/a>.<\/p>\n<\/li>\n<\/ul>\n Chinese ecommerce giants JD.com and Alibaba have ignited a battle for the country\u2019s fast-growing instant retail market, luring shoppers with huge discounts<\/a> in a push to grab market share from rival Meituan.<\/p>\n Maxed out on matcha lattes? Hojicha, a new Japanese green tea trend<\/a>, is coming to caf\u00e9 near you.<\/p>\n\n
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Five more top stories<\/h3>\n
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The Big Read<\/h3>\n
\u200b\u200bWe\u2019re also reading\u2009.\u2009.\u2009.\u2009<\/h3>\n
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Chart of the day<\/h3>\n
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Take a break from the news<\/h3>\n
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