Trump Set 100% Tariff on Imported Semiconductor Products

RESEARCH REPORT
INTP – Robust Result in A Challenging Industry
• Rolling valuation to FY26F
• Volume still under pressure, but should improve in H2
• Cost saving supporting EBITDA & bottomline
• More buyback giving confidence
(Please refer to our report here)



MACROECONOMY
Trump Set 100% Tariff on Imported Semiconductor Products
US President Donald Trump announced a 100% tariff on imported products containing semiconductors, with exemptions for firms manufacturing or committing to build in the US. Apple, which pledged an additional USD 100 bn investment, will benefit from the exemption. The investment includes new manufacturing programs with partners such as Corning, Applied Materials, and Texas Instruments. Trump also imposed a 50% tariff on India, a key Apple production base, due to Russian oil purchases, and plans to announce further chip-related tariffs next week. (Bisnis.com)



INDUSTRY
Indonesia Residential Property Price Growth Slowed to 0.90% YoY in 2Q25

Indonesia’s residential property price index rose by 0.90% YoY in 2Q25, easing from +1.07% in 1Q25 and marking the slowest pace since the series began in 2003. The deceleration reflected weaker purchasing power and rising layoffs. Price growth slowed for small and large houses but quickened for medium-sized homes. (Trading Economics)


 

COMPANY
Antam (ANTM) Posted Record Gold & Nickel Sales in 2Q25
ANTM booked all-time high 2Q25 gold sales of 29,305 kg (942,178 oz), supported by strong domestic demand and high global prices amid geopolitical and macro uncertainty. Nickel ore sales reached 8.20 mn wmt (vs production 9.10 mn wmt), while ferronickel production was stable at 9,067 TNi with 5,763 TNi sold. Bauxite output hit 1.38 mn wmt with 1.03 mn wmt sold, and chemical-grade alumina production/sales reached 89,385/91,109 tons. (Emitennews)