In a statement on July 15 (local time), President Donald Trump confirmed that the US and Indonesia have reached a “fantastic” trade agreement. The White House boss did not mention the content of this agreement but affirmed that the details will be updated in the near future.
The information was released before August 1, which is also the deadline for other countries to reach an agreement with the US if they want to avoid a scenario where goods entering the US market are subject to high tariffs. The previous deadline was July 9, but the White House extended it to give the parties more time to negotiate.
US Commerce Secretary Howard Lutnick revealed that US goods exported to Indonesia will not be taxed. In return, the US will tax imported goods from the Southeast Asian country.
Susiwijono Moegiarso, a senior official at Indonesia's Coordinating Ministry of Economic Affairs, said the country is preparing a joint statement with the United States that will cover the scope of reciprocal tariffs, including tariff, non-tariff and trade agreements.
In April, Peter Navarro, President Donald Trump’s trade adviser, announced that the US would strive to sign “90 agreements in 90 days”. However, this goal is considered unfeasible. In fact, two weeks before the deadline, the US has only reached agreements with the UK, Vietnam, China and Indonesia.
Total trade between Indonesia and the US is expected to reach nearly $40 billion in 2024. US exports to Indonesia increased by 3.7% that year, while imports from the Southeast Asian country increased by 4.8%, causing the goods trade deficit between the two sides to reach nearly $18 billion.
According to data from the International Trade Center (ITC), the top US imports from Indonesia in 2024 include palm oil, electronics, footwear, auto tires, natural rubber, and frozen shrimp.
The breakthrough with Indonesia comes as the European Commission plans to impose tariffs on 72 billion euros ($84.1 billion) worth of US goods if trade talks with Washington fail.
President Donald Trump is threatening to impose a 30% tariff on imports from the European Union (EU) on August 1. European officials consider the tariff unacceptable and could disrupt trade between the world's two largest markets.
(According to Anadolu, CNA, Xinhua)
Source: https://hanoimoi.vn/my-dat-thoa-thuan-thuong-mai-voi-indonesia-709202.html
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