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According to a joint statement published by the White House on Tuesday, the United States and Indonesia have reached an agreement in the framework of tariffs and other business policies.
The two countries will be involved in more talks in the coming weeks to formal the treaty, called the US and Indian agreement on mutual trade, in the statement.
If the agreement is finalized, the United States imposes a 19 % tariff on Indonesia’s import, while Indonesia will destroy 99 % of US imports, including cases in automotive and agricultural products.
Beyond tariffs, this agreement includes other regulations on industrial, agricultural and digital trade, as well as economic security and environmental labor and regulations. For example, this transaction includes the removal of restriction on critical minerals and other industrial goods to the United States
As part of the final agreement, Indonesia also produces $ 4.5 billion of agricultural products, including soybeans, wheat and cotton from the United States, as well as $ 3.2 billion in aircraft and $ 15 billion.
Imports from Indonesia last year made up 0.7 % of US trade on the US International Commission’s data. The United States had approximately $ 18 billion in trade with the country.
President Donald Trump said for the first time that the two countries had reached an agreement last week, shortly after the new tariff rates in the country began and were due to begin on August 1. Imports from Indonesia were supposed to have 32 % task, according to a letter shared by Trump on July 7.
Britain also guaranteed the framework of a business agreement with the Trump administration and finalized some of the provisions last month. Meanwhile, the deal that Trump said that he had dealt with Vietnam earlier this month has not yet been formally confirmed by the country’s leadership.
The White House is also negotiating with China, though both countries agreed to lower tariffs by August 12. On Tuesday, the Treasury Minister Scott Bosent told Fox Business that he could increase his deadline because he was traveling to Sweden to negotiate with Chinese officials next week.
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