The pact with the relatively minor U.S. trading partner is among the handful struck so far by the Trump administration ahead of an August 1 deadline for tariffs on most U.S. imports to rise again. The accord came as the top U.S. trading partner - the European Union - readied retaliatory measures should talks with Washington fail.
Trump's roll-out of the policies has often been chaotic. His moves have upended decades of negotiated reductions in global trade barriers and roiled international financial markets and economic activity along the way.
Trump outlined an Indonesia deal similar to a pact struck recently with Vietnam, with a flat tariff on exports to the U.S. roughly double the current 10% and no levies on U.S. exports going there. It also included a penalty rate for so-called transhipments of goods from China via Indonesia and a commitment to buy some U.S. goods.
TRUMP: INDIA TALKS MOVING SAME WAY
The top U.S. import categories from Indonesia, according to U.S. Census Bureau data from the International Trade Centre's TradeMap tool, last year were palm oil, electronics equipment including data routers and switches, footwear, car tires, natural rubber and frozen shrimp.
Trump had threatened the country with a 32% tariff rate starting August 1 in a letter sent to its president last week. He sent similar letters to about two dozen trading partners this month, including Canada, Japan and Brazil, laying out tariff rates ranging from 20% to 50%, plus a 50% tariff on copper.
Upon his arrival back in Washington, Trump told reporters that letters would be going out soon for many smaller countries, suggesting they would face a tariff of “a little over 10%.”
Since launching his tariff policy, Trump has clinched only a few deals, falling short of earlier promises to land “90 deals in 90 days.”
Trump said talks with India were moving “along that same line,“ adding, “We’re going to have access to India. And you have to understand, we had no access into any of these countries. Our people couldn’t go in. And now we’re getting access because of what we’re doing with the tariffs.”
The breakthrough with Indonesia came as the European Commission, which oversees trade for the EU, prepared to target 72 billion euros ($84.1 billion) worth of U.S. goods - from Boeing aircraft and bourbon whiskey to cars - for possible tariffs if trade talks with Washington fail.
The list, sent to EU member states and seen by Reuters on Tuesday, pre-dated Trump's move over the weekend to ramp up pressure on the 27-nation bloc and responded instead to U.S. duties on cars and car parts and a 10% baseline tariff.
The package also covers chemicals, medical devices, electrical and precision equipment as well as agriculture and food products - a range of fruits and vegetables, along with wine, beer and spirits - valued at 6.35 billion euros. - Reuters
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