The United States and Indonesia have reached a major trade agreement that will eliminate tariffs on 99% of US goods exported to Indonesia and significantly reduce non-tariff barriers.
In return, the US will impose a 19% tariff on Indonesian goods, down from a previously threatened 32%. The deal includes Indonesia lifting export restrictions on critical minerals and committing to large purchases of US agricultural products and Boeing jets. The agreement is expected to unlock at least $50 billion in new market access for US businesses and benefit sectors such as agriculture, technology, and tourism.
Both governments hail the deal as a win for their economies, though some implementation details are still being finalized.
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