A 19% U.S. tariff on Indonesian exports could take effect earlier than the previously expected August 1 deadline, Indonesia's chief economic minister Airlangga Hartarto said Monday. The exact timing hinges on a forthcoming joint statement between the two countries.
The tariff threat stemmed from a recent trade dispute, but following negotiations last week, President Trump agreed to lower the proposed tariff rate from 32% to 19%.
As part of the deal, Indonesia has committed to purchasing USD 15 billion in U.S. energy, USD 4.5 billion in agricultural products, and 50 Boeing aircraft. In return, the U.S. would gain unrestricted access to Indonesian markets. "We are still waiting for the official joint statement," Airlangga said, suggesting talks are still ongoing and the situation remains fluid.
Source: Trading Economics
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