Donald Trump announces ‘great deal’ struck with Indonesia, offers no details
Donald Trump said he reached a deal with Indonesia, without providing any specifics of what is included in the accord.
US President Donald Trump said he reached a deal with Indonesia, without providing any specifics of what is included in the accord.
“Great deal, for everybody, just made with Indonesia. I dealt directly with with their highly respected President. DETAILS TO FOLLOW!!!” the US president posted Tuesday on social media.
The White House also did not immediately offer details of the agreement following Trump’s post. Indonesia’s economic affairs ministry did not respond to a request for comment outside of business hours in Jakarta.
Markets have been in wait-and-see mode on Trump’s trade proclamations, given he has changed rates and deadlines multiple times since he first announced country-by-country tariffs in April. The iShares MSCI Indonesia ETF rose as much as 0.7% Tuesday morning New York time after Trump’s post, while the S&P 500 was little changed and remained slightly higher on the day.
Trump’s announcement comes after he threatened last week to impose a 32% tariff on Indonesian goods starting Aug. 1. The country afterward sent its top trade negotiator to meet with Trump Cabinet officials in order to to secure an agreement.
Indonesia’s Coordinating Minister for Economic Affairs Airlangga Hartarto last week presented several business deals in meetings with US officials, including Trade Representative Jamieson Greer, Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent, according to the ministry.
An agreement with Indonesia would be the fourth trade framework Trump has announced with foreign governments, after Vietnam and the UK. The US and China also reached a tariff truce that includes the planned resumption of critical minerals and technology trade between the world’s two largest economies.
Pacts announced by Trump have thus far fallen short of full-fledged trade deals, with many details left to be negotiated later. Vietnam’s leadership was even caught off guard by Trump’s declaration that Hanoi agreed to a 20% tariff, and the Southeast Asian country is still seeking to lower the rate, according to people familiar with the matter.
Trump has kept foreign governments and investors on edge about his tariff agenda, with trading partners rushing to avoid higher import taxes and markets facing yet another dose of uncertainty. The US president indicated Monday he preferred to stick with levies included in letters sent last week, saying, “I really don’t want deals. I just want the paper to get sent.”
The president also said he was willing to continue talks with major economies, including the European Union.
Trump over the last week unleashed a barrage of tariff demand letters, informing other economies of new duties set to begin Aug. 1 if they cannot negotiate better terms with the US. The letters extended what was initially a July 9 deadline for another three weeks, setting off another frantic dash of negotiations.
Southeast Asian nations — loathe to choose between the US and China — have long been caught in the middle of economic and political battles between the two superpowers. While Vietnam is is said to be further along in trade negotiations with the US, Thailand is in ongoing talks and mulling how to reduce US duties without giving away too much and stoking domestic unrest.
Philippine officials also are pushing to secure a pact ahead of the new deadline, with President Ferdinand Marcos Jr. set to visit Washington later this month in an effort to reduce or eliminate Trump’s planned 20% tariff on the island nation.
--With assistance from Grace Sihombing.
(Adds additional details, context starting in third paragraph)
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