Indonesia to sign $52.3b trade pact with US in effort to avoid higher tariffs
The deal, set to be signed on July 7, will mean Indonesia increases imports of US fuels and will see investment by Indonesian companies in energy and agriculture sectors in the US, according to the Indonesian Chief Economic Minister Airlangga Hartarto.
Flag carrier Garuda Indonesia also said it was in talks to buy up to 75 jets from Boeing.
Indonesia is facing a 32 per cent tariff in US markets and has previously offered to increase US imports to facilitate trade talks between the two sides.
US President Donald Trump announced sweeping global levies on goods brought into the US in April, throwing world stockmarkets into chaos, but the majority of the tariffs were paused for 90 days.
Mr Trump announced a deal with Vietnam on Wednesday, under which the country would face a minimum 20 per cent tariff, down from the original 46 per cent.
Mr Hartarto said on Thursday by addressing the trade balance with the United States, Indonesia hoped to get a better trade deal than the one struck with Vietnam.
"This shows that government, regulators, state-owned enterprises and the private sector are together in responding to the imposition of US reciprocal tariffs," he said.
Meanwhile, Garuda's potential jet purchase may include 737 Max 8 and 787 jets, its chief executive Wamildan Tsani said.
It was unclear whether Garuda's discussion with Boeing was part of the tariff negotiations.
The United States is one of Indonesia's top trading partners, and Jakarta enjoyed a $25.5 billion ($US16.8 billion) trade surplus with Washington in 2024, according to Indonesian government data.
Data from the US trade representative office shows Washington's goods trade deficit with Jakarta was $27.2 billion ($US17.9 billion) in 2024, up 5.4 per cent increase on the year prior.
The US-Vietnam deal came a week before the threatened US reimposition of steep tariffs on dozens of economies, including the European Union and Japan.
Many countries are still scrambling to reach deals with Washington that would protect them from the measures.
Those higher tariffs are part of a package Mr Trump initially imposed citing a lack of "reciprocity" in trading relationships, before announcing a temporary lowering to 10 per cent.
Since then, Washington has announced a pact with Britain and a deal to temporarily lower retaliatory duties with China.
— Reuters/AFP
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