Trump says he has struck a trade deal with Indonesia
"Great deal, for everybody, just made with Indonesia. I dealt directly with their highly respected President. DETAILS TO FOLLOW!!!" Trump said in a post on Truth Social.
Trump had threatened the southeast Asian country with a 32 per cent tariff rate effective August 1 in a letter sent to its president last week.
Trump sent similar letters to about two dozen trading partners this month, including Canada, Japan and Brazil, setting blanket tariff rates ranging from 20 per cent up to 50 per cent as well as a 50 per cent tariff on copper.
The August 1 deadline gives the targeted countries time to negotiate agreements that could lower the threatened tariffs.
Some investors and economists have also noted Trump's pattern of backing off his tariff threats.
Since launching his tariff policy, Trump has reached trade agreements with three other countries: China, the United Kingdom and Vietnam.
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