Indonesia says US trade deal reached
Digest more
A group of U.S. solar panel manufacturers asked the Commerce Department to impose anti-dumping and countervailing duties on imports from Indonesia, India and Laos, according to documents on an agency web site.
President Donald Trump said Tuesday the United States has reached a trade agreement with Indonesia. Getting to that was a grueling process, Indonesia’s President Prabowo Subianto said Wednesday.
US solar manufacturers said they have filed new trade petitions against India, Indonesia and Laos alleging illegal practices by largely Chinese-owned companies operating in those countries.
Indonesia also has agreed to purchase billions in U.S. energy, agriculture products and airplanes, Trump said July 15 in a social media post.
Indonesia's central bank cut rates on Wednesday for the fourth time since September and said a revised tariff deal with the United States was positive for Southeast Asia's biggest economy amid weakening global trade and slowing domestic demand.
Explore more
The decision by Bank Indonesia to cut rates comes amid news of a trade deal with the U.S. that could ease the tariff overhang on the economy.
Indonesia sees securing a 19% tariff rate with the US as a “huge win” for some of the Southeast Asian nation’s most labor-intensive sectors such as garments and footwear, a government adviser said Wednesday.
Indonesia's central bank delivered on Wednesday its fourth rate cut in an easing cycle that began in September, boosting support for Southeast Asia's biggest economy as it faces pressure from weakening global trade and slowing domestic demand.
Indonesia’s recent agreements with the Western superpower and the European bloc could set the path for other nations seeking similar arrangements. But experts warn against potential pitfalls and sacrificing domestic interests.