Trump announces trade deal with Indonesia, 19% tariff
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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.
Donald Trump said the US had reached a trade deal with Indonesia that would result in goods from the south-east Asian nation to the US being hit with a 19 per cent tariff and Jakarta buying American energy and Boeing jets.
U.S. President Donald Trump on Tuesday announced a trade deal with Indonesia, the latest pact in a bid to cement better terms with trading partners and reduce a massive trade deficit, even as the European Union readied retaliatory measures should talks between Washington and its top trading partner fail.
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.
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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.
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