Indonesia’s Coordinating Minister for Economic Affairs said on Thursday the country will sign a pact worth $34 billion with business partners next week to boost purchases from the United States.
The move is part of efforts to strike a trade deal with Washington ahead of the July 9 deadline.
Jakarta is facing a 32% tariff in US markets and has previously offered to increase US imports to facilitate trade talks between the two sides.
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Indonesia enjoyed a goods trade surplus of $17.9 billion with the United States in 2024, according to the US Trade Representative.
Speaking to journalists, Minister Airlangga Hartarto said the memorandum of understanding due to be signed on July 7 will deploy the $34 billion for new Indonesian investments and purchases in the United States.
Airlangga said that by addressing the trade balance with the United States, Indonesia hoped to get a better trade deal than the one struck with Vietnam.
The United States announced on Wednesday that it will place a lower-than-promised 20% tariff on many Vietnamese exports, down from the original 46% announced by President Donald Trump in April.
- Reuters with additional editing by Jim Pollard
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