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(Bloomberg) — US President Donald Trump said he reached a deal with Indonesia, without providing any specifics of what is included in the accord.
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“Great deal, for everybody, just made with Indonesia. I dealt directly with with their highly respected President. DETAILS TO FOLLOW!!!” the US president posted Tuesday on social media.
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Indonesia is preparing a joint statement with the US that will detail the tariff rate, non-tariff measures and commercial agreements, Coordinating Ministry for Economic Affairs Secretary Susiwijono Moegiarso said in a text message late Tuesday in Jakarta.
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The White House did not immediately offer details of the agreement following Trump’s post.
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Trump has sent tariff letters over the last week to multiple trading partners, increasing pressure on negotiators ahead of an Aug. 1 deadline for higher duties to take effect. A pact with Indonesia, which was threatened with 32% tariff, would be the first struck with a country targeted by one of those messages.
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Indonesia’s top negotiator Minister Airlangga Hartarto last week met with US officials, including Trade Representative Jamieson Greer, Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent, to hash out an improved deal.
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Southeast Asia’s largest economy had earlier proposed near-zero tariffs on about 70% of US imports, as well as business deals in critical minerals, energy, agriculture and defense, but that failed to convince Trump to lower the levy on Indonesian goods from the 32% rate he first set back in April.
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Markets have been in wait-and-see mode on Trump’s trade proclamations, given he has changed rates and deadlines multiple times since he announced country-by-country tariffs on April 2 and then quickly paused them. The iShares MSCI Indonesia ETF rose as much as 0.7% Tuesday morning New York time after Trump’s post, while the S&P 500 was little changed.
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An agreement with Indonesia would be the fourth trade framework Trump has announced with foreign governments, after Vietnam and the UK. The US and China also reached a tariff truce that includes the planned resumption of critical minerals and technology trade between the world’s two largest economies.
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The pacts have thus far fallen short of full-fledged trade deals, with many details left to be negotiated later. Trump provided no paper to back up last week’s claim of a deal with Vietnam. The country’s leadership was caught off guard by Trump’s declaration that Hanoi agreed to a 20% tariff, and the Vietnamese government is still seeking to lower the rate, according to people familiar with the matter.
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Trump has kept foreign governments and investors on edge about his tariff agenda, with trading partners rushing to avoid higher import taxes and markets facing yet another dose of uncertainty. The US president indicated Monday he preferred to stick with levies included in letters sent last week, saying, “I really don’t want deals. I just want the paper to get sent.”
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