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.

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.

Indonesian rescuers are searching for 11 people, including three children, still missing after a speedboat capsized during a storm the previous day off Indonesia’s Mentawai Islands

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.

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