Indonesia Confirms U.S. Trade Agreement
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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.
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.
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.
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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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'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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