FX.co ★ Indonesia Expects Year-End Completion of Tariff Deal with the US

Indonesia is aiming to finalize tariff negotiations with the United States by the end of this year, according to its chief negotiator. It was announced on Friday that a delegation will be heading to Washington, D.C., shortly to advance the discussions. This follows a call on Thursday between Airlangga and US Trade Representative Jamieson Greer regarding the tariffs. "We have agreed to conclude the objectives set out in the Leaders' Declaration on July 22," Airlangga stated at an economic forum, as reported by Reuters. Previously, a US official, who requested anonymity, indicated that the trade agreement could be in jeopardy due to Jakarta's hesitance on some previously agreed terms. However, Jakarta has clarified that the negotiations with Washington are still active and that the evolving nature of the talks is typical. The United States reduced a tariff on Indonesian products from 32% to 19%, following Jakarta's commitment to abolish tariffs on over 99% of US goods and remove all non-tariff barriers affecting American businesses.