Indonesia Targets Trade Balance with Massive U.S. Import Boost

Indonesia aims to bolster its imports from the U.S. by $19 billion, focusing on energy and agricultural products, to eliminate its trade surplus and prevent a 32% tariff on its exports. The strategy follows high-level meetings in Washington to enhance bilateral trade relations.

Indonesia is set to significantly increase its imports from the United States, planning a substantial boost of up to $19 billion as a strategic move to rectify its trade surplus and avert a 32% tariff imposition by the U.S. This announcement was made by Indonesia's chief economic minister, Airlangga Hartarto, during meetings with U.S. officials in Washington.

The focus on imports will include energy and agricultural products such as wheat, soybeans, and soybean meal. Indonesia's commitment could alter its current trade dynamics by decreasing orders from other countries. In conjunction, the Southeast Asian nation will streamline procedures for American horticultural products and assist U.S. firms operating locally with permits and incentives.

Following discussions with the U.S. Trade Representative and the Secretary of Commerce, both nations agreed on finalizing negotiations within 60 days, showcasing a joint effort to strengthen economic ties and resolve trade disputes.

(With inputs from agencies.)