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Investing.com -- President Donald Trump announced a trade agreement with Indonesia that will eliminate 99% of tariff barriers for American products entering the Indonesian market.
In a statement released Tuesday, Trump described the deal as a "huge win" for U.S. automakers, technology companies, workers, farmers, ranchers, and manufacturers.
According to Trump, the agreement will allow U.S. industrial and tech products, as well as agricultural goods, to enter Indonesia with zero tariffs, while Indonesian products coming into the United States will face a 19% tariff rate.
The deal also includes provisions for Indonesia to supply the United States with critical minerals and to purchase Boeing (NYSE:BA) aircraft, American farm products, and American energy. Trump indicated these purchases would be worth "tens of billions of dollars."
Trump characterized Indonesian President Prabowo Subianto as "highly respected" in his announcement of the agreement.
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