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View all search resultsIndonesia also agreed to remove local content requirements for US firms, recognize US standards for vehicle and medical products, drop onerous licensing on US farm goods while recognizing US regulatory oversight and lift labeling and pre-shipment inspection mandates.
The rates will "boomerang back" to the sometimes very high levels that President Donald Trump had announced on April 2 -- before he suspended the levies to allow for trade talks and set a July 9 deadline for agreements, Bessent told CNN.
The Southeast Asian nation has the third-biggest trade surplus with the United States of any country after China and Mexico, and was targeted with one of the highest rates in the US president's "Liberation Day" tariff blitz on April 2.
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