Trade Triumph: Trump's Deal with Indonesia Amidst EU Retaliation
President Donald Trump announced a new trade deal with Indonesia, despite threats of EU retaliation. While Indonesia does not rank in the U.S.'s top 15 trade partners, the trade relationship has been growing, marked by increased U.S. exports and imports. The EU prepares countermeasures as tensions rise.
In a strategic move to solidify economic ties, U.S. President Donald Trump has successfully brokered a new trade agreement with Indonesia. This latest development arrives on the backdrop of escalating tensions with the European Union, who are poised to impose counter-tariffs should negotiations with Washington fail.
Despite Indonesia not being one of the U.S.'s top 15 trading partners, the trade volume has been on an upward trajectory, with U.S. exports increasing by 3.7% and imports rising by 4.8% last year. The trade balance remains skewed with an $18 billion goods deficit, as major imports include palm oil and electronics.
The European Union is preparing retaliatory measures targeting $84 billion worth of U.S. goods, following President Trump's 30% tariff threat on EU imports. After an EU ministerial meeting, Maros Sefcovic emphasized the collective resolve to safeguard EU businesses with counteractions if a trade agreement with the U.S. fails to materialize.
(With inputs from agencies.)
ALSO READ
Trump Ups the Ante: New Tariffs on Canadian Imports
EU, EIB Unveil €600M Package to Rebuild Ukraine’s Energy and Economy
Britain's Economy Faces Unexpected Contraction Threat in May
UK Economy Faces Unexpected Shrinkage in May
Cuban Women Transform Nail Art into Flourishing Private Economy Amid Economic Strains
Google News