Trade Updates on Indonesia and Philippines

Indonesia: The White House just released a Joint Statement on Framework for United States-Indonesia Agreement on Reciprocal Trade.  The main takeaway is that Indonesia will eliminate tariff barriers on over 99% of US products across all sectors and address a range of non-tariff barriers (NTBs).

• There is no timeline available for when Indonesia will implement these market access provisions, but the joint statement and fact-sheet provide more detail on foreign market access provisions required by the Trump Administration in trade deals with other trading partners.
• In the coming weeks, the US and Indonesia will finalize the agreement and undertake domestic formalities to have the agreement enter into force.

Philippines:  Separately, President Trump announced on Truth Social a new deal with the Philippines in which the Philippines would completely open up its market for U.S. products. In return, the announced reciprocal rate increased from 17% in April to 20% earlier this month to the new rate of 19% today.  So, a net increase of 2% for imports from the Philippines. No Joint Statement yet released, and no details on timing.

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Please see below and attached an updated tariff rate tracker.