U.S. agrees in principle to exempt Indonesian cocoa, palm oil, and rubber from 19% tariffs, pending finalisation of the trade deal, says Jakarta’s top tariff negotiator.
00:00The United States has agreed in principle to exam Indonesian exports of cocoa, palm oil and rubber from a 19% tariff imposed earlier this month.
00:10Indonesia's Chief Tariff Negotiator, Aylanga Hartato, says the exemption will take effect once both sides finalise the deal, though no timeline has been set.
00:20Hartato said TOX also covered potential US investment in fuel storage projects in Indonesia in partnership with its sovereign wealth fund Danantara and state energy firm Pertamina.
00:34He noted the tariff exemption applies to products not produced in the US, including palm oil, cocoa and rubber, with duties set to be zero or close to zero once the deal is finalised.
00:46Indonesia was among the first to strike a tariff deal with the US in July, but Jakarta still faced the same 19% rate as Thailand and Malaysia, just below Vietnam's 20%.
00:58During the later stocks, Indonesia offered billions in US investment and purchases of American crude, liquefied petroleum gas, planes and farm products.
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