President Donald Trump said on Tuesday that he has struck a trade deal with Indonesia.
"Great deal, for everybody, just made with Indonesia. I dealt directly with their highly respected President. DETAILS TO FOLLOW!!!" Trump said in a post on Truth Social.
Trump had threatened the southeast Asian country with a 32% tariff rate effective Aug. 1 in a letter sent to its president last week.
Trump sent similar letters to roughly two dozen trading partners this month, including Canada, Japan and Brazil, setting blanket tariff rates ranging from 20% up to 50%, as well as a 50% tariff on copper.
The Aug. 1 deadline gives the targeted countries time to negotiate agreements that could lower the threatened tariffs. Some investors and economists have also noted Trump's pattern of backing off his tariff threats.
Since launching his tariff policy, Trump has reached trade agreements with three other countries: China, the United Kingdom and Vietnam.