Indonesia to Offer to Buy $10 Billion of Additional U.S. Energy Goods | OilPrice.com
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Breaking News:
As Indonesia seeks to negotiate a reduction of a planned tariff of 32% on Indonesian goods sold in the United States, the government of Southeast Asia’s biggest economy will offer to buy an additional $10 billion worth of American oil and liquefied petroleum gas (LPG).
Indonesia was slapped with one of the highest tariffs – 32% – in the “liberation day” tariffs announced by U.S. President Donald Trump. These tariffs were suspended last week for 90 days, during which the Trump Administration expects most countries to come pleading their cases and promising to boost their imports of U.S. goods to avoid high tariffs.
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Indonesia’s Energy Ministry has recommended an increase in the import quota for U.S. LPG and higher imports of U.S. crude oil, Energy Minister Bahlil Lahadalia told local media on Tuesday.
With the offer of $10 billion more U.S. energy imports, Indonesia plans to buy total U.S. goods worth between $18 billion and $19 billion to eliminate its trade surplus with America.
Indonesian officials are heading to the U.S. to discuss tariffs and how to potentially buy their way out of them.
Indonesia’s imports of U.S. crude oil are estimated to have averaged just 13,000 barrels per day (bpd) last year, out of the total 306,000 bpd crude imports, according to Kpler data cited by Reuters.
Indonesia is just one of the countries looking to buy their way out of steep tariffs with deals to purchase American energy products.
South Asian nation Pakistan is actively considering the idea of importing U.S. crude oil for the first time to seek a reduction of its trade surplus with America.
South Korea is reportedly looking at more LNG imports to get Washington to drop the tariffs, while India is weighing the option to scrap its import tax on American liquefied natural gas to increase U.S. LNG imports and reduce its trade surplus with the United States.
By Charles Kennedy for Oilprice.com
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