AsianFin -- Indonesia will sign a $34 billion agreement with U.S. business partners next week aimed at ramping up imports from the United States, as Jakarta races to finalize a trade deal with Washington before a July 9 deadline, the country’s chief economic minister said Thursday.

The move comes as Indonesia faces a potential 32% tariff on goods exported to the U.S. market. To avoid the punitive duties, Jakarta has proposed increasing American imports to help balance trade flows and facilitate negotiations.

Indonesia recorded a $17.9 billion goods trade surplus with the U.S. in 2024, according to data from the Office of the U.S. Trade Representative.