Indonesia sees securing a 19% tariff rate with the US as a “huge win” for some of the Southeast Asian nation’s most labor-intensive sectors such as garments and footwear, a government adviser said Wednesday.

JAKARTA: Indonesia's central bank cut rates on Wednesday (Jul 16) for the fourth time since September and said a revised tariff deal with the United States was positive for Southeast Asia's biggest economy amid weakening global trade and slowing domestic demand.

U.S. Commerce Secretary Howard Lutnick said Tuesday on CNBC that there will be no tariffs on U.S. goods in Indonesia while Indonesia will pay tariffs in the United States.

Indonesia is leveraging a potential $10 billion oil and fuel import deal to pressure the U.S. into lowering steep tariffs on Indonesian goods.