India, Feb. 21 -- The White House announced a reciprocal trade agreement with Indonesia while President Prabowo Subianto was in Washington to attend the first meeting of President Donald Trump's Board of Peace. Under the agreement, Southeast Asia's largest economy will eliminate tariffs for 99 per cent of American goods while the US will maintain tariffs on most Indonesian goods at 19 per cent, the White House said.

That is the same rate the US has set for Cambodia and Malaysia. Indonesia also agreed to address non-tariff barriers to US goods and to remove restrictions on exports to the US for critical minerals and other industrial commodities, the White House said.

Indonesian and US companies also reached 11 deals this week worth $38.4...