Trump announced the pact with Indonesia, a relatively minor U.S. trading partner, as he continued to press for what he views as better terms with trading partners and ways to shrink a huge U.S. trade deficit.

Indonesia also has agreed to purchase billions in U.S. energy, agriculture products and airplanes, Trump said July 15 in a social media post.

The tariff clock is ticking on a number of U.S. trading partners. The deadline for negotiations is now about two weeks away —but there's still some confusion on deals that have been announced as recently as this week.