Indonesia's president on Wednesday hailed a "new era" of trade relations with the United States, after Donald Trump said he would slash tariffs faced by Southeast Asia's biggest economy from 32 percent to 19 percent.

President Donald Trump told reporters Tuesday that he plans to place tariffs of more than 10 percent on smaller countries, including nations in Africa and the Caribbean.

President Donald Trump is doubling down on tariffs as inflation rises. He says he'll impose tariffs on pharmaceuticals at the end of the month.