JAKARTA (TheInsiderStories) — Good morning! China said, that a delegation was still preparing go to the Washington for trade talks, even as the United States (US) President Donald Trump dramatically increased pressure to reach a deal by saying he would hike tariffs on Chinese goods this week. Negotiations are set to start May 8 in Washington DC.
Chinese Foreign Ministry spokesman Geng Shuang said on Monday (05/06), his country try to understand the relevant situation and the team is preparing go to the US. But he did not say if Vice Premier Liu He, who is China’ lead official in the negotiations, will be part of the delegation as originally planned.
Trump’ comments on Sunday marked a major escalation in tensions between the world’ two largest economies, and a shift in tone from the president, who as recently as Friday had cited progress toward a deal. It was reported earlier that China was considering canceling this week’ meetings in Washington in light of Trump’ comments, which took Chinese officials by surprise.
Trump said tariffs on US$200 billion of goods would increase on Friday from 10 percent to 25 percent, reversing a decision he made in February to keep them at 10 percent due to progress between the two sides. The president also stated he would target a further $325 billion of Chinese goods with 25 percent tariffs shortly, essentially covering all products imported to the US from China.
In the country, Bank Indonesia (BI) executive director for monetary management department Nanang Hendarsah said that Rupiah depreciated due to Trump’ threat on China. According to him, there’ an uncertainty triggered by Trump over US – China trade deal. But he considered that it will only be temporary and furthermore asked market not to worry.
Yesterday Rupiah closed down to 14,293 from last week at 14,202 against the Greenback. The local currency dropped 91 points and today open in the negative territory 14,391 over the US dollar.
While, Statistic Indonesia recorded open jobless rate at 5.01 percent in February, its lowest point since February 2016. In accordance to that, the workforce hiked by 2.24 million to 136.18 million people with the workforce participation level increased by 0.12 percent.
Even though the number is increasing, most of the workforce are elementary school graduated and below by 40.51 percent. Moreover, the college graduated portion is only 12.57 percent.
Amid people’ criticism over the expensive plane ticket, Indonesia Transportation Ministry vowed to lower the upper limit rates. Hopefully, the price limit will be down before Eid Al-Fitr. Recently, the ministry is discussing with other stakeholders, including airlines, State-Owned Enterprise ministry, and Business Competition Supervisory Commission.
May you have a profitable day!
Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information about Indonesia