JAKARTA (TheInsiderStories) – Good morning! The European Union (EU) will meet United States (US) official this week to get more information the trade deal with China and potential future tariffs.
US and China are reported near to reach trade deal. But it is still unclear whether tariff on China imports would be lifted immediately or gradually to allowed America monitor China is meeting its obligations.
After several rounds of face-to-face meetings, both countries are now contact each other via phone and video-conference to detail the deal. Even though, dates for a summit between US’ President Donald Trump and Chinese President Xi Jinping have yet to be agreed.
Its reported earlier that the summit could happen around March 27. So far, China is offering to lower tariffs on US farm, chemical, auto and other products.
As part of a deal, China is also pledging to speed up the timetable for removing foreign-ownership limitations on auto ventures, and to reduce tariffs on imported vehicles to below the current rate of 15 percent. Moreover, US also asked China not to retaliate or bring World Trade Organization.
Chinese National People’s Congress Spokesman Zhang Yesui said, US and Chinese officials have conducted fruitful and intensive consultations and made important progress on many issues of common concern.
Progress on United States (US) – China trade deal negotiations, has given a good sentiment for Asian markets. But not for Indonesia.
The Jakarta Composite Index closed decreasing by 0.17 percent to 6,488.42. While, Rupiah against US Dollar also depreciated by around 0.26 percent to 14,120.
Furthermore, Prime Minister of the United Kingdom (UK) Theresa May put £1.6 billion funding plan, consists of £1 billion for Northern England and £600 million for across the country, to boost economic growth in Brexit supporting areas. The funding will be used for establishing new working fields, train workers, and increase local economic activities.
The step is allegedly taken as a part of gaining support from Labour party parliament members, as UK will officially leave European Union this March. Otherwise, spokesman of the Labour Party John McDonnell accused the funding as Brexit bribery.
He cited, some hopeless cities are being bribed to accept Brexit clauses. Community Secretary denied the accusation, mentioning that the funding isn’t related to the Brexit support, and there is no demand for the funding receivers.
While, Indonesia will hold another special mining business permit area auction, and re-open two unsold blocks to be bid. Those are two nickel minings, Latao block and Suasua block, in North Kolaka, Southeast Sulawesi province. Suasua block has 5,899 hectares area, while the Latao block has 3,148 hectares area.
Previously, there are four oil and gas blocks unsold in last year’s auction. But among those, government will only re-open the auction to two blocks due to its administration preparedness. Other than that, Indonesia will hold several new mining blocks in the next auctions. There are 16 blocks prepared, and there will be three or four blocks to be offered in the nearest auction, said official.
Then, state-owned energy producer PT Perusahaan Listrik Negara plans to issue global bonds around $1.5 billion this year. The funds will be use to finance the electricity projects in the country.
May you have a profitable day!
Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information About Indonesia