JAKARTA (TheInsiderStories) — Good morning! Starting today United States will charge US$200 billion Chinese goods 25 percent from earlier only 10 percent. President Donald Trump also threatened to impose tariffs on all Chinese trade with America
At the same day, Chinese delegation will negotiate a potential trade deal with US. China’ top trade envoy, Vice Premier Liu He has arrived in Washington DC on late Friday for two days of trade talks. He will have discussions with US Trade Representatives Robert Lighthizer.
Amid the tension, US trade deficit with China hit its five-year low. The US Commerce Department said that its goods trade deficit with China in March fell by 16.2 percent to US$20.7 billion, the lowest level since March 2014. US imports from China also decreased by 6.1 percent, while its exports jumped by 23.6 percent.
The US-China uncertainty has given a hit to Indonesian currency. Rupiah against US dollar dropped by 0.23 percent to 14,350 and reached its lowest position since Jan. 4.
Indonesia government targeted $25,000 income per capita in 2045, as stated in national medium term development plan for 2020-2045. At that time, Indonesia will have its 100-year independence and expected to be world’s fifth biggest economy. National Development Plan Minister Bambang Brodjonegoro, Indonesia may compete with US, China, India, and Japan.
He added that Indonesia’ Gross Domestic Product (GDP) is projected to reach $7.3 trillion in 2045. He then explained three scenarios for the plan, base line with average 5.4 percent economic growth annually, moderate with 5.7 percent growth annually, and aggressive with 6 percent economic growth annually for the next five years.
While, Indonesia’ trade ministry will keep fighting for its palm oil products amid European Union discrimination, by widening the export market. Indonesia will continue trade mission to several countries. South Asia, Middle East, and Latin America are some countries being eyed by Indonesian government.
Last year, Indonesia recorded palm oil export hike on several countries, such as China by 18 percent, Bangladesh by 16 percent, Pakistan by 12 percent, Africa by 13 percent, and US by 3 percent. But exports to India, Middle East, and EU suffered decline.
On the political side, tension on the general election resulted getting hot followed arrested vocal persons in opposition side. They were arrested for being accused of committing treason.
May you have a profitable day!
Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information about Indonesia