JAKARTA (TheInsiderStories) — United States (US) and China are expected no longer far from reaching a trade deal. US Treasury Secretary Steven Mnuchin hoped that the both countries can finalize a deal with two more rounds of talks in China and Washington DC.
He also said the part of the negotiations aimed at enforcement is close to finished. Yesterday, Mnuchin and US Trade Representative Robert Lighthizer was travel to Beijing for the latest negotiations in what could be the talks “end game”. Then, Chinese Vice Premier Liu He will visit Washington for discussions starting on May 8.
While the world waits to see if the US and China can call a truce in their tariff war, President Donald Trump is quietly making potentially major trade moves with the United Kingdom (UK) and Japan. In October last year, Lighthizer, notified Congress on the intention to open trade negotiations with Britain.
This year, the UK and the US agreed to continue the agreement that ensures their goods meet appropriate regulatory standards in each market. This covers about £12.8 billion of trade in sectors ranging from pharmaceuticals to telecoms equipment.
Furthermore, a US – Japan agreement could bring America benefits from Tokyo’ ties to the remaining TPP countries. The US current account deficit with Japan stood at just under $70 billion in both 2016 and 2017 and $284 billion of trade in goods and services.
Then, David Lipton, First Deputy Managing Director for International Monetary Fund (IMF) issued the following statement today on Argentina’ economic condition. In an official statement he said, the country is facing a challenging situation in financial markets.
Followed the situation, Lipton stated, the Fund staff briefed the IMF’ Executive Board on the recent market volatility experienced by Argentine assets and the recalibration of intervention policies announced by the Banco Central de la República Argentina.
He noted, the Executive Directors expressed their support for the framework underpinning the Stand-By Arrangement and the government’ implementation of those policies.
From domestic side, Indonesian government projected that the first quarter (1Q) economy would grow by 5.05 percent, lower than its previous quarter and the last year’ first quarter. On the other hand, government distributed big amount of social aid to boost consumption. In the first quarter, government distributed Rp37 trillion social funding, or 36.2 percent of the state budget.
High absorption of social aid funding is one of government’ effort to maintain consumption and purchasing power, also give stimulus to the economic growth. During 2019, Indonesian government targets 5.3 percent economic growth.
Whilst, Corruption Eradication Commission raided Trade Minister Enggartiasto Lukita’ office, related to House of Representatives member Bowo Sidik Pangarso bribery case. Pangarso allegedly received more than Rp1.5 billion (US$105,634) from Marketing Manager of PT Humpuss Transportasi Kimia Asty Winasti, through someone named Indung.
Both Winasti and Indung are already suspects. The money was given allegedly so Pangarso could help Humpuss Transportasi Kimia in an agreement process with PT Pupuk Indonesia Logistik.
Indonesian Rupiah against US Dollar remained stable. It had strengthened last week, but then continued depreciating to 14,228.