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US-China tariff de-escalation chance to strengthen RI bargaining position
The government views the ceasefire in the trade war between the world’s two largest economies as an opportunity to demand open and fair trade in its own negotiations with a highly protectionist US administration.
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A handout photograph released by the Swiss Federal Department of Foreign Affairs on May 14, shows US and Chinese flags prior to a bilateral meeting to discuss trade relations and tariffs, in Geneva, on May 10. A trade deal between the US and China slashing most tariffs came into effect on May 14. (AFP/FDFA/Martial Trezzini)
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he government views the apparent de-escalation in a trade war between the United States and China as an opportunity to demand open and fair trade in its own negotiations with a highly protectionist US administration.
Washington and Beijing announced in a joint statement on Monday that they had agreed to bring triple-digit import tariffs on each other’s export goods down to two figures and continue negotiations.
The US government agreed to bring down its fresh duties of 145 percent on many imports from China to 30 percent, while China, which had retaliated by imposing 125 percent tariffs on US-made products, agreed to reduce the duties to 10 percent, according to US President Donald Trump.
Those rates are to apply for 90 days as the two sides work on a long-term agreement.
Finance Ministry spokesperson Deni Surjantoro told The Jakarta Post on Tuesday that the development “underlined the effectiveness of diplomacy and negotiations in taking down trade barriers”.
The ministry is among three institutions spearheading bilateral talks with the White House to avert a 32 percent import tariff threatened to be imposed on most Indonesian products exported to the US.
The exorbitant levy, described by Washington as a “reciprocal” measure, took effect on April 9, but its enforcement was suspended hours later for a 90-day period to provide time for bilateral negotiations.
