Global finance leaders came to Washington this past week seeking clarity on what it would take to get some relief from President Donald Trump's multi-layered tariff assault and on just how much pain it will bring to the world economy.

As the trade war between the United States and China escalates, here is a point-by-point comparison of the world's two biggest economic powers.

US President Donald Trump asserted in an interview published on Friday that tariff negotiations were under way with China, but Beijing denied any talks were taking place, the latest in a series of conflicting signals over what progress was being made to de-escalate a trade war threatening to sap global growth.

The International Monetary Fund (IMF) and World Bank spring meetings this week in Washington have been dominated by worries about the economic fallout from century-high US tariffs, and retaliatory ones announced by China, the European Union, Canada and others.

Indonesia’s push to become an EV hub faces new challenges, as relaxed import rules have seen the domestic market flooded with foreign-made cars, causing sharp declines in output from local manufacturers.

Investment grew 2.7 percent in the first quarter and was up 16 percent on the year yet came in just shy of a quarter of the full-year target.

The government is holding onto its target for 5 percent gross domestic product (GDP) growth this year despite the International Monetary Fund revising down its projection for Indonesia’s economy in a recent update.

US President Donald Trump this month threatened massive 46 percent levies on Vietnam, with Washington accusing the country of facilitating Chinese exports to the United States and allowing Beijing to get around tariffs.

South Korea's economy unexpectedly contracted in the first quarter as exports and consumption stalled amid fears over the impact of Washington's aggressive tariffs, fanning expectations of more interest rate cuts.

Since Trump began a second term in January, he has unleashed a tit-for-tat trade battle with Beijing that has seen US levies on many Chinese goods reach 145 percent.

Worldwide economic output will slow in the months ahead as US President Donald Trump's steep tariffs on virtually all trading partners begin to bite, the International Monetary Fund said on Tuesday, as global finance chiefs swarmed Washington seeking deals with Trump's team to lower the levies.

People living in Greater Jakarta area took to social media expressing their frustration as they were stuck in traffic leading to the port for hours.  

As a top-tier government delegation kicks off trade talks in Washington, Jakarta is counting on critical minerals to help secure access to the United States market for Indonesian goods, but the highly protectionist administration led by President Donald Trump is looking to reduce import dependence in that area too.

Indonesia unexpectedly booked a large trade surplus in March thanks to surging exports to the United States before import tariffs imposed by US President Donald Trump took effect.

China on Monday warned countries against striking a broader economic deal with the United States at its expense, ratcheting up its rhetoric in a spiraling trade war between the world's two biggest economies.

Fiscal discipline is the key to riding out the "perfect storm" swirling around the state budget due to weakening exports amid a global trade war and planned tariff concessions to appease Washington, according to economists who also cautioned about the government's readiness in strategizing for a worst-case scenario.

Both sides have agreed that the negotiations, set to complete within 60 days, will include investment and trade partnerships, critical minerals and the development of a reliable supply chain corridor.

Rubio and Indonesian Foreign Minister Sugiono "discussed ways to deepen defense and security cooperation, including efforts to uphold freedom of navigation and overflight in the South China Sea in accordance with international law," the State Department said in a statement.

Respondents to the survey said they were more optimistic about the outlook for the next three to six months, as they expect sales to increase in May and August thanks to Independence Day on Aug. 17.

If China exports fewer goods to the US, he said, there will be fewer containers in the trade path between the two countries, which would reduce the availability of containers for shipments to other destinations.

President Donald Trump has ratcheted up tariffs on Chinese goods to eye-watering levels, prompting Beijing to slap retaliatory duties on US imports in an intensifying trade war between the world's two biggest economies that markets fear will lead to a global recession.

Leading vegetable oil processor Apical is optimistic about its sustainability achievements as it reaches the halfway point of its Apical2030 sustainability commitment.

The US is Indonesia’s second largest export market after China. Experts have warned US trade policy could weigh on the archipelago’s gross domestic product growth and to some extent lead to layoffs in impacted industries.

Consumer confidence continued its downward trend in March, falling for the third consecutive month and hitting its lowest since October 2024.

The government seeks to ask unemployed graduates to return to villages, who would later be provided with training.

Before the world felt the blow from US tariffs, there were an estimated 80,000 layoffs in Indonesia last year, according to official data from the Manpower Ministry. The ministry also estimated another 18,610 workers were laid off during the first two months of this year

China's exports rose sharply in March after factories rushed out shipments before the latest US tariffs took effect, but an escalating Sino-US trade war has darkened the outlook for factories and growth in the world's second-biggest economy.

Diversifying exports to countries beyond the US is unfeasible in the short term because of either limited market demand or intense competition from local players in target countries.

Indonesian palm oil companies are seeking new markets in Europe, Africa and the Middle East as they try to protect themselves from the impact of Donald Trump's trade war, a top industry executive told AFP.

The two sides "exchanged views on Taiwan-US reciprocal tariffs, non-tariff trade barriers, and a number of other economic and trade issues including export controls".