The government has vowed to import more goods from the United States to gain leverage in bilateral negotiations and ease tariffs introduced by US President Donald Trump.

Markets in Indonesia have been closed since March 28 for public holidays, and trading will resume on Tuesday, April 8. Before the break, the rupiah had already been under pressure, dropping to its lowest levels since the 1998 financial crisis. 

The Hang Seng Index ended down 13.22 percent, or 3,021.51 points, to 19,828.30 -- its heftiest drop since 1997 during the Asian financial crisis -- while the Shanghai Composite Index shed 7.34 percent, or 245.43 points, to 3,096.58.

Presidential spokesman Hasan Nasbi said on Thursday that President Prabowo's administration has prepared  strategies to maintain the stability of the domestic economy amid Trump's tariffs, including the free nutritious meal program.

Technically insulated from the recent rout due to its holiday closure, Indonesia’s stock market will hardly escape unscathed and is likely to take a delayed hit following the sharp sell-offs on other Asian exchanges when it reopens for trade on Tuesday.

Energy and Mineral Resources Minister Bahlil Lahadalia has ordered the state-owned electricity provider to immediately get to work on a geothermal power plant project in Maluku to increase clean energy supply in Eastern Indonesia.

Futures markets moved swiftly to price in almost five quarter-point cuts in US rates this year, pulling Treasury yields down sharply and hampering the dollar.

Coordinating Economic Affairs Minister Airlangga Hartarto said in a statement that Indonesia would pursue diplomacy and negotiations to find mutually beneficial solutions after Trump announced sweeping global tariffs on Wednesday.

Investors had been anticipating another week of turbulence as global trading partners reacts to the harsher-than-expected tariffs. US S&P 500 E-minis stock futures were last down 4 percent. Dow E-minis were down 3.8 percent, while Nasdaq 100 E-minis were down 4.6 percent at the open on Sunday.

While the government has tried to curb growing worries over the depreciating rupiah, Apindo and economists have pointed to pass-on costs and "double inflationary pressures" as potential scenarios that should be anticipated.

The central bank  said in a statement it would optimise interventions in the spot, domestic non-deliverable forward and bond markets to ensure adequate foreign exchange liquidity.

The initial 10 percent "baseline" tariff paid by US importers took effect at US seaports, airports and customs warehouses at 12:01 a.m. ET (0401 GMT), ushering in Trump's full rejection of the post-World War Two system of mutually agreed tariff rates. 

Indonesian Chamber of Commerce Industry (Kadin) chairman Anindya Bakrie plans to hold talks with the United States Chamber of Commerce in May over the US administration’s move to impose a 32 percent tariff on goods imported from Indonesia.  

The IMO expects to come to an initial agreement by Friday next week on which mechanism to adopt to help reach carbon neutrality in shipping by 2050.

Nissan reportedly plans to reduce production at its Fukuoka factory in western Japan and shift some manufacturing of its Rogue SUV to the United States as early as this summer.

Many newcomers have entered Indonesia’s fragrance market by introducing products on social media before selling them on e-commerce or consignment where consumers can purchase them offline.

President Prabowo Subianto has instructed his cabinet to deregulate and remove “restricting regulations” particularly with regard to nontariff barriers.

Trump on Wednesday announced that China would be hit with a 34 percent tariff, on top of the 20 percent he imposed earlier this year, bringing the total new levies to 54 percent.

Indonesia exported $26.3 billion worth of goods to the US while importing only $9.5 billion, with key exports including electrical equipment, clothing and footwear, CPO and rubber.

Only 12.34 million taxpayers submitted their tax returns before this year's April 1 deadline. The figure falls short of last year’s 12.7 million tax return submissions under a similar deadline.

The tariffs -- which are paid in the first instance by US importers -- will likely push up the price of many household items in the United States and reduce consumers' spending power. 

Equities extended losses in Asia on Friday, extending a global rout inflicted by Donald Trump's tariff blitz that has inflamed a trade war and ramped up recession and inflation fears.

China is more exposed to the risk of shrinking world commerce than any other nation, with economic growth last year relying heavily on running a trillion-dollar trade surplus.

Lev Kroll, CEO of Nuanu, explains the company’s strategic vision for a commercial and residential development project in Bali’s Tabanan regency, and how other investors can get engaged.

Indonesia, which enjoyed a $16.8 billion surplus in trade with the United States last year, now faces a steep 32 percent tariff on goods exported to the US market.

Coal accounts for just over a third of global electricity production and phasing it out is fundamental to meeting climate change goals.

Six of the nine Southeast Asian countries listed by Trump were slapped with much bigger-than-expected tariffs of between 32 percent and 49percent. By comparison, the level for the European Union was 20 percent.