On the sidelines of the ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting, Sri Mulyani noted that Japan’s experience in dealing with the trade war with the US in the 1980s offers valuable insights and is an important reference in shaping the steps forward.
“(During the meeting) I conveyed that Indonesia received a positive response from the US government as one of the first mover countries that proactively negotiate tariffs,” she wrote on her Instagram account.
As part of the negotiations, Sri Mulyani highlighted that Indonesia has prepared a comprehensive policy package addressing various issues, including tariff and non-tariff barriers, as well as tracking the US trade deficit.
"Our discussion also covered the impact of escalating tariff wars on the automotive and electronics industries that have long been pillars of global trade and dominated by the US, Japan, China, and Europe,” she stated.
Earlier, Sri Mulyani stated that Indonesia's bargaining position remains neutral amid tensions between the US and China over reciprocal tariffs.
"Indonesia, both as the largest country in ASEAN and in its relations with the US and China, which are experiencing escalating tensions, maintains a fairly neutral position that is respected and taken into account,” she noted.
“This is a good bargaining power that we must maintain," she stressed.
She expressed optimism that Indonesia's relatively strong bargaining position is supported by its stable economic performance. With this support, Indonesia has sufficient capital to face the dynamic and tense global situation.
So far, the Indonesian government and the Office of the US Trade Representatives (USTR) have signed a non-disclosure agreement, marking the start of the technical discussion phase set to take place in the next two weeks.
The agreement resulted from negotiations between the Indonesian and US governments following President Donald Trump’s announcement to impose reciprocal tariffs on numerous countries, including Indonesia, which now faces a 32 percent tariff.
However, on April 9, Trump announced a 90-day pause on the policy’s implementation for most countries, excluding China. Indonesia is among the countries granted the full three-month reprieve.
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Translator: Imamatul Silfia, Yashinta Difa
Editor: Aditya Eko Sigit Wicaksono
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