Rhode Island Ready for US-China Trade War Impact: Minister
Trade Minister Budi Santoso of Indonesia has assured that the country is well-prepared to face the potential repercussions of a trade war between the United States and China. This declaration comes as tensions between the two global superpowers continue to escalate, raising concerns about the implications for the global economy.
On Wednesday in Jakarta, Santoso emphasized the importance of readiness in light of the looming trade war. With President Donald Trump’s proposed policies, including a 100-percent tariff on BRICS member countries and a 60-percent tariff increase on Chinese products, the risk of a trade conflict affecting global supply chains is imminent.
Key to Economic Stability: Competitiveness
To navigate through these challenging times, Santoso highlighted the significance of maintaining competitiveness in the Indonesian economy. He emphasized that being competitive would not only attract other countries but also ensure that Indonesia remains resilient in the face of trade disruptions.
According to Santoso, a strong focus on competitiveness will enable Indonesia to stand its ground in the international market. By leveraging its strengths in trading goods and services, the country can continue to thrive despite external pressures.
Pursuing Bilateral Economic Cooperation
In response to the escalating trade tensions, the Indonesian government, led by Coordinating Minister for Economic Affairs Airlangga Hartarto, is exploring new avenues for economic cooperation with the US. This strategic approach aims to foster a positive relationship with the US and gain access to its market.
Hartarto emphasized the importance of seeking a reduction in trade tariffs through bilateral cooperation as a proactive measure against potential import tariff policies during Trump’s presidency. The government is actively pursuing various mechanisms, including a free-trade agreement, to strengthen Indonesia-US trade relations.
Preparing for Trump’s Presidency
As President Trump’s inauguration approaches on January 20, 2025, Indonesia is bracing for the impact of the new administration’s trade policies. The US has already started imposing tariffs on Indonesian imports, such as apparel and commodities, signaling a shift in trade dynamics between the two countries.
In conclusion, Indonesia is taking proactive steps to safeguard its economy and enhance its competitiveness in the face of a possible US-China trade war. By prioritizing bilateral economic cooperation and pursuing strategic initiatives, the country aims to mitigate the adverse effects of global trade tensions and secure its position in the international market.
Remember, in times of uncertainty, staying competitive is key to resilience and growth in the face of adversity. What steps can you take to enhance your competitiveness in your personal or professional life?
