Indonesia Closely Monitoring US Trade Policy
Indonesia has been closely observing the implications of the US trade policy following President Donald Trumps executive order to investigate the trade imbalance between the US and some partner countries.
Jakarta, 08 Rajab 1438/05 April 2017 (MINA) – The government has been closely observing the implications of the US trade policy following President Donald Trumps executive order to investigate the trade imbalance between the US and some partner countries.
Indonesia will continue to monitor the US trade policy, while evaluating commodities exported to the country, Trade Minister Enggartiasto Lukita informed ANTARA here on Monday.
“We will monitor it and wait for the next moves. Meanwhile, we are evaluating commodities that were exported to the US, whether they would potentially be questioned,” Lukita stated.
Trump has issued an executive order to investigate the trade imbalance between the US and 16 countries, including Indonesia, and import rejection.
The investigation order covers data on the US trade that recorded a deficit of US$500 billion, of which some $300 billion were contributed by its trade with China.
The US trade deficit with Indonesia had reached $8.84 billion in 2016. The main commodities shipped to the US were mostly footwear, textiles, fishery products, and natural resources, while the US had exported aircraft, soybean, and machinery.
Among the countries that contributed to the trade deficit are China, Japan, Germany, Mexico, Ireland, Vietnam, Italy, South Korea, Malaysia, India, Thailand, France, Switzerland, Taiwan, Canada, and Indonesia.
Japan has recorded a trade surplus of $69 billion, while Germany, $65 billion, and Vietnam, $32 billion.
Lukita said Indonesias trade attach” and the Indonesia Trade Promotion Center will also closely monitor developments in the US trade policy that could be made by Trumps administration.
“In addition, I have urged our representative in Washington D.C. to monitor it,” he added.
Enforcing strict law on trade and unilateral trade approach.
The US president has also ordered to improve its anti-dumping policy.
In his executive order, Trump had called for the collection of anti-dumping duties that must be paid to the US.
According to the US Accountability Office, more than $2.3 billion in uncollected anti-dumping and countervailing duties were owed to the country since 2001.
The investigation will focus on unfair subsidies, currency rate and its effects, and the absence of mutual benefits in some trade practices, among others.
The Trump administration has vowed to enforce a strict law on trade and increase unilateral trade approach. (T/RS5/RS1)
Mi’raj Islamic News Agency (MINA)
