Australia, Indonesia strengthen ties amid tariff | Australian Markets

Australia and Indonesia have mentioned shared considerations about regional and international economies amid escalating trade tensions within the wake of US President Donald Trump’s tariff hikes.

Treasurer Jim Chalmers spoke together with his Indonesian counterpart, Finance Minister Sri Mulyani, on Saturday afternoon in opposition to the backdrop of international uncertainty brought on by the US authorities’s resolution to increase tariffs on a host of trading companion international locations.

The two mentioned their shared considerations for regional and international economies, current market actions, and their international locations’ responses to escalating trade tensions.

“Our strategy to respond to escalating trade tensions is more resilience, more diverse markets and more engagement in our region and beyond – and that’s what all these conversations are about,” Dr Chalmers mentioned in a assertion on Saturday.

The treasurer has already spoken with South Korea and the UK in regards to the international financial uncertainty regardless of the US hitting pause on the introduction of sky-high tariffs.

The tariffs’ introduction, deadlines, backflip, and escalating US-China trade battle have rocked markets, creating uncertainty for merchants and buyers and prompting fears of recession.

China accounts for a third of Australian exports however could have much less income for Australian items and companies because the upgraded 145 per cent US tariffs impression its already lumbering financial system.

Dr Chalmers will take time out from the federal election marketing campaign subsequent week to journey to Washington for the G20, International Monetary Fund (IMF) and World Bank Group spring conferences.

US tariffs are anticipated to be a focus of dialog on the conferences, which carry key stakeholders from international locations across the world collectively to debate international economics.

Despite heightened international considerations about trade relations within the wake of the tariff battle, Dr Chalmers mentioned Australia’s place remained regular.

“Every country is working through what to do in these uncertain times and Australia’s in good stead because we have the right plan, we’ve made good progress in our economy, and we’ve got strong relationships with countries like Indonesia,” he mentioned.