By
Vietnam News Agency
Monday July 1, 2024 | 9:41 p.m. GMT+7
Indonesia will soon impose import tariffs of up to 200 percent on Chinese goods to ease the effects of ongoing trade tensions between China and the United States, according to Trade Minister Zulkifli Hasan.
Chinese toys are sold at Pasar Raya in Padang, West Sumatra. Photo courtesy of Antara.
The policy will come into effect once the relevant regulations are issued, Zulkifli Hasan said, explaining that trade tensions are causing excess supply in China, forcing them to redirect their exports to other markets such as Indonesia.
Customs duties on products made in China would vary between 100 and 200%, the minister noted.
A new ministerial regulation is being drafted to address concerns raised by stakeholders about the inadequacies of previous regulations in protecting local industries from the influx of Chinese-made products.
Regulation No. 37 of 2023 of the Minister of Commerce, the first of its kind, established import control through a post-border mechanism and checks on imported products.
However, in the current context of many new developments, it is necessary to build a more appropriate economic management mechanism to ensure the profits of the domestic manufacturing industry and avoid the impact of trade competition among major countries, Hasan added.
