1/5
I haven't seen this confirmed elsewhere, but Antara reports that "Indonesia will soon impose up to a 200-percent import tariff on Chinese goods to mitigate the effects of the ongoing trade war between China and the United States."https://t.co/dGSV37Z78u.

— Michael Pettis (@michaelxpettis) July 1, 2024

3/5
This shouldn't come as a surprise. As the US tries to disengage itself from the role of absorber of last resort of global trade surpluses, this puts the onus of absorbing global surpluses on other countries, who are even less eager than the US to play that role.

— Michael Pettis (@michaelxpettis) July 1, 2024

5/5
This means that until China, Germany, Taiwan, South Korea, Japan, Russia and other surplus economies are forced to resolve their weak domestic demand, we should see global trade war spread from country to country as the process by which scarce global demand is allocated.

— Michael Pettis (@michaelxpettis) July 1, 2024

I remember going to an international textile fair in Jakarta last month and I can say that 75% of all companies there are Chinese and only 20% are Indonesian

I remember thinking to myself 'something has to be done' to save the Indonesian textile industry https://t.co/GxtYsgszrD

— Trystanto (@Trystanto2) June 30, 2024

The Indonesian Minister of Trade has announced that the government is planning to impose an import duty of up to 200% for imported goods from 🇨🇳, citing 🇨🇳industrial overcapacity that depressed the price of 🇨🇳 goods and made 🇮🇩-made goods uncompetitivehttps://t.co/hBE5k1TGei

— Trystanto (@Trystanto2) June 29, 2024

This is surprising to me, to say the least. It also goes to show how prevalent concerns around the world, not just in the developed economies but also supposedly Beijing-friendly Global South, are regarding PRC's industrial glut. https://t.co/DXJoccLQpF

— Collin Koh 🇸🇬🇺🇦 (@CollinSLKoh) June 30, 2024