International News 23 April 2025
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China ready to take countermeasures if other countries follow US trade pressure
China has issued a warning to other countries, stating that it will firmly oppose any economic deals made with the United States if these deals are deemed to be detrimental to China's interests. The Ministry of Commerce of the People's Republic of China has expressed its respect for countries attempting to resolve trade differences with the United States of America through equal consultation. However, China has made it clear that it will take strong and equal countermeasures if any country reaches a trade deal with the US that harms China. This statement is a response to media reports suggesting that the Trump administration plans to pressure other countries to limit trade with China as a condition for tariff exemptions from the US. China's position is that the US has misused tariffs against its trading partners under the guise of equality, and has coerced other countries into reciprocal tariff negotiations. China asserts that it is determined and capable of protecting its national rights and interests. It is prepared to strengthen solidarity with partner countries.
Rp 130 Trillion Project Cancelled! LG Consortium Pulls Out of Investment in Indonesia
The South Korean consortium, which is led by LG and consists of LG Energy Solution, LG Chem, LX International Corp., and other partners, has decided to halt an 11 trillion won ($7.7 billion) project in Indonesia. This project was aimed at building an electric vehicle (EV) battery supply chain. The consortium, which had previously collaborated with the Indonesian government, sought to establish a fully integrated EV battery supply chain, encompassing the entire spectrum from raw material procurement to battery cell manufacturing. Indonesia, the world's largest nickel producer, was selected as a strategic location for this project due to its substantial nickel reserves. However, following consultation with the Indonesian government, the consortium took the decision to halt the project, citing changes in the industry landscape, specifically the temporary decline in demand for electric vehicles, known as the 'EV chasm'.
Global Exchanges Hit by Sell-Off Due to Trump's Statement
US President Donald Trump has expressed concern that the US economy could experience a slowdown unless interest rates are reduced in the near future. Trump has expressed dissatisfaction with Jerome Powell, the Chairman of the Federal Reserve, for his decision not to lower interest rates, and has indicated that if rates remain high, the economy will suffer. This has led to a strained relationship between the government and the Federal Reserve, with the stock market experiencing decline and bond yields rising due to uncertainty surrounding the future of monetary policy and the autonomy of the Fed. Questions have been raised regarding Trump's authority to remove Powell from his position. However, even if he were to succeed, the Fed's governance structure would still allow other members to have a say in interest rate decisions. The situation remains unclear and could result in further confrontations between the White House and the Fed.