1 week Ago
Indonesian stocks tanked more than nine percent at the open Tuesday following a long public holiday break, triggering a trading suspension as uncertainty over US President Donald Trump's global tariff policies roil markets.Trump upended the world economy last week with sweeping tariffs that have raised fears of an international recession and triggered criticism even from within his own Republican Party.The benchmark Jakarta Composite Index fell 9.
19 percent, down 598.56 points to 5,912.06 as markets in Southeast Asia's biggest economy reopened after being closed since March 28 because of public holidays.
The sharp fall triggered a 30-minute trading suspension, a stock exchange spokesperson said in a statement, coming a day after global stock markets and oil prices collapsed further on a black Monday. Ahead of the opening, Indonesia's stock exchange said trading would be further suspended if the market fell 15 percent, and trading would be halted for the day if the market dropped 20 percent.Trump set an additional rate of 32 percent on goods from Indonesia, higher than the baseline 10 percent for all countries and more than Southeast Asian neighbours Malaysia, Singapore and the Philippines.
Ex-general President Prabowo Subianto has said Jakarta will pursue diplomacy by sending a high-level delegation to the United States, instead of retaliating to the tariffs.mrc-jfx/dhc.
