Trump Delayed Reciprocal Tariffs for 90 Days, Raised China Duties to 125%

Trump Delayed Reciprocal Tariffs for 90 Days, Raised China Duties to 125%
President Trump postponed new reciprocal tariffs on 56 U.S. trade partners for 90 days, but raised import duties on China to 125%. The 
reversal came hours after broad-based tariffs took effect, rattling markets and raising recession fears. Despite the temporary delay for 
most countries, tariffs on China remain, signaling continued pressure amid escalating trade tensions. Trump indicated potential further 
tariffs on sectors like pharmaceuticals. (Bloomberg)

China Imposed 84% Tariff on US Goods in Retaliation to Trump's Measures
China raised its tariffs on US products to 84% starting 10 Apr-25, up from the previously announced 34%, in retaliation to new tariffs 
imposed by President Donald Trump. The US had just enacted steep import duties, including a 104% tariff on Chinese goods, escalating 
the global trade war. The Trump administration nearly doubled tariffs on Chinese imports to 54% last week in response to China's prior 
countermeasures. The EU and Canada are expected to join China with retaliatory measures. (Bisnis.com)

INDUSTRY
Indonesia Cuts CPO Levy, Import Tariffs to Counter U.S. Trade Pressure
Indonesia will lower the CPO export levy to 0–25%, easing the burden by up to 5%, in response to the 32% U.S. tariff. Other measures 
include cutting import income tax on electronics from 2.5% to 0.5%, and slashing import duties on U.S. goods (steel, tech, medical 
devices) from 5–10% to 0–5%. Anti-dumping and safeguard processes will also be fast-tracked to 15 days. (CNBC)

Oil Slumps 3% on China Tariffs, Supply Fears Mount
Oil prices tumbled after China announced 84% retaliatory tariffs on U.S. goods. US crude fell 3.07% to USD 57.75/bbl, and Brent dropped 
to USD 60.89/bbl, both hitting session lows of USD 55.12 and USD 58.40, respectively. Market sentiment weakened further as OPEC+ 
plans to ramp up output in May, adding to oversupply concerns. Talks between the US and Iran also raise prospects of more Iranian crude 
entering the market. Fears of slowing demand amid rising supply are weighing heavily on oil. (CNBC)

COMPANY
Midi Utama Indonesia (MIDI) Divested 70% Stake in Lawson to Sumber Alfaria Trijaya (AMRT)
MIDI sold its entire 70% stake (1.48 bn sh) in Lawson or PT Lancar Wiguna Sejahtera (LWS) to PT Sumber Alfaria Trijaya Tbk (AMRT), its 
parent co, for IDR 135/sh, or IDR 200.5 bn total deal value. The transaction was formalized through a Conditional Shares Purchase 
Agreement signed on 08 Apr-25 and is effective after GMS approval and deed finalization by Jun-25. This was an affiliated transaction, 
but not a conflict of interest nor material transaction. Post-transaction, LWS is no longer controlled by MIDI and is now directly under 
AMRT, which holds 70% of LWS and 77.09% of MIDI. (Company Disclosure)

Our view: This is a positive news for MIDI as Lawson currently still reporting losses. Lawson's revenue contribution to MIDI for FY24 is at 
6.8%, still small and we think MIDI itself will catch up with its growth to cover it, as has been shown from 1Q25 operational data.

MIDI 1Q25: Strong SSSG and 34 New Stores
MIDI recorded a strong SSSG of +12.46% YoY in 1Q25 (vs. 1Q24: +13.67% YoY, 4Q24: +9.13% YoY), despite the high base of last year. The 
stores outside Java island are still the main driver for the growth.
MIDI also reported opening 34 new stores in 1Q25, equivalent to 17% of its 2025 target of 200 new stores. 27 out of 34 new stores or 
equivalent 79% are opened outside Java island. (Company).