Treasurer Jim Chalmers spoke with his Indonesian counterpart, Finance Minister Sri Mulyani, on Saturday afternoon against the backdrop of global uncertainty caused by the US government's decision to increase tariffs on a host of trading partner countries.
The two discussed their shared concerns for regional and global economies, recent market movements, and their countries' responses to escalating trade tensions.
"Our strategy to respond to escalating trade tensions is more resilience, more diverse markets and more engagement in our region and beyond - and that's what all these conversations are about," Dr Chalmers said in a statement on Saturday.
The treasurer has already spoken with South Korea and the UK about the global economic uncertainty despite the US hitting pause on the introduction of sky-high tariffs.
The tariffs' introduction, deadlines, backflip, and escalating US-China trade war have rocked markets, creating uncertainty for traders and investors and prompting fears of recession.
China accounts for a third of Australian exports but will have less income for Australian goods and services as the upgraded 145 per cent US tariffs impact its already lumbering economy.
Dr Chalmers will take time out from the federal election campaign next week to travel to Washington for the G20, International Monetary Fund (IMF) and World Bank Group spring meetings.
US tariffs are expected to be a focus of conversation at the meetings, which bring key stakeholders from countries around the world together to discuss global economics.
Despite heightened global concerns about trade relations in the wake of the tariff war, Dr Chalmers said Australia's position remained steady.
"Every country is working through what to do in these uncertain times and Australia's in good stead because we have the right plan, we've made good progress in our economy, and we've got strong relationships with countries like Indonesia," he said.
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