Trade directors in China, Japan and South Korea pledged to deepen economic ties in search of publicly and fair flows of goods a few days before the Trump administration was set to unleash fresh tariffs in countries around the world.
South Korean industry minister Aan Duk Ghosn and his counterpart, Japan’s Yoji Yoji Yoji Wyeo Vin Wetoao, discussed the free trade agreement in Seoul on Sunday. Although they did not show any major advances towards the agreement, the rally showed the increased enthusiasm between the three countries in the face of the impact of US tariffs.
“We were particularly aware of the need for ongoing trilateral economic and trade cooperation to effectively address emerging challenges and achieve concrete results in key areas,” the minister said in a joint statement.
The meeting took place along with a 25% US collection of car imports, which are scheduled to take effect at 12am Washington time on April 3. Korea and Japan are the leading exporters of vehicles to the US.
President Donald Trump is also expected to announce so-called mutual tariffs, which could affect sectors, including semiconductors and drugs. The impact on chip sales is particularly damaging to South Korea, given that it remains a key driver of export-dependent countries’ growth.
The three Asian countries are one of the countries that Trump has been targeted. China is in the midst of a new trade war with the US, but the widespread use of Washington’s tariffs indicates that even American allies, including Japan and South Korea, are unimmunized by the threat.
