SEOUL: On Sunday, representatives from China, South Korea, and Japan agreed to bolster free trade in response to a series of new tariffs set forth by U.S. President Donald Trump.
This decision was reached during a meeting of senior trade officials—the first of its kind in five years—just days before tariffs are scheduled to take effect on a wide array of U.S. imports, including automobiles and their components.
Both South Korea and Japan are significant auto exporters, while China has been adversely affected by the American tariffs as well.
In attendance were South Korea’s Minister of Trade, Industry and Energy, Ahn Duk-geun, Japan’s Minister of Economy, Trade, and Industry, Yoji Muto, and China’s Commerce Minister, Wang Wentao.
The trio called for a swift advancement in their discussions regarding a comprehensive trilateral free trade agreement and agreed on the importance of establishing a "predictable trade and investment environment," according to a joint statement.
Minister Ahn emphasized the necessity for collective action in tackling common global challenges. "Today’s economic and trade landscape is increasingly fragmented," he noted.
Yasuji Komiyama, a Japanese trade official, remarked during a press briefing that "the international environment around us is continuously evolving, bringing increased uncertainties."
Chinese official Wang Liping pointed out that "unilateralism and protectionism are on the rise," stressing that the three nations bear the responsibility of upholding the multilateral trading system.
These three countries represent about 20% of the world’s population, 24% of the global economy, and 19% of international merchandise trade.
President Trump has announced tailored tariffs for each trading partner starting April 2, aimed at addressing practices he views as unfair. However, he indicated last week that there would be "flexibility," which seemed to ease market concerns by the end of the previous week.
