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On Sunday, China, South Korea, and Japan decided to fortify free trade despite a slew of additional tariffs imposed by US President Donald Trump.
The deal was reached just days before tariffs on a wide variety of US imports, including automobiles, trucks, and auto components, began. It was the first time that top trade officials had met at that level in five years.
Major vehicle exports include South Korea and Japan, and the US tariffs have also had a significant negative impact on China.
The meeting was attended by South Korea’s industry minister, Ahn Duk-Geun; his Japanese counterpart, Yoji Muto; and China’s Wang Wentao.
The three countries agreed to establish “a predictable trade and investment environment” and demanded that their talks for a complete trilateral free-trade agreement be expedited, a statement noted.
The three countries must react “jointly” to common global concerns, according to South Korea’s Ahn.
“Today’s economic and trade environment is marked by increasing fragmentation of the global economy,” he said.
The Japanese trade official Yasuji Komiyama said, “The international environment surrounding us is constantly changing, and uncertainties are increasing,” after a news briefing.
Wang Liping, a Chinese official, noted, “Unilateralism and protectionism are spreading,” and the three nations need to take accountability for preserving the multilateral trade system.
“The three nations make up 19 per cent of the world’s merchandise trade, 20 per cent of the world’s population, and 24 per cent of the world economy,” he stated.
Trump has pledged to implement tariffs specific to each trading partner starting on April 2 to address unfair practices.
But he also promised “flexibility” to reporters last week, and by the end of last week, markets seemed to respond with some comfort.
