Trade Cooperation Strengthened by China, Japan and South Korea Amid US Tariff Concerns

Trade Cooperation Strengthened by China, Japan and South Korea

Asia: Trade cooperation has been agreed upon by China, Japan, and South Korea during a meeting held in Seoul, marking their first economic dialogue in five years. Attended by the respective ministers from the three countries, the meeting has been aimed at enhancing free trade in the region amid concerns over newly promised US tariffs, including a 25% levy on car and auto parts imports. Described as "liberation day," the new tariffs have been announced by the US, posing a threat to the export-reliant economies of the three Asian powers. Despite longstanding tensions and territorial disputes that have hindered progress on a trilateral free-trade deal since 2012, renewed efforts have been initiated as the countries, heavily reliant on US trade, seek to mitigate the impact of protectionist measures. While the US has paused the trade tariffs for 90 days, duties on Japan's auto industry continue.

Source: DW