To promote regional trade, South Korea, China and Japan held their trade talk for the first time in five years while Trump’s “liberation day” draws near.
In the 13th Trilateral Economic and Trade Ministers’ Meeting, three trade ministers from South Korea, China and Japan agreed to “closely cooperate for comprehensive and high-level” talks to promote “regional and global trade.”
The three nations are U.S. major trading partners, and they are about to be affected by U.S. President Donald Trump’s set of tariffs, which he will impose on April 2, or what he called “liberation day.” The president claimed that these duties will free the U.S. from foreign goods.
Trump’s recent 25% import tariffs on cars and auto parts already affect Asian automakers, such as South Korea and Japan. According to S&P’s data, they are the second and third largest exporters of vehicles to the U.S. behind only Mexico.
Ahn Duk-geun, the trade Minister from South Korea, stated that the three nations must strengthen the implementation of the Regional Comprehensive Economic Partnership (RCEP) to create a framework for expanding trade cooperation.
