China, South Korea, and Japan concurred on strengthening free trade during a summit in Seoul, as stated jointly by their leading officials.
The meeting — the first of this kind in half a decade — follows US President Donald Trump’s disruption of global trade through a series of retaliatory tariffs imposed on a wide array of imports such as vehicles, trucks, and automotive components.
While South Korea and Japan lead in automobile exports, China has faced significant challenges due to recent US tariff increases.
The gathering included South Korea’s industry minister Ahn Duk-geun, Japan’s corresponding official Yoji Muto, and China’s representative Wang Wentao.
The three nations urged for an acceleration of their talks aimed at establishing a complete trilateral free-trade deal. They also concurred on forming “a stable trade and investment atmosphere,” according to a statement.
Ahn from South Korea stated that the three nations should address “collectively” the common global issues they face.
“The current economic and trade landscape is characterized by the growing division within the global economy,” he stated.
Trump has pledged to impose targeted tariffs on every trade partner starting from April 2nd as a response to what he considers unjust practices.
However, he informed journalists earlier that there would be “some wiggle room,” and by the close of last week, financial markets seemed to respond positively with a degree of reassurance.
