The US should be afraid? South Korea, China And Japan condemned “protectionism” in the approach to world trade, suggesting that it can lead to destabilization of world order. As a result, the support of the Trade System of the World Trade Organization (WTO) was announced. There was talk about cooperation to face “new the challenges of the world economy. ” China, Japan and South Korea will answer them together. This is important because they are three countries with the highest size of exports to the United States.
A powerful alliance is created: These Asian countries also announced the establishment of economic cooperation in connection with the customs duties, which Donald Trump will probably impose on these countries. The trade ministers had the first meeting since 2019. It was announced during it “close cooperation “in promoting regional trade. Japan and South Korea intend to import raw materials for the production of semiconductors from China, and China wants to bring chips from Japan and South Korea. The next meeting of the ministers is to take place in Japan. This time faster.
Asia focuses on Asia: It was also promised to accelerate negotiations on the free trade agreement (FTA) between Japan, China And Korea, which began in 2012, moreover, the need to strengthen the “multilateral regional comprehensive economic partnership (Regional Comprehensive Economic Partnership, Przcet)”. This is an agreement of 2022, which de facto eliminates trade barriers between 15 Asia and Pacific countries, including Australia, China, Japan, New Zealand and Vietnam. There are no United States in it.
Read too text Kacper Kolibabski: “It will be a 'commercial world war'. Trump will hit in two days. “
Sources: Reuters, trade.gov.pl, china.hani.co.kr, NHK