Ningbo Zhoushan port in Zhejiang province, China / Photo: Dan Sandoval / AFP
On 3 April, the US will impose a 25% duty on car imports, which could have a significant impact on exporters from Japan and South Korea. On the eve of this decision, the industry ministers of China, Japan and South Korea met in Seoul to discuss the possibility of a free trade agreement, Bloomberg reports.
The trade ministers stressed the need for closer economic cooperation to minimise the risks associated with the new tariffs imposed by the Donald Trump administration. In addition to the automotive industry, the US is expected to introduce so-called reciprocal tariffs that could affect the semiconductor and pharmaceutical markets.
For South Korea, possible trade restrictions are particularly painful, as chip exports are a key driver of the country’s economic growth.
