China, South Korea and Japan yesterday agreed to strengthen free trade in the face of a raft of new tariffs imposed by US President Donald Trump.
The agreement came at a meeting of top trade officials — the first at that level in five years — days ahead of the start of tariffs on a huge range of US imports, including cars, trucks and auto parts.
South Korea and Japan are major auto exporters, while China has also been hit hard by US tariffs. The meeting was attended by South Korean Minister of Industry, Trade and Energy Ahn Duk-geun, his Japanese counterpart Yoji Muto, and Chinese Minister of Commerce Wang Wentao (王文濤).
Photo: AFP
The three countries called for their negotiations for a comprehensive trilateral free-trade agreement to be sped up, and agreed to create “a predictable trade and investment environment,” a statement said.
The three countries must respond “jointly” to shared global challenges, Ahn said.
“Today’s economic and trade environment is marked by increasing fragmentation of the global economy,” he said.
“The international environment surrounding us is constantly changing, and uncertainties are increasing,” Japanese trade official Yasuji Komiyama told a news briefing.
Ahn emphasized that protectionism was “not the answer” and urged efforts to ensure the WTO functions properly to “safeguard the stability and predictability” of global commerce, the South Korean trade ministry said.
Trump has promised tariffs tailored to each trading partner from Wednesday to remedy practices he deems unfair.
However, he also told reporters last week that there would be “flexibility,” and markets appeared to react with some relief at the end of last week.
Following the meeting between the three ministers, they also held bilateral meetings gatherings.
Muto said regardless of domestic “political circumstances in either country,” he hopes that exchanges and cooperation would continue with South Korea.
RESPONSE: The transit sends a message that China’s alignment with other countries would not deter the West from defending freedom of navigation, an academic said Canadian frigate the Ville de Quebec and Australian guided-missile destroyer the Brisbane transited the Taiwan Strait yesterday morning, the first time the two nations have conducted a joint freedom of navigation operation. The Canadian and Australian militaries did not immediately respond to requests for comment. The Ministry of National Defense declined to confirm the passage, saying only that Taiwan’s armed forces had deployed surveillance and reconnaissance assets, along with warships and combat aircraft, to safeguard security across the Strait. The two vessels were observed transiting northward along the eastern side of the Taiwan Strait’s median line, with Japan being their most likely destination,
GLOBAL ISSUE: If China annexes Taiwan, ‘it will not stop its expansion there, as it only becomes stronger and has more force to expand further,’ the president said China’s military and diplomatic expansion is not a sole issue for Taiwan, but one that risks world peace, President William Lai (賴清德) said yesterday, adding that Taiwan would stand with the alliance of democratic countries to preserve peace through deterrence. Lai made the remark in an exclusive interview with the Chinese-language Liberty Times (sister paper of the Taipei Times). “China is strategically pushing forward to change the international order,” Lai said, adding that China established the Asia Infrastructure Investment Bank, launched the Belt and Road Initiative, and pushed for yuan internationalization, because it wants to replace the democratic rules-based international
The National Development Council (NDC) yesterday unveiled details of new regulations that ease restrictions on foreigners working or living in Taiwan, as part of a bid to attract skilled workers from abroad. The regulations, which could go into effect in the first quarter of next year, stem from amendments to the Act for the Recruitment and Employment of Foreign Professionals (外國專業人才延攬及僱用法) passed by lawmakers on Aug. 29. Students categorized as “overseas compatriots” would be allowed to stay and work in Taiwan in the two years after their graduation without obtaining additional permits, doing away with the evaluation process that is currently required,
ECONOMIC BOOST: Should the more than 23 million people eligible for the NT$10,000 handouts spend them the same way as in 2023, GDP could rise 0.5 percent, an official said Universal cash handouts of NT$10,000 (US$330) are to be disbursed late next month at the earliest — including to permanent residents and foreign residents married to Taiwanese — pending legislative approval, the Ministry of Finance said yesterday. The Executive Yuan yesterday approved the Special Act for Strengthening Economic, Social and National Security Resilience in Response to International Circumstances (因應國際情勢強化經濟社會及民生國安韌性特別條例). The NT$550 billion special budget includes NT$236 billion for the cash handouts, plus an additional NT$20 billion set aside as reserve funds, expected to be used to support industries. Handouts might begin one month after the bill is promulgated and would be completed within
RSS