The relevant ministers of China, South Korea and Japan intend to meet in Seoul this weekend to discuss economic cooperation and ways to respond to the growing trade pressure from the United States. This is reported by Bloomberg, writes UNN.
Details
The publication notes that this will be the first meeting of this format in the last five years.
US auto tariffs will take effect on April 3, targeting fully assembled cars. Donald Trump called China, South Korea and Japan trade violators.
Japanese Prime Minister Shigeru Ishiba said on March 27 that he does not rule out the adoption of countermeasures on the Trump administration's automobile duties after repeated personal requests from Tokyo for exemption from payment were ignored.
Ministers are likely to discuss a free trade agreement after the countries' leaders pledged to accelerate relevant negotiations in May last year.
Remind
On the eve, US President Donald Trump announced his intention to introduce a 25% duty on the import of cars produced outside the country from April 2. The new tax will cover both passenger cars and light trucks, regardless of the country of origin.
Also, US President Donald Trump introduced a 25% duty on the import of Venezuelan oil, which may affect China and India. Caracas called it an act of aggression, but the US is ready for negotiations.