East Asian Economies Seek Trade Cooperation amid U.S. Tariff Policies
South Korea, Japan, and China aim to accelerate free trade negotiations to counter U.S. tariffs.
On March 30, 2025, economic ministers from South Korea, Japan, and China convened in Seoul to discuss enhancing cooperation amid escalating U.S. tariff policies.
The meeting marked the first trilateral summit in this format since 2020, highlighting the urgency of addressing economic pressures resulting from U.S. trade actions under President Donald Trump.
The South Korean Minister of Industry Ahn Duk-geun, Japanese Minister of Economy, Trade and Industry Yoji Muto, and Chinese Minister of Commerce Wang Wentao agreed to expedite negotiations for a comprehensive and equitable trilateral free trade agreement.
This agreement aims to provide a stable and predictable environment for businesses across the three nations.
Since the initiation of discussions in 2013, the negotiations had stalled by 2019 but gained momentum following a significant trilateral summit in 2024. Recognizing the need for an equitable global competitive landscape, the ministers expressed commitment to ensuring free, open, fair, non-discriminatory, transparent, and inclusive trade and investment conditions.
The context of the meeting is crucial; recent months have seen the U.S. impose additional tariffs, including a 25% tariff on steel and aluminum since mid-March, with further tariffs planned to be implemented on imported automobiles from April 2, which may affect South Korea and Japan significantly — the two nations account for 16% and 15% of total U.S. automotive imports, respectively.
The ministers also highlighted the shared challenges posed by rising unilateralism and protectionism, which threaten global trade dynamics.
The three countries collectively represent approximately 20% of the global population, one-quarter of the world's economy, and 20% of international trade.
In addition to accelerating the free trade discussions, South Korea, Japan, and China expressed intentions to closely collaborate on reforming the World Trade Organization (WTO) and encouraging new memberships in the Regional Comprehensive Economic Partnership (RCEP), a significant trade bloc that includes China and 14 other Asian nations.
The announcement underscores the three nations' commitment to maintaining a multilateral trading system amid the increasing uncertainties within the global market, attributed largely to U.S. trade policies and tariff fluctuations.
The meeting marked the first trilateral summit in this format since 2020, highlighting the urgency of addressing economic pressures resulting from U.S. trade actions under President Donald Trump.
The South Korean Minister of Industry Ahn Duk-geun, Japanese Minister of Economy, Trade and Industry Yoji Muto, and Chinese Minister of Commerce Wang Wentao agreed to expedite negotiations for a comprehensive and equitable trilateral free trade agreement.
This agreement aims to provide a stable and predictable environment for businesses across the three nations.
Since the initiation of discussions in 2013, the negotiations had stalled by 2019 but gained momentum following a significant trilateral summit in 2024. Recognizing the need for an equitable global competitive landscape, the ministers expressed commitment to ensuring free, open, fair, non-discriminatory, transparent, and inclusive trade and investment conditions.
The context of the meeting is crucial; recent months have seen the U.S. impose additional tariffs, including a 25% tariff on steel and aluminum since mid-March, with further tariffs planned to be implemented on imported automobiles from April 2, which may affect South Korea and Japan significantly — the two nations account for 16% and 15% of total U.S. automotive imports, respectively.
The ministers also highlighted the shared challenges posed by rising unilateralism and protectionism, which threaten global trade dynamics.
The three countries collectively represent approximately 20% of the global population, one-quarter of the world's economy, and 20% of international trade.
In addition to accelerating the free trade discussions, South Korea, Japan, and China expressed intentions to closely collaborate on reforming the World Trade Organization (WTO) and encouraging new memberships in the Regional Comprehensive Economic Partnership (RCEP), a significant trade bloc that includes China and 14 other Asian nations.
The announcement underscores the three nations' commitment to maintaining a multilateral trading system amid the increasing uncertainties within the global market, attributed largely to U.S. trade policies and tariff fluctuations.
