Asia unites: Joint stance against Trump's tariff strategy
China, Japan, and South Korea will together respond to US tariffs, reports Reuters, citing Chinese state media. The new US tariffs are set to take effect on April 2.
The comments from state media followed the first economic dialogue in five years between the three countries, held on Sunday, aimed at facilitating regional trade, as Asian export powerhouses face tariffs imposed by US President Donald Trump, Reuters reports.
The agency adds that Japan and South Korea intend to import raw materials for semiconductor production from China, and China is also interested in purchasing chip products from Japan and South Korea.
Asked about reports of a joint response to the tariffs, a South Korean trade ministry spokesperson stated that "the suggestion that there was a joint response to US tariffs appears to have been somewhat exaggerated."
Japan's trade minister, Yoji Muto, when asked about this at a press conference on Tuesday, said that a trade ministers' meeting was held over the weekend, but no such discussions took place. Muto stated the meeting was merely an exchange of views, Reuters reports.
Trump announces more tariffs
Donald Trump recently announced that on 2 April, he will impose a 25% tariff on all cars and light trucks imported from abroad. The previous rate was 2.5%.
European Commission President Ursula von der Leyen, on the other hand, announced that the EU will not ignore this decision by Donald Trump. "Tariffs are taxes – bad for businesses, worse for consumers equally in the US and the European Union," she assessed. She assured that the Union will seek solutions through negotiations, while protecting its economic interests.
Canada also announced its response to the further tariffs imposed by the US. "We will defend our workers. We will defend our companies. We will defend our country," emphasised Canadian Prime Minister Mark Carney.
"If the European Union starts cooperating with Canada to cause economic harm to the United States, both countries will face tariffs on a massive scale, much higher than currently planned, to protect the best friend these two countries ever had!" announced Donald Trump on the Truth Social platform.
