Trump tariffs: China, Japan, South Korea to jointly respond to US’ tariffs

China, Japan and South Korea have agreed to jointly respond to US tariffs following an economic dialogue between the nations for the first time in five years. The three countries seek to facilitate regional trade as they seek to counterbalance the effects of US President Donald Trump’s tariffs. 

Japan and South Korea are looking to import semiconductor raw materials from China, while China is interested in purchasing chip products from Japan and South Korea, according to a post on Weibo. The countries also plan to accelerate talks for a South Korea-Japan-China free trade agreement. 

According to a joint statement released after the meeting that was held on Sunday, the countries are committed to promoting "regional and global trade", which is crucial given the current global trade environment.

"The three countries exchanged views on the global trade environment, and as you can see in the joint statement, they shared their understanding of the need to continue economic and trade cooperation," the South Korean trade ministry spokesperson said.

The dialogue between the three countries comes ahead of Trump’s reciprocal tariffs, which will come into effect from April 2. He had initially announced reciprocal tariffs with all countries, and imposed a 25 per cent additional tariff on imports from Canada and Mexico and a 10 per cent additional tariff on imports from China, which was increased to 20 per cent, following China’s retaliatory tariffs.  

He also imposed a 25 per cent tariff on imported automobiles, affecting major Japanese automakers like Toyota, Nissan, and Honda. This decision, announced as part of what Trump calls "liberation day," is intended as a permanent measure to reshape US trade policies. The tariff is particularly impactful for Japan, where automobiles make up 28.3 per cent of the nation's exports to the US, a critical component of Japan's economy. Japanese Prime Minister Shigeru Ishiba had earlier stated that the country will "put all options on the table" in considering the most effective response to the tariffs.