China, South Korea, Japan to boost free trade amid US tariff threat
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The agreement was reached during a high-level trade meeting, just days before the US implements tariffs on a wide range of imports, including cars, trucks, and auto parts.
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Japanese Foreign Minister Takeshi Iwaya, fourth right, and Chinese Foreign Minister Wang Yi, sixth left, attend the Japan-China high-level economic dialogue in Tokyo Saturday, March 22, 2025 (Philip Fong/Pool Photo via AP)
China, South Korea, and Japan agreed on Sunday to bolster free trade efforts amid a wave of new tariffs imposed by US President Donald Trump.
The agreement was reached during a high-level trade meeting—the first of its kind in five years—just days before Washington implements tariffs on a wide range of imports, including cars, trucks, and auto parts.
The move is expected to significantly impact South Korea and Japan, both major auto exporters, as well as China, which has already faced trade restrictions from the US.
South Korean Industry Minister Ahn Duk-geun, Japanese Trade Minister Yoji Muto, and Chinese Commerce Minister Wang Wentao attended the talks. The three nations pledged to accelerate negotiations for a comprehensive trilateral free trade agreement and committed to fostering “a predictable trade and investment environment,” according to a joint statement.
Ahn emphasized the need for a coordinated response to economic uncertainties, stating, "Today's economic and trade environment is marked by increasing fragmentation of the global economy."
Why it matters
Japanese trade official Yasuji Komiyama echoed concerns about rising instability, saying, "The international environment surrounding us is constantly changing, and uncertainties are increasing."
Meanwhile, Chinese official Wang Liping warned against trade protectionism, stressing that "unilateralism and protectionism are spreading" and that Beijing, Seoul, and Tokyo must take responsibility for safeguarding the multilateral trading system.
Together, the three nations represent 20% of the global population, 24% of the world economy, and 19% of global trade, Wang noted.
Trump has announced that tariffs, set to take effect on April 2, will be tailored to individual trading partners to address what he deems unfair practices. However, he signaled some room for negotiation last week, telling reporters there would be "flexibility," which eased market concerns.
