MOSCOW (Sputnik) – The finance ministers and heads of central banks of China, Japan, and South Korea warned against protectionist measures in international trade and called for the preservation of rule-based international trade in a joint statement.
“We noted the risks posed by rising trade protectionism, faster-than-expected tightening in global financial conditions, and uncertainty of geopolitical tensions… We stressed the importance of resisting all forms of protectionism, ensuring an open and rule-based multilateral trade and investment system, and of strengthening resilience against external shocks, and agree to further enhance communication and coordination among China, Japan and Korea,” the joint statement, published by the Japanese Finance Ministry, said.
Earlier in the day, the 18th Trilateral Finance Ministers and Central Bank Governors’ Meeting was held in the Philippine capital of Manila on the sidelines of the Asian Development Bank’s annual meeting.
The statement comes amid escalated trade relations between China and the United States over a 25-percent tariff on imported steel and a 10-percent tariff on imported aluminum introduced by Washington in March.
In addition, in April, US President Donald Trump threatened to introduce additional tariffs on the Chinese imports worth about $150 billion per year, after which China announced its decision to introduce 25-percent tariffs on a total of 106 goods imported from the United States.
The timetable for introducing the new Chinese tariffs will depend on when the US authorities go through with their threats.