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Japan China and South Korea enhance free trade amid US tariff concerns
Japan, China, and South Korea have agreed to enhance free trade cooperation amid new tariffs imposed by the U.S. The meeting, the first of its kind in five years, emphasized the need for a comprehensive trilateral free-trade agreement and a stable trade environment, as the three nations collectively represent a significant portion of the global economy and trade.
Japanese auto industry seeks government support against potential US tariffs
Japan's automobile industry association has urged the government to protect local automakers from potential U.S. tariffs on auto imports, which could severely impact both economies. JAMA Chairman Masanori Katayama expressed concerns during a meeting with Trade and Industry Minister Yoji Muto, highlighting the vulnerability of major manufacturers like Toyota, Honda, and Nissan. The proposed 25% tariffs, set to begin soon, could hinder the ability to absorb increased costs and lead to broader economic repercussions.
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