ASEAN, East Asian Presidents Express Concern Over Economic Risks
(MENAFN) Finance ministers and central bank governors from the Association of Southeast Asian Nations (ASEAN), along with representatives from Japan, China, along with South Korea, have expressed concern over the potential global economic impact of protectionist trade measures.
This warning follows United States Leader Donald Trump’s announcement of higher import tariffs.
The group gathered on Sunday during the Asian Development Bank’s annual meeting in Milan, Italy, and reiterated their strong commitment to maintaining a "rules-based, free, fair, and transparent multilateral trading system," according to the media.
In a joint statement, they pointed out that "escalating trade protectionism weighs on global trade, leading to economic fragmentation, affecting trade, investment and capital flows across the region."
While they did not directly reference the United States, the statement emphasized the negative consequences of rising protectionism.
Trump’s recent decision to implement broad tariffs worldwide, which has impacted both allies and adversaries, was a major point of concern.
Following this, Trump provided a 90-day delay for all countries except China, which faces a steep 245 percent tariff on certain exports to the US.
ASEAN nations Cambodia and Vietnam are facing significant US tariffs of 49 percent and 46 percent, respectively.
Meanwhile, Japan and South Korea are experiencing reciprocal tariffs of 24 percent and 25 percent, respectively.
In response, China has imposed its own tariffs, reaching as high as 125 percent on all imports from the US.
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