Asian Financial Leaders Warn of Rising Trade Protectionism
(MENAFN) Finance ministers and central bank governors from ASEAN nations, along with Japan, China, and South Korea, have cautioned about the potential negative global economic consequences stemming from protectionist trade measures. Their warning café after U.S. President Donald Trump's recent declaration of increased import tariffs.
The financial leaders convened on Sunday during the Asian Development Bank's annual meeting in Milan, Italy. According to reports, they reiterated their dedication to a rules-based, free, fair and “transparent multilateral trading system.”
In a joint statement, they expressed that "escalating trade protectionism weighs on global trade, leading to economic fragmentation, affecting trade, investment and capital flows across the region." The statement did not explicitly name the United States.
Last month, President Trump initiated a broad tariff system impacting numerous countries, including both allies and competitors. Subsequently, a 90-day temporary exemption was granted to all nations except China, which now faces tariffs as high as 245% on certain exports to the US.
ASEAN members Cambodia and Vietnam are also facing significant U.S. tariffs of 49% and 46%, respectively. Additionally, the U.S. imposed reciprocal tariffs of 24% on Japan and 25% on South Korea.
China has responded with its own tariffs, levying 125% on all imports from the United States.
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