China, Japan & South Korea hold trade talks, 1st time in 5 years, ahead of expected US tariffs

China, Japan, and South Korea have agreed to strengthen economic ties days ahead of Trump's planned announcement of more tariffs.

The three countries held their first economic dialogue in five years in Seoul, South Korea, on Sunday (Mar. 31), CNBC reported.

Rivals and partners

The meeting was held by Chinese Minister of Commerce Wang Wentao, Japanese Minister of Economy, Trade, and Industry Yoji Muto, and South Korean Industry Minister Ahn Duk Geun, Chinese media Global Times reported.

Japan and South Korea are looking to source semiconductor raw materials from China, while China expresses interest in buying chip products from Japan and South Korea, according to Reuters, citing a social media account affiliated with China's national television broadcaster CCTV.

The three trade chiefs also pledged to reinforce the Regional Comprehensive Economic Partnership, an agreement designed to optimise supply chains and boost trade and investment between the major economies in Asia, including China, Japan, and South Korea.

The partnership does not include the U.S.

More tariffs expected

The meeting was held days ahead of Trump's planned announcement on Wednesday (Apr. 2) of more tariffs.

Since taking office in January, Trump has imposed tariffs aimed at U.S. trading partners.

In recent weeks, he has slapped tariffs on U.S. neighbours and trade partners Canada and Mexico, despite the existence of the U.S.-Canada-Mexico trade agreement which Trump himself negotiated during his first term as president.

Commenting on the planned tariffs on Wednesday, Trump said that he would be "very kind" to trading partners.

The Trump White House reportedly plan to start with a global tariff on all countries.

According to CNBC, China, Japan, and South Korea have not made substantial progress on a trilateral free-trade agreement since starting discussion in 2012.

The three countries have agreed to hold their next ministerial meeting in Japan.

Top image via Jung Yeon Je/AFP