KUALA LUMPUR (April 8): China, Japan and South Korea, which have signalled alliances since the announcement of sweeping US tariffs, held their second trilateral meeting in just eight days after their first engagement this year, reflecting the urgency as Washington’s move caused ripple effects globally.

The meeting between the three economic powerhouses on March 30 came under the spotlight after the US President announced a baseline tariff of 10% on all countries, with higher duties for some, including China, which now faces a 34% tariff on imports, and Japan, hit with a 24% duty.

As for South Korea, it is bidding to lower the 25% tariff rate.

It is understood that the meeting raised concerns over the global and their respective economic outlooks, as tariff policies such as this hurt trade, business and consumer confidence, and ultimately strain diplomatic ties.

Global markets took a rout on Monday, reportedly wiping out more than US$10 trillion (RM44.83 trillion) from major markets.

The Malaysian bourse reportedly lost RM93.15 billion in market capitalisation.

The trilateral meeting, held on the sidelines of the 12th Asean Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM), saw the attendance of China’s Vice Minister of Finance, Liao Min; Japan’s Vice Minister of Finance, Atsushi Mimura; and South Korea’s Deputy Minister for International Affairs, Ministry of Economy and Finance, Choi Jiyoung.

The three leaders are also likely to attend two sessions of the Asean+3 Finance and Central Bank Deputies Meeting (AFCDM+3) on Tuesday.

This latest US move is expected to raise the total duties on Chinese goods to 54% this year, while for South Korea, the Trump administration's global reciprocal tariffs chart shows a 25% rate.

In response, China has fired back with retaliatory tariffs of 34% on all US imports, effective April 10, according to international media reports.

The +3 economies had previously convened in late March and hinted at a joint response to the escalating tariff tensions.

The meeting marked the first economic dialogue in five years among the three Asian export powerhouses, who are seeking to bolster regional trade amid mounting US protectionism.

At the March 30 meeting in Seoul, China, Japan and South Korea reaffirmed their commitment to trilateral economic and trade cooperation to tackle “emerging challenges” — a partnership now seen as increasingly vital, in light of the US measures that have sparked fears of a global trade war.

The three nations also agreed to accelerate negotiations on a trilateral free trade agreement, though concrete progress remains elusive.

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