BREAKING: South Korea's president says Tokyo's 'unjust' decision to downgrade its trade status would harm global supply chains.
Chinese Foreign Minister Wang Yi has urged Japan and South Korea to show goodwill and resolve their trade spat through negotiations and dialogue.Japan’s Cabinet on Friday approved the removal of South Korea from a “whitelist” of countries with preferential trade status. It takes effect on Aug. 28.
Moon says Japan’s decision was retaliation against South Korean court rulings that called for Japanese companies to compensate South Korean plaintiffs for their forced labor during World War II. South Korea has balked at Japan’s decision that requires case-by-case licensing for three high-tech materials used in semiconductors and smartphones — South Korea’s key exports.
Kono said maintaining effective export control over sensitive goods and technology from a security perspective was Japan’s right and that it complied with free trade rules. He also said South Korea would still enjoy preferred status on par with ASEAN nations.Japanese trade minister Hiroshige Seko says Japan’s decision to remove South Korea’s preferential trade status only means the country gets a standard treatment and should not affect bilateral relations.
Seko urged South Korea to first improve its export controls to mitigate Japan’s doubts and regain trust.South Korea’s presidential office has expressed “deep regret” and vowed a stern response over Japan’s decision to take the country off its list of nations with preferred trade status.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Korea-Japan talks falter ahead of decision on favored-trade listSouth Korea called on Thursday for Japan to allow more time for diplomacy as tal...
Read more »
Japan-South Korea dispute may be good news for memory chip pricesIf Japan takes away special trade privileges from South Korea, Samsung could be forced to look for alternative suppliers for its memory chips and that could give prices a boost, says Mark Newman from Sanford C. Bernstein.
Read more »
South Korea warns Japan that removing Seoul from its preferential list could affect security cooperationSouth Korea's foreign minister warned on Thursday that if Japan removes South Korea from its list of countries with minimum trade restrictions, Seoul would have to review bilateral security cooperation
Read more »
South Korea asks Japan to keep it on favored trading list amid dispute: KyodoSouth Korean Foreign Minister Kang Kyung-wha asked her Japanese counterpart on T...
Read more »
South Korea: North Korea launched projectiles into seaSEOUL, South Korea (AP) — South Korea's military says North Korea fired unidentified projectiles twice into the Sea of Japan in its third weapons tests in just over a week. The Seoul's Joint...
Read more »
Pompeo hopes to help patch up Japan-South Korea tiesU.S. Secretary of State Mike Pompeo said he would encourage the two biggest U.S....
Read more »