Finance ministers and central bank governors discuss Trump's higher import tariffs in Milan
Finance ministers and central bank governors of the Association of Southeast Asian Nations (ASEAN) plus Japan, China and South Korea warned of the potential global economic fallout from protectionist trade policies following an announcement by US President Donald Trump of higher import tariffs.
They met Sunday on the sidelines of the Asian Development Bank's annual meeting in Milan, Italy and reaffirmed their commitment to a rules-based, free, fair and “transparent multilateral trading system,” Kyodo News Agency reported.
"Escalating trade protectionism weighs on global trade, leading to economic fragmentation, affecting trade, investment and capital flows across the region," they said in a joint statement, without mentioning the US by name.
Last month, Trump launched a wide-ranging tariff regime across the world, affecting allies as well as rivals.
Later, he gave a 90-day reprieve to all nations except China, which is facing a maximum 245% tariff on some exports to the US.
ASEAN members Cambodia and Vietnam are facing hefty US levies of 49% and 46%, respectively, while Trump imposed reciprocal tariffs of 24% on Japan and 25% on South Korea.
China also retaliated with its own 125% tariffs on all US imports.
*Writing by Islamuddin Sajid
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