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Let's Chop It Up: APEC Cracks Down on Trade Turmoil with US Tariffs Brewing a Global Storm
The Asia-Pacific Economic Cooperation (APEC) group is scrabbling to maintain global trade harmony after a series of US tariffs sent ripples through the global economy. The drama unfolds during the APEC Ministers Responsible for Trade meeting on Jeju Island, South Korea, as ministers from top economies face off against the US trade woes.
In the shadows of this economic showdown, US Trade Representative Jamieson Greer, representing a key APEC member, heartlessly seduces nations with promises of softening the blow of Washington's tariffs.
The 21-member APEC group, which embraces powerhouses like China, declares their concern over the relentless challenges plaguing the global trading system. Desperate to bridge the gap and restore order, the group reaffirms their commitment to APEC as a crucial conduit for tackling the economic tribulations bedeviling their region [1].
South Korea's Minister for Trade, Cheong In-Kyo, orchestrates the Headliner Agree-Ment: a diplomatic triumph that implies global trade mechanisms like the World Trade Organisation (WTO) and sustainable supply chains hold the key to navigating the swirling cauldron of uncertainty and tension [1]. This watershed accord sends waves of optimism through global markets, boosting the spirits of participants.
However, when quizzed about a joint response to the US tariffs, Cheong shrugs off any united front, remarking that each country encounters unique predicaments [1]. South Korea, for one, registered a whopping US$66 billion (RM283 billion) trade surplus with the US last year, making it a prime target in Trump's trade crusade [1].
Greer and South Korea's Trade, Industry and Energy Minister, Ahn Duk-geun, later engage in a cozy tête-à-tête. The outcome: a second round of technical consultations scheduled for next week [1]. Ahn, being a savvy negotiator, highlights South Korea's free trade agreement with the US and underscores growing concerns over the recent tariffs [1].
Trump, in a fit of spitefulness earlier this year, slapped 25% tariffs on South Korean automobiles, sending tremors through the country's economy [1]. However, Trump's volatile character prevails, suspending the tariffs until early July [1]. Ahn remains upbeat, expressing hope that they will finalize negotiations before that deadline [1].
Seoul seeks to exploit this opportune moment with offers of increased US liquefied natural gas (LNG) imports and bolstering the shipbuilding sector, an area where South Korea shines [1]. Greer isn't left out, schmoozing with stakeholders such as HD Hyundai and Hanwha Ocean, South Korea's largest shipbuilder [1]. Shares of Hanwha Ocean and HD Hyundai度 rose in response to these talks, indicating a promising future for collaboration [1].
This global trade showdown doesn't come without its battle scars, but APEC, resilient and resourceful, presses on, striving to create a more robust and prosperous Asia-Pacific region [1].
Know Thy Enemy:- The meeting underscored escalating trade and economic uncertainties across the globe, which threatens to destabilize the global economy and trade landscape [1].- The APEC meeting strategized ways to restore trust in the multilateral trading system, with a prime focus on building a more resilient and prosperous Asia-Pacific region [1].- US tariffs have emerged as a contentious issue, instigating concerns amongst APEC members about the impact on their economies [1].
[1] AFP, Retrieved 2023-05-16
In the midst of these escalating trade uncertainties, international tech news outlets cover the APEC meeting's focus on reestablishing trust in the multilateral trading system, highlighting the environment sector's concerns about the potential impact on their economies.
General news reports on South Korea's Minister for Trade, Cheong In-Kyo, and US Trade Representative Jamieson Greer's diplomatic discussions, including the possibility of resolving trade issues through sustainable supply chains and strengthening partnerships, particularly in the tech sector.
Politics blogs scrutinize the APEC meeting's efforts to combat trade turmoil, scrutinizing the US tariffs' implications on the Asia-Pacific region's economic prosperity and investigating potential strategic responses from member nations to protect their respective interests.
