The finance chiefs of the Association of Southeast Asian Nations plus Japan, China and South Korea warned Sunday of the potential global economic fallout of protectionist trade policies, following the announcement of higher import tariffs by US President Donald Trump.
“Escalating trade protectionism weighs on global trade, leading to economic fragmentation, affecting trade, investment and capital flows across the region,” the finance ministers and central bank governors said in a statement adopted when they met on the sidelines of the Asian Development Bank’s annual meeting in Milan, Italy.
The statement of the ASEAN-plusthree countries, which did not mention the United States by name, also reaffirmed their commitment to a rulesbased, free, fair and “transparent multilateral trading system”.
— Kyodo
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