Cars waiting to be exported at a port in Pyeongtaek, south of Seoul, South Korea. Illustration photo: Yonhap/VNA

Thailand and Cambodia are the two Southeast Asian countries that reached agreements with a preferential tariff of 19%. The Thai government called this “one of the major successes to secure the country’s export base and economic security in a long run.” 

Cambodian Prime Minister Hun Manet also welcomed the agreement, saying “This is good news for the people and economy of Cambodia to continue developing the country.”

Japanese Prime Minister Shigeru Ishiba said Tokyo will continue to call on the United States to take measures to implement the bilateral agreement swiftly, including reductions in tariffs on cars and auto parts.

The South Korean government held an emergency meeting to assess the impact of a new 50% tariff on imported copper products imposed by the United States. The Ministry of Trade, Industry and Energy said it would take measures to support domestic companies and promote the diversification of export markets.

China, the world’s second-largest economy and one that is engaged in trade talks with the US, has expressed deep concern. Chinese Foreign Ministry spokesperson Guo Jiakun warned that protectionism would harm the interests of all parties.