The US, Japan, and South Korea Emphasize the Need for 'Strategic Economic Cooperation'

On Wednesday, the trade ministers of the United States, Japan, and South Korea committed to collaborate on strategic issues including AI safety, export controls, clean energy, and semiconductor supply chains. According to Reuters, Gina Raimondo, the US Secretary of Commerce, stated at the start of a joint meeting with Japan and South Korea in Washington, "We are doubling our efforts to work together." Raimondo said, "As three leading economies in production, services, technology, and innovation, we must cooperate not only for the benefit of our countries but also for the safety and security of the world." Japan's Minister of Economy, Trade and Industry, Ken Saito, also mentioned that the three countries "agreed to create a strong and reliable supply chain for strategic materials by collaborating with like-minded countries, including Japan, the United States, and South Korea, and designing a market where factors other than price are fairly assessed." Last month, US President Joe Biden promised to significantly increase tariffs on critical minerals from China, as Washington is committed to reducing China's dominance over critical mineral supply chains. US Treasury Secretary Janet Yellen had previously called for "curbing China's excess industrial capacity" and emphasized that Washington would not accept the destruction of new and emerging American industries due to imports of Chinese goods. According to Reuters, she stressed in a press conference that President Biden is determined to prevent a repeat of the "China shock" that led to the loss of about two million jobs in the US in the early 2000s due to increased imports from China. The US Treasury Secretary called for "curbing China's excess industrial capacity" in Beijing, and the G7 is likely to warn Chinese banks about trade with Russia.