Japan announced on Friday its new trade curb against South Korea by blotting them out their white list of fast-track export destinations effective on August 28.
Japan’s newest measure would force Japanese exporters to South Korea to perform more procedures in securing export permits that would delay the exchanging of goods.
Moreover, Japan explained that the decision was for the security welfare of the country, and not likely for retaliating against South Korea’s firm trade stance.
Unfortunately, South Korea took Japan’s move seriously and said in a statement that it was more of a politically motivated plot. In effect, South Korea is planning to take countermeasures to rule out immobilization of export activities.
South Korea would be the first country to be blotted out by the Japanese government in their white list of trade partners which currently has 27 countries enlisted including the United States.
Japan car sales drop by 38% last month due to the coronavirus pandemic29.06.2020
Japan retail sales slump as pandemic curbs consumer spending25.06.2020
Dollar gains on risk-off mood due to virus fears, trade tensions23.06.2020
Gold prices dip after White House clarifies trade deal mixup