South Korea is bracing for Japan's decision to drop it from a 'white l...
SEOUL - South Korea is bracing for Japan’s decision to drop it from a “white list” of countries that enjoy minimum trade restrictions, which could come as soon as Friday, Seoul’s foreign minister said, as companies prepared for the possible fallout.
Media in Japan have said its cabinet could meet as soon as Friday to decide on stripping South Korea of the trade status, a move that Seoul has called a very grave matter that would undermine the two nations’ economic and security partnership. “If we are removed from the white list, we are concerned that relations between the two countries would worsen to uncontrollable levels,” Kang added.
Asked by lawmakers if the United States had agreed to mediate between its biggest Asian allies, Kang said only that Washington had listened to the positions of both, but it “wouldn’t be easy” for the country to openly mediate.Some of South Korea’s largest industries are preparing for the dispute to intensify.
The South Korea government launched closed-door briefings this week for officials in 20 major industries, including chips and autos, a source familiar with the matter said. Korean apparel maker TBH Global Co Ltd and underwear maker Sbw Inc both jumped nearly 30% on Tuesday, on expectations of higher sales as buyers shun Uniqlo, owned by Japan’s Fast Retailing Co Ltd.
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