JEJU ISLAND, South Korea – Trade ministers from Asia-Pacific nations raised alarm over rising threats to the global trading system during a high-level meeting Friday on South Korea’s Jeju Island. The Asia-Pacific Economic Cooperation (APEC) forum, comprising 21 member economies, convened amid growing strain caused by recent U.S. tariff escalations.
The meeting came as U.S. President Donald Trump’s administration imposed steep duties on multiple trading partners, including fellow APEC members. The United States, a key participant in the forum, was represented by Trade Representative Jamieson Greer, who held bilateral discussions with several countries affected by Washington’s trade policies.
In a joint statement, APEC trade ministers acknowledged that global trade faces “fundamental challenges.” They reiterated their commitment to APEC as a platform for economic cooperation and called for collective efforts to strengthen global institutions and build resilient, sustainable supply chains.
“We are concerned with the fundamental challenges faced by the global trading system,” the statement read, reaffirming support for the World Trade Organization (WTO) and urging cooperative economic action.
South Korean Trade Minister Cheong In-Kyo admitted that reaching a consensus on the joint statement was difficult. Prolonged negotiations were required due to differing national priorities, but a last-minute compromise was reached. “This agreement sends a strong and positive signal to global markets,” Cheong said. “It shows that APEC members can come together even in a climate of uncertainty.”
No Unified Response on US Tariffs
While the forum expressed collective concern, it failed to reach a unified stance on responding to U.S. tariff actions. Cheong explained that each country faces unique economic conditions, making a coordinated response impractical.
South Korea, which posted a US$66 billion trade surplus with the U.S. last year, is among the nations hardest hit by new tariffs. Trump’s administration recently imposed a 25% duty on South Korean automobiles — a blow to one of the nation’s core export industries.
Greer met with South Korean Minister of Trade, Industry and Energy Ahn Duk-geun to discuss bilateral trade issues. At a press briefing, Ahn confirmed that both sides agreed to hold a second round of technical talks in Washington next week. The discussions will focus on economic security and trade cooperation.
Ahn noted that South Korea’s existing free trade agreement with the U.S. should offer protection, warning that the new tariffs conflict with the spirit of industrial partnership. Trump has announced up to 25% in additional tariffs on South Korean exports, though implementation has been postponed until early July.
“Our goal is to conclude an agreement before that deadline,” Ahn said. “We’re doing everything we can to meet the timeline, and we believe the U.S. has no reason for further delays.”
Industrial Cooperation at the Forefront
As part of its negotiating strategy, South Korea is offering expanded imports of American liquefied natural gas (LNG) and deeper cooperation in shipbuilding — a sector where the country is second only to China globally.
Greer also met with executives from South Korea’s shipbuilding industry, including Chung Ki-sun, vice chairman of HD Hyundai, and planned further talks with Hanwha Ocean, known for its maintenance work on U.S. Navy vessels.
Markets responded positively to news of the high-level discussions. Shares of Hanwha Ocean rose nearly 3%, while HD Hyundai Heavy Industries gained as much as 3.6% by Friday morning. According to Channel News Asia, the APEC summit concluded with a call for pragmatic cooperation — even as uncertainty over U.S. trade policy looms large.
