The dispute is being played out within a complex confluence of historical grievances, domestic politics, the ongoing US-China trade war and a ...
Japan insists that most of the necessary compensation was settled as part of a US$500 million payout under a treaty signed in 1965 and then a new agreement that was reached in 2015.
The dispute is an emotional one for both countries. Thousands of South Korean protesters have marched on the Japanese embassy in Seoul, to express their displeasure at being downgraded as a trading partner. With the world’s two largest economies, the US and China, involved in an escalating tariff war that is chilling business investment, confidence and trade flows across the world, the Japan/Korean trade spat will only add to business uncertainty.There is little indication as to when these disputes will be resolved, or in whose favour. Add to this the chaos surrounding Brexit and businesses are left wondering what will happen next.
In the past, the US would have stepped in to prevent any flare up between its two East Asian allies from getting going out of hand. But the Trump administration has been hesitant to get involved, despite the important role both countries play in monitoring North Korea’s nuclear ambitions. It will also be worried about the impact the Japan-South Korea trade spat could have on large Chinese technology companies like ZTE and Huawei, which rely on US suppliers like Qualcomm for chips and semiconductors. But if the US trade sanctions cut off this source of supply, they will be looking to South Korea for the vital components.
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