Japan has taken South Korea from the list of preferred trading partners, ONA reports citing Tellerreport.
Now South Korea is reacting and announcing the preferential treatment to the neighboring country.
The trade dispute between Japan and South Korea is intensifying. As South Korean Trade Minister SungYun Mo announced, South Korea's government has decided to cut Japan off bilateral trade from the White List of Preferential Countries. Only a week ago, Japan had done the same and South Korea from its Listegestrichen. The government in Seoul had announced retaliation.
South Korea's government justified the fact that Japan had violated international principles in export controls. The changes are expected to come into force in September. The escalation of the dispute between the two states could damage global supply chains, such as those in the chip and electronics industries. This is already due to the trade dispute between the US and China anyway.