De-Dollarization: China, Japan, Korea Boost Ties Amid Tariff War
China, Japan, and South Korea announced on Sunday that they will accelerate talks for a trilateral free trade agreement. The move comes as a response to the US imposing a 25% tax on car and light truck imports. The development will particularly hit Japanese and South Korean car manufacturers. The talks may further fuel the de-dollarization movement. Also Read: Pi Coin Price Prediction for April 5th: Will It Break the $1.10 Barrier? Will China, South Korea, And Japan Ditch The US Dollar? Source: iStockphoto China is spearheading the de-dollarization movement. The nation’s BRICS allies have also expressed the desire to create a currency system for mutual trade. The People’s Bank Of China has signed bilateral currency swap agreements with more than 40 foreign central banks. The move adds further fuel to the anti-US dollar sentiment. According to Jin Keyu, trade invoicing in Yuan has increased from 0% to 30% in the last 10 years. According to a Bloomberg report, China has also t...