mo4ch:>S. Korea to drop Japan from ‘white list’ of trusted trading partners in tit-for-tat move | Mo4ch News

Seoul is to downgrade Japan’s trading status amid an escalating trade war between the Asian nations. Tokyo earlier announced that it was dropping South Korea from its trade ‘white list’ and curbing the export of certain materials.The Korean government will create a new category of trade partners with ‘worse than best but better than worst’ conditions, with Japan becoming the sole country belonging to the bracket. Once applied, Japanese firms will require more paperwork to obtain trade permits and will experience longer waiting times for applications to be processed.“We need to put an export control system into operation considering the fact that it is hard to work closely with a country that frequently violates basic rules of export controls or that operates an unlawful system,” Trade Minister Sung Yun-mo said.Also on rt.comJapan purges South Korea from trusted export partners list, security ties at stakeThe retaliatory measures are expected to come into effect in September, around th…