Finance ministers and central bank governors from the Association of Southeast Asian Nations (ASEAN), together with counterparts from Japan, China and South Korea, have raised concerns over the global economic risks posed by growing protectionist trade measures, following the United States’ decision to raise import tariffs the Anadolu Agency reports.

Meeting on the sidelines of the recent Asian Development Bank’s annual gathering in Milan, Italy, the officials reiterated their support for a rules-based, free and fair multilateral trading system, according to Kyodo News.

In recent weeks across East and Southeast Asia, efforts have been made on an individual nation basis to negotiate with the US in addition to group efforts across geographical areas and in different sectors – notably energy related – to address the threat of tariffs by Washington.

In a joint statement issued following the meeting, they cautioned that increasing protectionism threatens to fragment global trade, disrupting investment, trade and capital flows across the region. While the statement did not refer to the United States directly, the timing followed President Donald Trump’s move to impose wide-ranging tariffs on both allies and strategic competitors.

Although a temporary 90-day exemption has been granted to most countries, China remains a key target, facing tariffs as high as 245% on some exports to the US. Meanwhile, ASEAN members such as Cambodia and Vietnam are dealing with US tariffs of 49% and 46% respectively. Japan and South Korea are subject to reciprocal duties of 24% and 25%.

China, meanwhile, has stood up to the US, responding with tariffs of up to 125% on American imports.