It's not just the trade dispute between the world's two economic superpowers, the U.S. and China, that can influence the global economy, but also the trade dispute between South Korea and Japan.
Our Hong Yoo has the expert's take on the ongoing tensions between the two neighboring countries.
Japan's export restrictions against South Korea could negatively affect the global economy.
That's according to American experts at a seminar on the South Korea-Japan relationship and its influence on trade and world economic order.
Hosted by the Korea Economic Institute in Washington D.C. on Wednesday... the seminar gave experts the chance to discuss the ongoing trade war between the two Asian neighbors.
Vice president of the Peterson Institute for International Economics, Marcus Noland suggested that the U.S. should play an active role in resolving the issue... because the World Trade Organization's problem-solving mechanism has its limits.
Others emphasized the need for the two countries to find a solution... so that the globalization of the semiconductor supply chain is not disrupted.
The World Economic Outlook Report, released by the International Monetary Fund on Tuesday local time, also gave stricter export controls between South Korea and Japan as one of the factors that could disrupt global trade and supply chains.
Other reasons that could contribute to slowing global economic growth include the U.S.-China trade dispute and the possibility of a no-deal Brexit.
In order to resolve trade disputes, the IMF recommended more global cooperation and called for the reform of financial regulations.
It also recommended countries to push for fiscal expansion so they can manage a looser monetary policy.
Hong Yoo, Arirang News.