Phoenix flag hoisted for new president
Presidential officials raised a blue flag bearing two phoenixes and a rose of Sharon, the symbol of the South Korean presidency, at the presidential office in Yongsan-gu, Seoul, on Wednesday, ending a two-month absence. This means one thing: the country has an elected leader again.
Lee Jae-myung began his five-year term Wednesday morning following a special election held the previous day.
The election was triggered by the ouster of President Yoon Suk Yeol, who was removed from office after a failed attempt to impose martial law in December.
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Korea Herald
an hour ago
- Korea Herald
Lee, Trump agree to meet soon, tee up golf for alliance: Seoul
South Korean President Lee Jae-myung and US President Donald Trump agreed to meet as soon as possible — and play a round of golf — with Trump inviting Lee to visit the US, Seoul's presidential office said. The first phone call between Lee and Trump occurred around 10 p.m. Friday, two days after Lee was officially inaugurated as president on Wednesday, following his confirmed victory in Tuesday's early presidential election. The 20-minute phone conversation drew heightened attention in Seoul as the alliance faces a laundry list of pending issues on multiple fronts, from security to trade. 'The two presidents agreed to work toward reaching a tariff agreement between the US and South Korea that would be satisfactory to both countries,' said Kang Yu-jung, the presidential spokesperson, in a written statement. To that end, Lee and Trump agreed to 'encourage tangible results from the working-level negotiations.' Seoul and Washington have been engaged in working-level negotiations ahead of the expiration of a 90-day self-imposed moratorium on Trump's reciprocal tariffs, which are scheduled to take effect for each country on July 9. The deadline set by the Trump administration for all US trading partners to submit their best offers on a trade deal expired Wednesday. According to Lee's office, 'President Trump invited President Lee to visit the US, and President Lee responded that he hopes to meet and consult frequently with the US as part of their special alliance.' 'The two presidents agreed to meet at the earliest possible time — either on the sidelines of a multilateral meeting or on the occasion of a bilateral visit — to further discuss the development of the alliance," the statement added. Notably, the presidential office in Seoul disclosed that Lee and Trump 'introduced their respective golfing skills and agreed to play a round for the alliance whenever possible.' Trump and Lee could meet on the sidelines of two multilateral events in June. The first is the G7 Summit in Alberta, Canada, on June 16–17, 2025, if South Korea is invited as an observer state and decides to attend. The other opportunity is the upcoming NATO Summit in The Hague on June 24–25, which South Korea has been invited to as one of four Indo-Pacific partners alongside Australia, Japan and New Zealand. Lee's office highlighted that the call between Lee and Trump was conducted with a 'friendly and informal atmosphere.' 'The two presidents also shared various anecdotes and experiences from their presidential campaigns, particularly concerning the risks of assassination and the political challenges they faced,' the presidential office said. 'They agreed that strong leadership comes from overcoming such difficulties.' The Korea Herald has learned that South Korea's Foreign Ministry sought to arrange the first phone call between the two leaders on Lee's inauguration day. However, the call occurred later than his predecessors. President-elect Yoon Suk Yeol held his first phone call with then-US President Joe Biden about five hours after his election on March 10, 2022. Similarly, President Moon Jae-in spoke with his US counterpart on the day of his inauguration, May 10, 2017, despite the absence of a traditional transition period following the early presidential election. Then President-elect Park Geun-hye held a phone call with US President Barack Obama two days after her victory on December 19, 2012. The protracted phone call drew criticism in Seoul, mainly from the opposition People Power Party — especially after the White House issued an unusual response to the presidential election, expressing US concern and opposition to "Chinese interference and influence in democracies around the world."
Korea Herald
7 hours ago
- Korea Herald
Political uncertainty falls below pre-martial law levels: BOK
The level of political uncertainty in South Korea has returned to levels seen prior to the martial law incident, following the recent presidential election, the central bank said Friday. According to data submitted by the Bank of Korea to Rep. Cha Gyu-geun of the Rebuilding Korea Party, the political uncertainty index stood at 1.5 as of June 4, the day after the election, in which Democratic Party candidate Lee Jae-myung defeated conservative rival Kim Moon-soo. The index, which had been around 0.4 in early December, spiked to a record high of 12.8 in mid-December, following former President Yoon Suk Yeol's surprising declaration of martial law on Dec. 3. Though the index rose slightly above 1 after the election, the BOK noted that such minor fluctuations are common in normal times and should not be interpreted as meaningful. The index is compiled by the BOK's research department by tallying the number of media articles that include both the keywords "politics" and "uncertainty" in their headlines or main text. It reflects relative values, with the long-term average from the beginning of 2000 set at zero, the BOK said. The previous record high was 8.8, recorded on March 17, 2004, following the passage of the impeachment motion against the late former President Roh Moo-hyun. The economic uncertainty index also fell to 1.2 as of June 4, a level similar to the 1.1 recorded on Dec. 3. The index had surged to 5.4 on Jan. 2 but gradually declined, reaching as low as 0.5 on May 15, the BOK said. "The political uncertainty that has weighed on the economy over the past six months is expected to ease significantly," BOK Gov. Rhee Chang-yong said at a press briefing last week. "Political factors are no longer having a meaningful impact on the won-dollar exchange rate." The Korean won had weakened sharply earlier this year, nearing 1,500 won per US dollar, largely due to the domestic political turmoil and concerns over the sweeping tariff measures under US President Donald Trump's administration. But it rebounded to its strongest level in about seven months Thursday, closing at 1,358.4 won per dollar. (Yonhap)
Korea Herald
11 hours ago
- Korea Herald
Hyundai Rotem nears W8.5tr K2 tank deal with Poland
Hyundai Rotem, the railway and defense contractor under Hyundai Motor Group, is expected to seal a second K2 tank export deal with Poland worth 8.5 trillion won ($6.3 billion) as early as this month, marking a major follow-up to the initial contract after a three-year gap. According to media reports Friday, Hyundai Rotem has completed major discussions with PGZ, Poland's state-owned defense company, covering key aspects, including the number of tanks, and is now working out detailed arrangements necessary for the final signing. Unlike the first agreement, which specified the initial delivery of 180 tanks out of 1,000 units, the second contract will detail ways for local production and technology transfer in Poland, as well as the additional number of tanks. To bolster its credibility and expedite the negotiations for the second deal, the company reportedly showed its commitment by delivering nine K2 Black Panther tanks in addition to the 12 units in March. This brings the total delivered to 133 units, leaving 47 tanks remaining to fulfill the first contract. On Thursday, the Polish Army's 15th Gizycko Mechanized Brigade announced on Facebook, 'The K2GF Black Panther tanks are now with us,' sharing photos of 9 tanks unloaded at the port of Swinoujscie. The brigade emphasized that these tanks marked another step forward in the modernization of the Polish military. Although no exact timeline has been given for finalizing the second agreement, industry watchers observe that the process is running behind earlier market expectations, which had targeted the fourth quarter of 2024. It was primarily due to extensive negotiations with the Polish government on local manufacturing and technology transfer, along with South Korea's political tensions sparked by former President Yoon Suk Yeol's martial law declaration. 'In the case of K2PL models, which will be produced in Poland, there are a number of items on the table, ranging from the procurement of tank components, cost management, maintenance and repair procedures to the scope of technology transfer,' said an industry source on condition of anonymity. Despite the overdue deal, industry insiders indicate that newly elected President Lee Jae-myung's drive for the nation's defense industry will accelerate negotiations with the Polish government. 'It is too soon to tell the impact of the new President,' the source added. 'However, as we now have the defense control tower (which had been inactive for seven months), our hope is to see bilateral talks between Korea and Poland on bolstering defense ties.' During his presidential campaign, Lee highlighted defense as a key strategic industry for propelling national growth, committing to specific support measures to become a 'top four global defense power' after the US, Russia and France.
