S. Korea must step up reforms as many of its competitive edges have been 'eaten away' by China's rise: Expert
William Pesek, author of Japanization: What the World Can Learn from Japan's Lost Decades and a long-time Asia watcher, says low approval ratings of both Japanese and Korean leaders mean that the two countries are likely to focus on domestic issues with limited political capital for cooperation on international affairs.
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CNBC
4 hours ago
- CNBC
S. Korea must step up reforms as many of its competitive edges have been 'eaten away' by China's rise: Expert
William Pesek, author of Japanization: What the World Can Learn from Japan's Lost Decades and a long-time Asia watcher, says low approval ratings of both Japanese and Korean leaders mean that the two countries are likely to focus on domestic issues with limited political capital for cooperation on international affairs.
UPI
2 days ago
- UPI
Lee Jae-myung, Trump speak on phone, reaffirm U.S.-South Korea alliance
New South Korean President Lee Jae Myung appears at a news conference at the presidential office in Seoul, South Korea, on Wednesday, his first remarks after being inaugurated earlier in the day. Photo by Ahn Young-joon/EPA-EFE/pool June 7 (UPI) -- South Korea's President Lee Jae-myung spoke for the first time with U.S. President Donald Trump late Friday as both leaders agreed to further strengthen their nations' alliance. Lee, who took office Wednesday, talked with Trump in a 20-minute phone call, according to the presidential office of South Korea. The White House has not confirmed the conversation, and the president, who is in New Jersey this weekend, hasn't posted about the call on Truth Social. The two presidents agreed to strive toward reaching a mutually acceptable trade agreement, including on tariffs. Trump has imposed 10% baseline tariffs on most trading partners. On April 2, Trump said the Republic of Korea would face a 49% duty but one week later he paused it for three months along with the other worst offenders in the trade imbalance. South Korea's tariffs on imported agricultural goods average 54%. Trump congratulated Lee on his election victory, and the new leader expressed his gratitude, according to the office. Lee noted the importance of the alliance, which forms the foundation of Seoul's diplomacy. The phone call was "conducted in a friendly and candid atmosphere," as they shared anecdotes and experiences from their election campaigns, according to South Korea's presidential office. They exchanged views on their assassination attempts last year and political challenges, in addition to discussing their their golf skills and agreed to play a round together. Trump invited Lee to the White House and the Group of Seven summit in Alberta, Canada, from June 15-17. South Korea is not a G7 member state, but the nation attended them group's meetings in 2021 and 2023. Korea's neighbor, Japan, is a member of the G7. Yonhap reported the South Korea government is in consultations for Japanese Prime Minister Shigeru Ishiba and Chinese President Xi Jinping to speak to their leader. It has not been decided whether Lee will attend the North Atlantic Treaty Organization leaders' summit in the Netherlands on June 24 and 25, according to the presidential office. Lee, the Democratic Party liberal candidate, won in a landslide over Kim Moon-soo of the conservative People Power Party. He was inaugurated the next day on Wednesday. South Koreans turned out in record numbers in a snap election triggered by the impeachment and removal of Yoon Suk Yeol in April after a botched martial law decree. Some 35.24 million voters cast a ballot, representing a turnout of 79.4% -- the highest mark since an 80.7% turnout in 1997.
CNBC
2 days ago
- CNBC
Japan trade negotiator Akazawa says he made progress in U.S. tariff talks
Japan had made some progress in a fifth round of trade talks with U.S. officials aimed at ending tariffs that are hurting Japan's economy, Tokyo's chief tariff negotiator said. "Tariffs have already been imposed on autos, auto parts, steel and aluminum, and some of them have doubled to 50% along with 10% general tariff. These are causing daily losses to Japan's economy," Ryosei Akazawa, said in Washington on Friday after talks with officials, including Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick. Akazawa declined to say what progress they had made. The latest round of talks may be the last in-person meeting between senior Japanese and U.S. officials before the Group of Seven (G7) leaders summit that starts on June 15, where U.S. President Donald Trump is expected to meet Japanese Prime Minister Shigeru Ishiba. Japan also faces a 24% tariff rate starting in July unless it can negotiate a deal with Washington. "We want an agreement as soon as possible. The G7 summit is on our radar, and if our leaders meet, we want to show what progress has been made," Akazawa said. "Still we must balance urgency with a need to guard our national interests," he added. Last month Japan's trade negotiator said U.S. defence equipment purchases, shipbuilding technology collaboration, a revision of automobile import standards and an increase in agricultural imports could be bargaining chips in tariff talks. In a bid to reach an agreement with the U.S., Japan is also proposing a mechanism to reduce the auto tariff rate based on how much countries contribute to the U.S. auto industry, the Asahi newspaper reported on Friday. Akazawa said Japan's position has not changed and that the tariffs are not acceptable.
