South Korea says framework US trade deal possible by August, farm market access on table
Minister for Trade Yeo Han-koo, who held high-level talks with U.S. officials last week, said South Korea was seeking to avoid "unfair" U.S. tariffs on sectors key to its industrial prowess that would undermine industrial cooperation with its main security ally and trading partner, media reports said.
"I believe it's possible to reach an agreement in principle in the U.S. tariff negotiations, and then take some time to negotiate further," the Newsis news agency quoted Yeo as telling local media reporters. "Twenty days are not enough to come up with a perfect treaty that contains every detail."
"We need to make a strategic judgment in the case of the agriculture and livestock sectors," Yeo was quoted as saying, adding "sensitive" areas may need continued protection but some aspects may be considered as part of the overall framework.
There was "considerable progress" in the discussion with U.S. officials over cooperation in key industrial sectors as part of the trade talks, Yeo was cited as saying, but Washington needed to cut industry-specific tariffs on autos and steel.
On Sunday in Maryland, U.S. President Donald Trump told reporters "South Korea wants to make a deal right now," without elaborating what would cement a deal or speculate on a time frame for getting negotiations done.
South Korea is in a race to reach a compromise trade pact in the hope of avoiding a 25% tariff slapped on its exports by Trump that is set to kick in on August 1, after a late start to negotiations with a new president voted in last month.
President Lee Jae-myung took office on June 4 following the ouster of his predecessor Yoon Suk Yeol over a failed martial law attempt. The six months of political turmoil forced Seoul to initially focus on technical discussions over Trump's demands.
Top South Korean officials held meetings in Washington after Trump's announcement, including to negotiate cuts or exemptions from import duties on steel and autos.
A senior South Korean trade official said earlier this month Washington had shown a willingness to consider exemptions on sectoral tariffs, as it had when agreeing a deal with Britain, if South Korea proposed a clear offer to reduce trade deficits.
South Korea earned a record $55.6 billion trade surplus with the U.S. in 2024, up 25% from 2023, led by rising car exports, according to Korea Customs Service data.
South Korea's effective tariff rates stand at near-zero under a free trade agreement first signed in 2007 then revised in 2018 under Trump's first term, according to economists.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
7 minutes ago
- The Independent
Released Israeli-Argentinian hostage fights for brother still held by Hamas
As Israel has announced steps to increase humanitarian aid in Gaza, a former Israeli-Argentinian hostage knows first-hand what that could mean for captives of the Hamas militant group. Iair Horn, who spent a year and a half in captivity, said hostages could tell when more aid was available because they would receive more food. 'When there's less food, then there's also less for the hostages. When there's aid, there's a possibility you might get a cucumber,' said Horn, 46. Hamas militants kidnapped Horn from his home at Kibbutz Nir Oz, along with 250 other people, during the group's cross-border attack on Oct. 7, 2023. He was released Feb. 15 after 498 days in captivity. For most of that time, he was held in an underground cell in a tunnel with several other hostages, including his younger brother Eitan Horn, 38. Since his release, Iair Horn has deferred his own recovery to fight for the release of his brother and the other 50 hostages still being held in Gaza, 20 of whom are still believed to be alive. Negotiations collapse again Hearing that negotiations between Israel and Hamas were once again frozen over the weekend was devastating for his family, Horn said. Since his release, he has made four trips to the U.S., where he has met with President Donald Trump and other American leaders to plead for the hostages. He wasn't sure what to make of a comment Thursday by Trump special envoy Steve Witkoff, who said the U.S. would consider 'alternative options' after recalling its negotiating team from Qatar. 'I'm not a politician, and I'm not getting into those things because I don't understand them. What I understand is very simple: I want my brother back,' Horn said. 'My life is frozen right now. I live in a nightmare that every day they are kidnapping me anew,' he said. Horn, who is single, is currently living with family in Kfar Saba, a city near Tel Aviv. Previously, he worked a variety of jobs in Kibbutz Nir Oz, including in education, maintenance and the kitchen. He also ran the kibbutz pub. Every morning when he opens his eyes, he must think for a few moments to remember where he is, to remember he is no longer a hostage, Horn said. He's gained back some of the weight he lost in captivity, but his list of physical and psychological ailments is long. He does not know where he will live, what he will do in the future, or if he will go back to Nir Oz. The only thing he concentrates on is advocating for his brother's release. 'I never imagined that another half year would pass without seeing my little brother,' he said. Israel's war in Gaza has killed more than 59,700 Palestinians, according to Gaza's Health Ministry. The agency's count doesn't distinguish between militants and civilians, but the ministry says that more than half of the dead are women and children. The U.N. and other international organizations see the ministry, which operates under the Hamas government, as the most reliable source of data on casualties. Brothers were held together Iair Horn is the oldest of three brothers who grew up in Argentina. He moved to Israel at age 20, followed by his middle brother, Amos. Eitan and their parents, long divorced, joined later. On Oct. 7, 2023, Eitan was visiting Iair at his home on Kibbutz Nir Oz when the sirens started, warning of incoming missiles. Soon they received text messages alerting them to the fact that militants had infiltrated the kibbutz. Militants entered Iair's home, where he was hiding in the reinforced safe room with Eitan. Iair attempted to hold the door shut until they began shooting through the door. Then he decided to surrender, worried they might use grenades or stronger weapons. Iair, who was immediately taken into Gaza, didn't know what had happened to his brother until around the 50th day of his captivity, when the militants placed the two brothers together, and Iair realized Eitan had also been kidnapped. Being together, even in their small, barred room, was a stroke of luck, Iair said. 'There's a lot of time with nothing to do, and we talked a lot about our childhoods, about elementary school, about the youth movement, about soccer,' he said. 'We tried to keep our sense of humor. He would ask me, did you brush your teeth? And I'd ask him, did you wash your bellybutton?' 'It was silly things, silly things between siblings that I don't have right now. Many times it happens now that something happens to me on the street that I have to tell him. And I can't, and I'm so sorry,' he said, starting to cry. Captors tell hostages that two will be released For most of the time, the Horn brothers were held with three other hostages. In early February, their captors came to the group of five and said that two would be released. 'For four days, we're looking at each other and wondering if we can decide or influence the decision,' he said. After four days, the captors arrived with a small plate of snacks and a video camera. They announced that Iair and another hostage would be leaving and filmed the emotional interaction between Iair and Eitan. Hamas later released the video on its social media channels, as it has with other videos of the hostages filmed under duress. Their last night together, Eitan and Iair laid side by side in silence. 'There was no conversation because in your head you don't want to have a conversation as if it's your last conversation,' Iair Horn said. When their mother, Ruty Chmiel Strum, learned that Iair was coming out but not Eitan, she said to anyone who would listen, "Why are you doing this to my sons? They are together and you're separating them?' No one gave her an answer, but Strum clung to hope that Eitan would be released soon. Now she mostly ignores news about the negotiations, tuning out the information to protect herself. She said she raised her three boys 'as a single body,' and their support for each other is unshakable. She clasps Iair's hand as they sit together on the couch in her home and looks forward to the day Eitan returns. 'I will feel the hug of my three sons, enjoying life, each supporting each other," she said. "It will happen.'
The Herald Scotland
21 minutes ago
- The Herald Scotland
Starmer told to demand Trump ends tariffs on Scotch whisky
Shock waves were sent through the Scottish whisky industry in April when Mr Trump announced 10% tariffs - a rise from zero tariffs - on imports of the product into the US. America is the largest export market by value for Scotch whisky, with 2024 figures showing the market was worth £971m to the industry. Single malt whisky was previously hit with a 25% tariff in 2019, during the first Trump presidency - a decision later estimated to have cost the industry around £600m over a two-year period. That tariff, which expired in 2021, came about due to a battle between the US and the EU over subsidies for plane makers Airbus and its American rival Boeing. READ MORE: Mark Kent, chief Executive of the Scotch Whisky Association (SWA) said the US President's visit to Scotland "is a timely opportunity to highlight the enduringly positive relationship that has lasted between Scotland and the United States for centuries". He added: "It is underpinned by our diaspora who now call the United States home, and the cross-Atlantic trade which generates investment and creates jobs in communities across Scotland and in States across the US. "Scotch Whisky and US whiskey embody that close and abiding relationship. Our two great industries collaborate, invest and trade, and both have flourished under zero-tariff access to UK and US markets for over thirty years. The visit is a critical moment for the UK government to re-engage in discussions to remove the tariffs on Scotch Whisky in the industry's largest global market. 'We are urging the Prime Minister and ministers to push for tariff removal for Scotch [[Whisky]], and demonstrate the UK Government's commitment to ensuring a key UK export can thrive and grow.' Prime Minister Sir Keir Starmer will meet President Donald Trump on Monday (Image: PA) The Scottish Conservative's shadow cabinet secretary for business, economy, tourism and culture Murdo Fraser said: 'All tariffs are damaging, but when he meets President Trump, Keir Starmer must make the strongest possible case for protecting the whisky industry from additional taxes. 'Scotch whisky accounts for almost a quarter of the UK's entire food and drink exports and is worth more than £7billion to the economy, as well as supporting tens of thousands of jobs. 'The Prime Minister has a patchy record on negotiations, but this is a chance for him to stand up for Scotland's interests, and it's crucial he rises to the challenge.' Scottish Lib Dem leader Alex Cole-Hamilton MSP said: 'Securing tariff free access to American markets needs to be a top priority. The Scottish economy is already fragile from years of SNP neglect, it doesn't need any more upheaval. 'Scotch whisky producers will want to know with certainty what tariff rate they are likely to face going forward. 'Having rolled out the red carpet to Donald Trump, the pressure is now on to get a good deal for Scotland and the whole UK.' Scotch whisky accounts for three quarters of Scottish food and drink exports and about a quarter across the UK creating more than 40,000 jobs in Scotland. The industry is also a huge tourist attraction for domestic and international visitors. The US imported almost £1billion of Scotch last year and is a crucial international market for the industry but companies, including Diageo, Scotland's biggest whisky producer, have warned US tariffs could slash profits by hundreds of millions of pounds. More than 41,000 people are employed in the Scotch Whisky industry in Scotland and over 25,000 more jobs across the UK are supported by the industry In 2022, Scotch whisky accounted for 26% of all Scotland's international goods exports and 2% of all UK goods exports The Prime Minister is expected to discuss a ceasefire in Gaza and an end to the war in Ukraine when he meets Mr Trump. On Monday, the leaders are expected to discuss progress on implementing the UK-US trade deal, hopes for a ceasefire in the Middle East and applying pressure on Vladimir Putin to end the war in Ukraine. They are also expected to talk one-on-one about advancing implementation of the landmark Economic Prosperity Deal so that citizens of both countries can benefit from boosted trade links between their two countries. The Prime Minister is also expected to welcome the president's administration working with Qatar and Egypt to bring about a ceasefire in Gaza. The US President played golf on Saturday and Sunday at his Turnberry golf course, and on Sunday afternoon met European Commission president Ursula von der Leyen. After the meeting on Monday, Mr Starmer and Mr Trump will travel on together for a further private engagement in Aberdeen. Mr Trump is expected to meet First Minister John Swinney on Tuesday. The US President will visit the UK again in September for his second state visit. A spokesperson for Number 10 said it was expected they will discuss 'what more can be done to secure the ceasefire urgently, bring an end to the unspeakable suffering and starvation in Gaza and free the hostages who have been held so cruelly for so long'. The war in Ukraine will also be up for discussion with both politicians 'set to talk about their shared desire to bring an end to the barbaric war' according to Number 10, and expected to 'reflect on progress in their 50-day drive to arm Ukraine and force Putin to the negotiating table'. A spokesperson for the UK Government said: 'The UK and the US have one of the closest, most productive alliances the world has ever seen, working together to cooperate on defence, intelligence, technology and trade. 'The UK was the first country to agree a deal with the US that lowered tariffs on key sectors and has received one of the lowest reciprocal tariff rates in the world. 'Businesses in aerospace and autos are already benefiting from the strong relationship the UK has with the US and the deal agreed on May 8. 'The Government is working at pace with the US to go further to deliver benefits to working people on both sides of the Atlantic and to give UK industry the security it needs, protect vital jobs, and put more money in people's pockets through the Plan for Change.' Mr Trump teed off on Sunday morning, being welcomed by supporters who urged him "don't trust Starmer". The Republican leader arrived around 11am at the coastal course in Ayrshire and played golf with his son, Eric. Police were seen patrolling the golf course as associates played earlier in the morning before a huge motorcade of golf caddies arrived around 10.40am. Dressed in a white baseball cap branded 'USA', Mr Trump waved at journalists who shouted questions at him as he teed off. Supporters of the president carrying placards stood in the dunes urging him, "Don't trust Starmer", also shouting, "We love you Trump". Three people gathered to support the Republican leader, carrying a hand-painted placard which read: "President Trump don't trust Starmer". It branded the Prime Minister an explicit term, and was jointly held by a man dressed in black, who wore an Adidas baseball cap. A woman holding the sign wore a red baseball cap reading "Make America Great Again" with fake hair attached and appeared to laugh as she watched. Another female supporter dressed in a floral anorak, held an American flag and wore a baseball cap reading "Make England Great Again". She carried a smaller sign that also branded Starmer an explicit term. A female well-wisher could be heard repeatedly shouting "We love you Trump" and "thank you". Someone else shouted: "Trump, Trump, Trump, Trump". Meanwhile, a man was arrested at Prestwick Airport on Friday evening for allegedly carrying a placard calling [[Donald Trump]] an offensive word. The man, aged 20, was arrested next to the military airport in Ayrshire where Air Force One landed "for abusive behaviour and refusing to stop", according to Police Scotland. The force said on Saturday that no arrests had been made, although a 50-year-old woman was issued with a recorded police warning in connection with alleged threatening behaviour at a Stop Trump Scotland protest outside the US consulate in Edinburgh on Saturday. A Police Scotland spokesperson said: "A 20-year-old man was arrested next to Prestwick Airport on Friday for abusive behaviour and refusing to stop. "He was given a recorded police warning." The UK Government was approached for comment.
Sky News
an hour ago
- Sky News
PM to hold talks with Trump today - but will have to walk a fine diplomatic line
Gaza and transatlantic trade are set to dominate talks between Donald Trump and Sir Keir Starmer when the pair meet in Scotland later. Downing Street said the prime minister would discuss "what more can be done to secure the ceasefire [in the Middle East] urgently", during discussions at the president's Turnberry golf course in Ayrshire. Talks in Qatar over a ceasefire ended on Thursday after the US and Israel withdrew their negotiating teams. 13:22 Mr Trump blamed Hamas for the collapse of negotiations as he left the US for Scotland, saying the militant group "didn't want to make a deal… they want to die". Sir Keir has tried to forge close personal ties with the president - frequently praising his actions on the world stage despite clear foreign policy differences between the US and UK. The approach seemed to pay off in May when Mr Trump announced the agreement of a trade deal with the UK that would see several tariffs lowered. The two leaders are expected to discuss this agreement when they meet, with the prime minister likely to press the president for a lowering of outstanding tariffs on imports such as steel. 3:31 Prior to the visit, the White House said the talks would allow them to "refine the historic US-UK trade deal". That comes hot on the heels of the US reaching an agreement with the EU, which Mr Trump described as the "biggest dal ever made". This will see 15% tariffs imposed on most European goods entering America, despite the president previously threatening a 30% levy. 1:30 Extracting promises from the president on the Middle East may be harder though. Despite some reports that Mr Trump is growing frustrated with Israel, there is a clear difference in tone between the US and its Western allies. As he did over the Ukraine war, Sir Keir will have to walk a diplomatic line between the UK's European allies and the White House. On Thursday, French President Emmanuel Macron announced his country would formally recognise a Palestinian state in September, the first member of the G7 to do so. That move was dismissed by Mr Trump, who said it "doesn't carry any weight". 0:45 The UK, French and German leaders spoke over the weekend and agreed to work together on the "next phase" in Gaza that would see transitional governance and security arrangements put in place, alongside the large-scale delivery of aid. Under pressure from members of his own party and cabinet to follow France and signal formal recognition of Palestine, Sir Keir has gradually become more critical of Israel in recent months. On Friday, the prime minister said "the starvation and denial of humanitarian aid to the Palestinian people, the increasing violence from extremist settler groups, and Israel's disproportionate military escalation in Gaza are all indefensible". Government sources say UK recognition is a matter of "when, not if" - but it's thought Downing Street wants to ensure any announcement is made at a time when it can have the greatest diplomatic impact. 1:19 Cabinet ministers will be convened in the coming days, during the summer recess, to discuss the situation in Gaza. The UK has also been working with Jordan to air drop supplies, after Israel said it would allow foreign countries to provide aid to the territory. Donald Trump's trip to Scotland comes ahead of his second state visit to the UK in September. Downing Street says Ukraine will also likely be discussed in the meeting with both men reflecting on what can be done to force Russia back to the negotiating table. After the meeting at Turnberry, the prime minister will travel with the president to Aberdeen for a private engagement.
