South Korea launches task force on US trade negotiations
SEOUL, June 16 (Reuters) - South Korea launched on Monday a task force on negotiations with the United States on tariff and non-tariff matters across industry and the energy sector that will also coordinate with the private sector, the Industry Ministry said in a statement.
Minister for Trade Yeo Han-koo, who was appointed last week by the new liberal President Lee Jae-myung, said the team had a major responsibility as "businesses and the public have experienced great difficulties due to U.S. tariff measures."
The task force, made up of industry ministry officials overseeing trade, manufacturing, energy and investment, will coordinate across the government and with the private sector to devise a successful strategy, said Yeo, who will head the group.
Lee, who won a snap election on June 3 and had said during his campaign that there was no need to rush into a trade agreement with the United States, has since said he would speed up talks with Washington.
After Lee held a phone call with U.S. President Donald Trump, his office said the leaders agreed to work towards a deal acceptable to both countries.
South Korea was seeking waiver from tariffs announced by the Trump administration that affect the country's major export industries, including automobiles, steel and semiconductors.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Guardian
25 minutes ago
- The Guardian
Americans don't see US supreme court as politically neutral, poll finds
Americans are divided on major issues that the US supreme court is due to rule on in the coming weeks, but most agree on one thing: neither Republicans nor Democrats see the nation's top judicial body as politically neutral, according to a Reuters/Ipsos poll. Just 20% of respondents to the poll agreed that the supreme court is politically neutral while 58% disagreed – and the rest either said they did not know or did not respond. Among people who described themselves as Democrats, only 10% agreed it was politically neutral and 74% disagreed, while among Republicans 29% agreed and 54% disagreed. The two-day poll, which closed on Thursday, was based on responses from 1,136 US adults. It had a margin of error of plus or minus 3 percentage points. The court has issued major rulings in recent years including in cases rolling back abortion rights, expanding gun rights, recognizing presidential immunity from prosecution for official acts, rejecting race-conscious collegiate admissions and curbing the power of federal agencies. Its 6-3 conservative majority includes three justices appointed by Donald Trump during his first presidency. In the poll, a minority of respondents – 44% – expressed a favorable view of the court, including 67% of Republicans and 26% of Democrats. The supreme court's popularity has declined since its June 2022 decision to overturn the 1973 Roe v Wade ruling that had legalized abortion nationwide. Fifty-seven per cent of respondents in a Reuters/Ipsos poll conducted at the end of 2021 expressed a favorable opinion of the court. By the end of June 2022, that figure had fallen to 43%. The justices are expected to issue rulings in major cases in the coming weeks as they near the end of their current term that began in October. Among these cases are one on the legality of Tennessee's Republican-backed law banning gender-affirming medical care for transgender minors and one involving Trump's executive order restricting automatic birthright citizenship, part of his hardline approach to immigration. Fifty-three per cent of respondents in the new poll said they supported 'laws that prevent transgender children under the age of 18 from getting medical treatment related to gender identity and gender transitioning'. Another 28% opposed such laws and the rest were unsure or did not answer the question. Among Republicans, support for such laws was at 57% and opposition at 28%, while among Democrats support was at 23% and opposition at 54%. During December arguments in the case, the court's conservative justices signaled their willingness to uphold the law. After Trump signed his birthright citizenship directive in January, 22 states as well as immigrant rights advocates and pregnant immigrants sued, arguing that it was a violation of citizenship language in the US constitution's 14th amendment. In the poll, only 24% of all respondents supported ending birthright citizenship and 52% – most – opposed Trump on the issue. Among Democrats, 5% supported ending it, with 84% opposed. Among Republicans, 43% supported ending it, with 24% opposed. The rest said they were unsure or did not respond to the question. The court also by the end of June is expected to issue a ruling on the legality of a Texas law that requires people to verify their age online before accessing pornographic websites. The poll found strong support for such laws. Among all respondents, 70% were in support and 14% opposed. Among Democrats, 65% supported and 18% opposed, while among Republicans 80% supported and 7% opposed. During January arguments in the case, the justices seemed to agree that states can try to keep adult material from minors but also voiced concern over burdens imposed on adults to view constitutionally protected material.
The Independent
31 minutes ago
- The Independent
Smaller amusement parks hope for a strong summer under the shadow of tariffs
The trade disputes involving global economic powerhouses such as the U.S. and China are being felt even in such distinctly local places as your regional amusement park. Families who balk at the cost of a summer vacation at big amusement parks like Disney World favor trips to regional parks, which typically are within driving distance, so expensive flights aren't necessary. But if tariffs lead to economic uncertainty, they may just stay home. For park owners, tariffs could subject them to extra costs that their customers might not think about. Parts of the rides are made of imported steel that's currently subject to tariffs. Those prizes and toys people win after they shoot basketballs into a hoop? They usually come from China, which has been subject to varying tariffs. So far this year, however, there's been no letdown. 'We've had good crowds, and everyone seems excited to be here,' said Brian Hartley, vice president of Playland's Castaway Cove, in Ocean City, New Jersey, which boasts 30 rides, miniature golf, go-karts, and other beachfront attractions. 'As long as the weather is good, they're ready to come down.' That's true for park-goer Chris Del Borrello, at Castaway Cove on a bustling June Friday evening with a group of 10 family members, including his four children. 'We come here every year because it's so fun, and we build memories every single summer,' he said. Tariffs loom over the summer tourism industry just as leisure travel is expected to finally get back to prepandemic levels. The U.S. Travel Association expects Americans to take 1.96 billion trips expected this year, up 2% from 1.92 billion last year. Travel spending is also expected to increase 2% year over year. Tariff Pressures As park operators prepared for the 2025 summer last year, President Donald Trump unrolled on-again, off-again tariffs against U.S. trade partners that made planning difficult. For instance, proposed tariffs against China started at 10% in February, rose to 20% in March, ballooned to 145% in April, and were reduced to 30% in May. On Wednesday, the Trump administration put the number at 55%. Hartley said he ordered items like stuffed animals for games from China early to beat the tariffs – and benefitted from the pause announced in May. 'We loaded up, we're tripping over stuff at this point,' he said. 'We tried to purchase as much stuff as we could to be ready for the season, because that little bit makes a big difference in the bottom line at the end of the day,' he said. In particular, the park added two new rides this year, but parts were delivered back in the fall. Not all parks were as fortunate. At Adventureland, in Farmingdale, N.Y., the steel structure for a new ride, Wave Twister, and some China-made game prizes like plush toys and basketballs were affected by tariff costs, said manager Jeanine Gentile. 'We ordered them months ago before the tariffs were in place, but they typically arrive for delivery at this time of the year, and so obviously the tariffs were in before we received the product,' she said. 'We did have to pay additional for those tariffs in order to get the product.' So far, the park is absorbing the cost – they made the decision not to raise ticket prices this year. But that could change next year. 'We've just sort of felt that if we can do this (not raise prices) for Long Island and for our guests let's do it, where we can afford it, at least for this season,' said Gentile. Economic Uncertainty Aside from tariffs, economic uncertainty is the biggest challenge for amusement parks this season. At Dollywood in Pigeon Forge, Tennessee, which is co-owned by country legend Dolly Parton and Herschend Family Entertainment, Director of Communications Pete Owens said they decided to open a week later in March due to concerns about the economy. But so far, attendance at the park, nestled in the Great Smoky Mountains, is up 4% from last year. Attendees are spending but looking for deals. A promotion giving discount tickets to public employees has proved popular. And Owens is seeing customers purchase tickets for their family closer to their actual visit instead of several days or weeks in advance. Some are even waiting until they're in the Great Smoky Mountains to decide to buy a ticket. 'I think they're all still looking very closely to see what value pricing there is or what opportunities there are,' he said. The same holds true at Silver Dollar City near Branson, Missouri, an 1880s Western-themed park, which draws its visitors from what president Brad Thomas calls 'America's heartland,' an 'oval' in the middle of the country, including Minneapolis, Denver and Memphis and Houston, Texas. 'What those families tend to say as they visit us is that they want their families just to escape, even though there's a lot of concerns in every family's life, they're all dealing with time pressure and money pressure and inflation pressure and all kinds of other things,' said Thomas. He said this year families coming to the park are sticking to a plan, moneywise. 'They have carved the money that they'll spend in their day with us or their days with us,' he said. 'They've planned that into their budget.' Back at Castaway Cove, Hartley said that while the season is going well, he worries about the mood of the consumer as economic uncertainty persists. That could affect trip planning later in the summer. ' People that really haven't already booked a vacation … it may affect, do they come down here for a weekend? Do they not? Do they come for two days instead of four or five days?' he said. 'I think people don't know what the future is going to hold.'
The Independent
42 minutes ago
- The Independent
MoD reveals toll of Ukraine war on North Korean troops
The UK Ministry of Defence reports that North Korean forces have suffered over 6,000 casualties in offensive operations against Ukrainian forces in the Kursk region of Russia. These casualties represent more than half of the 11,000 North Korean troops initially deployed to the Kursk region. North Korea has been a staunch ally of Russia during its invasion of Ukraine. Russia's former defence minister, Sergei Shoigu, has been a key figure in coordinating North Korea's support, meeting with Kim Jong Un to affirm North Korea's backing of Russia's policies. Intelligence reports suggest North Korea has continued to supply weapons, potentially receiving economic and military assistance in return, raising concerns about technology transfers that could enhance North Korea's nuclear programme.
