
South Korea to prepare support for food exporters to weather US tariffs
The United States is the biggest export market for the sector, with more growth potential expected from a boom in demand for South Korean foods, the ministry said in a statement after a meeting to review government responses to U.S. tariffs.
South Korean officials travelled to Washington, D.C. this week for a second round of working-level technical discussions, with officials from the agriculture ministry included in the negotiation team.
On Wednesday, South Korea pledged more support measures for key export industries such as biopharmaceuticals and autos, as U.S. President Donald Trump's sweeping tariffs weigh on the trade-reliant economy.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Reuters
22 minutes ago
- Reuters
Taiwan government says US tariff rate temporary, will negotiate lower one
TAIPEI, Aug 1 (Reuters) - Taiwan's president and his cabinet said on Friday 20% U.S. tariffs will be "temporary" and the government will continue to advocate for reasonable tariff rates as they complete the final stage of negotiations. "Once a final agreement is reached, the tariff rate is expected to be reduced further," according to a Facebook post from Lai Ching-te, reiterated in a cabinet statement. The comments follow U.S. President Donald Trump's executive order on Thursday imposing tariffs ranging from 10% to 41% on U.S. imports from dozens of trading partners and foreign locations. Taiwan's presidential office will hold a press briefing at 11:30 a.m. (0330 GMT) on the tariffs. Taiwan has been seeking to strengthen its trade ties with major partners, particularly the U.S., Taiwan's second-largest trading partner after China, amid growing geopolitical and economic challenges. Taiwan had the sixth-largest trade deficit with the U.S. last year, exporting $73.92 billion more to the U.S. than it took in, according to data from the U.S. and Taiwan governments. The outcome of the discussions could play a key role in shaping the island's future trade strategy and its position in the global supply chain, and is crucial to Taiwan's export-driven economy.


Daily Mirror
22 minutes ago
- Daily Mirror
Donald Trump insists he's reached 'excellent' tariff deals - but won't give any details
Donald Trump has signed orders for new tariffs to go into effect in seven days on a wide range of US trading partners, including Mexico, Japan, Taiwan and Australia Donald Trump insists he has set "excellent" new tariffs on a range of trading partners - but didn't give any details on these. The US President today stressed his trade agenda will maintain the global economy and sturdiness of alliances his nation has built up over decades. The White House announced agreements with various nations and blocs ahead of the president's self-imposed Friday deadline. The tariffs are being implemented at a later date in order for the rates schedule to be harmonised. Speaking last night, Mr Trump said: "We have made a few deals today that are excellent deals for the country." However, the world leader did not go into any detail on these, such as the nations involved and his senior administration officials also declined to offer more information when asked by reporters. It comes after Mr Trump recently reignited his feud with Sadiq Khan in front of Keir Starmer, with a savage jibe at the London Mayor. The Mirror understands some tariffs have been lowered, and it is thought these include the original 50% threat to Lesotho. It is believed the African nation's goods will now be taxed at 15%. Our understanding is Taiwan will have tariffs set at 20%, and Pakistan at 19%. Israel, Iceland, Norway, Fiji, Ghana, Guyana and Ecuador are among the countries with imported goods taxed at 15%. Switzerland would be tariffed at 39%, it is thought. However, Mr Trump, the former businessman, would not be drawn on commenting on exact arrangements for specific nations. But he did confess: "We haven't spoken to Canada today," in a pertinent reference following a fresh jibe at Mark Carney's nation earlier this week. The US leader had said it would be "very hard" to make a trade deal with Canada after the country became the latest nation to recognise a Palestinian state. He had posted on social media: "Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!!" Yet, Mr Trump had announced a 50% tariff on goods from Brazil, but the order was only 10% as the other 40% were part of a separate measure approved by Mr Trump on Wednesday. One of his first significant moves as president was to impose tariffs on goods from both Mexico and Canada earlier this year. US Census Bureau figures show that the U.S. ran a $171.5 billion trade deficit with Mexico last year.


Reuters
22 minutes ago
- Reuters
Japan alarmed over recent FX moves, its finance minister says
TOKYO, Aug 1 (Reuters) - Japan's Finance Minister Katsunobu Kato said on Friday that its authorities have been alarmed over recent foreign exchange moves, after the yen fell to four-month lows against the dollar. "As we have consistently stated, it's important for currencies to move in a stable manner reflecting fundamentals. We have been alarmed over foreign exchange movements, including those driven by speculators," Kato said at a press conference. The yen fell to 150.89 per dollar on Friday, the lowest since March 28. Bank of Japan Governor Kazuo Ueda said in a news conference on Thursday that current foreign exchange levels are unlikely to have an immediate major impact on its inflation outlook, a comment that currency traders perceive as the central bank's tolerance to the yen's current weakness.