South Korea Dismantles Border Loudspeakers in Bid to Ease North Tensions
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New York Times
2 hours ago
- New York Times
Trump Lures Foreign Investment With a Familiar Pitch: ‘Show Me the Money'
President Trump's tariff threats have turned into a play for cold, hard cash as he tries to leverage U.S. economic power to cajole other nations to make multibillion-dollar investments in order to maintain access to America's market. The president's second-term trade agenda has clear echoes of his 'Art of the Deal' approach, essentially demanding that trading partners show him the money in the form of investment pledges or else face astronomically high tariffs. The financial promises give Mr. Trump the opportunity to flex his negotiating prowess in relatable terms and show off the splashy sums he is pulling into America, adding to the reality show intrigue of his trade agenda. As the Trump administration races to reach trade deals with dozens of countries ahead of a Thursday deadline, he has embraced a strategy that goes beyond opening international markets and reducing the U.S. trade deficit. The tactic was on display last week as Mr. Trump and his team rolled out a blitz of new trade agreements before a self-imposed Aug. 1 deadline. 'South Korea is right now at a 25% Tariff, but they have an offer to buy down those Tariffs,' Mr. Trump wrote on social media on Wednesday. 'I will be interested in hearing what that offer is.' The next day, Mr. Trump agreed to impose a tariff of 15 percent on imports from South Korea. The lower rate came after South Korea agreed to make $350 billion in investments in the United States and purchase $100 billion of liquefied natural gas. South Korea is not the only country to make such pledges. Japan said it would establish a $550 billion fund for investments in the United States. The European Union indicated that its companies were poised to invest at least $600 billion. To trade experts, the commitments raise the question of whether Mr. Trump is negotiating with trading partners or trade hostages. 'This is no doubt a global shakedown of sorts,' said Scott Lincicome, the vice president of general economics at the right-leaning Cato Institute. 'The fact is that Trump is using U.S. tariff policy to effectively force these terms upon less-than-willing participants.' But the vague nature of these informal commitments suggests that other nations might also be looking for creative ways to escape Mr. Trump's tariffs. Although tariffs are relatively straightforward to enforce, investment and purchase commitments are not as easily policed. The European Union, for instance, does not have the authority to dictate the type of investments that it has promised, and much of Japan's pledged investments are coming in the form of loans. The investment announcements have also spurred confusion and lacked the usual detail that would accompany such pacts to avoid future disputes. A large majority of the $350 billion South Korean investment would take the form of loans and loan guarantees. South Korean officials expressed confusion over what U.S. officials meant when they said 90 percent of the profits from the investments would go to the American people. An fact sheet announcing the European Union's plans allowed for some wiggle room when it said that 'E.U. companies have expressed interest in investing at least $600 billion' in 'various sectors in the U.S.' 'I think there remain a lot of questions, including by the countries who have announced commitments, as to what those commitments actually really mean,' said Michael Froman, the president of the Council on Foreign Relations, who served as the top trade negotiator in the Obama administration. 'Is it enforceable? If they don't deliver a certain amount of investment over a particular period of time, do tariffs go back into place?' During Mr. Trump's first term, the trade deal he struck with China included extensive commitments for Chinese purchases of American farm products that were never met. The agreement did have an enforcement mechanism, but it proved toothless. Some of the initial investment pledges appear to be too big to be true. New data from the Bureau of Economic Analysis showed that in 2024, foreign spending to acquire, start or expand U.S. businesses totaled $151 billion — a small fraction of the new commitments being announced. The $600 billion E.U. investment commitment matches the total value of the goods that the United States imported from Europe last year. Although the United States has long been a magnet for foreign investment, the longer-term effects of making countries invest under duress are not clear. 'This is the kind of deal you'd more expect to see from an emerging market that can't attract capital on its merits,' said Aaron Bartnick, who worked in the White House Office of Science and Technology Policy during the Biden administration. 'And we may find over time that if the United States insists on acting like an emerging market, our trade partners may start treating us accordingly, with more onerous terms and less favorable rates that American companies and consumers are not accustomed to dealing with.' Regardless of the economic implications, Mr. Trump's tactics show no signs of abating, as he regularly claims more than $10 trillion — and climbing — in investments from foreign companies and countries. Daniel Ames, a professor at Columbia Business School who teaches negotiation strategy, said that Mr. Trump's approach to trade deals appears to be drawn directly from his days as a developer and businessman. Mr. Trump became notorious for destabilizing his negotiating counterparts with severely low bids, dazzling sales pitches and an ability to capitalize on weakness to gain leverage. Mr. Ames noted, however, that countries like Japan, South Korea and the European Union might also be playing into Mr. Trump's sense of vanity when they unveil whopping investment promises that might ultimately be hollow. 'Donald Trump is a gifted storyteller, and I think when his counterparts recognize this, they can play to it,' Mr. Ames said. 'If you're negotiating with a narcissist, you look for ways to make them feel like they've won.' Ana Swanson contributed reporting.
Newsweek
4 hours ago
- Newsweek
South Korea Makes Gesture of Reconciliation to North Korea
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. South Korea has started to dismantle loudspeakers along the border with North Korea that broadcast anti-Pyongyang messaging. The move was initiated by the new Lee Jae Myung administration in Seoul as part of a series of conciliatory gestures aimed at de-escalating tensions on the peninsula. As of Monday, North Korea had yet to respond by removing its own front-line loudspeakers. Newsweek reached out to the North Korean Foreign Ministry for comment. Why It Matters South Korea's move comes 14 months after speakers along the border were reactivated to broadcast K-pop music and anti-North Korean rhetoric. This was in response to Pyongyang's provocative trash balloon campaigns, which carried waste across the border, causing chaos in the south. Their dismantling comes amid efforts by the Lee administration to pivot away from a hardline stance taken under the previous government of Yoon Suk Yeol, who was removed from office in April over his ill-fated imposition of martial law. A South Korean soldier is seen in a watchtower at the border with North Korea, divided by the Imjin River in Paju, north of Seoul, on June 5, 2025. A South Korean soldier is seen in a watchtower at the border with North Korea, divided by the Imjin River in Paju, north of Seoul, on June 5, To Know South Korea's military began dismantling fixed loudspeakers along the border with North Korea on Monday in a move that follows the government's June 11 decision to stop anti-North broadcasts. This decision came just a week after Lee took office and six months after Yoon plunged South Korea into a political crisis when he sent troops to parliament to stop lawmakers voting down his declaration of martial law. South Korea's defense ministry said that the military had started on Monday to remove 24 fixed loudspeakers installed near the military demarcation line (MDL) in a process that is expected to take several days. Since the end of last year, 16 mobile units have already been out of operation. The defense ministry said the move was aimed at reducing tensions between the north and the south and would not affect military readiness, South Korean outlet JoongAng Daily reported. There had been no consultation with Pyongyang, which as of Monday had yet to remove its own front-line loudspeakers. South Korea's presidential office said Lee made the decision given the absence of recent major provocations by North Korea and aimed to de-escalate military confrontation and open the door to rebuilding mutual trust. However, Pyongyang has rejected that it would soften its stance with the South, and experts have warned that dismantling the loudspeakers may hamper the South's ability to respond credibly to future provocations, including floating trash balloons over the border. What People Are Saying South Korea's defense ministry said it has begun "removing loudspeakers from today. This is a practical measure to help reduce tensions between the North and the South, taken within a scope that does not affect our military readiness." Kim Yo-jong, North Korean leader Kim Jong-un's sister and a senior party official: "No matter how desperately the Lee Jae Myung government they do all sorts of righteous things to attract our attention and receive international attention, there can be no change in our state's understanding of the enemy." What Happens Next South Korean media reported that the dismantling of the speakers could help revive the 2018 inter-Korean military agreement, which called for a halt to hostile acts within a 5-kilometer (3.1-mile) zone around the MDL, which was one of Lee's campaign pledges. However, critics said that Seoul's action could play into Pyongyang's hands as the presence of the loudspeakers made them one of the few ways to pressure North Korea, which last week rejected any softening of its position toward the South.
Washington Post
7 hours ago
- Washington Post
Pakistan resumes forced expulsions of 1.4 million Afghan refugees despite UN concerns
PESHAWAR, Pakistan — Authorities in Pakistan have resumed the forced deportations of Afghan refugees after the federal government declined to extend a key deadline for their stay, officials said Monday. The decision affects approximately 1.4 million Afghans holding Proof of Registration cards, whose legal status expired at the end of June . Many had hoped for a one-year extension to settle personal affairs, such as selling property or concluding business, before returning to Afghanistan.
