
South Koren Prez Lee, Trump to hold first summit at White House on August 25
Lee will depart for a three-day visit to the United States on August 24, presidential spokesperson Kang Yu-jung told reporters, marking his first visit to the US since he took office in early June.
"The two leaders plan to discuss ways to develop the Korea-US alliance into a future-oriented, comprehensive strategic alliance in response to the changing international security and economic environment," Kang said.
"They will also discuss ways to establish peace on the Korean Peninsula and coordinate on denuclearization, while further strengthening the robust Korea-US combined deterrence posture," she added.
The talks will also cover industrial cooperation in the semiconductor, battery and shipbuilding sectors, as well as economic partnerships in cutting-edge technologies and critical minerals, based on the trade deal the two countries clinched earlier this month, Kang noted.
The summit comes weeks after Seoul clinched a trade deal with Washington, cutting the planned 25 per cent tariffs to 15 per cent in return for a US$350 billion investment pledge, $100 billion in US energy purchases and commitments on industrial cooperation, Yonhap news agency reported.
Talks are expected to feature contentious issues, including details of the investment pledge, the future of the military alliance between the two nations and policy coordination North Korea.
Gen. Xavier Brunson, the commander of the US Forces Korea, recently addressed the need for changes to reflect the changing security environment in Northeast Asia compared with when the alliance was forged 75 years ago.
South Korea is seeking to strengthen security ties with Washington as North Korea deepens military cooperation with Russia and advances its nuclear weapons program, while also striving to maintain stable relations with China, its largest trading partner.
While there was speculation that Lee might stop in Japan on the way to the US, Kang said Lee's potential visit to Japan has not been decided.

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


Indian Express
3 minutes ago
- Indian Express
In Kyiv, disheartened Ukrainians wary ahead of Trump-Putin summit
As President Donald Trump prepared to meet his Russian counterpart Vladimir Putin in Alaska on Friday, Ukrainians were watching warily, fearful the US leader could sell Kyiv out in his bid for a quick deal with Moscow. The American leader, who has set his sights on securing a truce in Russia's 3-1/2-year-old war in Ukraine, agreed last week to hold the first US-Russian summit since 2021, abruptly ending Western attempts to isolate the Kremlin leader. Polls by the Kyiv International Institute of Sociology show Ukrainians overwhelmingly want a negotiated settlement to end the fighting, but would also oppose any truce secured with crushing concessions. Half a dozen Ukrainians interviewed by Reuters on Kyiv's central square said they were not optimistic ahead of the summit. Some said they worried that Kyiv's interests would not be taken into account. 'I don't trust Trump. He says one thing today, another tomorrow. The day after tomorrow – another thing, in five days – something else. Therefore, I have no faith in him,' 47-year-old accountant Anna Sherstniova said. Tetiana Harkavenko, a 65-year-old cleaner, predicted the fighting would rage on after the summit. 'Nothing good will happen there, because war is war, it will not end. The territories – we're not going to give anything to anyone.' Trump has said any deal to end the war will require territorial concessions by both sides, and that he would like to see a follow-up meeting between Putin and Ukrainian President Volodymyr Zelenskyy. Liubomyr Yurtsiv, 26, a technician, said he expected little would change after the meeting. 'Most likely, the outcome won't be positive,' he added. Valerii Kucherenko, a 31-year-old war veteran, had a similarly pessimistic take, speaking to Reuters at the pizzeria he set up in the town of Bila Tserkva outside the capital. Kucherenko lost both his hands to injuries that he sustained while storming a Russian position on the eastern front in 2023. 'I hope for peace on our terms, but we're all adults and understand it's not that simple. Putin and Trump may reach an agreement, but it will not be in our favour. This scenario will not suit us,' he said. 'We are Ukrainians, and we will defend our rights to the very end.'


NDTV
29 minutes ago
- NDTV
Trump's Alaska Summit With Putin Most Important In His Second Presidency
London: What happens when a convicted felon and a man under indictment for alleged war crimes get together? What sounds like the opening line of a great joke, sadly, is probably the defining meeting of the second term of Donald Trump as US president. As with any meetings involving Trump, expectations are low and anxieties are high in the run-up to the US-Russia summit in Alaska on August 15. The White House, and Trump himself, have played down expectations of an imminent breakthrough towards peace in Ukraine, claiming that this would be "a feel-out meeting" to determine whether a ceasefire is possible. In typical hyperbole, the US president added that he was confident that it would probably only take him two minutes to know whether a deal is possible. A subsequent threat that "there will be very severe consequences" if Putin does not agree to stop the fighting appears somewhat hollow now given that the reward for Putin ignoring Trump's last deadline was an invitation to the US. While framed almost solely as a meeting about the Russian war against Ukraine, it would be naive to assume that this is all that is on Trump's agenda. There are two possible deals Trump could try to make: a deal with Putin on a ceasefire for Ukraine and a deal resetting relations between Russia and the US. Trump is interested in both, and he does not see them as mutually exclusive. Trump has long talked about a ceasefire, and is probably genuinely keen for the fighting to stop. He probably also sees value in a ceasefire agreement in his quest for the Nobel peace prize. There have been serious and justified misgivings in Ukraine and among Kyiv's European allies that this two-way get-together will take place without any Ukrainian or European participation. This has prompted a flurry of diplomatic activity within Europe and across the Atlantic. Ukraine's red lines have been clearly set out and fully backed by European leaders. Neither will accept full legal recognition of the kinds of land swaps that both Trump and his secretary of state, Marco Rubio, have suggested. Security guarantees and Russian reparations for the damage done to Ukraine in three-and-a-half years of war are other likely stumbling blocs. If there is a deal on a ceasefire, this will probably take the form of a broad and ambiguous framework that all sides would subsequently interpret differently. Part of such a framework would likely be a timeline and conditions for a Trump-Putin-Zelensky summit - most likely again without European participation. This would be another gift for the Russian president as it would potentially put Zelensky in a position where both Trump and Putin would pressure him to accept an unfavourable deal or lose all US support. By contrast, a US-Russia reset would be a more straightforward business deal - primarily with US economic interests in mind, but with significant geopolitical implications. There are few signs that Trump has given up on his agenda to "un-unite" Russia and China. But, importantly, this is less about new American alliances and more about Trump's ideas of re-ordering the world into American, Russian and Chinese spheres of influence. This would be easier to for the White House to achieve after a reset with the Kremlin. Likely outcomes As an outcome of the Alaska summit, such a reset of US-Russia relations is also most likely to materialise as a framework that simply identifies areas for future deals between the two sides. Any process to implement such a bilateral agreement between Moscow and Washington could begin immediately and run in parallel to any Ukraine negotiations. This, too, would be a big bonus for Moscow. The Kremlin will be hoping that the further along things move on the US-Russia reset track, the more likely Trump will be to back Putin in negotiations with Ukraine. Putin is clearly more interested in improving bilateral relations with the US than he is in a ceasefire. He has, for now, skilfully avoided Trump's threats of sanctions while his forces have achieved what looks like an important breakthrough on the battlefield. This is not necessarily a game changer in the war overall, but it certainly strengthens Putin's hand ahead of his meeting with Trump. His troops' battlefield success also decreases the urgency with which the Russian president is likely to approach negotiations - in the absence of Trump following through on his recent ultimatum threats, and with Ukraine and its European allies shut out of their meeting, Putin has every incentive to play for more time. But the Russian president has to tread a careful line, bearing in mind that Trump got increasingly frustrated when, after seemingly productive phone calls between them, Putin then launched airstrikes a few hours later. Putin might offer a limited pause in Russia's air campaign to avoid the civilian casualties that Trump has condemned. But as long as his ground troops make further territorial gains, he is unlikely to stop - at least until he has full control of the four Ukrainian regions that the Kremlin has claimed as Russian in addition to Crimea. Ukraine, by contrast, needs a ceasefire now and then a credible peace deal in which any necessary concessions are minimal and which comes with proper security guarantees. The European-led coalition of the willing appears to offer such guarantees now, and Trump might even support this. But this is no guarantee that the US president will not flip again to take Putin's side and push for an overly pro-Russian deal at a future three-way summit. During such a summit, even if it were just a scripted signing ceremony, there is every chance that Trump would go off-script or that Putin would manipulate him to do so. This could then derail in a way similar to what happened during the White House row between Trump and Zelensky on February 28. Kyiv's European allies have made it clear that they will not abandon Ukraine. For all his deal-making bluster, a similar commitment is unlikely to be made by Trump. (Author: Stefan Wolff, Professor of International Security, University of Birmingham) (Disclosure statement: Stefan Wolff is a past recipient of grant funding from the Natural Environment Research Council of the UK, the United States Institute of Peace, the Economic and Social Research Council of the UK, the British Academy, the NATO Science for Peace Programme, the EU Framework Programmes 6 and 7 and Horizon 2020, as well as the EU's Jean Monnet Programme. He is a Trustee and Honorary Treasurer of the Political Studies Association of the UK and a Senior Research Fellow at the Foreign Policy Centre in London.)

Economic Times
an hour ago
- Economic Times
Sonam Srivastava's Independence Day guide to building a self-reliant portfolio
Sonam Srivastava, Smallcase Manager & Founder of Wright Research, shares how investors can mark Independence Day by aligning their portfolios with India's self-reliance vision. From defence to renewables, she outlines sectors powering Aatmanirbhar Bharat — and simple, disciplined steps to build financial freedom without compromising on diversification or prudence. ADVERTISEMENT Edited excerpts from a chat: From your perspective, what does financial independence mean for investors today? Which sectors today best represent India's march toward economic self reliance (Aatmanirbhar Bharat)? For today's investors, 'financial independence' means the ability to meet life goals without compromising lifestyle or taking on costly debt,built on three pillars: (i) robust buffers (6–12 months' expenses, adequate insurance)(ii) disciplined, rules based investing that compounds ahead of inflation(iii) diversification across assets, factors and business cycles. ADVERTISEMENT In an era where US tariffs on Indian goods could hit export-heavy sectors (textiles, steel, chemicals), financial independence for the nation means strengthening domestic supply chains and reducing vulnerability to trade restrictions. Now, in India's Atmanirbhar journey, we see 5 standout pillars: Unlock 500+ Stock Recos on App Defence manufacturing: Import substitution shields us from foreign supply disruptions. Exports hit a record ₹23,622 cr in FY25, with indigenised systems gathering global traction. Renewables: Energy self-sufficiency reduces exposure to oil price shocks from Middle East instability. Installed RE capacity reached ~220 GW by Mar 2025, with a record ~22 GW added in H1 2025 Renewables: Energy self-sufficiency reduces exposure to oil price shocks from Middle East instability. Installed RE capacity reached ~220 GW by Mar 2025, with a record ~22 GW added in H1 2025 Digital public infrastructure: UPI now processes ~19.5 bn transactions a month (≈628 mn daily, July '25), lowering frictions and enabling inclusion. The PLI umbrella (₹1.97 lakh cr across 14 sectors) remains a key accelerant of these trends. Pharma & biotech: Demand for affordable medicines is global and relatively tariff-resistant. Local manufacturing, electronics & FMCG: Smartphone exports jumped to ~$24.1 bn in FY25, up 55% YoY, a flagship PLI success. Catering to India's massive domestic market provides a natural buffer from global trade wars. How do you strike a balance between supporting domestic industries and leveraging global opportunities? ADVERTISEMENT The balance shifts when geopolitical winds turn against you. With tariffs, global opportunities don't vanish, but they require strategic re-routing. How to adapt: Double down on domestic growth stories – The rural economy, infra push, urban consumption — these aren't dependent on trade deals. Selective global exposure – Use global ETFs to tap US tech, ASEAN manufacturing hubs, or Europe's green energy without over-relying on India-US trade. Hedging currency risks – The rupee could swing sharply during geopolitical tensions; currency-hedged products can reduce volatility. South-South trade – Look at Indian companies shifting export focus to Africa, Latin America, and Southeast Asia where tariff barriers are less severe. Keep any single theme to 10% or less, and rebalance on a fixed date, not on headlines. A simple basic checklist can help most investors fundamentally at least: is the business improving, is the price fair, and is the trend healthy? If an investment no longer passes those checks, trim it back to target. ADVERTISEMENT What is the investing equivalent of a 'freedom struggle' for retail investorsFor retail investors, the modern 'freedom struggle' is against three foes: (1) high costs and mis selling(2) behavioural biases (FOMO, panic selling, anchoring) ADVERTISEMENT (3) information overloadPrefer transparent, rules driven investment vehicles over tips, influencers and telegram groups. Measure risk by 'how far can this fall and can I sit through it?' not by short term returns. Cut churn, avoid leverage unless you truly understand it. Quiet, repeatable habits win in the long run. How can investors symbolically celebrate Independence Day through their portfolios while also making sound financial choices? To celebrate Independence Day in your portfolio, do something small but permanent: raise your SIP by 10%, rebalance back to plan, and add a modest 'India build out' sleeve (5–10%) via diversified baskets across sectors that make sense for you. In today's tariff-hit world, symbolic patriotism in investing could mean: Allocating more to companies building for domestic consumption rather than overexposed exporters. Investing in import-substitute sectors — e.g., electronics manufacturing, indigenous defence tech. Backing companies with diversified export bases so they're not dependent on one major market like the US. Green & energy security plays — Reducing India's reliance on volatile global oil markets. Also, consider a government backed debt allocation for stability, review term and health insurance, and harvest tax losses where allowed. Skip big one day bets. The symbolism is clear, back India's productive capacity. The prudence is in diversification, costs you can explain, and risks you can sleep with. What investment principles from India's independence struggle can be applied to modern day portfolio management? Lessons from the independence struggle that work in markets: Discipline → Our leaders planned for food security amid global uncertainty; you should plan for liquidity during market sell-offs. Follow a plan even when it's hard Patience → In politics, trade negotiations take years; in investing, recovery from macro shocks also demands time. Allow compounding years, not months Unity-in-diversity → hold multiple assets and factors so one setback doesn't sink you Self-reliance → Just as Nehru built NAM (Non-Aligned Movement), your portfolio should be India-focused but globally aware. Have emergency cash and low leverage Flexibility in tactics → The freedom movement adjusted strategies when faced with new challenges; likewise, shift portfolio weightings when geopolitics changes the risk landscape. Put this to work with a written plan, periodic rebalancing, and a multi-factor core portfolio (quality, value, momentum, low-volatility etc). Keep fees and taxes low, track mistakes openly, and let data, not drama, decide adds, trims, and exits. Can MFs surpass FIIs in ownership over the next decade? With sustained SIP inflows (~₹15,000 to ₹16,000 crore per month as of mid-2025), growing financial literacy, and the rising middle class, it's very plausible that MFs could surpass FIIs in the next decade. Why it might happen: Domestic SIP flows are far more stable and immune to short-term trade headlines — they're driven by salaried individuals, not hot money. SIP culture is becoming habitual, much like monthly utility bills. to short-term trade headlines — they're driven by salaried individuals, not hot money. SIP culture is becoming habitual, much like monthly utility bills. FIIs are highly sensitive to global trade frictions and political tensions. If Trump's tariffs escalate into broader trade barriers, FIIs may trim India exposure in favour of 'safer' or more open markets. Retirement planning, insurance-linked investments, and equity awareness are expanding beyond metro cities into Tier-2/3 towns. Regulatory push for retail participation and digital onboarding has made investing almost frictionless. If FIIs sell due to macro shocks, MFs may naturally increase their share by buying those very stocks at lower valuations. However, surpassing FIIs will also depend on: Sustained economic growth above 6%+ with SIP inflows keeping pace with GDP and inflation Political stability and reform continuity: Policy stability is critical — Atmanirbhar Bharat reforms need to be sustained despite political cycles. Continued trust in domestic fund managers and product transparency Domestic sentiment must hold even during external shocks (which requires ongoing investor education). If current trends continue, MF ownership crossing FIIs by 2035 is not only possible — it's likely. (You can now subscribe to our ETMarkets WhatsApp channel)