South Korea seeks US trade deadline extension as tariffs loom
South Korea is a key US ally and major manufacturing hub for cars, semiconductors and batteries.
SEOUL – South Korean and US trade officials have discussed extending the July 9 deadline for trade deals in a last-minute bid to avert sweeping tariffs from President Donald Trump.
South Korean Trade Minister Yeo Han-koo held talks with US Trade Representative Jamieson Greer on July 5 in Washington, where he proposed manufacturing partnerships and called for the elimination or reduction of tariffs on products such as automobiles and steel, Seoul's industry ministry said in a statement on July 6.
The meeting came just days before a deadline to reinstate higher US levies
that were halted in April . President Donald Trump has said that Washington would send out letters to trading partners setting unilateral tariff rates taking effect on Aug 1.
South Korea is a key US ally and major manufacturing hub for cars, semiconductors and batteries. If the 25 per cent across-the-board levies are imposed, that would further undercut an economy already hit by sluggish domestic consumption. The central bank in May slashed its forecast for this year's gross domestic product growth to 0.8 per cent from 1.5 per cent.
In a last-minute bid to avoid the tariffs from kicking in, Mr Yeo presented a vision for a 'mutually beneficial' manufacturing cooperation framework to further strengthen the two countries' industrial supply chains, while stressing that any final agreement must include ending or limiting tariffs on automobiles and steel, among other products.
'Both sides agreed that they have been conducting negotiations in good faith for a month since the launch of the new South Korean administration and that it is necessary to further narrow their differences,' the statement said, adding that the officials also discussed extending the deadline for additional talks.
It was Mr Yeo's second trip to the US in just about a week and a sign that Seoul is ratcheting up efforts to make up for lost time in trade talks after President Lee Jae Myung won a snap election in June, taking over from the ousted Mr Yoon Suk Yeol.
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Mr Lee's national security adviser, Mr Wi Sung-lac, left for Washington on July 6 to meet Secretary of State Marco Rubio, who also serves as acting national security adviser.
Speaking with reporters before his departure, Mr Wi said he needed to increase his involvement as the negotiations are in a 'critical phase.' He said he will seek to arrange a first summit between Mr Lee and Mr Trump as well as discussing security and other bilateral issues during his trip. BLOOMBERG
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Straits Times
39 minutes ago
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MPs should not ask questions to ‘clock numbers'; focus should be improving S'poreans' lives: Speaker
Sign up now: Get ST's newsletters delivered to your inbox SINGAPORE – Singaporeans can expect more debate in the upcoming 15th Parliament, with today's uncertain world and the need for more policies to tackle the attendant challenges, and more MPs in the House. But this does not mean that parliamentary sittings must go on for longer, as what is important is the quality of the debate, said Speaker of Parliament Seah Kian Peng. Noting a trend of more parliamentary questions being filed in the previous term of Parliament, Mr Seah sounded a note of caution against having this become a numbers game. 'I hope we don't get to a point where MPs are filing questions for the sake of clocking numbers – I think that is not necessary and not very productive,' he said in a July 1 interview with The Straits Times about the role of Speaker, and his plans if elected. On June 20, Prime Minister Lawrence Wong announced that the Government intended to propose Mr Seah's election as Speaker when Parliament reopens on Sept 5. Mr Seah has served as Singapore's 11th Speaker since 2023. Mr Seah said he sees his role as helping to take the quality of debate in Parliament to the next level, which can be achieved if MPs 'have done their homework and know the dos and don'ts (of Parliament's Standing Orders)'. This has become more important with more MPs in the House, he added. The 15th Parliament will have 97 elected MPs and two Non-Constituency MPs (NCMPs) for a total of 99, up from 93 elected MPs and two NCMPs previously. The 14th Parliament had set new records on the number of sittings, ministerial statements delivered and other kinds of speeches. 'Each hour spent in Parliament, if everyone turns up, is 100 man-hours... which is why we do want to make sure time is spent productively for everyone,' said the former labour MP. To help new MPs get up to speed, Parliament has started to hold orientation briefings for them. Mr Seah, who joined politics in 2006 and continues to be an MP for the Braddell Heights ward of Marine Parade-Braddell Heights GRC, had some guidance for his colleagues: Focus on representing the people to improve their lives, and not playing to the gallery. This means agreeing to disagree, where needed, rather than asking questions – or giving answers – that retread the same ground, he said. 'I say this to both sides of the House: Whichever party you come from, frontbench or backbench.' Mr Seah was asked about suggestions some MPs have made previously to improve the efficiency of Parliament. These include a proposal that Senior Minister of State for Law and Transport Murali Pillai made in 2020 as a backbencher for some speeches to be taken as read, so that more time can be spent on debate and clarifications. Mr Seah's response was that there is a certain limit to efficiency, as people want to see their MPs' convictions when they speak, and whether their proposals are convincing. Without resorting to such measures, quite a lot of time can be saved if MPs follow Parliament's existing rules, he said. With the 15th Parliament being Singapore's biggest yet, Mr Seah said he was particularly heartened that it includes more women MPs – 31 of them, up from 27. He expressed confidence that the proportion will only increase in the years ahead, and that more diversity – in terms of gender, race and background – makes for a better Parliament. This is as Parliament makes laws that affect all Singaporeans, and better representation of views will allow for better policies to be formulated, he added. On 'refereeing' Parliament and stepping up outreach Unlike the 14th Parliament, where there were three political parties with representatives in the House, the new term of Parliament will have two: the ruling People's Action Party, which has 87 seats, and the Workers' Party, which has 10 plus the two NCMP seats. The Progress Singapore Party, which had two NCMPs in the last Parliament, was not re-elected into the House. Mr Seah said his role has not changed since he first became Speaker in July 2023 following the resignation of Mr Tan Chuan-Jin, and that is to remain impartial to MPs from all parties. 'Whether it's two, three, or for that matter four or more parties, to me that should not affect how we conduct the proceedings,' he said. Using a football analogy, Mr Seah said he sees himself as a referee: stepping in as needed to enforce the rules and make decisions, such as when an MP raises a point of order. That is the procedure by which a member can interject to bring to the Speaker's attention a perceived breach of the House's rules during a sitting. 'The referee must know the rules, right? But we also hope the players know the rules as well,' he said. Asked how he maintains impartiality while also being a PAP member, Mr Seah responded that he has over his corporate and political career become adept at juggling different hats. 'In the general election, I stood as a member of the PAP, so I wear that hat when I'm representing my constituents... But when I'm in the Chamber, I'm wearing my hat as the Speaker, I'm not wearing the hat of a PAP member,' he said. What he intends to do more of is to step up Parliament's outreach to Singaporeans on the work that is done in the House. On this front, the live streaming of Parliament since 2021 has been great as it allows people to tune in to sittings wherever they are, he said. Other projects in the pipeline include an interactive, online version of Parliament set to be hosted on the virtual gaming universe Roblox, which Mr Seah said will be ready by the end of the financial year. One lesser-known aspect of his work – which Mr Seah called a highlight of his role – is that the Speaker represents Singapore's Parliament to other countries' parliaments and representative bodies. In June alone, he had meetings with the Bulgarian and Vietnamese ambassadors to Singapore, as well as Kazakhstan's senate chairman. He recounted how veteran diplomat Tommy Koh had, over a lunch in 2023, impressed on him the importance of this area of work. This is as diplomacy between parliamentarians is another lever by which Singapore can improve its ties with other countries and governments in this challenging period, said Mr Seah. 'That's something I do with pride and honour... You realise the respect that many parliamentarians from other parts of the world have for Singapore,' he added. Mr Seah said it has been an honour to be Speaker, but admitted that he misses being a backbencher and his corporate career. He stepped down as group chief executive of NTUC Enterprise, as well as from the boards of its social enterprises, after becoming Speaker in 2023. This was not a requirement, but he did so to focus on his new role, he said. The upside is that he gets to meet and talk to more MPs, and listen to more debates by virtue of being in the Chamber most of the time. 'Of course, there are more interesting ones, and sometimes some of the speeches could be not as interesting,' he said. 'But it comes with the part.'
