
Is South Korea's firebrand president up to the job?
For a man who had ambitions to be as 'successful as Bernie Sanders' – a comparison which is hardly a point of pride – it was third time lucky. His failed presidential bids in 2017 and 2022 are now confined to the history books. The South Korean population voted for change after six months of polarising protests in support of and against Lee's infamous predecessor, Yoon Suk Yeol. These were triggered by his abortive declaration of martial law on 3 December.
This election was overshadowed by that December day, without which there would have been no vote.

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Spectator
10 hours ago
- Spectator
Japan's Shigeru Ishiba is losing power, fast
For the country known as the 'Land of the Rising Sun', the sun is only just still shining on the prime ministership of Shigeru Ishiba. When will it set? The recent legislative elections will go down in history for all the wrong reasons, marking the first time in 70 years that Japan's ruling Liberal Democratic Party (LDP) has lost control of both chambers of the legislature. Ishiba's crisis of popularity comes at a precarious moment for Japan, as it continues to be engulfed by an unholy trinity of domestic economic woes, threats of tariffs from Washington, and ongoing security challenges across East Asia. The LDP was already struggling to lead a minority coalition government with its junior coalition partner, Komeito, but now the LDP-Komeito coalition only holds 122 of the 248 seats in the Japanese parliament. For a country which has gained infamy for its 'one-and-a-half party system', wherein the LDP has been in power almost continuously since 1955 – bar two occasions – this was the first time in its history that it was no longer in control of the upper and lower houses. A day before the election, I encountered a rally outside a subway station in Osaka, where a fringe right-wing movement was taking centre stage to rapturous applause. Volunteers from other minority parties were tempting passers-by with leaflets. For all their differences in creed, all these parties opposed Ishiba, in no small part owing to the country's current economic and social maladies. Visitors to Japan may rejoice in a weak yen, but rising inflation, social security reforms, and lowering wages are just a few of the problems facing Asia's third-largest economy. Taking a leaf out of the playbook of none other than Keir Starmer, Ishiba wrongly hoped that taxation, particularly consumption tax, would catalyse stability. It was not just Japan's economic woes that compelled many voters to shun the ruling party on election day. Although foreign-born residents amount to only 3 per cent of Japan's 124 million population, immigration became a highly pervasive talking point as voters headed to the polls. The rise of minority fringe parties was in part responsible. Sohei Kamiya, the leader of a right-wing party, Sanseito, gained global attention having declared his admiration for Donald Trump. Sanseito's anti-globalist, anti-elite, and 'Japan First' stance resonated with voters: the party gained 14 seats in the upper house. Japan's economic malaise has consequences beyond its borders. For the first time in over 25 years, it has had to import rice from South Korea, which has recently experienced political tumult of its own. While Seoul may fill Tokyo's rice bowls for now, historic tensions between the two countries rumble on. The current leftist South Korean president, Lee Jae-myung, has previously criticised his conservative predecessors for being 'pro-Japanese', not least with respect to the necessary military exercises between the United States, South Korea and Japan. Tokyo's ties with Pyongyang remain another minefield of unresolved issues. Walking through a subway station, I saw a government sign calling for the return of all Japanese citizens abducted by North Korea in the 1970s and 1980s. Nearly 50 years later, Ishiba's calls for dialogue with North Korea to initiate their return have fallen on deaf ears. Despite their divisions, Japan and South Korea face an increasingly threatening regional security environment. While Japan constitutionally renounces belligerence, questions of its acquisition of nuclear weapons – which have lingered for over five decades – are hardly abating. Although South Korea would be more likely to nuclearise first, given the immediate nuclear threat faced from North Korea, the fact that North Korean missiles land in Japanese waters only highlights how the nuclear threat from North Korea is anything but far away from Tokyo. While Japan's fringe parties of left and right remain minority parties for now, the fact that they are starting to capitalise upon voter frustrations means suggests that they are on the up, not the down. When the sun sets on Ishiba, who will follow him?


Daily Mail
a day ago
- Daily Mail
New trade deal with South Korea brings $350 billion investment to US
President Donald Trump said on Wednesday the United States would charge a 15% tariff on imports from South Korea as part of an agreement with the Asian trading partner that avoids even higher levies. 'I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea,' Trump said on Truth Social. As part of the arrangement, South Korea would invest $350 billion in the United States in projects selected by Trump and purchase $100 billion of liquefied natural gas and other energy products, the president said. It was not immediately clear how the investment deals would be structured or over what time frame. Trump said additional investments would be announced later. South Korean President Lee Jae Myung (pictured) will visit the White House 'within the next two weeks' for a meeting with Trump, the U.S. president added. Trump also said South Korea would accept American products, including cars, trucks and agriculture into its markets and impose no import duties on them. Three cabinet-level South Korean officials met US Commerce Secretary Howard Lutnick (pictured) in Washington for trade talks with top business leaders also having flown in to help broker the tariff deal. South Korean Finance Minister Koo Yun-cheol joined Industry Minister Kim Jung-kwan and Minister for Trade Yeo Han-koo, who have been in Washington since last week, for two hours of talks with Lutnick, a ministry spokesperson said in Seoul. Lutnick later announced that trade deals had also been signed with both Cambodia and Thailand. As for South Koream Trump had originally set an August 1 deadline for 25% tariffs to kick in. The country is a major US ally and powerhouse exporter of chips, cars and steel. South Korean President Lee Jae Myung told his ministers to 'engage in the difficult consultation with confidence' as he was briefed on the status of the talks on Wednesday, his office said. The latest meeting came as the Wall Street Journal reported that Lutnick had urged the South Korean team to bring their best and final offer to the table during a meeting he had with Kim and Yeo in Scotland. Lutnick told the South Korean officials they need to 'bring it all' when they make their final offer to Trump, the report said. South Korea's benchmark KOSPI stock index rose 0.7% on Wednesday to hit a near four-year high, as the flurry of U.S. visits by government and company officials raised optimism around the country's trade negotiations. The heads of some of South Korea's largest global companies also converged on Washington to lend support to government negotiators. Hyundai Motor Group Chairman Euisun Chung was reported to be departing for Washington on Wednesday. Samsung Electronics Chairman Jay Y. Lee and the vice chairman of the Hanwha Group, Kim Dong-kwan, whose affiliate Hanwha Ocean has unveiled a major investment plan in the United States, were also in Washington, D.C. Hyundai Motor, which along with its affiliate Kia Corp is the world's third-largest automaker, would have faced a significant impact in the absence of a waiver or reduction in the 25% import duty on cars given that the U.S. is a major export destination. South Korean officials were also discussing potential cooperation in chips, batteries and biotechnology under a package proposal, South Korea's chief presidential policy secretary Kim Yong-beom said. Kim Yong-beom said last week currency policy had not been part of trade negotiations with the U.S. beyond regular consultations, but a foreign exchange official travelled to Washington to be prepared if the U.S. raises the issue, according to the finance ministry. In late April, South Korea agreed to consult on foreign exchange via a separate channel at the opening round of trade talks. Pressure has been mounting on South Korea since Japan clinched a deal to cut Trump's threatened tariffs to 15% last week. This was followed by a U.S.-EU trade deal over the weekend, and Trump's top aides, including Bessent, are now working to close a deal with China.


The Independent
a day ago
- The Independent
South Korea hails last-minute deal with Trump to reduce US tariff to 15%
President Lee Jae Myung said South Korea had 'overcome a major hurdle' by striking a trade deal with the US to cut import tariffs to 15 per cent, easing tensions with its chief ally. The deal, announced by Donald Trump, came after South Korean officials met with the US president on Wednesday, sparing one of the world's biggest exporters from a 25 per cent tariff just a day before sweeping American levies on other countries were set to take effect. South Korea is a powerhouse exporter of computer chips, cars and steel. The agreement paved the way for Mr Lee's summit with Mr Trump in the next two weeks. It would be the recently elected South Korean president's first meeting with his American counterpart since taking office. 'We've overcome a major hurdle,' Mr Lee said after the deal was done. 'This agreement is the result of the convergence of the US interest in rebuilding its manufacturing industry and our commitment to enhancing the competitiveness of Korean companies in the US market.' Announcing the deal, Mr Trump said they had agreed to a tariff of 15 per cent for South Korea. 'America will not be charged a tariff,' he added. South Korea, one of America's closest military allies, was racing to reach a deal in what was seen as an early test for Mr Lee, who took office in June after a snap election. Mr Trump said the deal had eliminated uncertainty in the export environment and set US tariffs lower than or at the same level as major competitors. Analysts hailed the agreement for avoiding the worst-case scenario for South Korea as pressure had been rising on Seoul after Japan, a key competitor in the car and manufacturing industries, secured a 15 per cent US tariff rate. Mr Trump had also threatened to withdraw American troops from South Korea after saying the country should pay for its own defence, calling it 'very unfair' because it was 'making a lot of money'. South Korea's economy is heavily dependent on exports of goods and services, accounting for 44 per cent of its economic output in 2023, double the rate of fellow export-driven economy Japan. In 2024, the East Asian nation recorded a $66bn trade surplus with the US. South Korea agreed under the deal to invest $350bn in the US in projects selected by Mr Trump and to purchase $100bn in energy products. South Korea would accept American products, including autos and agriculture, into its markets and impose no import duties on them, Mr Trump said. 'Our initial take is that it is a case of the worst avoided, with a pinch of relief removing Korea-specific tariff risks,' said Kathleen Oh, chief Korea economist at Morgan Stanley. "We also see this as broadly positive, as it puts Korea on level ground with its export competitors in the US, especially for autos.' South Korean officials claimed that the deal would maintain a 15 per cent tariff cut on cars – a key sticking point – and avoid expanding US access to its beef and rice markets. Mr Trump, however, suggested agriculture was included, without offering specific details. Market access for farm products has long been politically sensitive in South Korea, sparking mass protests in 2008 and risking the new government's support among key voters. "We avoided the worst and chose the next best," former South Korean trade minister Cheong In Kyo said, adding that much would depend on how investments to the US were structured. 'Depending on how and where $350 billion will be spent, this fund will be looked at differently.' Kim Yong Beom, policy chief for the South Korean presidential office, said that $150bn of the $350bn fund was aimed at a shipbuilding partnership while the rest would cover chips, nuclear power, batteries, and biotechnology. The energy purchases would include LNG, LPG, crude oil, and some coal, Mr Kim added. "This is within our usual import volume," he said, adding that it could lead to a "slight shift" in the country's mix of imports from the Middle East to more American sources. Mr Trump, meanwhile, intensified his rhetoric against countries still struggling to strike a deal with American negotiators ahead of the 1 August deadline for his tariffs to take effect. While South Korea was able to match Japan's deal for a baseline tariff of 15 per cent, Indonesia and the Philippines agreed to a 19 per cent rate each. and even threatening a trade war.