Lee: Rethink US tariff deal deadline
LEE Jae-myung (pic) has said the deadline to reach a deal with the United States on President Donald Trump's trade tariffs needs to be reconsidered to find a mutually beneficial agreement between the two allies.
Tariff negotiations with the United States will be one of the biggest challenges for the winner of the June 3 election, the South Korean presidential frontrunner told a press conference.
The snap election was called after Yoon Suk-yeol was impeached as president and removed from office for briefly declaring martial law in December.
Lee, from the main opposition Democratic Party of Korea, is leading in opinion polls over conservative contestants.
Seoul and Washington have said they aim to craft a package on tariffs and economic cooperation by July 8.
But the South Korean trade and industry minister said recently that was not enough time and delays would be possible due to the election.
'There is not much time,' Lee said yesterday.
'Isn't diplomacy something that benefits both sides? If one country benefits and the other country suffers unilaterally, that is not diplomacy. It is called plunder.'
He called for mutual respect between the two countries, saying they 'need to reconsider whether the timeline set by one side should be bound to'.
Lee said South Korea must compile an extra budget to boost the economy in the short term and vowed that, if elected, he would form and head a task force to tackle the slowing economy.
'I will swiftly prepare immediately actionable economic measures and actively respond to the domestic economic slowdown with the determination to fight the recession,' he said.
Lee said he would pursue peace on the Korean peninsula, criticising the ousted Yoon's tough policy on North Korea, which he said had raised tensions high, burdening the economy and adding to concerns among foreign investors.
'We should maintain and strengthen our powerful defence capabilities and military power, and strengthen the South Korea-US security alliance, but also find a path toward dialogue, cooperation, communication and coexistence where possible,' said Lee, who considers pragmatism as a key to diplomacy. — Reuters
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
an hour ago
- The Star
Circle shares set to surge in NYSE debut, lifting hopes for IPO market recovery
Jeremy Allaire, CEO and co-founder of Circle Internet Group, the issuer of one of the world's biggest stablecoins, and Circle Internet Group co-founder Sean Neville react as they ring the opening bell, on the day of the company's IPO, in New York City, U.S., June 5, 2025. REUTERS/Brendan McDermid (Reuters) -Circle Internet's shares were set for a strong debut on the New York Stock Exchange on Thursday, a move expected to boost an IPO market that has struggled to regain momentum. The stock was last indicated to trade between $60 and $61 at debut compared with its IPO price of $31. The successful flotation is likely to encourage other crypto IPO hopefuls eyeing public markets. Surging interest in digital assets amid rising token prices and supportive regulatory developments are expected to spur more listings from the industry. The outlook for the digital asset industry has also brightened with the Trump administration adopting a lighter regulatory touch and moving to establish a crypto-friendly environment. In recent months, a growing number of companies have also added cryptocurrencies to their balance sheets to capitalize on rising token prices. Circle's flotation is the biggest crypto listing since Coinbase's 2021 debut and the first major IPO by a stablecoin issuer. It had earlier attempted to go public through $9 billion blank-check deal, but the deal fell apart in 2022. MAINSTREAM ADOPTION Circle's IPO is also a landmark moment for the stablecoin market, which has been a hot topic since the Trump administration took office. The passage of the pending stablecoin bill could further accelerate the adoption of the digital tokens and make it more mainstream. Apart from being used to trade cryptocurrencies, stablecoins are increasingly being used as a form of digital payment. Wall Street expects stablecoins to become one of the biggest themes within finance in the coming years and the next multi-trillion dollar market opportunity. Founded in 2013 by Jeremy Allaire and Sean Neville, Circle issues the dollar-denominated USDC, the world's second-largest stablecoin by market cap after Tether. Besides USDC, Circle also issues the euro-denominated stablecoin EURC. Allaire, 53, has led Circle since its inception. He previously served as the co-founder and CEO of streaming technology company Brightcove. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Anil D'Silva, Shilpi Majumdar and Shounak Dasgupta)
The Star
2 hours ago
- The Star
RM162bil in projects bring over 53,000 jobs to Johor
Lee says Johor is attracting more high value-added activities such as semiconductors, petrochemicals and data centres. INVESTMENT projects have created more than 53,000 job opportunities in Johor between 2022 and 2024. State investment, trade, consumer affairs and human resources committee chairman Lee Ting Han said Johor attracted 1,761 projects between 2022 and 2024, with a total committed investment value of RM162.2bil. These projects resulted in the creation of 16,762 jobs in 2022, 19,053 jobs in 2023 and 17,949 jobs in 2024, bringing the three-year total to 53,764 direct jobs. 'These figures reflect only the investment sector and exclude jobs in construction, logistics, business services and retail,' he said at the state assembly sitting. He was responding to a question from Fauziah Misri (BN-Penawar), who asked how the state ensured that investments benefitted locals in terms of employment and economic development. Lee said the state government was committed to ensuring that all incoming investments generate quality, high-skilled job opportunities for Johoreans while also boosting the state's economy. 'With our competitive cost structure and strong infrastructure, Johor is now attracting more high value-added activities such as semiconductors, petrochemicals and data centres. 'Data centre investments by global companies such as Microsoft and ByteDance have also helped position Johor as the largest data centre hub in Malaysia. 'This has opened up opportunities too for skilled jobs in the information and communications technology (ICT) sector.' Lee said high-impact investments also created spillover effects across professional service sectors such as logistics, banking, auditing, legal and consulting. 'For example, Mercedes-Benz has opened a regional logistics centre in Senai to serve as a parts distribution hub for the Asia-Pacific region. 'This facility does not only provide direct jobs in logistics and supply chain management, but also increases demand for support services including transport, warehousing and others.' He said Johor's tech sector has also attracted investments from companies like Wiwynn and Supermicro, which have set up manufacturing plants to support growing demand for data centres. 'These investments provide not only manufacturing jobs but also roles in research and development, engineering and project management,' he added.
Barnama
2 hours ago
- Barnama
Xi Says Dialogue, Cooperation Only Right Choice For China, US
BEIJING, June 5 (Bernama-Xinhua) -- Chinese President Xi Jinping said on Thursday that dialogue and cooperation are the only right choice for China and the United States, Xinhua news agency reported. In his phone talks with US President Donald Trump, Xi said to correct the course of the big ship of China-US ties, it is necessary for both sides to set the right direction, and eliminate all kinds of disruptions, even sabotage, which is especially important. Xi also called on both sides to make good use of the established economic and trade consultation mechanism, treat each other with equality, respect each other's concerns and strive for a win-win outcome, stressing that China is both sincere and principled on this issue.
