Trump says U.S. to impose 15% tariff on goods from South Korea
Trump said on social media that South Korea will give $350 billion for investments "owned and controlled by the United States" and selected by him, as well as buying $100 billion worth of American liquefied natural gas and other energy products.
Trump added that South Korean President Lee Jae Myung will travel to the White House for a meeting within the next two weeks when he will unveil an additional "large sum of money" for the key U.S. ally's own "investment purposes."
Trump's announcement via a Truth Social post came before the expiration on Friday of a 90-day pause on the implementation of his so-called reciprocal tariffs, targeting dozens of countries with which the United States runs trade deficits.
The post provided no information about whether his higher auto tariff of 27.5 percent will continue to apply for cars imported from South Korea.
The country-specific tariff rate of 15 percent, reduced from the 25 percent threatened in early July by Trump, is the same as that imposed on Japan and the European Union, both of which recently struck deals with his administration.
For Japan and the EU, Trump also set a 15 percent tariff on imported cars in exchange for commitments to make large investments in the United States.
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The Diplomat
3 hours ago
- The Diplomat
Taiwan-US Ties Are Becoming a Political Headache for the Lai Administration
Supporters hold up the flags of Taiwan and the U.S. as they welcome President Lai Ching-te (not pictured) upon his arrival at the Honolulu airport during a transit of Hawai'i, Dec. 1, 2024. Late July brought a series of setbacks for the Lai administration of Taiwan. After the disastrous failure of the first round of recall votes of the 'Great Recall Movement' on July 26, the Trump administration in the United States imposed 20 percent tariffs on Taiwan, part of a wider announcement of tariffs on major trading partners. More unusually, a planned trip by President Lai Ching-te that would have involved a stopover in the United States was canceled, reportedly because the Trump administration did not want to upset China as the two side pursue trade negotiations. The Lai administration probably had hoped for a different series of events to buoy its July and August: successes in terms of Taiwan-U.S. diplomacy that could carry the Lai administration through the recall season (the second round of recall voting is scheduled for late August). But its vision was not to be. In U.S. President Donald Trump's initial 'Liberation Day' tariff announcement in early April, Taiwan was hit with 32 percent tariffs. This led to strong reactions in Taiwan, particularly as this was only slightly lower than China's tariff rate of 34 percent. Trump later announced a 'pause' on the higher tariff rates, inviting governments from around the world to negotiate deals. Taiwan was one of many seeking to lower the tariff rate through talks with Washington. Ahead of the voting date for the recall, however, rumors arose that the United States would continue with its plans for a 32 percent tariff rate on Taiwan. The claims continued to circulate online, even though they were denied by the American Institute in Taiwan (AIT), which functions as a de facto U.S. embassy in Taiwan in the absence of official diplomatic ties. AIT stressed that news on tariff rates would come through official channels. The online rumors implied that the Lai administration had had no success in convincing the United States to reduce the tariff rate. The claims were picked up by Kuomintang (KMT) politicians, such as pan-Blue commentator Jaw Shaw-kong, who also served as the KMT's vice presidential candidate in 2024 elections, and KMT party chair Eric Chu. Contrastingly, Lai administration trade officials stated that Taiwan expected to see a tariff rate that was below 25 percent, in line with what Japan and South Korea received. Lai administration officials also denied allegations from KMT legislator Chang Chia-chun that Taiwan had already been informed of a tariff rate but was seeking to keep it secret ahead of the recall. The Lai administration appeared to hope that it could tout a preferential tariff rate as a political victory, potentially influencing the recall vote. Vice Premier Cheng Li-chiun was dispatched to the United States for four rounds of trade talks. An op-ed in Bloomberg published by Lai in April, suggesting that the United States and Taiwan should deepen economic connections for greater prosperity was also seen as an attempt to convince Washington to lower tariffs. The choice of Cheng for trade negotiations is notable. Cheng, who previously served as minister of culture under the Tsai administration, is considered a Lai loyalist. She was previously considered a contender against Hsiao Bi-khim, best-known as Taiwan's representative to the U.S. during the Tsai administration, as Lai's vice presidential candidate. It is possible that in the event of a future cabinet reshuffle, Cheng will become the next premier. Ultimately, the Lai administration did not see tariff rates for Taiwan announced ahead of the July 26 recall vote, even though it touted that it was near closing a deal. And when the rate was announced, Taiwan's 20 percent tariffs were higher than the rates imposed on Japan and South Korea – both at 15 percent. Taiwan's tariff rate is also higher than Southeast Asian economies such as Cambodia and Thailand, which both received 19 percent. This was a blow to the Lai administration. The Taiwanese public is mostly focused on the numbers and appears unconvinced that 20 percent was the best that could be secured while still protecting Taiwanese industries. U.S. trade negotiators were reportedly placing significant pressure on Taiwan to make further concessions. To this extent, there has been relatively little discussion in Taiwan of what Japan and South Korea offered to receive lower tariff rates – for example, Trump's claims that Japan would directly pay the U.S. funds to be used for investment at the discretion of the Trump administration – or other uncertainties about tariff negotiations. Most reporting has focused on the percentage of tariffs that Taiwan would receive. As pan-Blue figures accuse the government of failing in its trade negotiations, the pan-Green camp has sought to recenter political attacks on the pan-Blue politicians who claimed on the basis of mysterious inside sources that Taiwan would have a 32 percent tariff rate. The Lai administration has also sought to emphasize that trade talks with the United States are ongoing, and that Taiwan may see a further reduction in tariff rates. The KMT is demanding that the Lai administration clarify what it means by saying that trade negotiations are ongoing. The KMT has also alleged that trade negotiations are lacking in transparency and should be disclosed to the public, though the party's leaders probably knows well that it is standard practice for such trade negotiations to be kept secret. The KMT is currently calling for a national conference to be held on the tariffs. There is a rare opportunity for bipartisan cooperation if both the KMT and the Democratic Progressive Party (DPP) agree to pass special funding to deal with the economic impact of the tariffs. But the KMT may simply use the national conference as a political opportunity to attack the Lai administration, perhaps through interrogating DPP politicians, or attack the Executive Yuan's proposed budget as failing to do enough for affected industries. This has generally been the pattern in the last two years, with the KMT staging public walkouts during reports to the legislature by Premier Cho Jung-tai, after calling for Cho to make such reports. There is also a recurring pattern of one-upmanship between the KMT and DPP legislative caucuses when it comes to relief funding for disasters. Amid accusations of 'failed' trade talks with Washington, there came another blow to the Lai administration. In late July, reports began to appear in the international press that Lai's planned August stopover in New York was off. The Lai administration and U.S. State Department denied the veracity of such reports, with the Ministry of Foreign Affairs pointing out that no trip had been formally announced, so it couldn't have been canceled. However, it was known that Lai had planned to visit Belize, Guatemala, and Paraguay, Taiwan's diplomatic allies in South America. The Guatemalan government later claimed that the trip was off due to the impact of typhoons on Taiwan. Taiwanese presidents cannot pay formal visits to the United States, due to the lack of formal diplomatic ties. However, it's long been standard practice for them to make 'stopovers' – essentially transiting through major U.S. cities en route to visit Taiwan's diplomatic allies. China vociferously protests every such transit by a Taiwanese president, something the U.S. government has always ignored – until now. Among those to criticize the Trump administration for reportedly rejecting Lai's stopover request was former U.S. Speaker of the House Nancy Pelosi, who traveled to Taiwan in August 2022. Pelosi, as well as others, have criticized the Trump administration for the optics of throwing Taiwan under the bus in order to please China. The underlying suggestion would be that the Taiwan-U.S. relationship is up for negotiation. The shock of U.S. tariffs and the cancellation of the Lai administration's planned stopover is likely to amplify skepticism about whether the United States will support Taiwan in the event of a Chinese invasion. What has been termed 'U.S.-skeptic rhetoric' has been on the rise in Taiwan in past years, as embraced by pan-Blue politicians such as Jaw and others. The cancellation of Lai's trip is a slap in the face, given that past Taiwanese presidents have been allowed to transit in the United States. The importance of the stopover visit can be seen through the fact that the entire trip was cancelled when a U.S. transit was not possible. Yet there is opportunity to remedy this if the trip is later rescheduled. Even Pelosi's visit to Taiwan was called off once, due to the then-House speaker contracting COVID-19. That raised questions about whether the trip would actually occur – and it eventually did. That being said, the impact of the tariffs may turn out to have a larger impact for the Lai administration, particularly as midterm elections approach. As agriculture and industry feel the heat, the Lai administration will be under pressure to not only come up with relief measures but also manage the Taiwan-U.S. relationship – otherwise it will again face punishment at the polls.
Japan Today
3 hours ago
- Japan Today
35th anniversary of friendship partnership between Kanagawa Prefecture and Gyeonggi Province in South Korea
Gyeonggi Province, which surrounds the capital city of South Korea, Seoul, has a population of approximately 13 million, making it the most populous local government in South Korea. It also serves as a central hub for politics and the economy. Kanagawa Prefecture has established a friendship partnership with Gyeonggi Province, promoting friendly relations across various fields, including the economy, culture and sports. This year marks the 35th anniversary of the friendship partnership between the two regions. In July, Kanagawa Governor Yuji Kuroiwa visited Gyeonggi Province, where he attended the 35th anniversary commemorative ceremony held in Suwon, the provincial capital, and exchanged views with Gyeonggi Governor Kim Dong-yeon. In addition, a Kanagawa–Gyeonggi Investment Cooperation Seminar was held at a hotel in Suwon, aiming to attract South Korean companies to Kanagawa. The event was attended by around 100 participants, primarily representatives from Korean companies. During the seminar, Governor Kuroiwa gave a presentation on Kanagawa's business environment, including the prefecture's investment promotion policy, 'Select Kanagawa Next." Following this, representatives from companies such as Samsung Electronics Co Ltd, which has a base in Yokohama, shared case studies. A participant from a Korean company said, 'We had been considering establishing a subsidiary in Japan, and after hearing Governor Kuroiwa's presentation, we became interested in expanding into Kanagawa Prefecture. We would like to gather information on the incentives and support packages provided by the Kanagawa Prefectural Government and move forward with more details.' Japan and South Korea are geographically close to each other, and exchanges in many fields have been actively promoted. Holding such an event in this milestone year has further strengthened the friendly relationship between Kanagawa Prefecture and Gyeonggi Province. © Japan Today
Japan Today
4 hours ago
- Japan Today
Japan's farm exports rise 16% in 1st half of 2025, setting record
Japan's agricultural, fisheries and forestry product exports in the first half of 2025 rose 15.5 percent from a year earlier to a record 809.7 billion yen, as sales in the United States increased sharply, the government said. The record for the January-June period followed a fall in the same period of the previous year. The turnaround came as Japan expanded sales channels in the United States and other areas following China's import ban on Japanese seafood in the wake of the discharge of treated radioactive wastewater from the crippled Fukushima Daiichi nuclear plant. Exports were also likely helped by an increase in the number of Japanese restaurants operating overseas as awareness of the cuisine increased on the back of surging foreign tourism. Supermarkets outside the country are also selling more Japanese food, the farm ministry said. The record figure came as the government aims to boost Japan's farm and seafood exports to 2 trillion yen by 2025, after exports in 2024 grew 3.6 percent from the previous year to a record 1.51 trillion yen. But there is uncertainty over Japan's prospects of achieving the goal, as the United States will implement a 15 percent "reciprocal" tariff on Japanese imports on Thursday. China, however, is moving to resume imports of Japanese marine and other products. By country and region, exports to the United States topped the list with 141.0 billion yen, up 22.0 percent, boosted by strong demand for scallops, green tea and yellowtail. The increase came despite the administration of U.S. President Donald Trump imposing a new 10 percent tariff in April. Hong Kong ranked second with a 3.4 percent increase to 106.8 billion yen, followed by China, which saw 15.0 percent growth to 90.2 billion yen as exports of sake, timber logs and animal feed notably expanded, according to the Ministry of Agriculture, Forestry and Fisheries. By item, exports of scallops surged 45.4 percent to 34.9 billion yen, while sauce mixed seasoning increased 7.6 percent to 34.0 billion yen and beef climbed 15.5 percent to 32.5 billion yen. © KYODO
