South Korea's Lee, Trump agree to work towards swift tariff deal
SEOUL/WASHINGTON: US President Donald Trump and South Korea's new president Lee Jae-myung agreed to work toward a swift tariff deal in their first phone call since Lee was elected this week, Lee's office said on Friday.
Trump has imposed tariffs on South Korea, a long-time ally with which it has a bilateral free trade deal, and pressed it to pay more for the 28,500 US troops stationed there.
Separately, Trump allies have aired concerns about Lee's more conciliatory stance towards China, Washington's main geopolitical rival.
Lee, a liberal, was elected on June 3 after former conservative leader, Yoon Suk Yeol, was impeached and ousted.
The future of South Korea's export-oriented economy may hinge on what kind of deal Lee can strike with Trump, with all of his country's key sectors from chips to autos and shipbuilding heavily exposed to global trade. His term began on Wednesday.
"The two presidents agreed to make an effort to reach a satisfactory agreement on tariff consultations as soon as possible that both countries can be satisfied with," Lee's office said in a statement.
"To this end, they decided to encourage working-level negotiations to yield tangible results."
Trump invited Lee to a summit in the US and they plan to meet soon, according to a White House official. Analysts say the first opportunity for the two to meet could be at a G7 summit in Canada in mid-June.
Lee's office said the two leaders also discussed the assassination attempts they both experienced last year as well as their enthusiasm for golf.
Lee underwent surgery after he was stabbed in the neck by a man in January last year, while Trump was wounded in the ear by a bullet fired by a would-be assassin in July.
South Korea, a major US ally and one of the first countries after Japan to engage with Washington on trade talks, agreed in late April to craft a "July package" scrapping levies before the 90-day pause on Trump's reciprocal tariffs is lifted, but progress was disrupted by the change of governments in Seoul.
Lee said on the eve of the elections that "the most pressing matter is trade negotiations with the United States." Lee's camp has said, however, that they intend to seek more time to negotiate on trade with Trump.
While reiterating the importance of the US–South Korea alliance, Lee has also expressed more conciliatory plans for ties with China and North Korea, singling out the importance of China as a major trading partner while indicating a reluctance to take a firm stance on security tensions in the Taiwan Strait.
Political analysts say that while Trump and Lee may share a desire to try to re-engage with North Korea, Lee's stance on China could cause friction with the US.
A White House official said this week that South Korea's election was fair, but expressed concern about Chinese interference in what analysts said may have been a cautionary message to Lee.
Speaking in Singapore last week, US Defence Secretary Pete Hegseth said many countries were tempted by the idea of seeking economic cooperation with China and defence cooperation with the United States, and warned that such entanglement complicated defence cooperation.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malaysian Reserve
41 minutes ago
- Malaysian Reserve
RBGLY Investors Have Opportunity to Lead Reckitt Benckiser Group PLC Securities Fraud Lawsuit
NEW YORK, June 7, 2025 /PRNewswire/ — Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of American Depositary Shares ('ADSs') of Reckitt Benckiser Group PLC (OTC: RBGLY) between January 13, 2021 through July 28, 2024, both dates inclusive (the 'Class Period'). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 4, 2025. For more information, submit a form, email attorney Phillip Kim, or give us a call at 866-767-3653. So What: If you purchased Reckitt ADSs you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. What to do next: To join the Reckitt class action, go to or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@ for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 4, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. Details of the case: According to the lawsuit, during the Class Period, defendants failed to warn investors and consumers: (1) that preterm infants were at an increased risk of developing necrotizing enterocolitis ('NEC') by consuming Reckitt's cow's milk-based formula, Enfamil; (2) of the attendant impact on Reckitt's sales of Enfamil and Reckitt's exposure to legal claims; and (3) as a result of the above, defendants' positive statements about Reckitt's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. To join the Reckitt action, go to or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@ for information on the class action. No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. Follow us for updates on LinkedIn: on Twitter: or on Facebook: Attorney Advertising. Prior results do not guarantee a similar outcome. Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 case@
The Star
5 hours ago
- The Star
EU pushes China to address ‘alarming' rare earth export controls
The EU has urged China to stop restricting the export of rare earth minerals and magnets, with the bloc's trade chief saying its industries are in an 'alarming situation'. The request was made during a meeting between the sides' top commerce officials in Paris on Tuesday. It comes as sectors across Europe raise the alarm about a shortage of rare earths, which are used to manufacture hi-tech goods ranging from electric cars and smartphones to military tanks and aircraft. 'I informed my Chinese counterpart about the alarming situation in the European car industry, but I would say industry as such because clearly rare earths and permanent magnets are absolutely essential for industrial production,' Maros Sefcovic said on Wednesday, briefing reporters a day after his meeting with Chinese Commerce Minister Wang Wentao. Around 90 per cent of the world's supply of rare earth minerals comes from China, which introduced export controls on their shipments in April in retaliation to US President Donald Trump's 'reciprocal' tariffs. Rare earths consist of 17 elements. On April 4, Beijing added seven of these – dysprosium, gadolinium, lutetium, samarium, scandium, terbium and yttrium – to its export control list, plus several rare earth magnets, two days after Trump announced 'reciprocal tariffs', meaning licenses are now required for their export. While such restrictions were ostensibly intended to punish the US, firms around the world have been caught in the crossfire. Business chambers and industry groups have urged European governments to push for a solution, as mineral stocks run low and some areas of production grind to a halt. European companies have complained that China's commerce ministry seemed incapable of handling the voluminous requests, with licenses being issued slowly and on a piecemeal basis. 'Some applicants are asked for sensitive information that might compromise their intellectual property so they're reluctant to hand that over, but they need to if they want to get approval,' Adam Dunnett, secretary general at the EU Chamber of Commerce in China, said. The chamber has held 'emergency meetings' with Chinese authorities in recent days after an outpouring of anxiety from across European industry. 'I haven't seen anything of this magnitude for a long time,' Dunnett said of the level of concern among EU businesses. Sefcovic said that the two sides had compared figures on the number of applications versus the licenses issued. The figures did not match, Sefcovic said, adding that the EU would supply Beijing with 'all the data and would cover all the companies which are now in an extremely difficult situation'. Sefcovic suggested that Beijing could simplify its system, which now screens all requests for 'dual use' applications, meaning the rare earths could go towards military production. 'Some of the car companies are already announcing that if this issue is not addressed, there might be huge production difficulties in a short period of time,' Sefcovic said. 'His information was a little bit different, and therefore we agreed that he would clarify this as soon as possible, and that we would also address the propositions I made yesterday, and this was that our strong preference here,' he added. The EU's proposals include 'not to cover ... civilian production by this very complex system', Sefcovic said. The bloc would also like to see a 'general application ... to cover it once a year for the whole production', eliminating the need for cumbersome repeat applications. Sefcovic said the EU wanted the changes to avoid 'huge paperwork delays and stress, which this presents for our industry and for our companies. 'We agree that we will come back to this issue relatively soon.' Also on Wednesday, the EU named 13 projects it would initiate beyond its borders to help improve its self-sufficiency in rare earths and critical minerals. 'The export bans reinforce our will to diversify and perhaps even strengthen the relevance of our focus on reducing dependencies,' Stephane Sejourne, the European Commission's head of industrial strategy, said in announcing the projects in Brussels. Two projects will cover rare earth minerals in Malawi and South Africa, while others focus on various raw materials in Britain, Canada, Greenland, Kazakhstan, Madagascar, Norway, Serbia, Ukraine, Zambia, Brazil and New Caledonia, a French overseas territory. The rare earth crisis adds another complication to already tense EU-China trade ties. Earlier this week, the bloc's member states voted to exclude Chinese companies from its lucrative medical devices procurement market after Beijing refused to open its tenders to the EU. In a bid to crack down on a deluge of small packages from Chinese e-tailers Temu and Shein, Brussels plans to add a surcharge of €2 (US$2.28) to small parcels imported. The EU also remains frustrated over Beijing's refusal to acknowledge state subsidies that it claims are leading to market-distorting industrial overcapacity. China, on the other hand, claims that Europe's moves to target its exporters are against the rules of global trade. - SOUTH CHINA MORNING POST
The Sun
7 hours ago
- The Sun
US steps up immigration crackdown with LA raids, NY courthouse arrests
LOS ANGELES (United States): Masked and armed federal agents carried out sweeping immigration raids in Los Angeles Friday, while others pounced on migrants at a New York courthouse in forceful displays of US President Donald Trump's crackdown on people without papers. From courthouses to hardware store parking lots in two of the most diverse cities in the world, federal agents wrestled migrants into handcuffs and unmarked vehicles. Agents used extreme tactics, conducting unprecedented raids on at least three areas of Los Angeles to detain dozens of people. At one sweep less than two miles from Los Angeles City Hall, agents threw flash-bang grenades to disperse angry crowds of people following alongside a convoy of Immigration and Customs Enforcement (ICE) vehicles as protesters hurled eggs and epithets at the agents, media reported. - 'Terror' - 'As a Mayor of a proud city of immigrants, who contribute to our city in so many ways, I am deeply angered by what has taken place,' LA Mayor Karen Bass said in a statement. 'These tactics sow terror in our communities and disrupt basic principles of safety in our city.' White House Deputy Chief of Staff Stephen Miller, who grew up in LA's Santa Monica, insisted on social media platform X that Bass had 'no say in this at all.' 'Federal law is supreme and federal law will be enforced.' Service Employees International Union leader David Huerta was briefly detained while documenting one of the raids in Los Angeles, according to media reports. 'Hard-working people, and members of our family and our community, are being treated like criminals,' Huerta said in a statement after his release. Homeland Security Investigations spokesperson Yasmeen Pitts O'Keefe told the Los Angeles Times that federal agents were executing search warrants related to the harboring of people illegally in the country. Hundreds of protesters gathered in downtown Los Angeles on Friday afternoon to demand the release of detainees, broadcaster ABC7 reported. The largely peaceful rally was later ordered to disperse by police, with some violent clashes between protesters and riot police being reported. - NY courthouse arrests - Across the country, plainclothes agents in New York pounced on two immigrants in the hallway of a courthouse Friday. AFP saw the officers yell for the men not to move before forcing them to lay face-down on the ground as they were handcuffed and arrested. It was not immediately clear why the two men were arrested. Trump was elected to a second term with broad support for his promise to crack down hard on the entry and presence of undocumented migrants. ICE agents have intensified such operations in and around American immigration courts in recent weeks. The Department of Homeland Security revoked regulations that limited agents' access to protected areas such as courts after Trump returned to office in January. One of the men arrested in New York was Joaquin Rosario, a 34-year-old Dominican who arrived in the United States a year ago, registered as he came in and who had his first immigration hearing Friday, his relative Julian Rosario said. 'He was at ease. He did not think anything was going to happen,' the relative said, adding that Rosario was so unworried he had not brought his lawyer with him. The other detainee appeared to be Asian. He arrived accompanied only by one of many immigration advocacy group volunteers who walk immigrants to and from the courtroom. The volunteers screamed out as the agents arrested the two men but it did nothing to halt the raid. - 'Sound the alarm' - Human rights groups are outraged by such operations, arguing that they sap trust in the courts and make immigrants wary of showing up for appointments as they try to gain US residency. 'They're illegal abductions,' said Karen Ortiz, a court employee who was demonstrating Friday against the sudden arrests of migrants. 'We need to sound the alarm and show the public how serious this is and one way we can do that is actually physically putting ourselves between a masked ICE agent and someone they're trying to detain and send away,' she told AFP. Trump has dramatically tested the limits of executive power to crack down on foreigners without papers since he returned to office, arguing that the United States is being invaded by criminals and other undesirables.
