‘Yoon Again': calls for ousted South Korean president's return as political rift deepens
Hundreds of supporters lined the streets near South Korea's presidential residence on Friday evening, chanting 'Yoon Again' and waving South Korean and American flags as former president Yoon Suk-yeol and first lady Kim Keon-hee departed following his impeachment a week earlier.
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'Fraudulent impeachment! Null and void!' the crowd shouted, as Yoon hugged younger supporters, shook hands and exited the grounds shortly after 5pm local time. He waved to the crowd and raised a clenched fist before leaving.
The couple returned to their private home in southern Seoul, exactly one week after the Constitutional Court unanimously upheld Yoon's impeachment over his attempt to impose martial law in December – a move it ruled unconstitutional and based on unsubstantiated claims of election interference by China and North Korea.
Yet for Yoon's core supporters – many of them older, deeply conservative and staunchly anti-communist – the ruling only deepened mistrust towards the judiciary, the opposition and even members of his own People Power Party.
Supporters of Yoon Suk-yeol hold 'Yoon Again' signs in Seoul, South Korea, on Friday. Photo: Kim Jung-yeop
Seventy-year-old retiree Moon Keun-chan echoed a common refrain: that Yoon's downfall was not just a political misstep, but also a setback in the country's battle against communism.
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Asia Times
33 minutes ago
- Asia Times
Asia's shaky economies need a US-China trade truce, fast
As Asian governments go through the motions of negotiating with the US, Donald Trump's trade war is inflicting serious and ever-increasing damage on the region's largest economies. It remains to be seen what the US and China will ultimately agreed on in London this week. Vague talk of a preliminary strategy to ease trade tensions, with zero specifics or timelines, has so far left global markets with more questions than answers. The final readout said the two sides agreed in principle on a framework for de-escalating trade tensions, which will next be presented to Trump and Chinese President Xi Jinping for approval, according to reports. In the meantime, Japan and South Korea, Asia's No 2 and No 4 economies, are officially in negative territory, both down 0.2% in the first quarter on an annualized basis. What's important to consider is that these contractions predate the worst of Trump's tariffs. As the full brunt of those import taxes hits, Japan and Korea are sure to slide deeper into the red. Those levies include 30% on China, down from 145% earlier, 25% on autos, 50% on steel and aluminum and 10% across the board globally. Things could quickly get worse from there if China's factory gate deflation deepens. In May, China's producer prices fell to the lowest level in nearly two years. Consumer prices, meanwhile, extended declines as trade headwinds collide with a prolonged housing downturn. The 3.3% year-on-year drop in the May producer price index was even steeper than the 2.7% decline in April — and the deepest contraction in 22 months. China, says economist Zhiwei Zhang at Pinpoint Asset Management, 'continues to face persistent deflationary pressure.' Given the magnitude of the headwinds, says Johns Hopkins University economist Steve Hanke, it's 'no surprise' why this is the fourth-straight month in which China's consumer price trajectory 'has been gripped with an outright deflation.' The collateral damage from Trump's trade war is rising, in part because no one knows where the tariffs are headed. On China, it's still an open question whether Trump will lower Chinese taxes to 10% or raise them to 100%. For Japan and Korea, only Trump can say whether or not reciprocal tariffs of 24% and 25%, respectively, will soon return. Risks abound as neither Japanese Prime Minister Shigeru Ishiba nor new South Korean President Lee Jae-myung seems in any hurry to sign a bilateral trade pact with the US that might disadvantage their populations. That risks enraging a Trump White House desperate for any deal at all. Declarations by Trump trade Peter Navarro and Howard Lutnick have aged terribly. Trade advisor Navarro earlier assured that Trump would seal 90 deals in 90 days. Commerce Secretary Lutnick's late April statement that Trump already had 200 agreements nailed down is now a punchline. As Trump becomes more desperate for a win, real or imagined, the odds of him making tariffs great again increase. Especially since Chinese leader Xi Jinping hasn't rolled out lots of concessions, as Trump hoped. Optimism that Xi's government might increase the flow of now-restricted rare-earth minerals hasn't come to fruition. On Sunday, Kevin Hassett, Trump's National Economic Council head, told CBS News: 'We want the rare earths, the magnets that are crucial for cell phones and everything else to flow just as they did before the beginning of April, and we don't want any technical details slowing that down. And that's clear to them.' Yet what Xi has in common with Ishiba and Lee is a belief that time is on his side. The longer Trump's tariffs fan US inflation and cause economic disruption at home, the more he needs big splashy trade deals to justify the pain households are enduring in the name of making America great again. It follows, then, that Trump will become more willing to sign trade deals in name only to save face. That's the strategy China and Japan employed during the Trump 1.0 era to great effect. And it might well work again under Trump 2.0. The best hope for the global economy and financial system is Trump throttling back on tariffs in the months ahead. 'If this problem goes away, I think that the second half of this year will actually be one of growth,' says Indermit Gill, the World Bank's chief economist. The World Bank has a rather bleak view of the rest of 2025. It expects the slowest growth in 17 years, outside of recessionary periods. It sees global growth weakening to 2.3% this year, 0.4 percentage points less than it expected a few months back. Trouble in bigger economies is sure to spill over into smaller, less developed ones, given today's 'tight trade and investment linkages' with the US, Europe and China, the World Bank said in a report. The good news is that 'capital flows to emerging markets stabilized in May, breaking a two-month pattern of volatility and retrenchment,' says Jonathan Fortun, an economist at the Institute of International Finance. Non-resident flows rose to US$19.2 billion, marking a decisive shift from the $3.7 billion net outflow recorded in April. 'The rebound,' Fortun says, 'was broad-based, with both equity and debt components contributing positively. However, the recovery masks significant asymmetries across regions and asset classes, and the underlying investor tone remains cautious in light of ongoing global uncertainty.' Fortun adds that emerging Asia was the main beneficiary in May, attracting $11.4 billion across asset classes. 'The bulk of the inflows came through local debt and equity channels, as investors responded to stabilizing inflation prints and more predictable policy stances,' he says. In contrast, Fortun adds, Latin America recorded a modest 1.1 billion in net inflows, with strong equity demand partially offset by a sharp decline in debt flows. Emerging Europe attracted $5.1 billion, 'supported by resilient demand for domestic bonds in countries with improved fiscal outlooks,' he notes. In Japan's case, says economist Takeshi Yamaguchi at Morgan Stanley MUFG, markets are waiting with bated breath for the Bank of Japan's views on downside risks. BOJ Governor Kazuo Ueda, after all, is grappling with the impact of Trump's 25% automobile tariff by the US on small and midsize enterprises and spring wage negotiations amid prolonged US-Japan trade discussions. Yamaguchi says BOJ officials are also watching the impact of China's rare-earth export regulations on manufacturing activity, including automobile production. Other factors include the impact of US lawmakers giving Trump latitude to tax foreign investors, including potentially for punitive purposes on US Treasury holders. 'All underlying inflation measures of the BOJ have risen further' in the central bank's latest update, Yamaguchi says. Stefan Angrick, head of Japan at Moody's Analytics, notes that 'tariffs and tariff threats are damaging [Japan's] exports and industrial production. Household spending is weak as inflation outpaces wage growth, and pay gains may slow further if tariff pain derails the economy.' At the same time, Angrick says, slowing inflation will 'help home-made demand find better traction, but reduced government support for energy bills and a surge in food prices mean inflation will decelerate very gradually.' This will push real pay gains further into the distance, raising the stakes ahead of the upper house election in July, Angrick adds. Opposition parties have called for consumption tax cuts to ease the cost-of-living crisis. 'We're not convinced that's the best way forward,' Angrick says. But Prime Minister Shigeru's blanket rejection of all forms of fiscal support was already looking shaky before the trade war ramped up. All told, the outlook for 2025 looks extremely challenging.' In Seoul, the arrival of President Lee's new administration 'will reduce political tensions and improve the country's economic outlook,' following the six-month vacuum caused by Yoon Suk Yeol's impeachment, says Jeremy Chan, a Eurasia Group analyst. 'Lee will immediately confront two major challenges: reviving economic growth and striking a trade deal with the US to reduce crippling US tariffs on Korean exports,' Chan says. China's trajectory is complicated by a serious property crisis that's helping to drive deflation. The danger is that the trade war precipitates 'a race deeper into deflation,' says Tom Orlik, chief economist for Bloomberg Economics. Zichun Huang, China economist at Capital Economics, adds that 'we still think persistent overcapacity will keep China in deflation both this year and next.' There's still hope Trump might pivot away from tariffs. Headlines about several trillions of dollars of stock market losses, talk of a 'Trumpcession' and chatter that the so-called 'bond vigilantes' were displeased had Trump backing off. The same with China's stance going into the weekend trade talks in Geneva in mid-May, where Team Xi demanded a goodwill gesture on tariffs; Trump ultimately obliged by throttling back on import taxes from 145% to 30%. Asian 'economies now face the secondary shock of an influx of cheap Chinese imports, as China exports excess capacity amid subdued domestic demand and elevated trade tensions with the US and other developed markets,' says Alex Wolf, head of Asia investment strategy at JP Morgan Private Bank. 'This phenomenon is already negatively impacting local emerging market manufacturing and employment.' Wolf adds that 'as the Trump administration targets not just China but almost every trading partner with trade imbalances – whether due to trade deficits or tariff rate differentials – many EM [emerging market] economies could end up in the crosshairs. With both the direct impact of US tariffs and the indirect impact of a slowing China and weaker global trade, EM economies may face tougher challenges ahead.' Yet the detour in Trump's phraseology thickens the plot. Around 'Liberation Day' on April 2, Trump World argued the US is being 'looted, pillaged, raped and plundered by nations near and far.' Since then, Trump's White House has also talked of the 'importance of a sustainable, long-term and mutually beneficial economic and trade relationship.' All officials in Tokyo and Seoul can do is hope real progress was made behind closed doors in London this week. In the interim, though, Asia's 2025 is turning out monumentally different from what Asia expected. Follow William Pesek on X at @WilliamPesek
RTHK
3 hours ago
- RTHK
Thousands turn out in NY to protest immigration raids
Thousands turn out in NY to protest immigration raids Officers line up outside the US immigration court at the Jacob K Javits Federal Building in New York City amid a protest against federal immigration sweeps. Photo: Reuters Several thousand people took to the streets of New York City to protest the immigration policies of US President Donald Trump after a series of raids by Immigration and Customs Enforcement sparked protests across the country. "No hate, no fear, immigrants are welcome here," chanted protesters who initially gathered on Tuesday at Foley Square, a plaza in front of a courthouse where several migrants were detained by law enforcement on Friday. Protesters marched into lower Manhattan, many carrying signs reading "ICE out of New York" in reference to the federal immigration police whose raids to arrest undocumented immigrants have ramped up in recent weeks. "I'm here to stand up for those who don't have a voice to be here at the moment, especially for my mum," said one woman, whose Mexican mother's immigration status is undocumented, at the protest. "Honestly, this country wouldn't be what it is without the immigrants. So I'm here for them," she added. Another protester named Jacqueline, a 23-year-old American woman with Mexican heritage, said: "I'm here to defend my family... I fear for them now, and I don't want to live in a society where I'm in fear for my family's health." The march in New York was more peaceful than its counterpart in Los Angeles, where ongoing demonstrations between protesters and police have given Trump an excuse to deploy thousands of National Guard troops and 700 active-duty Marines. Protests like those in LA are "unacceptable and will not be tolerated if attempted in our city", said New York mayor Eric Adams on Tuesday, who added that the New York Police Department was prepared "to handle any issues that may arise, especially when we are faced with deep division in our society". (AFP)
HKFP
a day ago
- HKFP
Two Chinese aircraft carriers seen in Pacific for first time, Japan says
Japan said Tuesday that two Chinese aircraft carriers had been seen operating in the Pacific for the first time as Beijing boosts its military capability in far-flung areas. On Monday, China's Shandong carrier and four other vessels, including a missile destroyer, sailed inside the Japanese economic waters surrounding the remote Pacific atoll of Okinotori, Tokyo's defence ministry said. Its fighter jets and helicopters conducted take-offs and landings there, the ministry said. The fleet of five warships was also seen sailing on Saturday 550 kilometres (340 miles) southeast of Miyako Island near Taiwan, it added. China's other operational aircraft carrier Liaoning and its fleet entered Japan's exclusive economic zone (EEZ) in the Pacific over the weekend, before exiting to conduct drills involving fighter jets, Tokyo previously said. 'This is the first time two Chinese aircraft carriers were spotted operating in the Pacific at the same time,' a defence ministry spokesman told AFP on Tuesday. 'We believe the Chinese military's purpose is to improve its operational capability and ability to conduct operations in distant areas,' he said. China's use of naval and air assets to press its territorial claims has rattled the United States and its allies in the Asia-Pacific region. Japanese and US defence officials say China wants to push the American military out of the so-called 'first island chain' from Japan down through the Philippines. Eventually, its strategy is to dominate areas west of the 'second island chain' in the Pacific between Japan's remote Ogasawara Islands and the US territory of Guam, they say. The Liaoning's recent cruise eastwards marked the first time the Japanese defence ministry has said a Chinese aircraft carrier had crossed the second island chain. In September, the warship sailed between two Japanese islands near Taiwan and entered Japan's contiguous waters, an area up to 24 nautical miles from its coast. At the time, Tokyo called that move 'unacceptable' and expressed 'serious concerns' to Beijing. Under international law, a state has rights to the management of natural resources and other economic activities within its EEZ, which is within 200 nautical miles (370 kilometres) of its coastline.
