Latest news with #70thMemorialDay
The Star
23-06-2025
- Business
- The Star
South Korea's Lee says Middle East situation is "very urgent"
FILE PHOTO: South Korean President Lee Jae-myung speaks during a ceremony to mark the 70th Memorial Day at the Seoul National Cemetery in Seoul, South Korea, 06 June 2025. JEON HEON-KYUN/Pool via REUTERS/File Photo SEOUL (Reuters) -South Korean President Lee Jae Myung said on Monday that the situation in the Middle East was "very urgent" and financial markets were becoming unstable due to increasing uncertainty. Lee also called on his senior aides to prepare additional measures that could be incorporated into an extra budget already proposed if needed. Major share indexes slipped in Asia on Monday and oil prices briefly hit five-month highs as investors anxiously waited to see if Iran would retaliate against U.S. attacks on its nuclear sites, with resulting risks to global activity and inflation. "First of all, the situation in the Middle East is very urgent. I think that all ministries, including the presidential office, should prepare an emergency response system to promptly handle," Lee told his senior secretaries. The president expressed concern that rising oil prices could lead to higher inflation that would take a toll on people's livelihoods. Earlier on Monday, a vice industry minister flagged concerns over the potential impact on the country's trade from the recent U.S. strikes on Iran. South Korea is Asia's fourth-largest economy and depends heavily on exports. Seoul has deepened its reliance on crude oil imports from the Middle East, which accounted for 72% of the country's total crude imports in 2023. Market participants are bracing for further oil price hikes amid fears that an Iranian retaliation may include the closure of the Strait of Hormuz, through which roughly a fifth of global crude supply flows. Lee had decided not to attend a NATO summit this week due to what his office described as uncertainties caused by the Middle East situation. (Reporting by Ju-min Park and Jack Kim; Editing by Ed Davies)
Straits Times
15-06-2025
- Business
- Straits Times
South Korea's Lee plans to hold bilateral talks at G7 summit, his office says
FILE PHOTO: South Korean President Lee Jae-myung delivers a speech during a ceremony to mark the 70th Memorial Day at the Seoul National Cemetery in Seoul, South Korea, 06 June 2025. JEON HEON-KYUN/Pool via REUTERS/File Photo South Korea's Lee plans to hold bilateral talks at G7 summit, his office says SEOUL - South Korean President Lee Jae-myung plans to hold bilateral talks with the leaders of countries attending the G7 summit, with details still being coordinated, his office said on Sunday. Lee will depart on Monday for the summit in Canada, National Security Adviser Wi Sung-lac told a briefing. The presidential office said Seoul was open to holding trilateral talks with Washington and Tokyo, the Yonhap news agency reported. Lee was also preparing for potential talks with Ukraine's President Volodymyr Zelenskiy in case he attends, Yonhap said, citing a presidential office official. "By engaging with the leaders of the United States and Japan, we can explore ways to resolve pending economic and trade issues such as tariffs," Wi said. Lee plans to hold meetings with leaders of key countries before and after attending the extended session of the summit, Wi added, without naming countries. Seoul and Washington are holding working-level tariff talks, crucial for South Korea's export-oriented economy, with key sectors from chips to vehicles and shipbuilding heavily exposed to global trade. U.S. President Donald 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 U.S. troops stationed there. Lee, a liberal, was elected on June 3 after former conservative leader Yoon Suk Yeol was impeached and ousted over his short-lived declaration of martial law last year. The visit will mark Lee's first diplomatic trip since taking office. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
15-06-2025
- Business
- The Star
South Korea's Lee plans to hold bilateral talks at G7 summit, his office says
FILE PHOTO: South Korean President Lee Jae-myung delivers a speech during a ceremony to mark the 70th Memorial Day at the Seoul National Cemetery in Seoul, South Korea, 06 June 2025. JEON HEON-KYUN/Pool via REUTERS/File Photo SEOUL (Reuters) -South Korean President Lee Jae-myung plans to hold bilateral talks with the leaders of countries attending the G7 summit, with details still being coordinated, his office said on Sunday. Lee will depart on Monday for the summit in Canada, National Security Adviser Wi Sung-lac told a briefing. The presidential office said Seoul was open to holding trilateral talks with Washington and Tokyo, the Yonhap news agency reported. Lee was also preparing for potential talks with Ukraine's President Volodymyr Zelenskiy in case he attends, Yonhap said, citing a presidential office official. "By engaging with the leaders of the United States and Japan, we can explore ways to resolve pending economic and trade issues such as tariffs," Wi said. Lee plans to hold meetings with leaders of key countries before and after attending the extended session of the summit, Wi added, without naming countries. Seoul and Washington are holding working-level tariff talks, crucial for South Korea's export-oriented economy, with key sectors from chips to vehicles and shipbuilding heavily exposed to global trade. U.S. President Donald 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 U.S. troops stationed there. Lee, a liberal, was elected on June 3 after former conservative leader Yoon Suk Yeol was impeached and ousted over his short-lived declaration of martial law last year. The visit will mark Lee's first diplomatic trip since taking office. (Reporting by Hyunsu Yim, editing by Deepa Babington and Raju Gopalakrishnan)
Yomiuri Shimbun
07-06-2025
- Business
- Yomiuri Shimbun
South Korea's Lee, Trump Agree to Work Towards Swift Tariff Deal, Lee's Office Says
Pool via REUTERS South Korean President Lee Jae-myung speaks during a ceremony to mark the 70th Memorial Day at the Seoul National Cemetery in Seoul, South Korea, 06 June 2025. SEOUL/WASHINGTON, June 6 (Reuters) – U.S. 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 U.S. 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 U.S. 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 U.S. 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 U.S.-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 U.S. 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, U.S. Defense Secretary Pete Hegseth said many countries were tempted by the idea of seeking economic cooperation with China and defense cooperation with the United States, and warned that such entanglement complicated defense cooperation.
Straits Times
06-06-2025
- Business
- Straits Times
South Korea's Lee, Trump agree to work towards swift tariff deal, Lee's office says
FILE PHOTO: U.S. President Donald Trump speaks during a swearing-in ceremony for the new U.S. ambassador to China, former U.S. Senator David Perdue, at the White House in Washington, D.C., U.S., May 7, 2025. REUTERS/Leah Millis/File Photo FILE PHOTO: South Korean President Lee Jae-myung speaks during a ceremony to mark the 70th Memorial Day at the Seoul National Cemetery in Seoul, South Korea, 06 June 2025. JEON HEON-KYUN/Pool via REUTERS/File Photo SEOUL - U.S. President Donald Trump and South Korea's new president Lee Jae-myung agreed to work toward a swift tariff deal and shared stories about their experiences in their first phone call since Lee was elected, his office said on Friday. Trump has imposed tariffs on South Korea, which has a bilateral free trade deal, pressed it to pay more for the 28,500 troops stationed there and increased competition with China. The future of South Korea's export-oriented economy will hinge on what kind of deal Lee can strike, 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 U.S. and they plan to meet soon, according to a White House official. The two leaders also shared stories from the campaign trail, including of assassination attempts and political difficulties, and agreed that strong leadership emerges as they overcome difficulties, Lee's office said. Lee survived a knife attack and underwent surgery when he was stabbed in the neck by a man during an event last year. Trump and Lee also talked of their golf skills and agreed to play golf when possible, Lee's office said, while Lee mentioned that he was gifted a hat with Trump's signature on it. South Korea, a major U.S. ally and one of the first countries to engage with Washington after Japan 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 upheavals in its leadership. Lee, a liberal, was elected on June 3 after the U.S. ally's former conservative leader, Yoon Suk Yeol, was impeached and ousted. 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 U.S.-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 reluctance to take a firm stance on security tensions in the Taiwan Strait. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
