3 days ago
South Korea exports dip amid trade tensions
Agencies
South Korea's exports edged down slightly in May, dropping for the first time in four months, led by a decline in shipments to the United States and China due to global trade conflict triggered by U.S. President Donald Trump's sweeping tariffs.
Exports from Asia's fourth-largest economy, an early bellwether for global trade, declined 1.3% from the same month last year to $57.27 billion, government data showed on Sunday.
The first decline since January followed rises as strong chip sales had offset downward pressure from Trump's tariff threats.
The May decline, however, was milder than the 2.7% fall forecast in a Reuters poll of economists. On a working-day adjusted basis, exports in fact rose 1.0%.
China and the United States agreed in mid-May to a 90-day truce, significantly unwinding their tariffs on each other, after months of back-and-forth retaliatory measures, but Trump on Friday accused Beijing of violating the agreement and threatened to take tougher action.
He also said he would double global tariffs on steel and aluminum to 50%.
Trump's 'reciprocal tariffs,' including 25% duties on South Korea, are on a 90Volkswagen flags 'massive' US investments and says tariff talks constructive
Volkswagen wants to make more big investments in the United States, CEO Oliver Blume said in an interview with a German newspaper on Friday, adding that tariff talks with the U.S. government were 'fair' and 'constructive'.
Several foreign companies have announced U.S. investments in response to President Donald Trump's import tariffs, but German carmakers have been more cautious about committing more resources to what is their biggest export Audi brand, which has no production in the United States, is planning to produce some models in there, although the brand has said that the plan pre-dates the Trump administration.
'So far, we have had absolutely fair, constructive discussions,' Blume told Sueddeutsche Zeitung. 'I was in Washington myself and we have been in regular dialogue ever since.'
