Latest news with #AhnDuk-geun
India Gazette
a day ago
- Automotive
- India Gazette
South Korean US exports slump on auto tariffs
New Delhi [India], June 2 (ANI): South Korean exports to US were down 8.1 per cent for the month of May, as compared to same month last year, weighed down by the US President Donald Trump's tariff, as it took a toll on automobile sector, the Korea Herald reported on Sunday citing government of Korea's outbound shipments were at USD 57.2 billion for the month of May, registering its first y-o-y decline for 2025. At the same time, imports also declined 5.3 per cent to USD 50.3 billion, leading to a trade surplus of USD 6.94 automobile sector was one of the key sectors that suffered from the impact of the US trade tariff policy. The sector registered a decile of 4.4 per cent to USD 6.2 billion, and 'Hyundai Motor Group's operation of its local manufacturing plant in Georgia -- a strategic move to minimise the impact of the tariffs -- was also cited as a factor.''As outbound shipments to our two largest markets, the US and China, have declined, the US tariff policies appear to be impacting the global economy and our exports,' Industry Minister Ahn Duk-geun of decline in exports, semiconductors were one of the country's major export items that experienced a rise of 21.2 per cent on-year to USD 13.8 billion, the highest-ever export value for rise was attributed to strong demand for high-value-added memory products such as high-bandwidth memory and DDR5 chips. Similarly, exports for smartphones rose by 3.9 per cent on-year to USD 1.3 billion, while computer exports increased 2.3 per cent to USD 1.1 billion.'We will come up with mutually beneficial solutions to address the US tariff measures, aiming to minimise damage for Korea's exporters and maximise national interest,' Ahn the minister also highlighted that the South Korean government will move swiftly to implement the budget allocated through the supplementary spending plan, including 150 billion won (USD 108.4 million) for tariff-related trade insurance for small- and mid-sized firms, and 84.7 billion won for tariff response vouchers. (ANI)
Time of India
a day ago
- Automotive
- Time of India
South Korean US exports slump on auto tariffs
South Korean exports to US were down 8.1 per cent for the month of May, as compared to same month last year, weighed down by the US President Donald Trump's tariff, as it took a toll on automobile sector, the Korea Herald reported on Sunday citing government of Korea's data. Korea's outbound shipments were at USD 57.2 billion for the month of May, registering its first y-o-y decline for 2025. At the same time, imports also declined 5.3 per cent to USD 50.3 billion, leading to a trade surplus of USD 6.94 billion. The automobile sector was one of the key sectors that suffered from the impact of the US trade tariff policy. The sector registered a decile of 4.4 per cent to USD 6.2 billion, and " Hyundai Motor Group 's operation of its local manufacturing plant in Georgia -- a strategic move to minimise the impact of the tariffs -- was also cited as a factor." "As outbound shipments to our two largest markets, the US and China, have declined, the US tariff policies appear to be impacting the global economy and our exports," Industry Minister Ahn Duk-geun said. Despite of decline in exports, semiconductors were one of the country's major export items that experienced a rise of 21.2 per cent on-year to USD 13.8 billion, the highest-ever export value for May. This rise was attributed to strong demand for high-value-added memory products such as high-bandwidth memory and DDR5 chips. Similarly, exports for smartphones rose by 3.9 per cent on-year to USD 1.3 billion, while computer exports increased 2.3 per cent to USD 1.1 billion. "We will come up with mutually beneficial solutions to address the US tariff measures, aiming to minimise damage for Korea's exporters and maximise national interest," Ahn added. However, the minister also highlighted that the South Korean government will move swiftly to implement the budget allocated through the supplementary spending plan, including 150 billion won (USD 108.4 million) for tariff-related trade insurance for small- and mid-sized firms, and 84.7 billion won for tariff response vouchers.
Korea Herald
26-05-2025
- Business
- Korea Herald
US calls for resolution of non-tariff barrier issues in latest trade consultation with S. Korea: sources
The United States asked South Korea to resolve various non-trade barrier issues in their latest round of working-level trade talks, government sources said Monday, as Seoul is seeking to get a reduction or exemption of the Donald Trump administration's tariffs. In last week's working-level consultations, Washington urged Seoul to handle non-trade barrier issues listed on the 2025 National Trade Estimate Report on Foreign Trade Barriers issued by the office of the US Trade Representative in March, according to sources familiar with the matter. The NTE report had touched on a wide range of Korea's non-tariff measures, including its import ban on American beef from cattle aged 30 months or older, South Korea's "offset" defense trade policy, emission-related regulations on imported cars and pricing policies for pharmaceuticals. The two countries held their second round of "technical discussions" in Washington last week as agreed in a meeting between South Korean Industry Minister Ahn Duk-geun and USTR Jamieson Greer on the sidelines of an Asia-Pacific Economic Cooperation trade ministers' meeting held on South Korea's southern island of Jeju earlier this month. South Korea has been seeking to gain a full exemption or reduction of the Trump administration's 25 percent reciprocal tariffs for the country, as well as sectoral tariffs on steel, automobile and other imports. "Among the list of requests from the US, there are some things that can be resolved by easing regulations, but there are also matters concerning market access, which require necessary procedures under the trade treaty procedure act," a senior trade official said on the condition of anonymity, apparently referring to Seoul's beef imports and high tariffs on imported rice. South Korea imposes a 513 percent tariff on rice imports, but implements a 5 percent tariff rate quota for up to 132,304 tons of yearly rice imports from the US. The Korean delegation is said to have explained such issues can be dealt with in accordance with procedures under the trade treaty law, such as a parliamentary report. The delegation also told the USTR that South Korea has been looking into Google's request to transfer the country's high-precision map data and approved the cultivation of US-grown living modified organism potatoes as part of efforts to resolve the non-tariff barrier issues, according to the sources. The government plans to leave the decision of sensitive trade issues to the next government as the country is set to hold its presidential election next Tuesday. (Yonhap)
Miami Herald
20-05-2025
- Automotive
- Miami Herald
The Race for US Trade: Nissan's Anxiety Grows as South Korea Gains Edge
Nissan's new CEO, Ivan Espinosa, has said he expects Japanese trade negotiators to move more quickly in the country's U.S. trade negotiations. Espinosa, who took office as Nissan's CEO on April 1, described a need for the Japan-based automaker "to get clarity as soon as possible" regarding securing lower tariffs, Reuters reports. However, South Korea, another auto manufacturing powerhouse, may beat Japan to U.S. trade negotiations with its deadline for a tariff deal by July, as Japan hasn't yet set a deadline. Trump's recently imposed 25% tariffs on foreign vehicles and car parts are particularly harsh on Japan and South Korea, as the U.S. is the two countries' largest automotive export destination. Still, data supports the claim that South Korea is suffering more than Japan, given that U.S. exports account for a fifth of its total sales, while Japan's U.S. exports account for 7% of total sales, according to Oxford Economics. While both Japan and South Korea have large production bases in Mexico, reduced car exports from Mexico to the U.S. will lower both countries' domestic auto parts production. South Korea's Minister of Trade and Industry, Ahn Duk-geun, said on Friday that Seoul would attempt a deal with the U.S. on tariffs by the previously mentioned July deadline, but he warned that domestic politics could endanger progress. South Korea and the U.S. will hold technical consultations next week to proceed with tariff negotiations, with another ministerial meeting expected in June. Seoul and Washington said they would try and create a trade package on tariffs and economic cooperation by July 8. Ahn Duk-geun said: "We will do our best to meet the timeline, but we expect that it may be adjusted a little in case it is unavoidable," Reuters reports. Japan, which was hit with a 24% tariff by the U.S., had spoken with Washington just before South Korea, despite not reporting a trade package deadline. South Korea received a slightly higher 25% tariff from the U.S. Earlier this month, the U.S. and the U.K. confirmed a limited trade deal to reduce tariffs on U.K. vehicle imports from 27.5% to 10%, drawing criticism from U.S. automakers. Discounted levies on auto part imports are not part of the agreement, and the decreased tariffs have a limit of 100,000 cars annually. Last week, the U.S. and China announced a temporary 90-day tariff reduction on each country's products. Despite progress from other countries in U.S. trade talks, Japan faces an especially uphill climb with its reliance on the U.S. market and President Trump's long-standing complaint that American cars don't sell well in Japan. Since Trump's re-election, Mazda stock has declined 19%, Nissan shares have gone down 11%, and Mitsubishi has experienced a 7% drop, according to Nikkei Asia. While both Japan and South Korea face challenges in striking a deal on U.S. tariffs, South Korea has a clearer path to a trade package first with its deadline, which, while subject to possible delays, creates more structure. Copyright 2025 The Arena Group, Inc. All Rights Reserved.
Miami Herald
20-05-2025
- Business
- Miami Herald
South Korea to hold trade talks with the U.S. this week over tariff concerns
SEOUL, May 20 (UPI) -- South Korea sent a delegation to Washington to hold a second round of technical discussions this week over the Trump administration's proposed "reciprocal" tariffs, Seoul's Trade Ministry said Tuesday, with both sides aiming to reach an agreement by July. A South Korean delegation led by senior ministry official Jang Sung-gil will visit Washington for talks slated to run from Tuesday through Thursday, the Trade Ministry said. Discussions will be centered on the six areas of trade balance, non-tariff measures, economic security, digital trade, country of origin of products and commercial considerations, the ministry said. The agenda was set during a meeting held on the sidelines of last week's Asia-Pacific Economic Cooperation trade ministers' meeting, held on South Korea's southern resort island of Jeju. "Through this technology consultation, we will respond from the perspective of prioritizing national interests in order to derive the direction of a mutually beneficial agreement centered on the areas that both sides have discussed so far," Jang said. This week's discussions follow a first round of working-level talks held May 1 in Washington. South Korea is facing 25% tariffs threatened by U.S. President Donald Trump as part of his sweeping package of "Liberation Day" trade measures. Trump announced the tariffs on April 2 but quickly put their implementation on hold for 90 days. Tariffs on steel and automobiles, two key South Korean industries, are already in place. Seoul and Washington agreed to work toward a "package" deal on trade and other related issues before July 8, when the 90-day pause on tariffs is set to expire, South Korean Trade Minister Ahn Duk-geun said in April. The uncertain trade environment has shaken the export-dependent Asian powerhouse, which saw its economy unexpectedly shrink in the first quarter of the year. Last month, the International Monetary Fund sharply cut its forecast for South Korea's 2025 economic growth as part of an overall global decline reflecting "effective tariff rates at levels not seen in a century and a highly unpredictable environment." The April edition of the IMF's quarterly World Economic Outlook projected 1% growth for Asia's fourth-largest economy, down from a 2% forecast in its previous edition. South Korea is looking to get a reduction or exemption from the American tariffs, Trade Minister Ahn Duk-geun said Friday after he met with U.S. Trade Representative Jamieson Greer at the APEC event in Jeju. "In Friday's meeting, we tried to raise awareness that South Korea has a bilateral free trade agreement with the United States, unlike some other countries, and has expanded trade and investment with the U.S. under the FTA," Ahn told reporters at a press briefing. "We are continuing to request exemption from all reciprocal tariffs and item tariffs against us," Ahn added in a statement. "Our government will actively consult with the United States to establish a mutually beneficial solution by prioritizing national interests." Copyright 2025 UPI News Corporation. All Rights Reserved.
