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Free Malaysia Today
26-05-2025
- Business
- Free Malaysia Today
US demands South Korea resolve trade imbalance in recent talks
South Korea earned a US$55.6 billion surplus from trade with the US in 2024, up 25% from 2023 and a record high. (EPA Images pic) SEOUL : The US demanded that South Korea resolve the large trade imbalance between the countries during recent trade talks, South Korean media reported today. The US repeatedly raised the issue of the trade imbalance in the commodity sector and both countries agreed it was necessary to address it, broadcaster YTN and the Yonhap News Agency reported, citing an unnamed South Korean trade official who was part of the trade delegation. South Korea earned a US$55.6 billion surplus from trade with the US in 2024, up 25% from 2023 and a record high, according to Korea Customs Service data. The two countries held technical consultations about trade in Washington last week. They also discussed non-tariff measures as well as economic security, digital trade, the origin of goods and commercial considerations, the official cited by media said, adding that Washington made specific requests for the first time. 'Seoul, for its part, has continued to push for tariff exemptions,' the official said. South Korea, which is among a few Asia-Pacific countries that have a free trade agreement with the US, has sought exemptions on all tariffs. South Korea's industry and trade minister Ahn Duk-geun said after a second round of ministerial-level talks in mid-May that a request by Alphabet's Google on the transfer of local map data overseas could be part of trade discussions. The US had cited South Korea's restrictions on online platform companies regarding overseas transfers of location-based data in its 2025 trade barrier report released in March. South Korean media has also reported US objections over restrictions on its beef imports and tariffs on rice could be included in talks. The two countries began trade talks in April with Seoul seeking a path to slash the stiff tariffs US President Donald Trump is angling to impose. The trade talks will continue under the next government since South Korea is holding a snap presidential election on June 3.
Free Malaysia Today
16-05-2025
- Business
- Free Malaysia Today
South Korea set to resume US tariff talks at Apec
HD Hyundai said this is the first time a US trade representative has met South Korea's shipbuilding industry. (EPA Images pic) JEJU : South Korea is set to resume tariff talks with Washington on the sidelines of a key Apec meeting today, an official told AFP, as ministers jostle to meet US trade representative Jamieson Greer. Trade ministers from the top economies that make up Apec are meeting on South Korea's Jeju Island amid concerns over the global trading system after US President Donald Trump unveiled bombshell levies on most partners last month. AFP reporters saw ministers scurrying to meet Greer, who has been holding a series of bilateral negotiations. Among them was Chinese international trade representative Li Chenggang, just days after the two met in Geneva and agreed to slash tit-for-tat tariffs for 90 days. Greer is also scheduled to meet South Korean trade and industry minister Ahn Duk-geun today, a South Korean government official told AFP, with Seoul hoping for significant progress in talks to avoid Trump's steep tariffs. The two met in late April in Washington, where South Korea proposed a 'July Package', aimed at removing tariffs. South Korea, which recorded a US$66 billion trade surplus with the US last year, behind only Vietnam, Taiwan, and Japan, making it a key target of Trump's trade bazooka. Highly dependent on exports, the country has been hit hard by the 25% tariffs on automobiles imposed by President Donald Trump in early April. The auto industry accounts for 27% of South Korea's exports to the US, which takes in nearly half of the country's car exports. Trump announced additional 'reciprocal' tariffs of up to 25% on South Korean exports last month, but later suspended them until early July. Seoul aims to leverage the talks with commitments to purchase more US liquefied natural gas (LNG) and offer support in shipbuilding, a sector in which South Korea is a leader, after China. Earlier today, Greer met Chung Ki-sun, the vice chairman of HD Hyundai, which owns South Korea's country's largest shipbuilding company. HD Hyundai said in a statement the gathering marked the first time a US trade representative had met an of South Korea's shipbuilding industry, adding that discussions covered cooperation with US shipmaker Huntington Ingalls Industries. Greer is also set to meet the CEO of South Korean shipbuilder Hanwha Ocean, which provides maintenance, repair and overhaul services for US Navy vessels. Shares of Hanwha Ocean rose nearly 3% this morning, while HD Hyundai Heavy Industries gained as much as 3.6%.
Yahoo
20-04-2025
- Business
- Yahoo
US-South Korea tariff talks planned in Washington for next week
South Korea will hold negotiations with the US government next week over the trade tariffs threatened by US President Donald Trump. According to a government statement on Sunday, Seoul will send Trade Minister Ahn Duk Geun and Finance Minister Choi Sang Mok to Washington for the talks, which are expected to take place on Thursday and Friday. According to the statement, the negotiations are being held at the request of the US government. Interim President Han Duck Soo had previously signalled an accommodating stance regarding the trade measures. South Korea "will not fight back" against the US import tariffs, Han said in an interview with the Financial Times published on Sunday. In it, he emphasized South Korea's historical debt to the US: 'After the devastation oF the Korean war ... the United States gave us aid, technology transfer, investments and security assurances,' he said, enabling the country's current prosperity. Earlier this month, Donald Trump announced a so-called "reciprocal tariff" of 25% on South Korea, before then announcing a 90-day suspension of the measures. South Korea's export-heavy economy is likely to be hit particularly hard by the tariffs.
