Latest news with #Lee Jae Myung
Yahoo
7 days ago
- Business
- Yahoo
South Korea to scrutinise US-Japan trade deal as officials fly to Washington
By Joyce Lee and Hyunjoo Jin SEOUL (Reuters) -Seoul will take a close look at the terms of a U.S.-Japan trade deal, South Korea's industry minister said on Wednesday, holding out the prospect of greater cooperation in the energy and industrial sectors ahead of key trade talks in Washington. Japan competes with South Korea in areas such as autos and steel, so Tokyo's trade deal will pile pressure on Seoul to reach a similar level of 15%, or better, by an August 1 deadline to avert reciprocal U.S. tariffs of 25%. The new finance ministry and the top trade envoy of Asia's fourth-biggest economy are set for high-level trade talks with U.S. counterparts in Washington on Friday. "Investors see the Japan-U.S. deal as a benchmark for the Korean deal," said Kim Sung-rae, an analyst at Hanwha Investment & Securities, adding, "The deal would put pressure on Korean negotiators to come up with a similar, or better, deal." South Korea's benchmark KOSPI index edged down 0.3% on Wednesday, but shares in automakers and suppliers rallied after the Japan-U.S. deal. Hyundai Motor rose 6.8% and Kia jumped 6.4%. New President Lee Jae Myung has said Seoul wanted to avoid a comparative disadvantage with other countries in trade deals. "It will be difficult for South Korea to have U.S. tariff rates lower than 15% on Japan and 10% on Britain," said Kim Yong-jin, a management professor at Sogang University. Seoul needed to import more farm goods and energy, as well as boost investments, as Japan had done to reach a similar outcome, he added. South Korea will exclude the opening-up of its rice and beef markets as a bargaining chip in the Washington talks, instead considering more U.S. imports of crops for fuel, such as corn for bioethanol, the Yonhap News Agency said. "We will make an all-out effort to produce a positive sum result that will allow Korea-U.S. industrial and energy cooperation to be upgraded to the next level," Industry Minister Kim Jung-kwan said in a statement. Since the result could have a significant economic impact, South Korea would respond thoroughly while closely considering the sensitivity of its industry, he added. He will meet U.S. Commerce Secretary Howard Lutnick and Energy Secretary Chris Wright, among others, he told reporters before boarding a plane to Washington for the talks. In a post on Truth Social, U.S. President Donald Trump said Japan would boost market access for American producers of cars, trucks, rice and certain agricultural products, among others. The deal's tariff of 15% on all Japanese imports is down from a proposed 25%, with Trump adding that it would include $550 billion of Japanese investments in the United States. Last week, South Korea's Chosun Ilbo newspaper said the United States had asked Seoul in talks this month to set up a large-scale investment fund to support the reconstruction of its manufacturing industry, without identifying a clear source. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
7 days ago
- Business
- Reuters
South Korea to scrutinise US-Japan trade deal as officials fly to Washington
SEOUL, July 23 (Reuters) - Seoul will take a close look at the terms of a U.S.-Japan trade deal, South Korea's industry minister said on Wednesday, holding out the prospect of greater cooperation in the energy and industrial sectors ahead of key trade talks in Washington. Japan competes with South Korea in areas such as autos and steel, so Tokyo's trade deal will pile pressure on Seoul to reach a similar level of 15%, or better, by an August 1 deadline to avert reciprocal U.S. tariffs of 25%. The new finance ministry and the top trade envoy of Asia's fourth-biggest economy are set for high-level trade talks with U.S. counterparts in Washington on Friday. "Investors see the Japan-U.S. deal as a benchmark for the Korean deal," said Kim Sung-rae, an analyst at Hanwha Investment & Securities, adding, "The deal would put pressure on Korean negotiators to come up with a similar, or better, deal." South Korea's benchmark KOSPI (.KS11), opens new tab index edged down 0.3% on Wednesday, but shares in automakers and suppliers rallied after the Japan-U.S. deal. Hyundai Motor ( opens new tab rose 6.8% and Kia ( opens new tab jumped 6.4%. New President Lee Jae Myung has said Seoul wanted to avoid a comparative disadvantage with other countries in trade deals. "It will be difficult for South Korea to have U.S. tariff rates lower than 15% on Japan and 10% on Britain," said Kim Yong-jin, a management professor at Sogang University. Seoul needed to import more farm goods and energy, as well as boost investments, as Japan had done to reach a similar outcome, he added. South Korea will exclude the opening-up of its rice and beef markets as a bargaining chip in the Washington talks, instead considering more U.S. imports of crops for fuel, such as corn for bioethanol, the Yonhap News Agency said. "We will make an all-out effort to produce a positive sum result that will allow Korea-U.S. industrial and energy cooperation to be upgraded to the next level," Industry Minister Kim Jung-kwan said in a statement. Since the result could have a significant economic impact, South Korea would respond thoroughly while closely considering the sensitivity of its industry, he added. He will meet U.S. Commerce Secretary Howard Lutnick and Energy Secretary Chris Wright, among others, he told reporters before boarding a plane to Washington for the talks. In a post on Truth Social, U.S. President Donald Trump said Japan would boost market access for American producers of cars, trucks, rice and certain agricultural products, among others. The deal's tariff of 15% on all Japanese imports is down from a proposed 25%, with Trump adding that it would include $550 billion of Japanese investments in the United States. Last week, South Korea's Chosun Ilbo newspaper said the United States had asked Seoul in talks this month to set up a large-scale investment fund to support the reconstruction of its manufacturing industry, without identifying a clear source.
CNA
22-07-2025
- Climate
- CNA
South Korea's Lee declares disaster zones after floods
SEOUL: South Korea's President Lee Jae Myung declared six districts as special disaster zones on Tuesday (Jul 22) after days of torrential rains left a trail of destruction in parts of the country. The wet weather has now subsided, though media reports said heavy rainfall was drenching parts of North Korea. Around 19 people have died and nine were still missing in South Korea as of Tuesday morning, while 2,549 people were still displaced, the Ministry of the Interior and Safety said. Around 3,776 facilities, including homes, shops and factories, needing to be cleared of water, debris and earth, the ministry added. President Lee's declaration of special disaster zones - including in Gapeyeong on the outskirts of Seoul - gave authorities access to emergency administrative and financial support to aid victims. He earlier told public officials to "spare no effort" in the search for missing people. The president's approval rating slipped to 62.2 per cent from 64.6 per cent in a survey conducted last week during the rains, according to pollster Realmeter.
Bloomberg
22-07-2025
- Business
- Bloomberg
Korea Presidential Aide Pushes for Gradual Corporate Stock Plan
The South Korean president's push to cancel listed companies' treasury stock purchases will strengthen corporate governance but should be phased in to prevent market disruption, a senior aide said. The proposal is part of a broader set of initiatives by President Lee Jae Myung — backed by lawmakers in his Democratic Party, which holds a legislative majority — to bolster the local stock market they view as undervalued compared to regional peers.
Al Arabiya
20-07-2025
- Business
- Al Arabiya
South Korea national security adviser travels to Washington ahead of tariff deadline
South Korea's national security adviser has headed to Washington, authorities said on Sunday, with less than two weeks to go until US President Donald Trump's Aug. 1 deadline to secure a trade deal or face steep tariffs. Wi Sung-lac's trip comes just two weeks after his last visit to Washington for talks on tariffs and security. After Trump's announcement, South Korea said it planned to intensify trade talks. There were no immediate details on who he was planning to meet. Presidential aide Woo Sang-ho told journalists Wi would engage in negotiations on various issues, without elaborating. Earlier this month, Trump said he planned to impose a 25 percent tariff on South Korea from August 1, posing the first major test for South Korea's President Lee Jae Myung since he came to office barely a month ago. On his last trip to Washington, Wi said he had met US Secretary of State Marco Rubio and proposed including security and investments in trade negotiations. Wi also proposed an early summit between the leaders of the two countries, according to media reports.
