Latest news with #Lee Jae Myung
Free Malaysia Today
20 minutes ago
- Business
- Free Malaysia Today
South Korea's finance minister, trade envoy to hold tariff talks with US counterparts
South Korea's trade minister Yeo Han-koo said he would seek to base the talks around forming a manufacturing partnership with the US. (EPA Images pic) SEOUL : South Korea's new finance minister and the country's top trade envoy will meet their US counterparts in Washington on Friday for talks on US tariffs, finance minister Koo Yun-cheol said today. The country's foreign and industry ministers will also visit the US for trade discussions as early as this week, Koo told reporters after a meeting of economic ministers. Koo took office yesterday. The four officials complete a new cabinet team under President Lee Jae Myung, who was sworn in on June 4 after winning a snap election called after his predecessor's ouster for trying to declare martial law. The political turmoil that ensued delayed South Korea's response to US President Donald Trump's punishing tariff regime imposed on dozens of trade partners, including key industrial powerhouses that are also security allies. 'Koo and trade minister Yeo Han-koo will hold talks with US treasury secretary Scott Bessent and US trade representative Jamieson Greer on Friday at the request of the US officials,' the finance minister said. 'We've had discussions from the perspective of national interest and pragmatism and we'll do our best to prepare a meticulous strategy until we're leaving,' Koo said, declining to say whether Seoul was hoping to push back the Aug 1 deadline before reciprocal tariffs set by Trump are due to come in. Yeo said today that he would seek to base the talks around forming a manufacturing partnership with the US. Yesterday, South Korea's new industry minister Kim Jung-kwan said tariff talks were in a critical phase that could result in a range of possible outcomes and pledged an all-out effort to wrap up negotiations by Aug 1. Trump has vowed to slap tariffs on a range of countries including South Korea to reduce what he called unfair trade imbalances. On Saturday, Japan's top tariff negotiator, Ryosei Akazawa, said he planned to visit Washington this week to hold further ministerial-level talks, as Tokyo hopes to clinch a deal by its Aug 1 deadline.
Yahoo
10 hours 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
11 hours 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
a day ago
- 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
a day ago
- 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.
