Latest news with #NorthKorea-US
The Star
13 hours ago
- Business
- The Star
Seoul Foreign Minister pick to prioritise US-North Korea talks
A visitor uses binoculars to watch the North Korean side of the Demilitarised Zone dividing the two Koreas, from South Korea's Odusan Unification Observatory in Paju on June 12, 2025. South Korea's new Foreign Minister has pledged to restore severed communication channels with the North and reopen talks to defuse tension. - AFP) SEOUL: South Korea's foreign minister nominee Cho Hyun pledged to make resuming the US-North Korea dialogue a top priority, underscoring new President Lee Jae Myung's vision of building lasting peace on the Korean Peninsula. Facilitating talks between Washington and Pyongyang will be central to the Lee administration's diplomatic strategy, the former ambassador to the United Nations told reporters on Tuesday (June 24), a day after his nomination. Cho emphasised that the issue must be handled with "careful consideration and coordination,' and any engagement initiative would require the combined efforts of government, lawmakers and civil society. "I believe that achieving a successful North Korea-US dialogue to establish peace on the Korean peninsula is one of the top priorities,' he said. "We will work closely with the US and like-minded countries to ensure there are no obstacles in advancing the goal.' A return to high-stakes diplomacy with North Korea could reshape regional security calculations, especially as its leader Kim Jong Un's regime remains largely unresponsive to overtures from the US and South Korea while deepening its military ties with Russia. Reviving the dialogue could also help South Korea reassert its role as a regional mediator as the US-China rivalry simmers and as North Korea pushes to rapidly develop its military capabilities and nuclear ambitions. Lee has pledged to restore severed communication channels with the North and reopen talks to defuse tension. Speaking at a cabinet meeting Tuesday, on the eve of the 1950-53 Korean War anniversary, Lee called for stepping up the campaign to foster peace on the peninsula, saying security issues are directly linked to the economy. During his first term as president, Donald Trump made unprecedented diplomatic overtures to Kim as he aimed to defuse nuclear tensions on the Korean Peninsula. Trump's bold strategy included three high-profile summits and direct personal engagement, marking a departure from traditional US policy. While the talks garnered global attention and temporarily eased hostilities, they ultimately failed to yield concrete denuclearisation commitments, leaving the regime's weapons programme largely intact. Trump has said he is open to renewing contact with Kim in his second term, though the North Korean leader has been coy. Trump tried to send a letter to Kim but was rebuffed, according a report by NK News earlier this month. Cho also struck a pragmatic tone on managing alliance tensions with the US, including issues related to defence costs burden-sharing and tariffs under Trump. Cho said the Lee government would pursue a "calm and wise' approach grounded in what the president dubbed pragmatic diplomacy. President Lee's administration represents a pivot from the hawkish stance of his conservative predecessor, reopening the door to potential engagement with Pyongyang. In a symbolic first move, Lee halted border loudspeaker broadcasts, prompting a reciprocal gesture from Kim. North Korea convened a major political gathering over the weekend to assess progress in achieving its economic goals and to recalibrate its domestic agenda, state media KCNA said Tuesday. There was no rhetoric targeting Seoul or Washington in that report. Cho said relations with Beijing and Moscow would require delicate handling, while the current thaw in ties with Tokyo requires "out-of-the-box' thinking and "quiet diplomacy' to resolve historical disputes. - Bloomberg
Yahoo
10-02-2025
- Business
- Yahoo
South Korean Opposition Leader Proposes $21 Billion Extra Budget
(Bloomberg) -- South Korea's opposition leader Lee Jae-myung proposed compiling an extra budget worth at least 30 trillion won ($21 billion) to prop up the economy strained by political uncertainties and Donald Trump's tariff threats. Nice Airport, If You Can Get to It: No Subway, No Highway, No Bridge Sin puente y sin metro: el nuevo aeropuerto de Lima es una debacle The Forgotten French Architect Who Rebuilt Marseille In New Orleans, an Aging Dome Tries to Stay Super Citadel to Leave Namesake Chicago Tower as Employees Relocate 'The government should not miss the golden opportunity for economic recovery through fiscal expansion,' Lee said in a speech in parliament on Monday. 'I propose a minimum of 30 trillion won extra budget to restore people's livelihoods and the economy.' South Korea's economy barely expanded last quarter from the previous three months as anemic consumption and slackening exports weighed on activity, with political turmoil adding to downward pressure. The South Korean government is now led by Finance Minster Choi Sang-mok, who took over as acting president after the opposition-controlled parliament impeached President Yoon Suk Yeol and Prime Minister Han Duck-soo successively in the wake of Yoon's December declaration of martial law. Bank of Korea Governor Rhee Chang-yong told Bloomberg News last week that rate cuts alone cannot sustain growth as he said a supplementary budget of 15 trillion to 20 trillion won would be an appropriate amount to match the economic growth lost due to turmoil resulting from the martial law declaration. Shoring up growth is a key concern for policymakers keen to show that the government and central bank can continue to run the economy efficiently and respond effectively to changes in US trade policy under Trump even after Yoon was ultimately arrested. Trump said Sunday he plans to impose 25% tariffs on all imports of steel and aluminum, a move that drove shares of steelmakers including Posco Holdings Inc. lower on Monday. South Korea is among nations most vulnerable to trade tensions because its manufacturers play a vital role in a wide swathe of global supply chains. Its economic growth softened during Trump's first term when he imposed tariffs on South Korean products including washing machines produced by LG Electronics Co. Lee, a potential candidate for next presidential election, called for fostering the country's artificial intelligence, bio-technology, culture, defense and renewable energy sectors. He said AI and other advanced technology development should lead to reduced working hours and that South Korea should eventually pursue a four-day work week. On foreign policy, Lee said Seoul's alliance with Washington is the foundation of the country's diplomacy and security, calling it a critical asset for growth. He also said South Korea should seek to engage with North Korea. 'At a time when President Trump is expressing his willingness for North Korea-US talks, our government should urge North Korea to return to dialogue and make sure we are not sidelined,' Lee said. --With assistance from Shinhye Kang and Seyoon Kim. (Adds more comments from Lee) The Reason Why This Super Bowl Has So Many Conspiracy Theories Trump's Tariffs Make Currency Trading Cool Again After Years of Decline Orange Juice Makers Are Desperate for a Comeback Believing in Aliens Derailed This Internet Pioneer's Career. Now He's Facing Prison Business Schools Confront Trump Immigration Policies ©2025 Bloomberg L.P.
Korea Herald
10-02-2025
- Business
- Korea Herald
Opposition leader calls for extra budget worth 30 tr won to revive economy
Opposition leader Lee Jae-myung on Monday urged the government to come up with a supplementary budget worth at least 30 trillion won ($20.6 billion), in a bid to revive the nation's economy and help small businesses. "The government should not miss the golden time for economic recovery through fiscal expansion," Lee said in a parliamentary speech. "I propose at least 30 trillion won worth of supplementary budget to support people's livelihoods and recover the economy." Lee said the proposed supplementary budget is aimed at reviving the economy and stimulating sagging growth amid political turmoil triggered by President Yoon Suk Yeol's short-lived martial law declaration on Dec. 3. Lee also highlighted the need for strategic investments in key industries, listing artificial intelligence, biotechnology, content and culture, defense, energy and manufacturing, as priority sectors. With US President Donald Trump signaling that he may reengage with North Korean leader Kim Jong-un, Lee called for efforts to resume talks with Pyongyang. "As President Trump has expressed his willingness to hold a summit with North Korea, our government should urge the North to return to dialogue and ensure that we are not sidelined in North Korea-US negotiations," Lee said. Lee underscored the need to maintain robust readiness to deal with heightened military tensions on the Korean Peninsula, citing the Yoon administration's hard-line policy stance and North Korea's growing ties with Russia. "We should reinforce our military readiness and enhance our capabilities to respond to North Korea's nuclear threats, while also keeping communication channels open and continue efforts for dialogue," he said. (Yonhap)
