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Korea Herald
14-07-2025
- Business
- Korea Herald
Korean shipbuilding industry welcomes discussions for possible cooperation with US
South Korea's shipbuilding industry welcomed the government's ongoing discussions with the United States regarding potential cooperation in the sector, calling it a "new opportunity" for the sector, Seoul's industry ministry said Monday. The Ministry of Industry, Trade and Energy met with officials from major shipbuilders here, including HD Korea Shipbuilding & Offshore Engineering Co., and shipbuilding affiliates of Hanwha Group and Samsung Group, as well as equipment companies, in the southeastern port city of Busan to discuss measures to promote the sustainable development of the sector, according to ministry officials. In the meeting, the shipbuilders expressed anticipation for cooperation opportunities with the US, saying they hope for collaboration across various areas, such as maintenance, repair and operations, as well as supply chain development, to support the overall growth of the industry. Park Dong-il, the ministry's director general for manufacturing industry, who presided over the meeting, said, "The government plans to officially push for the establishment of the Korea-US shipbuilding partnership in the latter half of this year." The government will also work to devise measures to find new growth engines for the industry, beyond the area of liquefied natural gas carriers that led the recent growth, and bolster the competitiveness of the shipbuilding equipment manufacturers, he added. South Korea's Trade Minister Yeo Han-koo previously said he proposed advancing bilateral manufacturing cooperation to US President Donald Trump's administration as one of the ways to reduce Seoul's trade surplus with Washington during recent trade talks. The Trump administration showed particular interest in potential collaboration in the shipbuilding and semiconductor sectors, Yeo has said. The proposal was made as Seoul aims to conclude tariff negotiations with the US by Aug. 1 in a bid to get full exemption or reduction of the 25 percent reciprocal tariffs and sectoral duties on steel, automobile and other imports. (Yonhap)
Korea Herald
07-04-2025
- Business
- Korea Herald
Seoul to begin tariff talks with Washington Tuesday
Finance minister calls for supplementary budget to address tariff concerns, AI development South Korea's top trade negotiator is set to begin talks with the US this week, as the Trump administration's steep 25 percent tariff on imports from Korea is set to go into force on Wednesday. Trade Minister Cheong In-kyo will visit Washington, DC on Tuesday for a two-day trip to meet with key Trump administration officials, including US Trade Representative Jamieson Greer, according to the Ministry of Industry, Trade and Energy on Monday. Cheong's trip comes after US President Donald Trump announced sweeping 'reciprocal" tariffs against countries with which the US has higher trade deficits, including a hefty 25 percent duty on Korean goods, which is to take effect Wednesday. Among the countries that have free trade agreements with the US, Korea was slapped with one of the highest levies, along with Canada and Mexico. Cheong plans to get a clearer understanding of the Trump administration's stance and its plans on reciprocal tariffs and will discuss with the aims to lower the 25 percent duty on Korean goods, according to the ministry. Cheong will relay concerns about the potential effect the tariffs will have on the global trade environment and on the trade and investment relationship between Seoul and Washington. The minister is set to discuss ways to minimize the negative impact the tariffs will have on South Korean companies. 'We are facing a grave situation as difficulties are expected for companies exporting to the US and our companies' activities in the US due to the April 2 country-specific tariffs and tariffs on individual items in steel, aluminum, automobile and auto parts,' Cheong said in a statement. 'We will continue close communication with the US, including through this visit to the US, and make utmost efforts to engage in consultations with the US to minimize the impact of the US tariff policy, including the country-specific tariffs, on our industry and businesses.' Trump's tariff announcement has slammed global markets and raised fears of a potential recession. Countries around the world are scrambling to respond, with over 50 countries having reached out to the Trump administration to negotiate the removal of the tariffs, according to US Treasury Secretary Scott Bessent. Cheong's upcoming US trip will be the fifth such high-level visit from the Industry Ministry since Trump took office in January. Cheong visited in March, while Industry Minister Ahn Duk-geun visited twice and Deputy Minister Park Jong-won also visited. The officials had requested a tariff exemption in a meeting with US counterparts, but Trump moved forward with the steep duties. On Monday, Finance Minister Choi Sang-mok held a meeting with the ministers of foreign affairs and industry to discuss the response to Trump's tariffs and review South Korea's strategy ahead of Cheong's visit to Washington. Choi said the government will push for an extra budget to tackle trade risks and other pending economic issues. 'We need to analyze the broader macroeconomic impact (on the reciprocal tariffs) and prepare support measures for sectors that require urgent attention,' Choi said. He stressed the importance of closely working with the National Assembly to secure a supplementary budget to respond to trade risks, strengthen the country's competitiveness in artificial intelligence and provide financial support to small businesses. Earlier last week, Choi proposed a 10 trillion won ($6.8 billion) supplementary budget focusing on three key policy areas: wildfire recovery, strengthening Seoul's competitiveness in trade policy and AI and improving people's livelihoods and boosting domestic demand.
Yahoo
07-04-2025
- Automotive
- Yahoo
SKorea prepares support measures as US tariffs loom
South Korea's finance minister says the government will prepare support measures for sectors with urgent needs, ahead of US President Donald Trump's 25 per cent tariff. "Minister Choi Sang-mok emphasised the need to analyse the impact on the macroeconomy and prepare support measures for sectors with urgent needs," the ministry said in a statement. On April 2, Trump introduced a blanket tariff on imports to the United States and higher tariffs against "worst offenders", including a 25 per cent duty on imports from South Korea, to come into force on Wednesday. South Korea's acting President Han Duck-soo said last week the government would prepare support measures for the auto sector and seek negotiations with the Trump administration. South Korea's exports to the US hit a record high of $US127.8 billion ($A213.4 billion) in 2024, with automobiles - the top-selling product - accounting for 27 per cent of the total. On Monday, Finance Minister Choi Sang-mok and other policymakers also reviewed a response strategy ahead of Trade Minister Cheong In-kyo's visit to the US. Cheong's upcoming visit will be the fifth senior-level visit from the Ministry of Industry, Trade and Energy since Trump took office. Sign in to access your portfolio
Yahoo
07-04-2025
- Automotive
- Yahoo
South Korea to prepare support measures as US tariffs loom
SEOUL (Reuters) - South Korea's finance minister said on Monday the government would prepare support measures for sectors with urgent needs, ahead of U.S. President Donald Trump's 25% tariff, which will come into force this week. "Minister Choi Sang-mok emphasised the need to analyse the impact on the macroeconomy and prepare support measures for sectors with urgent needs," the ministry said in a statement. On April 2, Trump introduced a blanket tariff on imports to the United States and higher tariffs against "worst offenders", including a 25% duty on imports from South Korea, set to come into force on Wednesday. After Trump's announcement, South Korea's acting President Han Duck-soo said last week the government would prepare by this week support measures for the auto sector and seek negotiations with the Trump administration. South Korea's exports to the United States hit a record high of $127.8 billion in 2024, with automobiles - the top-selling product - accounting for 27% of the total. On Monday, Finance Minister Choi Sang-mok and other policymakers also reviewed a response strategy ahead of Trade Minister Cheong In-kyo's visit to the United States, the finance ministry said. Cheong's upcoming visit will be the fifth senior-level visit from the Ministry of Industry, Trade and Energy since Trump took office. He had visited in March, while Industry Minister Ahn Duk-geun visited twice. Deputy Minister Park Jong-won also visited, seeking tariff exemptions. Trump has not met or talked with any of South Korea's acting leaders but invited Hyundai Motor Group's Chairman Euisun Chung to the White House for an announcement of the automaker's $21 billion investment in the United States. Separately, South Korea's financial regulator on Monday asked firms and state institutions to be prepared to provide liquidity support for exporting companies and their contractors hit by tariffs. As the benchmark KOSPI stock index dropped to a 17-month low amid a global sell-off of risky assets on U.S. tariffs, the regulator also said it would prepare a market stabilising programme worth 100 trillion won ($68.08 billion). ($1 = 1,468.8000 won) Sign in to access your portfolio
Reuters
07-04-2025
- Automotive
- Reuters
South Korea to prepare support measures as US tariffs loom
SEOUL, April 7 (Reuters) - South Korea's finance minister said on Monday the government would prepare support measures for sectors with urgent needs, ahead of U.S. President Donald Trump's 25% tariff, which will come into force this week. "Minister Choi Sang-mok emphasised the need to analyse the impact on the macroeconomy and prepare support measures for sectors with urgent needs," the ministry said in a statement. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. On April 2, Trump introduced a blanket tariff on imports to the United States and higher tariffs against "worst offenders", including a 25% duty on imports from South Korea, set to come into force on Wednesday. After Trump's announcement, South Korea's acting President Han Duck-soo said last week the government would prepare by this week support measures for the auto sector and seek negotiations with the Trump administration. South Korea's exports to the United States hit a record high of $127.8 billion in 2024, with automobiles - the top-selling product - accounting for 27% of the total. On Monday, Finance Minister Choi Sang-mok and other policymakers also reviewed a response strategy ahead of Trade Minister Cheong In-kyo's visit to the United States, the finance ministry said. Cheong's upcoming visit will be the fifth senior-level visit from the Ministry of Industry, Trade and Energy since Trump took office. He had visited in March, while Industry Minister Ahn Duk-geun visited twice. Deputy Minister Park Jong-won also visited, seeking tariff exemptions. Trump has not met or talked with any of South Korea's acting leaders but invited Hyundai Motor Group's Chairman Euisun Chung to the White House for an announcement of the automaker's $21 billion investment in the United States. Separately, South Korea's financial regulator on Monday asked firms and state institutions to be prepared to provide liquidity support for exporting companies and their contractors hit by tariffs. As the benchmark KOSPI stock index (.KS11), opens new tab dropped to a 17-month low amid a global sell-off of risky assets on U.S. tariffs, the regulator also said it would prepare a market stabilising programme worth 100 trillion won ($68.08 billion). ($1 = 1,468.8000 won)
