Latest news with #US-Korea
Korea Herald
13 hours ago
- Business
- Korea Herald
Lee holds 1st Cabinet meeting with Yoon's ministers
Lee drops Han's Constitutional Court judge nominations; call with Trump being arranged, according to spokesperson President Lee Jae-myung held the first Cabinet meeting of his term on Thursday, where he asked ministers and heads of agencies, all appointed by his predecessor Yoon Suk Yeol, to do their best while they are in office. "We need to put people first, and do the best we can at the given moment," Lee told Cabinet members at the meeting at the presidential office in Yongsan, central Seoul. "Of course, some of you might feel this is quite awkward, but at the end of the day, we all work for the people. We cannot make light of the responsibilities entrusted upon us by the people, and I trust you to do your best." As Lee was elected in a by-election after Yoon was impeached and removed from office, the president did not have a transition period following Tuesday's election. He begins his term with Cabinet members appointed by the last administration. "It will take some time before I get the administration in order. While I do that, people are going through a difficult time, and I'd like to make that time shorter as much as I can," Lee said. Later in the day, Lee's spokesperson, Kang Yu-jung, said the president dropped nominations for Constitutional Court justices made by former Prime Minister Han Duck-soo while he was acting president. Han nominated Government Legislation Minister Lee Wan-kyu and Seoul High Court Justice Ham Sang-hun to succeed two outgoing Constitutional Court justices. The Democratic Party had slammed Han when he made the appointments, saying an acting president should not have the same authority as an elected president to fill such vacancies. A call is being arranged between US President Donald Trump and Lee, according to Kang. "For now, we are in the process of coordinating the phone call. We cannot confirm anything at this stage," she told reporters. The US Congressional Korea Caucus congratulated Lee on his election victory. In a statement Thursday, co-chairs of the Congressional Korea Caucus, Reps. Ami Bera, Marilyn Strickland, Joe Wilson and Mike Kelly, said they wished Lee and his administration well to "lead the Republic of Korea, a key and indispensable ally, through the many challenges facing the Korean Peninsula and beyond." 'As co-chairs of the Korea Caucus, we remain steadfastly committed to defending, strengthening, and enlarging the ironclad US-Korea alliance," they said. Questions remain whether Lee, who had been battling simultaneous criminal trials before he was elected, will continue to attend his court cases as a sitting president. The Supreme Court on Thursday confirmed a jail sentence of seven years and eight months for Lee's deputy dating to when he was Gyeonggi Province governor for the illegal transfer of funds to North Korea. The $8 million, the court said, were sent to North Korea to facilitate Lee's visit to Pyongyang. Lee has denied involvement in or knowledge of the scheme. The Democratic Party of Korea says the courts must suspend Lee's criminal trials. "Since he has assumed office as president, his criminal cases ought to be suspended under the Constitution. This is not a matter of debate," Rep. Jo Seoung-lae, the party's chief spokesperson, said Thursday. Article 84 of the Constitution says incumbent presidents are immune from criminal prosecution, but it does not state what should happen to criminal trials that are already underway. According to exit polls, 64 percent of voters said they believe Lee's criminal trials should continue even if he became president, while 26 percent said they should be delayed until after his term as president. On the day of his inauguration Wednesday, Lee announced the first set of nominations for key positions. Lee plucked Kim Min-seok from the Democratic Party leadership to serve as prime minister and named Kang Hoon-sik, a three-time Democratic Party lawmaker, as his chief of staff. As for his national security team, the president tapped Lee Jong-seok, who was unification minister for the late President Roh Moo-hyun, for director of the National Intelligence Service, and Wi Sung-lac, who was ambassador to Russia, for director of the National Security Office. Cabinet members have to go through a confirmation hearing and be confirmed by the National Assembly before they are appointed. Lee won the presidential election Tuesday with 49.42 percent of the vote against 41.15 percent that went to his People Power Party opponent Kim Moon-soo.
Asia Times
a day ago
- Business
- Asia Times
Now the hard part: Lee Jae-myung and S Korea's quest for balance
This article was originally published by Pacific Forum. It is republished with permission. When Lee Jae-myung last ran for the South Korean presidency in 2022 he campaigned for balance in Seoul's foreign relations. At a time when the Biden administration pushed for not just closer bilateral but trilateral cooperation with Japan on the security issues of the day and Lee found himself in a tight contest with a conservative candidate happy to accede to Biden's wishes, this meant stressing an open hand to China and a willingness to say no to the United States. Three years later, Korea has just finished a snap election following an aborted martial law declaration and impeachment process. Lee, in his now-successful campaign to win the presidency again, stressed balance. However, the circumstances around him and around the Korean Peninsula have shifted starkly – as has the meaning of 'balance.' Instead of a Biden administration eager to deepen cooperation with Seoul at all levels, Lee will have a counterpart in Washington who demands to see results in keeping with the US administration's goals. And while the US administration clearly does have its eyes on the Indo-Pacific and seeks to contain China's ambitions there, US-Korea ties have not flourished during Seoul's leadership vacuum over the past several months. Supporters of the alliance have been holding their breath to see how Korea's next president will gel with President Donald Trump on a personal level. Most recently, rumors of a US troop drawdown have set off fears of a decreased US commitment to South Korea, especially regarding the deterrence of North Korea. It is in light of these developments that some of Lee's recent remarks, including his praise of Trump's dealmaking skill and of the role of US Forces Korea in ensuring regional stability should be read. While such remarks may have surprised those who remember the foreign policy planks of Lee's last campaign for the presidency, they make sense under current conditions: North Korea remains a looming and unpredictable security threat. China – with its ambitions of regional hegemony – hovers over all, and not everyone in Washington is convinced of Seoul's indispensability. Whatever else is true of Lee, he seemingly recognizes that balance will not be achieved if the US role diminishes and China's grows unabated. Furthermore, Lee's previous stances on China, the US, Japan and other foreign policy matters, when coupled with his domestic policy proposals – such as supporting a universal basic income during the 2022 campaign – suggested that he would govern firmly from the left. Once Yoon Suk Yeol was removed over his ill-fated martial law declaration and Lee became the clear favorite, Lee has scaled back previous promises and even tried to rebrand himself as 'centrist-conservative.' All of which is to say that, ultimately, Lee Jae-myung is a less a progressive ideologue than a politician – for both good and ill. Yes, his policy proposals have in the past earned comparisons to Bernie Sanders; they've also earned him the sobriquet of 'Korea's Trump.' And now he has the presidency, a massive majority in the National Assembly and a fragmented opposition. Assuming he establishes a rapport with President Trump, he would enjoy broad room to maneuver over the next five years, including in the security sphere. There are some things to ponder in the meantime. First, will Lee's elevation and the Democratic Party's return to power mean more inter-Korean talks? The odds for such talks are certainly better than they were under Yoon, but not necessarily good. With Kim Jong Un officially swearing off unification with the South and enjoying ties with Russia, North Korea may be in no hurry to cozy up to Washington for sanctions relief. Even if he does, one lesson he appears to have learned from the Moon Jae-in years is that South Korea is irrelevant to his goals: Kim wants sanctions reduction and only the US is necessary for that. If North Korea bypasses South Korea entirely to achieve its diplomatic objectives over the next five years, Seoul may actually have a weaker hand in dealing with Pyongyang and its regional partnerships may become even more important. Second, 'balance' between China and the US may not be up to Lee. Enjoying the security benefits that come with being a US ally and the economic boon of partnering with China would be a difficult posture under any circumstances. It will prove especially challenging if the rumors of US troop withdrawal prove true, leaving Lee to convince the US to increase its engagement in other ways, whether economically, in terms of intelligence-sharing, or in bolstering defense through weapons acquisition. But Beijing presents other problems: China remains deeply unpopular in Korea, and not all governments that have shifted in the direction of the US since the Covid-19 pandemic did so voluntarily. Should Seoul's decisions in the security, trade, or tech spheres displease Beijing, the measures China takes in response may force South Korea down the path of Australia, India and the Philippines, whose domestic discontent with Chinese actions pushed them into Washington's arms. If that happens popular sentiment could force Lee into a more hawkish position than he is comfortable with, and into a confrontation with his own party. No one expects Lee to be as friendly to Japan as his predecessor, who made unprecedented (and unpopular) gestures toward Tokyo in the name of trilateral security cooperation. But just because Lee is not another Yoon Suk Yeol does not mean he has to be another Moon Jae-in, who regularly inveighed against the 'collaborators,' abrogated the 2015 comfort women agreement with Japan to the delight of activists but not defense specialists, and threatened more serious steps like ending South Korea's involvement in the GSOMIA. Even if Lee declines to meet the Japanese prime minister for a summit, stable ties – marked by continued dialogues in the bilateral and trilateral formats – are in Korea's best interests. It's one thing for Lee to request sincere contrition from Japan regarding its imperial past; it's another thing entirely to throw away those ties to the benefit of China's hegemonic present. For a non-movement conservative to bolster bilateral Japan ties, even incrementally, will do wonders for the relationship over the long term. Lee has come under fire for saying that his reaction to a China-Taiwan contingency would be to say ' xie xie ' to both sides and otherwise steer clear. One can certainly decry such indifference. While Lee has sought to frame this as seeking good relations with both Taipei and Beijing, for an autocratic power to attempt the forcible absorption of a liberal democracy would have serious repercussions for all free societies and for US security guarantees, across the Indo-Pacific. Neutrality is not good enough. However, the ambiguity of Korea's response to a Taiwan contingency did not begin with Lee and it is not up to him to solve alone. The United States must play a role in determining the parameters of Seoul's engagement, including by organizing discussions with Seoul at the track 2 level and above to help decide what Seoul's response to a Taiwan Strait emergency would be. A good first step would be for a US-ROK summit to include a statement opposing any effort to change the status quo by force. Given recent Chinese diplomatic initiatives, even that might count as a bold step from Seoul. Again, the key word is 'balance' – and not just in foreign affairs. In addition to the personal differences compared with his predecessor that Lee brings to the presidency, his party's base will have different demands. How he manages those expectations in the face of a rapidly changing security climate will determine his legacy, and maybe South Korea's future. Rob York ( rob@ ) is director for regional affairs at Pacific Forum International. He is the editor of Pacific Forum publications and spearheads Pacific Forum outreach to the Korean Peninsula and South Asia. He earned his PhD in Korean history in December 2023.
Korea Herald
15-05-2025
- Business
- Korea Herald
KOTRA, AMCHAM to cooperate on regulatory reform, S. Korea-US trade
The Korea Trade-Investment Promotion Agency and the American Chamber of Commerce in Korea on Thursday formed a strategic partnership to promote regulatory reform and boost bilateral trade between South Korea and the United States, the organizations said. Under a memorandum of understanding signed on the day, the two organizations agreed to collaborate on promoting regulatory reform and support initiatives that advance the US-Korea economic partnership. They will set up a joint working-level committee to identify and recommend regulatory improvements to this end. The two sides also plan to co-host briefings, exhibitions and export consultations while continuing to explore new opportunities to expand bilateral trade and investment. "We hope this partnership with AMCHAM will serve as a valuable bridge for Korean small and medium-sized enterprises seeking to enter the US market," KOTRA Chief Executive Officer Kang Kyung-sung said. James Kim, chairman and CEO of AMCHAM, said the partnership represents a key step forward in reducing non-tariff barriers in bilateral trade and strengthening South Korea's position as a premier regional business hub. (Yonhap)
CNBC
12-05-2025
- Business
- CNBC
Brad Setser: Chinese Yuan to remain stable vs. U.S. dollar, but on a weaker level as USD has weakened
CFR's Brad Setser sees the Taiwan dollar and Korean won to strengthen, but warns of 'no possibility of a US-Korea deal soon'.
Korea Herald
29-04-2025
- Business
- Korea Herald
AmCham seminar explores ways to improve Korea's regulatory landscape
The American Chamber of Commerce in Korea announced that it held a seminar focused on Korea's business regulatory landscape, seeking ways to strengthen business partnerships between Korea and the US and foster closer ties between the two countries. The seminar, titled Shaping the Regulatory Environment for Sustainable Trade, was held at the Conrad Seoul Hotel in Seoul on Tuesday. It aimed to explore strategies to enhance Korea's appeal as an investment destination, according to AmCham. AmCham stated that discussions centered on regulatory innovation, the expansion of sustainable investment, and stronger collaboration between the public and private sectors to improve Korea's global competitiveness. Special attention was given to regulatory hurdles facing key industries such as biopharmaceuticals, the digital economy, energy and chemicals during the seminar. 'As we mark 100 days into President Trump's administration and prepare for Korea's presidential election, the US-Korea economic partnership stands at a critical juncture,' said AmCham Chair James Kim in his opening remarks. 'To sustain and deepen our cooperation, it is more important than ever to address Korea-specific regulatory challenges and create a more sustainable, transparent environment.' The event brought together a broad range of trade-related figures from politics, government, diplomacy and business, including Korean Trade Minister Cheong In-kyo; Rep. Kim Won-i, vice chair of the National Assembly's Trade, Industry and Energy and Small and Medium Venture Business Committee; Joy Sakurai, deputy chief of mission at the US Embassy in Seoul; and Park Il-joon, executive vice chair of the Korea Chamber of Commerce and Industry. While business leaders shared their views on driving innovation in Korea during the seminar, the trade minister pledged to foster a more predictable and sustainable investment environment. 'As the Chair of the Asia-Pacific Economic Cooperation ministers responsible for trade meeting, the Ministry of Trade, Industry and Energy is fully committed to defending a free and fair trade system and enhancing Korea's investment attractiveness through regulatory reform and improvements to the business environment,' said Minister Cheong. 'We will continue to engage closely with AmCham and the global business community to deepen the economic partnership between Korea and the US.'
