Latest news with #USTradeTalks
Japan Times
26-05-2025
- Business
- Japan Times
U.S. demanded South Korea resolve trade imbalance in recent talks: reports
The United States demanded that South Korea resolve the large trade imbalance between the countries during recent trade talks, South Korean media reported Monday. The U.S. repeatedly raised the issue of the trade imbalance in the commodity sector and both countries agreed it was necessary to address it, broadcaster YTN and the Yonhap news agency reported, citing an unnamed South Korean trade official who was part of the trade delegation. South Korea earned a $55.6 billion surplus from trade with the U.S. in 2024, up 25% from 2023 and a record high, according to Korea Customs Service data. The two countries held technical consultations about trade in Washington last week. They also discussed nontariff measures as well as economic security, digital trade, the origin of goods and commercial considerations, the official cited by media said, adding that Washington made specific requests for the first time. Seoul for its part has continued to push for tariff exemptions, the official said. South Korea, which is among a few Asia-Pacific countries that have a free-trade agreement with the United States, has sought exemptions on all tariffs. South Korean Industry and Trade Minister Ahn Duk-geun said after a second round of ministerial-level talks in mid-May that a request by Alphabet's Google on the transfer of local map data overseas could be part of trade discussions. The U.S. had cited South Korea's restrictions on online platform companies regarding overseas transfers of location-based data in its 2025 trade barrier report released in March. South Korean media has also reported U.S. objections over restrictions on its beef imports and tariffs on rice could be included in talks. The two countries began trade talks in April with Seoul seeking a path to slash the stiff tariffs U.S. President Donald Trump is angling to impose. The trade talks will continue under the next government since South Korea is holding a snap presidential election on June 3.
CNA
26-05-2025
- Business
- CNA
US demanded South Korea resolve trade imbalance in recent talks, media reports say
SEOUL: The United States demanded that South Korea resolve the large trade imbalance between the countries during recent trade talks, South Korean media reported on Monday (May 26). The US repeatedly raised the issue of the trade imbalance in the commodity sector and both countries agreed it was necessary to address it, broadcaster YTN and the Yonhap News Agency reported, citing an unnamed South Korean trade official who was part of the trade delegation. South Korea earned a US$55.6 billion surplus from trade with the US in 2024, up 25 per cent from 2023 and a record high, according to Korea Customs Service data. The two countries held technical consultations about trade in Washington last week. They also discussed non-tariff measures as well as economic security, digital trade, the origin of goods and commercial considerations, the official cited by media said, adding that Washington made specific requests for the first time. Seoul for its part has continued to push for tariff exemptions, the official said. South Korea, which is among a few Asia-Pacific countries that have a free trade agreement with the United States, has sought exemptions on all tariffs. South Korea's Industry and Trade Minister Ahn Duk-geun said after a second round of ministerial-level talks in mid-May that a request by Alphabet's Google on the transfer of local map data overseas could be part of trade discussions. The US had cited South Korea's restrictions on online platform companies regarding overseas transfers of location-based data in its 2025 trade barrier report released in March. South Korean media has also reported US objections over restrictions on its beef imports and tariffs on rice could be included in talks. The two countries began trade talks in April with Seoul seeking a path to slash the stiff tariffs US President Donald Trump is angling to impose.
Reuters
26-05-2025
- Business
- Reuters
US demanded South Korea resolve trade imbalance in recent talks, media reports say
SEOUL, May 26 (Reuters) - The United States demanded that South Korea resolve the large trade imbalance between the countries during recent trade talks, South Korean media reported on Monday. The U.S. repeatedly raised the issue of the trade imbalance in the commodity sector and both countries agreed it was necessary to address it, broadcaster YTN and the Yonhap News Agency reported, citing an unnamed South Korean trade official who was part of the trade delegation. South Korea earned a $55.6 billion surplus from trade with the U.S. in 2024, up 25% from 2023 and a record high, according to Korea Customs Service data. The two countries held technical consultations about trade in Washington last week. They also discussed non-tariff measures as well as economic security, digital trade, the origin of goods and commercial considerations, the official cited by media said, adding that Washington made specific requests for the first time. Seoul for its part has continued to push for tariff exemptions, the official said. South Korea, which is among a few Asia-Pacific countries that have a free trade agreement with the United States, has sought exemptions on all tariffs. South Korea's Industry and Trade Minister Ahn Duk-geun said after a second round of ministerial-level talks in mid-May that a request by Alphabet's Google on the transfer of local map data overseas could be part of trade discussions. The U.S. had cited South Korea's restrictions on online platform companies regarding overseas transfers of location-based data in its 2025 trade barrier report released in March. South Korean media has also reported U.S. objections over restrictions on its beef imports and tariffs on rice could be included in talks. The two countries began trade talks in April with Seoul seeking a path to slash the stiff tariffs U.S. President Donald Trump is angling to impose. The trade talks will continue under the next government since South Korea is holding a snap presidential election on June 3.
Reuters
12-05-2025
- Business
- Reuters
European shares rise as US, China hail 'constructive' Geneva trade talks
May 12 (Reuters) - European shares rose on Monday, as investors welcomed signs of progress in U.S.-China trade talks aimed at cooling a trade war between the world's two largest economies and dispelling some of the uncertainty clouding financial markets. The pan-European STOXX 600 index (.STOXX), opens new tab rose 1.1%, as of 0711 GMT, with all regional bourses trading higher, led by a 1.6% gain in Germany's benchmark DAX index (.GDAXI), opens new tab which closed at an all-time high on Friday. The U.S. and China ended high-stakes trade talks on a positive note on Sunday, with U.S. officials touting a "deal" to reduce the U.S. trade deficit, while Chinese officials said the sides had reached "important consensus". Both sides declined to elaborate on negotiations, saying that further details will be released on Monday. Meanwhile, Trump said on Sunday he would sign an executive order to cut prescription drug prices to the level paid by other high-income countries. European healthcare stocks (.SXDP), opens new tab fell 2.9%, with Novo Nordisk ( opens new tab, AstraZeneca (AZN.L), opens new tab, GSK (GSK.L), opens new tab and Roche Holding (ROG.S), opens new tab down between 3.3% and 6.8%. Separately, Eli Lilly (LLY.N), opens new tab said on Sunday its obesity drug Zepbound was superior to Novo Nordisk's Wegovy across five weight-loss targets, citing data from a head-to-head trial. Novo's shares dropped 6.8% and were among the top losers on STOXX. UniCredit ( opens new tab rose 4.1%, as Italy's second-biggest bank strengthened its 2025 outlook after posting a surprise increase in first-quarter profit.
Forbes
11-05-2025
- Business
- Forbes
U.S., China Trade Talks Make ‘Substantial Progress,' Bessent Says
U.S. Treasury Secretary Scott Bessent said the U.S. and China made 'substantial progress' in talks to diffuse the trade war between the two countries after President Donald Trump announced tariffs of 145% against China last month, multiple outlets reported Sunday. Treasury Secretary Scott Bessent testifies before the House Committee on Appropriations, ... More Subcommittee on Financial Services and General Government, oversight hearing of the U.S. Department of the Treasury on Capitol Hill in Washington, Tuesday, May 6, 2025. (AP Photo/Jose Luis Magana) More details will come Monday, Bessent said after talks concluded in Geneva on Sunday. Bessent said there was 'a great deal of productivity' in Sunday's talks, according to a clip posted by Trump's rapid response team. Sunday was the second day representatives—Bessent, U.S. Trade Representative Jamieson Greer, Chinese Vice Premier He Lifeng and two Chinese vice ministers—met to discuss trade policies. This story is developing and will be updated. Get Forbes Breaking News Text Alerts: We're launching text message alerts so you'll always know the biggest stories shaping the day's headlines. Text 'Alerts' to (201) 335-0739 or sign up here. More details from the talks. Bessent said Sunday 'there will be a complete briefing tomorrow morning.' US, China Made 'Substantial Progress' in Talks in Geneva (Bloomberg) Trump Floats 80% China Tariffs And 'Many' Other Deals—As U.S. And China Prepare For Trade Talks (Forbes)
