Latest news with #Wi
Mint
2 days ago
- Business
- Mint
Top South Korean Official in US Again as Tariff Deadline Looms
South Korea's national security adviser made a second trip to the US in under two weeks, as Seoul intensifies efforts to avert sweeping 25% tariffs proposed by President Donald Trump ahead of an Aug. 1 deadline. Wi Sung-lac departed for the US 'to engage in various negotiations with US officials,' Woo Sang-ho, a senior presidential secretary, told reporters Sunday. 'This may not be the last time, and it could continue,' Woo said, adding that the top security official 'will visit the US whenever he deems it necessary for the overall negotiations.' While it remains unclear who Wi is scheduled to meet in Washington, the trip is widely viewed as a bid to bridge differences and finalize a trade agreement with the US, South Korea's biggest source of trade surplus. Talks have been delayed by months of political gridlock in Seoul, leaving South Korea racing to catch up on lost negotiating time. The US is preparing to impose 25% across-the-board tariffs on South Korean goods starting Aug. 1, up from the current 10%. In addition, sector-specific duties targeting cars, steel, and aluminum remain in place. President Lee Jae Myung's new ministers for foreign affairs, finance and industry took office Monday after winning rare bipartisan support amid growing concerns over a lack of a deal. The main opposition People Power Party said they approved Lee's picks because the US tariff negotiations could no longer be delayed with the country's economy hinging on the talks' results. Wi said South Korea's goal is to lower the tariffs by some percentage points, local media Hankyoreh reported citing Wi's comments before his departure. Newly appointed Foreign Minister Cho Hyun and Finance Minister Koo Yun-cheol are also arranging a US visit, Yonhap News said. The diplomatic push comes as the Lee administration rolled out a 31.8 trillion won supplementary budget to bolster growth and mitigate trade-related risks. South Korea's economy contracted in the first quarter, and the central bank has cut interest rates to 2.5% while slashing its growth forecast to 0.8%. This article was generated from an automated news agency feed without modifications to text.
Straits Times
2 days ago
- Business
- Straits Times
South Korea's national security adviser heads to Washington as tariff deadline looms
Find out what's new on ST website and app. US President Donald Trump said he plans to impose a 25 per cent tariff on South Korea. SEOUL - South Korea's national security adviser has headed to Washington, the authorities said on July 20, with less than two weeks to go until US President Donald Trump's Aug 1 deadline to secure a trade deal or face steep tariffs. Mr Wi Sung-iac's trip comes just two weeks after his last visit to Washington for talks on tariffs and security. After Mr Trump's announcement, South Korea said it planned to intensify trade talks. There were no immediate details on whom he was planning to meet. Presidential aide Woo Sang-ho told journalists that Mr Wi would engage in negotiations on various issues, without elaborating. Earlier in July , Mr Trump said he planned to impose a 25 per cent tariff on South Korea from Aug 1, posing the first major test for South Korean President Lee Jae Myung since he came to office barely a month ago. On his last trip to Washington, Mr Wi said he had met US Secretary of State Marco Rubio and had proposed including security and investments in trade negotiations. Mr Wi also proposed an early summit between the leaders of the two countries, according to media reports. REUTERS
Buzz Feed
2 days ago
- Health
- Buzz Feed
35 Personal Care Products Under $10 Reviewers Love
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The Sun
3 days ago
- Business
- The Sun
South Korea security adviser in Washington ahead of US tariff deadline
SEOUL: South Korea's national security adviser Wi Sung-lac has arrived in Washington for urgent talks, just days before a critical August 1 deadline set by US President Donald Trump. The deadline threatens steep tariffs if a trade deal is not reached. This marks Wi's second visit to Washington in two weeks, following earlier discussions on tariffs and security. South Korea has vowed to escalate trade negotiations in response to Trump's warning of a 25% tariff on South Korean goods. Presidential aide Woo Sang-ho confirmed Wi's trip but did not disclose specific meeting details. 'He will engage in negotiations on various issues,' Woo told reporters, without further elaboration. The looming tariffs present a major challenge for South Korean President Lee Jae Myung, who took office just a month ago. During Wi's previous visit, he met US Secretary of State Marco Rubio and proposed expanding trade talks to include security and investment matters. Media reports indicate Wi also pushed for an early summit between Trump and Lee, though no official confirmation has been made. - Reuters
Korea Herald
3 days ago
- Business
- Korea Herald
Top security adviser heads for U.S. as tariff deadline nears
SEOUL, July 20 (Yonhap) -- National Security Adviser Wi Sung-lac has reportedly departed for the United States on Sunday, a ruling bloc official said, with less than two weeks left until the Aug. 1 negotiation deadline for tariff talks with the Donald Trump administration. The reported visit comes just 11 days after Wi visited the U.S. from July 6-9 to meet with U.S. Secretary of State Marco Rubio, raising views his latest trip is aimed at engaging with high-level counterparts to accelerate tariff negotiations. While the presidential office declined to confirm whether Wi has left for Washington, a ruling party bloc official confirmed the top security adviser's departure. Following his trip earlier this month, Wi said South Korea has proposed a "package deal" encompassing economic and security considerations in bilateral tariff negotiations. To advance negotiations on these matters, Wi said he also proposed that President Lee Jae Myung hold a summit with Trump in the near future, adding Secretary Rubio expressed his support. Wi's visit, meanwhile, comes as Seoul's newly appointed finance and foreign ministers are expected to visit the U.S. soon to discuss pending issues. Finance Minister Koo Yun-cheol is arranging plans to visit Washington next week, while Foreign Minister Cho Hyun is seeking a U.S. visit later this month. Earlier this month, Trump sent a letter to Lee that said his administration would start imposing 25 percent tariffs on all South Korean products imported on Aug. 1, which effectively extended the initial tariff deadline and allowed more time for negotiations.
