Latest news with #YeoHanKoo
Yahoo
07-07-2025
- Business
- Yahoo
Factbox-Big tech rules, agriculture among issues in US trade talks with South Korea
By Jihoon Lee and Hyunjoo Jin SEOUL (Reuters) -South Korea was one of the first countries to start U.S. trade talks when both sides agreed in April to craft a package aimed at removing tariffs, but it is now seeking an extension to the 90-day pause on 25% tariffs set to expire on July 9. Trade talks between South Korea and its second-biggest trading partner have so far focused mainly on non-tariff barriers, as the Asian country already imposes near-zero tariffs on U.S. imports under a free trade agreement, according to South Korean is a list of some of the issues that have arisen around negotiations: DIGITAL SERVICES South Korea's trade minister, Yeo Han-koo, has said the digital sector is one of the most important areas during the ongoing tariff negotiations. The government has a number of legislative proposals to regulate giant tech companies at home and abroad, which President Lee Jae Myung has pledged to enact to tackle abuses of market dominance and protect smaller companies. In a letter dated July 1, U.S. Congressman Adrian Smith and 42 colleagues wrote to U.S. trade negotiators that the legislation, which they said mirrors the European Union's "discriminatory Digital Markets Act," would disproportionately target American companies while exempting major Chinese digital giants such as ByteDance, Alibaba and Temu. South Korea's ruling party is seeking to "slow down" antitrust legislation on tech giants, including U.S.-based Google, Apple, Facebook and Korea's Naver and Kakao, in light of trade issues and its sensitivity, Democratic Party lawmaker Kim Nam-geun told Reuters on Monday. NETFLIX, GOOGLE MAPS South Korea's requirements on content providers, such as Netflix, to pay network usage fees and restrictions on the export of location-based data by Google and other suppliers were also mentioned in the U.S. foreign trade barriers report released in March. In 2016, South Korea rejected Google's request for permission to use detailed mapping data in servers outside the country, citing security issues with North Korea. Seoul is set to rule on Google's fresh request on location-based data on August 11. Apple has also reportedly made a similar request on maps. BEEF, APPLES Washington is demanding better access to the agriculture, auto and digital sectors during ongoing negotiations, South Korea's trade minister said. South Korea, the world's biggest buyer of U.S. beef, restricts imports derived from animals older than 30 months, citing concerns over mad cow disease. The U.S. also has long made market access requests for other agricultural items, such as potatoes and apples. There is, however, domestic concern about opening up the market further, after earlier negotiations where Seoul agreed to lower beef tariffs to 0% by 2026 in a bilateral free trade pact in 2007. The trade ministry will emphasise the sensitivity of the agricultural sector at the negotiations, director Chang Sung-gil said at a public hearing on June 30, where farmers' groups attended to protest. South Korea's tariff of more than 500% on rice imports, which was highlighted by U.S. President Donald Trump in a speech, has not been raised during working-level discussions, according to a senior South Korean official. DEFENCE COSTS, FOREIGN EXCHANGE The issues of foreign exchange policy and cost sharing for some 28,500 U.S. troops in South Korea are being discussed via separate finance and defence channels, officials have said. INVESTMENTS Trade officials have emphasised that industrial cooperation, particularly in the shipbuilding industry, will contribute to the revitalisation of the U.S. manufacturing sector and decrease U.S. trade deficits. Trade Minister Yeo said South Korea plays a leading role in artificial intelligence, chips, batteries, cars and semiconductors. ALASKA LNG PROJECT While South Korea is considering more energy purchases, officials have expressed caution when it comes to participation in an Alaska gas project. Although South Korea has shown interest in the $44 billion LNG project in Alaska, the trade minister said the feasibility of the project was still not clear and the U.S. would only provide technical information later in the year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
07-07-2025
- Business
- Reuters
Big tech rules, agriculture among issues in US trade talks with South Korea
SEOUL, July 7 (Reuters) - South Korea was one of the first countries to start U.S. trade talks when both sides agreed in April to craft a package aimed at removing tariffs, but it is now seeking an extension to the 90-day pause on 25% tariffs set to expire on July 9. Trade talks between South Korea and its second-biggest trading partner have so far focused mainly on non-tariff barriers, as the Asian country already imposes near-zero tariffs on U.S. imports under a free trade agreement, according to South Korean officials. Here is a list of some of the issues that have arisen around negotiations: South Korea's trade minister, Yeo Han-koo, has said the digital sector is one of the most important areas during the ongoing tariff negotiations. The government has a number of legislative proposals to regulate giant tech companies at home and abroad, which President Lee Jae Myung has pledged to enact to tackle abuses of market dominance and protect smaller companies. In a letter dated July 1, U.S. Congressman Adrian Smith and 42 colleagues wrote to U.S. trade negotiators that the legislation, which they said mirrors the European Union's "discriminatory Digital Markets Act," would disproportionately target American companies while exempting major Chinese digital giants such as ByteDance, Alibaba ( opens new tab and Temu. South Korea's ruling party is seeking to "slow down" antitrust legislation on tech giants, including U.S.-based Google (GOOGL.O), opens new tab, Apple (AAPL.O), opens new tab, Facebook (META.O), opens new tab and Korea's Naver ( opens new tab and Kakao ( opens new tab, in light of trade issues and its sensitivity, Democratic Party lawmaker Kim Nam-geun told Reuters on Monday. South Korea's requirements on content providers, such as Netflix (NFLX.O), opens new tab, to pay network usage fees and restrictions on the export of location-based data by Google and other suppliers were also mentioned in the U.S. foreign trade barriers report released in March. In 2016, South Korea rejected Google's request for permission to use detailed mapping data in servers outside the country, citing security issues with North Korea. Seoul is set to rule on Google's fresh request on location-based data on August 11. Apple has also reportedly made a similar request on maps. Washington is demanding better access to the agriculture, auto and digital sectors during ongoing negotiations, South Korea's trade minister said. South Korea, the world's biggest buyer of U.S. beef, restricts imports derived from animals older than 30 months, citing concerns over mad cow disease. The U.S. also has long made market access requests for other agricultural items, such as potatoes and apples. There is, however, domestic concern about opening up the market further, after earlier negotiations where Seoul agreed to lower beef tariffs to 0% by 2026 in a bilateral free trade pact in 2007. The trade ministry will emphasise the sensitivity of the agricultural sector at the negotiations, director Chang Sung-gil said at a public hearing on June 30, where farmers' groups attended to protest. South Korea's tariff of more than 500% on rice imports, which was highlighted by U.S. President Donald Trump in a speech, has not been raised during working-level discussions, according to a senior South Korean official. The issues of foreign exchange policy and cost sharing for some 28,500 U.S. troops in South Korea are being discussed via separate finance and defence channels, officials have said. Trade officials have emphasised that industrial cooperation, particularly in the shipbuilding industry, will contribute to the revitalisation of the U.S. manufacturing sector and decrease U.S. trade deficits. Trade Minister Yeo said South Korea plays a leading role in artificial intelligence, chips, batteries, cars and semiconductors. While South Korea is considering more energy purchases, officials have expressed caution when it comes to participation in an Alaska gas project. Although South Korea has shown interest in the $44 billion LNG project in Alaska, the trade minister said the feasibility of the project was still not clear and the U.S. would only provide technical information later in the year.
Yahoo
06-07-2025
- Business
- Yahoo
South Korea seeks US trade deadline extension as tariffs loom
(Bloomberg) — South Korean and US trade officials have discussed extending the July 9 deadline for trade deals in a last-minute bid to avert sweeping tariffs from President Donald Trump. Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals Trump's Gilded Design Style May Be Gaudy. But Don't Call it 'Rococo.' Massachusetts to Follow NYC in Making Landlords Pay Broker Fees NYC Commutes Resume After Midtown Bus Terminal Crash Chaos What Gothenburg Got Out of Congestion Pricing South Korean Trade Minister Yeo Han-koo held talks with US Trade Representative Jamieson Greer on Saturday in Washington, where he proposed manufacturing partnerships and called for the elimination or reduction of tariffs on products such as automobiles and steel, Seoul's industry ministry said in a statement on Sunday. The meeting came just days before a deadline to reinstate higher US levies that were halted in April. President Donald Trump has said that Washington would send out letters to trading partners setting unilateral tariff rates taking effect on Aug. 1. South Korea is a key US ally and major manufacturing hub for cars, semiconductors and batteries. If the 25% across-the-board levies are imposed, that would further undercut an economy already hit by sluggish domestic consumption. The central bank in May slashed its forecast for this year's gross domestic product growth to 0.8% from 1.5%. In a last-minute bid to avoid the tariffs from kicking in, Yeo presented a vision for a 'mutually beneficial' manufacturing cooperation framework to further strengthen the two countries' industrial supply chains, while stressing that any final agreement must include ending or limiting tariffs on automobiles and steel, among other products. 'Both sides agreed that they have been conducting negotiations in good faith for a month since the launch of the new South Korean administration and that it is necessary to further narrow their differences,' the statement said, adding that the officials also discussed extending the deadline for additional talks. It was Yeo's second trip to the US in just about a week and a sign that Seoul is ratcheting up efforts to make up for lost time in trade talks after President Lee Jae Myung won a snap election last month, taking over from the ousted Yoon Suk Yeol. Yoon's brief martial law decree at the end of last year triggered the country's worst political turmoil in decades and resulted in a leadership vacuum. Lee's national security adviser, Wi Sung-lac, left for Washington on Sunday to meet Secretary of State Marco Rubio, who also serves as acting national security adviser. Speaking with reporters before his departure, Wi said he needed to increase his involvement as the negotiations are in a 'critical phase.' He said he will seek to arrange a first summit between Lee and Trump as well as discussing security and other bilateral issues during his trip. For Brazil's Criminals, Coffee Beans Are the Target SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too Sperm Freezing Is a New Hot Market for Startups Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate China's Homegrown Jewelry Superstar ©2025 Bloomberg L.P.
Bloomberg
06-07-2025
- Business
- Bloomberg
South Korea Seeks US Trade Deadline Extension as Tariffs Loom
South Korean and US trade officials have discussed extending the July 9 deadline for trade deals in a last-minute bid to avert sweeping tariffs from President Donald Trump. South Korean Trade Minister Yeo Han-koo held talks with US Trade Representative Jamieson Greer on Saturday in Washington, where he proposed manufacturing partnerships and called for the elimination or reduction of tariffs on products such as automobiles and steel, Seoul's industry ministry said in a statement on Sunday.
LBCI
05-07-2025
- Business
- LBCI
South Korea's presidential advisor to fly to Washington ahead of tariff deadline
South Korea's presidential security advisor plans to visit Washington during July 6-8, his office said on Saturday. Wi Sung-lac, President Lee Jae Myung's national security adviser, plans to "have in-depth discussions about all the pending issues between South Korea and the United States," the office said in a statement. His visit comes as South Korea may seek an extension of the freeze on U.S. tariffs that is set to expire within days. South Korea's trade minister Yeo Han-koo on Friday flew to Washington for meetings with U.S. Trade Representative Jamieson Greer and other senior officials. Reuters
