Latest news with #tradeimbalance
Free Malaysia Today
26-05-2025
- Business
- Free Malaysia Today
US demands South Korea resolve trade imbalance in recent talks
South Korea earned a US$55.6 billion surplus from trade with the US in 2024, up 25% from 2023 and a record high. (EPA Images pic) SEOUL : The US demanded that South Korea resolve the large trade imbalance between the countries during recent trade talks, South Korean media reported today. 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% 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 US, 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. The trade talks will continue under the next government since South Korea is holding a snap presidential election on June 3.
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.
