US EditionSouth Korea reassures on US investment pledge after Trump threatens to hike tariffs
South Korea affirms commitment to $350 billion U.S. investment package despite tariff hike to 25%, amid legislative delays and tensions over U.S.-listed Coupang.
- On Tuesday, South Korea scrambled to reassure Washington after Trump said he was raising tariffs from 15% to 25%, while Seoul said it had not received official U.S. notice.
- The dispute stems from a $350 billion investment pledge and implementing legislation, with five bills in the National Assembly pending review to enact a Special Act managing the pledge.
- Market moves reflected the tariff threat, with automakers tumbling early as Hyundai Motor fell 0.10% and Kia dropped 1.16%, while KOSPI fell 1.19% before closing up 2.73% and the won weakened 0.50%.
- Ministers and envoys will travel to Washington to hold talks on the pact, with Industry Minister Kim Jung-kwan meeting Commerce Secretary Howard Lutnick and a top envoy meeting U.S. Trade Representative Jamieson Greer soon.
- Earlier this month, South Korea's Finance Minister Koo Yun-cheol said won weakness and potential currency outflows complicate the $350 billion pledge, while a Supreme Court ruling could delay timing.
27 Articles
27 Articles
Industry minister set to arrive in US for talks with Lutnick
Industry Minister Kim Jung-kwan is set to arrive in Washington on Wednesday (local time) to meet with U.S. Commerce Secretary Howard Lutnick over U.S. President Donald Trump's recent threat to raise tariffs on South Korea, his office said. Kim, who is on a business trip to Canada, is scheduled to leave Ottawa on Wednesday evening and arrive at Dulles International Airport, near Washington, at 9:25 p.m. the same day, or 11:25 a.m. Thursday, Seoul…
Trump vows to 'work something out' with South Korea after 25% tariff threat
President Donald Trump on Tuesday said that the United States and South Korea will work out a solution when asked about his surprise Monday announcement that he would increase tariffs on imports from the Asian ally to 25%. "We'll work something out with South Korea," Trump told reporters as he left the White House to give a speech in Iowa. He did not elaborate. Trump's chief trade negotiator, Jamieson Greer, said the US had reduced its tariff ra…
Tariff Tensions: U.S.-South Korea Trade Struggles Amid Surprise Announcement
Tariff Tensions: U.S.-South Korea Trade Struggles Amid Surprise Announcement President Donald Trump has announced an unexpected increase in tariffs on South Korean imports, raising them to 25%. This move caught South Korean officials by surprise and has led to urgent discussions about the economic ramifications for the export-driven nation.U.S. Trade Representative Jamieson Greer explained that the U.S. had previously agreed to reduce tariffs on…
South Korea Scrambles to Implement Trade Deal With US After Trump Tariff Threat - The Thinking Conservative News
The South Korean president's office said it will implement a 2025 trade deal with the U.S. after President Trump signaled higher tariffs. The post South Korea Scrambles to Implement Trade Deal With US After Trump Tariff Threat appeared first on The Thinking Conservative News.
US Trade Spat With South Korea Driven by Tech Rules, Gridlock
(Bloomberg) — The Trump administration is demanding that South Korea take concrete steps to implement its six-month-old trade deal with the US in order to prevent tariffs from rising to 25%, according to US officials.
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