Related: Seoul, Washington Strive to Wrap Up Trade Talks Before Leaders’ Summit The Big Picture South Korea’s economic policymakers are in Washington this week for what could be one of the most consequential trade negotiations in years. Led by Industry Minister Kim Jung-kwan and Presidential Policy Chief Kim Yong-beom, Seoul’s top economic team is working to [...]
SEOUL, July 31 (Korea Bizwire) — In a notable win for South Korea’s agricultural sector, the government has successfully resisted U.S. demands to further open its domestic rice and beef markets during recent bilateral trade negotiations. The move has been welcomed by farmers and industry groups, who had feared the talks would lead to fresh [...]
SEJONG, July 31 1 (Korea Bizwire) — South Korea and the United States reached a dramatic tariff agreement on July 31, narrowly avoiding the imposition of a 25% mutual tariff that had loomed over bilateral trade. Under the deal, South Korea will invest $350 billion in the U.S., including a $150 billion shipbuilding fund, in [...]
SEOUL, July 31 (Korea Bizwire) — President Lee Jae Myung urged the government Thursday to closely monitor public concerns over the trade deal with the United States and prepare follow-up measures to protect the nation’s core interests. Lee made the call after Seoul clinched a trade deal with Washington to lower the reciprocal and auto-specific [...]
SEOUL, July 31 (Korea Bizwire) — National Assembly Speaker Woo Won-shik on Thursday welcomed a new tariff deal between South Korea and the United States, vowing to spare no effort in providing legislative support. Woo made the remark in a Facebook post after the South Korean delegation reached the deal with the administration of U.S. [...]
SEOUL, July 31 (Korea Bizwire) — South Korean farmers and civic groups on Thursday welcomed the exclusion of rice and beef from the nation’s latest trade deal with the United States. “The government emphasized that there will be no further opening of rice and beef markets,” they said in a statement issued during a rally [...]
SEOUL, July 4 (Korea Bizwire) — The United States has asked for greater access to the South Korean market for the agriculture, automotive, digital and services sectors during recent bilateral trade consultations, Seoul’s top trade negotiator said Friday. “In the areas of tariffs and non-tariff measures, the U.S. has urged South Korea to grant improved [...]
SEOUL, May 12 (Korea Bizwire) — South Korea’s exports dropped 23.8 percent from a year earlier in the first 10 days of this month mainly due to a reduced number of working days, data showed Monday. Outbound shipments reached US$12.83 billion in the May 1-10 period, compared with $16.84 billion tallied a year earlier, according [...]
SEOUL, May 2 (Korea Bizwire) – South Korea will continue to engage the United States in discussions over the latter’s new tariff schemes, Trade Minister Cheong In-kyo said Friday, stressing that any progress in those talks will provide a basis for the country’s incoming administration to build on. Cheong’s remarks come one day after former [...]
SEOUL, April 30 (Korea Bizwire) — Finance Minister Choi Sang-mok said Wednesday that South Korea is not hurrying to conclude trade negotiations with the United States ahead of its upcoming presidential election, noting that recent remarks by U.S. Treasury Secretary Scott Bessent were not specifically directed at Seoul. His comments came after Bessent on Tuesday [...]