ULSAN, Feb. 25 (Korea Bizwire) — U.S. President Donald Trump’s recent threat to impose steep tariffs on imported vehicles has sent shockwaves through Ulsan, South Korea’s automotive manufacturing powerhouse, where cars account for nearly a third of the city’s exports and form the backbone of the local economy. According to data from the Korea International Trade [...]
SEOUL, Feb. 21 (Korea Bizwire) — South Korea’s Deputy Trade Minister Park Jong-won has filed a request with the U.S. government to leave South Korea out of its new import tariff plans, highlighting the Korea-U.S. free trade agreement (FTA) that has been in place for over a decade, the trade ministry said Friday. Park made [...]
SEOUL, Feb. 20 (Korea Bizwire) — South Korean pharmaceutical and biotech companies are scrambling to prepare for potential new tariffs threatened by American President Donald Trump on foreign-made drugs entering the U.S. market. Celltrion, a major South Korean biopharmaceutical company, announced on its website on February 19 that it has established an “optimal response system” to [...]
WASHINGTON, Feb. 17 (Korea Bizwire) — A senior South Korean trade official said Monday he will seek to have “mutual beneficial” discussions during his planned talks with U.S. officials in Washington, amid concerns over the potential impact of President Donald Trump’s tariff policy on the Asian country. Deputy Minister for Trade Park Jong-won made the [...]
SEOUL, Feb. 17 (Korea Bizwire) — If the Trump administration moves forward with tariffs on the automotive sector, South Korea and Japan are expected to be among the hardest-hit nations outside North America, according to industry analysts. A report from CNBC on February 13, citing consulting firm GlobalData, highlighted that South Korea and Japan accounted [...]
SEOUL, Feb. 17 (Korea Bizwire) — Major South Korean business lobby groups are preparing to send delegations to the United States in the near future for discussions on bilateral economic cooperation under the second Donald Trump administration, according to industry observers Monday. A business delegation led by Chey Tae-won, chairman of SK Group and the [...]
WASHINGTON, Feb. 14 (Korea Bizwire) – The absence of a fully elected leader in South Korea poses a “danger” to Seoul’s efforts to address U.S. President Donald Trump’s push for tariffs, an expert said Thursday, stressing the importance of leader-to-leader engagement to neutralize the impact of those planned or proposed duties. Victor Cha, president of [...]
SEOUL, Feb. 13 (Korea Bizwire) — Emerging Asian economies could face significant setbacks if U.S. President Donald Trump intensifies his trade war policies, potentially creating a lose-lose situation for nations that have benefited from global supply chain shifts in recent years, according to a Reuters analysis published on January 11. While Trump initially targeted countries with [...]
SEOUL, Feb. 13 (Korea Bizwire) — As South Korean semiconductor manufacturers pivot toward high-bandwidth memory (HBM) chips in the artificial intelligence era, they face mounting uncertainties from aggressive Chinese competition and potential tariffs threatened by U.S. President Donald Trump. While analysts suggest that tariff impacts may be limited given the relatively small share of semiconductor exports [...]
WASHINGTON, Feb. 12 (Korea Bizwire) – The United States is in talks with other countries on “reciprocal” tariffs, a White House official was quoted as saying on Wednesday, as President Donald Trump is pushing for tariffs on U.S. imports to match what other trading partners impose on U.S. exports. Kevin Hassett, director of the National [...]