South Korean President Holds Press Conference
During his address in the press conference, Lee said he has been running the emergency economic task force launched soon after his election to find ways to revive the economy. He emphasized the necessity of passing the supplementary budget bill worth 3.5 billion won ($2.5 million) in the National Assembly to boost spending. With this, he also vowed to reinvigorate the country's undervalued stock markets by supporting businesses and enacting a law to prevent stock manipulation. Lee repeated his intention to handle the economy as a top priority.
Lee aims to 'rebuild' the country which was severely affected by his predecessor's declaration of martial law in December. He clearly expects the special counsels tasked with investigating cases connected with the martial law declaration to fulfill the public's demands to eradicate the 'insurrection' forces completely.
Under his 'pragmatic' leadership, Lee has shown interest in cooperating with the opposition parties, especially the People Power Party (PPP). It took nearly two years for Yoon Suk-yeol, Lee's predecessor, to have a meeting with Lee, at that time the leader of the opposition Democratic Party (DP). Despite Lee's friendly gestures toward PPP lawmakers, they did not participate in the vote on Thursday to approve the appointment of Kim Min-seok, a senior lawmaker of the DP, as the first prime minister of the Lee administration. Nevertheless, Kim was appointed as prime minister by Lee on Friday. The DP holds a majority in the National Assembly, meaning the president's party can pass any bills it wants by itself.
As a liberal president, Lee's policy on North Korea is centered on dialogue. However, as the United States is South Korea's most important ally, he once again stated his intentions to make sure that any negotiations with North Korea will be conducted in consultation with Washington.
'I think we need to cope with [North Korea issues] in a thoroughly reasonable and rational manner,' Lee said when asked about his North Korea policy during the press conference. 'I think we need to restore the relations with North Korea under the reassured consultation between South Korea and the United States,' Lee said.
Implying that he will strengthen the country's military capabilities while strengthening ties with Washington, Lee reiterated the need to restore the stalled dialogue between the two Koreas and to create 'a path of co-existence and peace on the Korean Peninsula.' Such remarks match his repeated vow to make the Korean Peninsula a place where the two Koreas do not have to fight against each other.
According to local news reports, the South Korean Army in the previous administration attempted to provoke North Korea months before Yoon declared martial law. To defuse tensions on the Korean Peninsula, Lee ordered his military to suspend the loudspeaker broadcasting near the inter-Korean border. Within a day after his order, North Korea also suspended their broadcasts.
Given the strengthened military cooperation between Russia and North Korea, the ongoing Ukraine War, and other international security issues including the Israel-Iran war, however, North Korean leader Kim Jong Un is unlikely to respond to Lee's dialogue approach for a while and it would be up to Lee's capability on whether to make some progress in enticing Kim to dismantle his nuclear arsenal or to halt nuclear development.
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Kyodo News
an hour ago
- Kyodo News
Trump says 25% tariffs to be slapped on Japan, South Korea on Aug. 1
WASHINGTON - The United States will impose 25 percent tariffs on imports from Japan and South Korea starting Aug. 1, President Donald Trump said Monday, further ramping up pressure on the key U.S. allies to reduce trade barriers and compromise to get deals done. In nearly identical letters addressed to the leaders of Japan and South Korea, which Trump posted in full on his Truth Social platform, he told each of them that trade relations have been "far from Reciprocal." "Please understand that the 25% number is far less than what is needed to eliminate the Trade Deficit disparity we have with your Country," Trump wrote to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae Myung. Trump also warned each country that any increases in their tariffs on U.S. goods will be met with an equivalent hike by his administration, above and beyond the 25 percent rate. At the same time, Trump said he may consider making "an adjustment" if the countries reduce what he described as their trade barriers. "These Tariffs may be modified, upward or downward, depending on our relationship with your Country," he said. Under Trump's so-called reciprocal "Liberation Day" tariffs, the administration has also levied a baseline, or universal, duty of 10 percent covering imports from almost all countries in the world. Until now, Japan was facing an additional tariff of 14 percent, for a total rate of 24 percent. South Korea's was 25 percent. Trump said the updated rates are completely separate from the higher industrial-sector tariffs that have already taken effect, such as those targeting all imports of cars, auto parts and steel. The signed letters were posted two days before a 90-day pause on country-specific tariffs was due to expire and despite weeks of bilateral negotiations between the administration and each of the Asian allies. Both Japan and South Korea have been dealt a severe economic blow by Trump's hike in April of a tariff on imported passenger vehicles to 27.5 percent from 2.5 percent. Trump has upped the pressure on Japan in recent weeks, venting frustration that it does not import significant amounts of American cars and rice. With the U.S. leader showing no signs of granting Tokyo's persistent requests to remove the auto and other tariffs, the new 25 percent rate has created another headache for Japanese officials trying to break the deadlock in negotiations with Washington. Trump later posted on social media similar trade letters to the leaders of Bangladesh, Bosnia and Herzegovina, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Kazakhstan, Serbia, South Africa, Thailand and Tunisia, notifying them of tariff rates from 25 percent to 40 percent. Of those countries, the administration substantially lowered the rates for Bosnia and Herzegovina, Cambodia, Laos, and Myanmar -- from 35 to 30 percent, 49 to 36 percent, 48 to 40 percent, and 44 to 40 percent, respectively. On Monday, Trump signed an executive order extending the pause until Aug. 1, meaning that country-specific tariffs would not go into effect before then and that dealmaking could continue. Asked why the deadline had been postponed, White House spokeswoman Karoline Leavitt said, "We've seen a lot of positive developments in the right direction, but the administration, the president and his trade team want to cut the best deals for the American people and the American worker." U.S. officials, however, did not explain why some tariff rates changed or remained unaffected. Trump unveiled sweeping country-specific tariffs on April 2, targeting about 60 countries with which the United States runs trade deficits, before pausing them for 90 days to provide time for talks, mainly with its major trading partners. Although top U.S. trade officials had said they could clinch 90 trade deals in 90 days, only two agreements -- with Britain and Vietnam -- have been sealed so far. U.S. Treasury Secretary Scott Bessent said Monday in a CNBC interview that the administration is set to announce "several" trade deals over the next 48 hours, without naming any countries or offering other details.
Yomiuri Shimbun
3 hours ago
- Yomiuri Shimbun
Trump to Put 25% Tariffs on Japan and South Korea, New Import Taxes on 12 Other Nations
WASHINGTON (AP) — President Donald Trump on Monday set a 25% tax on goods imported from Japan and South Korea, as well as new tariff rates on a dozen other nations that would go into effect on Aug. 1. Trump provided notice by posting letters on Truth Social that were addressed to the leaders of the various countries. The letters warned them to not retaliate by increasing their own import taxes, or else the Trump administration would further increase tariffs. 'If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge,' Trump wrote in the letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung. The letters were not the final word from Trump on tariffs, so much as another episode in a global economic drama in which he has placed himself at the center. His moves have raised fears that economic growth would slow to a trickle, if not make the U.S. and other nations more vulnerable to a recession. But Trump is confident that tariffs are necessary to bring back domestic manufacturing and fund the tax cuts he signed into law last Friday. He mixed his sense of aggression with a willingness to still negotiate, signaling the likelihood that the drama and uncertainty would continue and that few things are ever final with Trump. Imports from Myanmar and Laos would be taxed at 40%, Cambodia and Thailand at 36%, Serbia and Bangladesh at 35%, Indonesia at 32%, South Africa and Bosnia and Herzegovina at 30% and Kazakhstan, Malaysia and Tunisia at 25%. Trump placed the word 'only' before revealing the rate in his letters to the foreign leaders, implying that he was being generous with his tariffs. But the letters generally followed a standard format, so much so that the one to Bosnia and Herzegovina initially addressed its woman leader, Željka Cvijanović, as 'Mr. President.' Trump later posted a corrected letter. Trade talks have yet to deliver several deals White House press secretary Karoline Leavitt said that Trump was by setting the rates himself creating 'tailor-made trade plans for each and every country on this planet and that's what this administration continues to be focused on.' Following a now well-worn pattern, Trump plans to continue sharing the letters sent to his counterparts on social media and then mail them the documents, a stark departure from the more formal practices of all his predecessors when negotiating trade agreements. The letters are not agreed-to settlements but Trump's own choice on rates, a sign that the closed-door talks with foreign delegations failed to produce satisfactory results for either side. Wendy Cutler, vice president of the Asia Society Policy Institute who formerly worked in the office of the U.S. Trade Representative, said the tariff hikes on Japan and South Korea were 'unfortunate.' 'Both have been close partners on economic security matters and have a lot to offer the United States on priority matters like shipbuilding, semiconductors, critical minerals and energy cooperation,' Cutler said. Trump still has outstanding differences on trade with the European Union and India, among other trading partners. Tougher talks with China are on a longer time horizon in which imports from that nation are being taxed at 55%. The office of South African President Cyril Ramaphosa said in a statement that the tariff rates announced by Trump mischaracterized the trade relationship with the U.S., but it would 'continue with its diplomatic efforts towards a more balanced and mutually beneficial trade relationship with the United States' after having proposed a trade framework on May 20. Higher tariffs prompt market worries, more uncertainty ahead The S&P 500 stock index was down 0.8% in Monday trading, while the interest charged on 10-year U.S. Treasury notes had increased to nearly 4.39%, a figure that could translate into elevated rates for mortgages and auto loans. Trump has declared an economic emergency to unilaterally impose the taxes, suggesting they are remedies for past trade deficits even though many U.S. consumers have come to value autos, electronics and other goods from Japan and South Korea. The constitution grants Congress the power to levy tariffs under normal circumstances, though tariffs can also result from executive branch investigations regarding national security risks. Trump's ability to impose tariffs through an economic emergency is under legal challenge, with the administration appealing a May ruling by the U.S. Court of International Trade that said the president exceeded his authority. It's unclear what he gains strategically against China — another stated reason for the tariffs — by challenging two crucial partners in Asia, Japan and South Korea, that could counter China's economic heft. 'These tariffs may be modified, upward or downward, depending on our relationship with your Country,' Trump wrote in both letters. Because the new tariff rates go into effect in roughly three weeks, Trump is setting up a period of possibly tempestuous talks among the U.S. and its trade partners to reach new frameworks. 'I don't see a huge escalation or a walk back — it's just more of the same,' said Scott Lincicome, a vice president at the Cato Institute, a libertarian think tank Trump initially roiled the financial markets by announcing tariff rates on dozens of countries, including 24% on Japan and 25% on South Korea. In order to calm the markets, Trump unveiled a 90-day negotiating period during which goods from most countries were taxed at a baseline 10%. So far, the rates in the letters sent by Trump either match his April 2 tariffs or are generally close to them. The 90-day negotiating period technically ends on Wednesday, even as multiple administration officials suggested the three-week period before implementation is akin to overtime for additional talks that could change the rates. Trump plans to sign an executive order on Monday to delay the official tariff increases until Aug. 1, Leavitt said. Congressionally approved Trade agreements historically have sometimes taken years to negotiate because of the complexity. Administration officials have said Trump is relying on tariff revenues to help offset the tax cuts he signed into law on July 4, a move that could shift a greater share of the federal tax burden onto the middle class and poor as importers would likely pass along much of the cost of the tariffs. Trump has warned major retailers such as Walmart to simply 'eat' the higher costs, instead of increasing prices in ways that could intensify inflation. Josh Lipsky, chair of international economics at The Atlantic Council, said that a three-week delay in imposing the tariffs was unlikely sufficient for meaningful talks to take place. 'I take it as a signal that he is serious about most of these tariffs and it's not all a negotiating posture,' Lipsky said. Trade gaps persist, more tariff hikes are possible Trump's team promised 90 deals in 90 days, but his negotiations so far have produced only two trade frameworks. His outline of a deal with Vietnam was clearly designed to box out China from routing its America-bound goods through that country, by doubling the 20% tariff charged on Vietnamese imports on anything traded transnationally. The quotas in the signed United Kingdom framework would spare that nation from the higher tariff rates being charged on steel, aluminum and autos, though British goods would generally face a 10% tariff. The United States ran a $69.4 billion trade imbalance in goods with Japan in 2024 and a $66 billion imbalance with South Korea, according to the Census Bureau. The trade deficits are the differences between what the U.S. exports to a country relative to what it imports. According to Trump's letters, autos would be tariffed separately at the standard 25% worldwide, while steel and aluminum imports would be taxed on 50%. This is not the first time that Trump has tangled with Japan and South Korea on trade — and the new tariffs suggest his past deals made during his first term failed to deliver on his administration's own hype. In 2018, during Trump's first term, his administration celebrated a revamped trade agreement with South Korea as a major win. And in 2019, Trump signed a limited agreement with Japan on agricultural products and digital trade that at the time he called a 'huge victory for America's farmers, ranchers and growers.' Trump has also said on social media that countries aligned with the policy goals of BRICS, an organization composed of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates, would face additional tariffs of 10%.
The Mainichi
4 hours ago
- The Mainichi
Trump says 25% tariffs to be slapped on Japan, S. Korea on Aug. 1
WASHINGTON (Kyodo) -- The United States will impose 25 percent tariffs on imports from Japan and South Korea starting Aug. 1, President Donald Trump said Monday, citing trade imbalances and further ramping up pressure on the key U.S. allies to make compromises to get deals done. In nearly identical letters addressed to the leaders of Japan and South Korea, which Trump posted in full on his Truth Social platform, he told each that trade relations with his country have been "far from Reciprocal." "Please understand that the 25% number is far less than what is needed to eliminate the Trade Deficit disparity we have with your Country," Trump wrote to both Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae Myung. Trump also warned each country that any increases to their tariffs on U.S. goods will be met with an equivalent tariff hike by his administration, above and beyond the 25 percent rate. At the same time, Trump said he may consider making "an adjustment" if the countries remove what he claimed to be trade barriers. "These Tariffs may be modified, upward or downward, depending on our relationship with your Country," he said. Under Trump's so-called reciprocal "Liberation Day" tariffs, the administration has also levied a baseline, or universal, duty of 10 percent covering imports from almost all countries in the world. Until now, Japan was facing an additional tariff of 14 percent, for a total rate of 24 percent. South Korea's was 25 percent. Trump said the updated rates are completely separate from the higher industrial-sector tariffs that have already taken effect, such as those targeting all imports of cars, auto parts and steel. The signed letters were posted two days before a 90-day pause on country-specific tariffs was due to expire and despite weeks of bilateral negotiations between the administration and each of the Asian allies. Both Japan and South Korea have been dealt a severe economic blow by Trump's hike in April of a tariff on imported passenger vehicles to 27.5 percent from 2.5 percent. Meanwhile, Trump has upped the pressure especially on Japan in recent weeks, venting frustration that it does not import a significant amount of American cars or rice. With the U.S. leader showing no signs of granting Tokyo's persistent requests to remove the auto and other tariffs, the new 25 percent rate has created another headache for Japanese officials trying to break the deadlock in negotiations with Washington. Trump later posted on social media similar trade letters to the leaders of Bangladesh, Bosnia and Herzegovina, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Kazakhstan, Serbia, South Africa, Thailand and Tunisia, notifying them of tariff rates from 25 percent to 40 percent. Trump unveiled sweeping country-specific tariffs on April 2, targeting about 60 countries with which the United States runs trade deficits, before pausing them for 90 days to have time for talks mainly with its major trading partners. On Monday, the White House said the pause will be extended to Aug. 1, meaning that the time for dealmaking could continue until then. Although top U.S. trade officials had said they could clinch 90 trade deals in 90 days, only two agreements -- with Britain and Vietnam -- have been sealed so far. U.S. Treasury Secretary Scott Bessent said Monday in a CNBC interview that the administration is set to announce "several" trade deals over the next 48 hours, without naming any countries or offering other details.
