South Korea to raise concerns to US over potential curbs on chipmakers' China operations
'I will pass on the concerns among those in the industry and take utmost care,' South Korean Trade Minister Yeo Han-koo told reporters before leaving for Washington, when asked to comment about concerns the US may adopt policies to make it difficult for foreign chipmakers to operate in China.
Yeo also said Seoul may not stick to the July deadline, suggesting talks may continue beyond July 8 amid political and economic uncertainties in the US.
South Korea, currently subject to a blanket 10 per cent tariff with a 25 per cent country-specific duty on pause for 90 days, agreed with the US in their opening round of trade talks in late April to craft a trade deal reducing tariffs by July 8.
Yeo was appointed to the role this month by President Lee Jae-myung, who won a snap election on June 3 and said during his campaign that there was no need to rush into a trade agreement with the United States.
Today, Yeo added he would reach out to officials at the White House and the US Congress to discuss various trade issues, including Washington's request for South Korea to loosen rules on imports of US beef. — Reuters
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
2 hours ago
- Malay Mail
Tariffs, troops and turmoil: Asean braces for a tense summit in Kuala Lumpur
KUALA LUMPUR, July 9 — Southeast Asian foreign ministers will meet on Wednesday as the region grapples with renewed uncertainty over US trade tariffs and as a simmering territorial dispute between Thailand and Cambodia threatens to disrupt the bloc's unity. The gathering in Malaysia of the 10-member Association of Southeast Asian Nations will be followed by a flurry of meetings on Thursday and Friday between the group and its major trade partners, including the United States, China, Japan, Russia, India and the European Union. China's Foreign Minister Wang Yi and Russian counterpart Sergei Lavrov are expected to join the Kuala Lumpur meetings, as will US Secretary of State Marco Rubio, who makes his first trip to Asia looking to smooth over relations with allies and partners rattled by President Donald Trump's tariff strategy. Trump on Monday announced hefty levies of between 25 per cent and 40 per cent on six Southeast Asian countries, despite concerted efforts by some to offer broad concessions and negotiate lower rates. The export-reliant Asean is collectively the world's fifth-biggest economy, with some members beneficiaries of supply chain realignments from China. Only Vietnam has secured a deal, which lowers the levy to 20 per cent from 46 per cent initially. Indonesia, Thailand and Malaysia said they would seek further talks ahead of the tariff implementation on August 1. Tariffs 'counterproductive' Asean foreign ministers will express 'concern over rising global trade tensions and growing uncertainties in the international economic landscape, particularly the unilateral actions relating to tariffs,' according to a draft joint communique seen by Reuters. The draft, dated July 7 and before the latest tariff rates were announced, did not mention the United States and used language similar to an Asean leaders' statement in May. Both said tariffs were 'counterproductive and risk exacerbating global economic fragmentation'. The bloc in April said it would not impose retaliatory measures and its leaders have pledged any bilateral deals they strike with Washington would not harm fellow Asean members. OCBC senior Asean economist Lavanya Ventakeswaran said countries including Vietnam face additional uncertainty over tariffs targeting transshipments, a measure aimed at products largely from China, with questions remaining over enforcement and implementation. 'The bottom line is that it's going to be quite complicated moving forward,' Ventakeswaran said. The issue has also been complicated by Trump's initial threat of an additional 10 per cent on tariffs on countries aligned with the BRICS grouping. Indonesia is a member, while Malaysia, Thailand and Vietnam are partner countries. Asean will promote a treaty on a nuclear weapons-free zone in Southeast Asia and the meeting could also see Thailand and Cambodia seek to ease a dispute that led to a mobilisation of their troops at their border and a crisis for a Thai government now hanging by a thread. Thai Prime Minister Paetongtarn Shinawatra has since been suspended pending a court case over her leaked phone call with Cambodia's influential former leader, Hun Sen, a conversation her opponents say undermined Thailand's sovereignty and integrity. The dispute puts more pressure on Asean to maintain a united front, amid other unresolved issues including an intensifying civil war in Myanmar and a protracted drafting of a code of conduct with Beijing for the South China Sea, a key source of geopolitical tension. — Reuters
Malay Mail
17 hours ago
- Malay Mail
Bursa Malaysia falls for second day amid trade tariff concerns, market breadth remains negative
KUALA LUMPUR, July 8 — Bursa Malaysia ended lower for a second straight session on Tuesday, bucking the regional uptrend, as investor sentiment remained cautious amid renewed concerns over US tariffs, analysts said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) shed 7.40 points, or 0.48 per cent, to 1,530.14 from Monday's close of 1,537.54. The benchmark index opened 7.85 points lower at 1,529.69 and moved between 1,526.27 and 1,531.14 throughout the day. Market breadth was negative, with 550 decliners outpacing 399 gainers. A total of 490 counters were unchanged, while 966 were untraded and nine suspended. Turnover narrowed to 3.06 billion shares worth RM2.20 billion, compared with 3.57 billion shares worth RM2.49 billion on Monday. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the FBM KLCI extended its losses amid heightened volatility in regional trade policy, with selling pressure particularly evident in banking and consumer-linked sectors. 'The domestic equity market remained under pressure following confirmation that Malaysian exports will face a 25 per cent tariff under the United States' latest trade action, one percentage point higher than initially signalled during the 'Liberation Day' announcement. 'While the local benchmark declined, regional markets charted a different course, with most major indices in Asia trading higher on cautious optimism that the US may still be open to negotiation,' he told Bernama. Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the tariff situation may not be as severe as perceived and suggested the recent selling could present a bargain-hunting opportunity, with valuations turning more attractive. 'Although the tariffs pose challenges, the impact on Malaysia is cushioned by the fact that regional competitors are also affected, in some cases more significantly. 'As such, we expect the benchmark index to trend within the 1,520–1,550 range for the rest of the week,' he said. Among heavyweights, Maybank and IHH Healthcare each slipped two sen to RM9.70 and RM6.70, respectively. Public Bank gained one sen to RM4.34, Tenaga Nasional added six sen to RM13.86, while CIMB fell 14 sen to RM6.61. In active trade, NexG rose 1.5 sen to 43.5 sen. Top Glove and Tanco slipped half-a-sen each to 68.5 sen and 89 sen, respectively. Zetrix AI gained two sen to 97 sen, while Supermax climbed 4.5 sen to 63.5 sen. On the index board, the FBM Emas Index declined 50.52 points to 11,468.14, the FBMT 100 Index dropped 55.32 points to 11,237.91, and the FBM Emas Shariah Index fell 68.29 points to 11,432.44. The FBM 70 Index sank 85.55 points to 16,537.90, while the FBM ACE Index eased 1.28 points to 4,472.34. By sector, the Financial Services Index went down 112.04 points to 17,609.92, the Industrial Products and Services Index edged down 1.66 points to 153.75, and the Plantation Index trimmed 16.09 points to 7,428.92, while the Energy Index ticked down 4.05 points to 733.54. Main Market volume advanced to 1.51 billion units worth RM1.98 billion from 1.47 billion units valued at RM2.16 billion on Monday. Warrants turnover decreased to 1.35 billion units valued at RM154.21 million from 1.83 billion units worth RM228.26 million previously. ACE Market volume eased to 194.48 million units valued at RM67.28 million versus 267.85 million units worth RM112.77 million yesterday. Consumer products and services counters accounted for 132.43 million shares traded on the Main Market; industrial products and services (184.13 million), construction (77.09 million), technology (302.42 million), SPAC (nil), financial services (56.70 million), property (149.10 million), plantation (24.36 million), REITs (13.36 million), closed-end fund (20,100), energy (77.67 million), healthcare (372.48 million), telecommunications and media (31.84 million), transportation and logistics (22.04 million), utilities (64.91 million), and business trusts (6,400). Meanwhile, in a filing with Bursa Malaysia today, it said NPC Resources Bhd will be removed from the Official List of Bursa Malaysia effective 9 am, July 11, 2025, pursuant to paragraph 16.07(b) of the Main Market Listing Requirements. — Bernama
Free Malaysia Today
19 hours ago
- Free Malaysia Today
US stocks fall from records as tariff uncertainty returns
Tesla dropped 6.3% after Donald Trump criticised Elon Musk's plan to launch a rival party opposing his hallmark spending bill. (AP pic) NEW YORK : Wall Street stocks fell Monday, retreating from records after President Donald Trump announced fresh tariff threats, reviving anxiety about trade uncertainty. Both the S&P 500 and Nasdaq had closed at records last week following solid US jobs data and passage of Trump's sprawling fiscal passage that extended tax cuts. But Trump announced plans for 25% levies on Japan and South Korea if the countries don't reach a deal with Washington, while also warning of another 10% tariff on countries aligning themselves with the emerging BRICS nations. The moves lifted investor anxiety at a time when some investors have expressed worries about swelling equity valuations. The Dow Jones Industrial Average finished down 0.9% at 44,406.36. The broad-based S&P 500 declined 0.8% to 6,229.98, while the tech-rich Nasdaq Composite Index shed 0.9% to 20,412.52. The likelihood that Trump's statements are a bargaining tactic is one reason losses weren't 'even worse,' said Steve Sosnick of Interactive Brokers. 'No one really wants to overreact negatively right now, which is why we're seeing a bit of a sell-off, but not a major sell-off,' he said. Trump's unresolved trade policy has received less attention in recent weeks as Congress weighed the president's fiscal package, which included controversial cuts to federal health care and other social service programmes. The clash between Iran and Israel had also overshadowed trade. But trade was always going to come back into focus after the White House set a July 9 deadline to reach agreements. The administration now says it will hike tariffs on Aug 1 on trading partners that don't strike a deal. Among individual companies, Tesla tumbled 6.3% after Trump blasted CEO Elon Musk's plan to launch a new political party in opposition to the president's hallmark legislation, the so-called 'Big Beautiful Bill.' The back-and-forth escalated a conflict between the president and the world's richest man at a time when investors had hoped Musk would refocus on Tesla and his other ventures and shift attention from politics.
