South Korea officials heading to Washington for talks over US tariffs
SEOUL (Reuters) -South Korean Industry Ministry officials will travel to Washington on Wednesday for "technical discussions" with U.S. Trade Representative counterparts hoping to make progress on a potential deal over U.S. tariffs, Seoul's ministry said.
The team will seek to minimise the impact of the tariffs announced by the administration of U.S. President Donald Trump on South Korean companies by seeking exemption from reciprocal tariffs and import duties on automobiles and steel products, the ministry said in a statement.
The visit by the industry ministry officials follows a trip to Washington by Minister Ahn Duk-geun last week and Finance Minister Choi Sang-mok, where the countries agreed to craft a trade package aimed at removing new U.S. tariffs that are set to take effect on July 8 after a pause.
South Korean officials have said the two sides are not yet in formal negotiations but are laying the groundwork for talks that will likely continue after the country holds a presidential election on June 3 and a new government takes office.
U.S. Treasury Secretary Scott Bessent said on Tuesday some trade partners are "much more keen to come to the table, get this done, and then go home and campaign on it," when asked about how domestic factors could influence the talks.
Faced with questions about Bessent's comments, Choi said South Korea was not rushing to strike a deal and discussions at a working level "are moving very slowly," adding Bessent's comments were likely not specifically about South Korea.
South Korea said it has requested exemptions from reciprocal tariffs and import duties on autos and steel and other items, and offered cooperation on shipbuilding and energy and in addressing trade imbalances.
Vice Industry Minister Park Sung-taek said this week that there was work to be done on the American side to remove red tape to allow discussions on shipbuilding to move forward, such as resolving the restrictions under the U.S. Jones Act that require goods moved between U.S. ports to be carried by ships built domestically.
"So we are conveying this to the U.S. and expect to discuss them intensively going forward," Park told parliament.
South Korea was in consultations with Alaska on the feasibility of a $44 billion liquefied natural gas project that Washington wants to fund with investments from countries like South Korea and Japan.
The countries also plan to hold talks over what Washington considers are non-tariff barriers including currency policy and regulations on autos, rice and beef imports.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Buzz Feed
15 minutes ago
- Buzz Feed
44 Fascinating Historical Photos
It's honestly so cool to see these parents marching in a pride parade in it also makes me sad that it's been 50 years and queer people are still facing so much prejudice. TIL that Theodore Roosevelt's first wife and mother died on the same day, which was just days after the birth of his eldest child (the indomitable Alice, who, if you have not read should). He wrote this in his journal shortly afterward, and it's genuinely heartbreaking. In contrast, this letter from Teddy Roosevelt after he was called a drunk is kind of hilarious. Someone remind me what the medicinal purposes of brandy are? These 1939 predictions about what fashion would look like in 2000 are also funny to see now. TBH, you probably could buy a version of those shoes in 2000, though I don't know how comfortable they'd be. This photo of American soldiers playing video games at Saddam Hussein's former palace in 2003 — while troops were still looking for Hussein — is genuinely wild. It's also kind of mind-blowing to see what a first-class room looked like on the Titanic. Honestly? I expected nicer. This ad for a journey on the Titanic – back to the UK from NYC — is eerie to look at now. Obviously, it's a journey the ship would never complete. And this letter from survivor Charlotte Collyer is super, super sad. I bet you never learned about this in school — in 1964, Martin Luther King, Jr. received the following letter, along with a tape of his alleged sexual activity. It reads like blackmail from a prior supporter, but King believed it was from the FBI — and it was eventually revealed that it was. The full text of the letter, except for one redacted name, was released in 2014, and you can read it below. Why was the FBI so concerned about King, you ask? Because they were worried he would endorse communism. Right-wing groups thus put up billboards like this during the Selma march as propaganda meant to make him lose supporters. This is the gun used to kill Abraham Lincoln. In case you forgot, Lincoln was watching a performance of the comedy Our American Cousin at Ford's Theater with his wife, an officer, and the officer's fiancé. You may not know, however, that the plan was to wipe out the vice president, Andrew Johnson, and the secretary of state, William Henry Seward, as well. Seward actually had his throat slashed, but survived. It's kind of wild that this copy of the Magna Carta from 1305 still exists. But not as mind-blowing as these 1800-year-old Roman leather sandals. This news headline from 1933 did NOT age well. Neither did this 1939 newspaper caption. Or this 1914 article. To refresh your memory, the archduke's assassination is largely regarded as the event that jump-started WWI. Oh, and here's a photo of good ol' Franz and his wife just moments before they were assassinated. Ever wonder when the first-ever selfie was? It's way further back than I thought — Robert Cornelius took one in 1839. This leaflet for Black American soldiers during the Korean War is wildly fascinating to read — and made great points, tbh. This handbook from WWI, translating important wartime phrases like "Run for your life!" or "we are losing," to me. TIL about the first cat who went into space. Her name was Félicette, and she was a French stray who was flown in the rocket Veronique in 1964. She made it back safely and to this day is the only cat to have gone to space. Another fun fact? In Sweden, cars used to drive on the left side of the road. But in 1967, they switched to the right — leading to absolute chaos, as you can see below. New York to Paris is a common flight now, but back in the early 1900s, it was unheard of — until Charles Lindbergh made the (solo!) journey in 1927. His airplane looked just a *bit* different than the ones we use today. Speaking of Charles Lindbergh, his son was kidnapped and later found dead in 1932, and the case is fascinating to read about. The kidnapper exchanged multiple notes with the Lindberghs and their liaison, John Condon, who even apparently met with the kidnapper in a graveyard. Here's one of the notes. And speaking of planes, check out this flight price from 1946. Of course, this would be $241.38 in today's dollars. Here's what British passports used to look like, in case you wanted to pop over to another country in 1858. During WWII, British people all had to carry these National Registration Identity Cards at all times — even children. If they were separated during bombing or for any other reason, this could assist with reunification. It would also assist with rationing food. And here's what a WWII ration book looked like. Modern psych wards are a far cry from what were called "lunatic asylums" back in the day. People could be admitted for a ton of different reasons, many of them completely unrelated to psychological conditions — you can read some of them, from the late 1800s, below. Here's what the NYC subway looked like in 1961 — honestly, it doesn't look as different as I would've expected! And here's what it looked like in 1987. This is what a Japanese tram looked like after the atomic bomb was dropped on Hiroshima — next to a restored version. And here's a larger-scale photo of the bomb's destruction in Hiroshima. Here's Colonel Paul Tibbets, who flew Enola Gay, which dropped the bomb. WW2 doesn't seem all that long ago when you look at graffiti left by soldiers. Speaking of WWII, check out these propaganda posters reminding Americans of their allies in the feels ironic, considering how the US would feel about Russia and China very shortly afterward. This letter sent home from a soldier in Vietnam just made me really, really sad. I definitely do not remember learning about the Mormon War from 1857 in school. Basically, then-President James Buchanan sent troops to quell rebellion in Utah, where tensions were already high between Mormons and both Protestants and the government. The Mormons took up arms and fought back in their own namely, involved killing around 120 people traveling via wagons to move out west. They attacked the migrants, then offered them safe passage out, only to execute everyone over the age of seven and blame it on the nearby Native Americans. This was called the Mountain Meadows Massacre. Militia Leader John D. Lee was eventually excommunicated and executed for his actions — here you can see him sitting on his coffin just before being killed. I'm always fascinated by old beauty trends, and it turns out that there were some wildly dangerous beauty trends back in the day. For example, people used to use products with arsenic in them. There were also makeup and hair products that contained radium and other radioactive elements. Old-school medicine also used to be pretty darn dangerous. For example, heroin was used as a cough suppressant. And people could be prescribed cocaine. Speaking of medicine and health, X-rays have been around a lot longer than I realized — since 1896. Here's what it looked like to get one back in 1914. And finally, this sign is a fascinating reminder of just how far we've come. Back in the day, people had to be instructed how to use electricity — and assured it was safe.
Business Insider
16 minutes ago
- Business Insider
A 'seismic' 39% tariff on Switzerland is rocking the watch world, and even pre-owned Rolexes could see price hikes
Watch collectors might want to skip the Rolex boutique and head straight for the pawn shop this year. That is, if the Trump administration's new 39% tariff on goods from Switzerland sticks. The White House released updated tariff plans on Thursday, raising the rate from the proposed 31% announced earlier this year. The tariff escalation caught the watch community off guard. Switzerland is a manufacturing hub for luxury watches like Rolex and Cartier. Eugene Tutunikov, CEO of watch marketplace Swiss Watch Expo, told Business Insider the announcement "was a complete shock" and that "its effects will be immediate." Leading brands, including Rolex, have already raised prices in the US this year, likely in response to tariffs, Morgan Stanley analysts wrote in a July report about the Swiss watch market. US imports of Swiss goods have faced a 10% baseline tariff since April. A new 39% tariff on Swiss imports to the US would put more pressure on luxury watchmakers. That could lead to higher prices on Swiss-made goods shipped to the US, or less inventory for American shoppers. While the Swiss government could still try to negotiate, the tariff is currently set to take effect on August 7. Collectors and watchmakers may soon have to reckon with this new reality. Joshua Ganjei, CEO of watch marketplace European Watch Company, thinks more shoppers will turn to pre-owned models of high-end watches like Rolexes over brand-new ones. After all, a secondhand watch from a US-based seller won't face the added cost of a new Swiss-made model shipped from overseas. "For many American collectors, the 39% tariff instantly turned new releases from Swiss brands into a luxury few can justify," Ganjei said. According to the Morgan Stanley report, pre-owned watch dealers have reported an increase in demand this year since Swiss-made brands began raising their prices in the US. Prices in the secondhand market have been falling since mid-2022, though the rate of decline has narrowed. Pre-owned watches could also get more expensive, though. While the inventory already in the US won't face tariffs, heightened demand could drive up prices on the secondary market as well. Tutunikov said he thinks the pre-owned market will react to higher tariffs "much faster" than large retailers and hike prices sooner. He expects prices on the secondary market to jump as much as 10% in the next month and potentially reach up to 35% in the next six months, "as demand overwhelmingly shifts to available inventory." "This isn't just a tax; it's a seismic event that will cause a stark divergence between the new and pre-owned markets," Tutunikov said.
USA Today
an hour ago
- USA Today
People abuse Medicaid. That's why Trump's Big Beautiful Bill makes it stronger.
My Democratic colleagues in Congress have spread misinformation about the One Big Beautiful Bill Act, claiming that it is a disaster for families. That's simply untrue. Earlier this year, President Donald Trump tasked Congress with developing a bill that enacts his domestic policy agenda and kickstarts the American economy. This piece of legislation, known as the One Big Beautiful Bill Act, was signed into law by the president on July 4. It accomplished its goal of providing tax relief for Kentucky families, securing our border, investing in our military readiness, unleashing American energy and strengthening Medicaid for our most vulnerable Americans. In Congress, I am honored to serve as the chairman of the House Committee on Energy and Commerce. At the onset of the work on the One Big Beautiful Bill, we were tasked with finding $880 billion in savings from our committee's jurisdiction. The final version of the One Big Beautiful Bill includes over $1 trillion in savings from my committee's jurisdiction. To accomplish this, we worked to eliminate reckless Green New Deal environmental regulations, promote American energy dominance and eliminate waste, fraud and abuse within the Medicaid program. As you may have seen in the news over the past few weeks, my colleagues on the other side of the aisle have spread misinformation about this bill, claiming that it is a disaster for Kentucky families. That's simply untrue. Let's take a moment to address a few of the false narratives that have been spread to scare the American people. Opinion: Trump isn't gutting Medicaid and food stamps. He's fixing our broken welfare system. Truth and lies about the One Big Beautiful Bill Act and Medicaid Allegation: Single mothers, children, seniors and people with disabilities will lose access to health care. Truth: The Medicaid provisions included in the One Big Beautiful Bill ensure our most vulnerable Americans continue receiving the support they need. It strengthens the program by removing deceased recipients from the Medicaid rolls, requiring states to conduct more frequent eligibility checks for the expansion population, ensuring that individuals are not enrolled in multiple states and enacting commonsense work requirements for able-bodied Americans who choose not to work. Additionally, our bill expands access to home and community based services for low-income seniors and individuals living with a disability. Allegation: Work requirements are a 'ruse' to force people off Medicaid. Truth: According to the nonpartisan Congressional Budget Office, there are 4.8 million able-bodied adults currently on Medicaid who don't work. A survey showed this population spends roughly 184 hours a month watching television and socializing – that's 50% higher than employed beneficiaries. Your Turn: Medicaid handouts only create dependency. Able-bodied adults should work. | Opinion Forum Our bill enacts basic work requirements to require individuals to be employed, participate in job training, go to school or volunteer in their communities for just 20 hours per week to receive Medicaid. Notably, the One Big Beautiful Bill exempts people ages under 19 or over 65, pregnant women, tribal members, caregivers of children and seniors with disabilities and parents with dependents under 15. I believe most people would agree it's appropriate to expect able-bodied, unemployed adults on Medicaid to work or give back to their communities to receive fully subsidized health insurance. Kentuckians' support for these policies is strong, as this year, the Kentucky General Assembly voted overwhelmingly to overturn Gov. Andy Beshear's veto and institute a similar state-level work requirement. Allegation: Over 35 Kentucky hospitals are at risk of closing as a direct result of this bill. Truth: The allegation that 35 rural hospitals will close is a blatant mischaracterization at best. This number stems from a list of hospitals that generally receive high levels of Medicaid funding or experienced three consecutive years of negative total profit margin. This claim fails to mention the $50 billion Rural Health Transformation Program created by the bill to support rural health providers care for their patients. This will bolster funding for our most vulnerable hospitals and allow them to keep serving their communities. Trump's bill refocuses Medicaid to cover the most vulnerable Our legislation eliminates restrictive Biden-Harris era state requirements, forcing ineligible individuals to remain enrolled, and lifts Americans out of poverty by encouraging reentry into the workforce. By cutting top-down mandates, we refocus Medicaid dollars to cover the most vulnerable and give states' budgets the ability to further invest in hospitals. Spending in the Medicaid program continues to chart an unsustainable path, growing at twice the rate of inflation between 2018 and 2023. If not addressed, the program will no longer have the capacity to serve its intended purpose. In order to preserve this safety net for generations to come, Republicans have committed to policies that empower states to care for our most vulnerable Americans – pregnant women, children, individuals living with a disability and low-income seniors. The One Big Beautiful Bill is a commonsense win that strengthens Medicaid for Kentucky's most vulnerable, and I'm proud to have supported its passage. Congressman Brett Guthrie has served the people of Kentucky's Second District in Congress since 2009. He currently serves as chairman of the House Committee on Energy and Commerce. This column originally appeared in the Courier Journal.
