Seoul government, British Embassy in Seoul to cooperate for upcoming 5th SBAU
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Korea Herald
4 days ago
- Korea Herald
US and China hold new talks on tariff truce
STOCKHOLM (Reuters) -- Top US and Chinese economic officials met in Stockholm on Monday for more than five hours of talks aimed at resolving longstanding economic disputes at the center of a trade war between the world's top two economies, seeking to extend a truce by three months. US Treasury Chief Scott Bessent was part of a US negotiating team that arrived at Rosenbad, the Swedish prime minister's office in central Stockholm, in the early afternoon. China's Vice Premier He Lifeng was also seen at the venue on video footage. China is facing an Aug. 12 deadline to reach a durable tariff agreement with President Donald Trump's administration, after Beijing and Washington reached preliminary deals in May and June to end weeks of escalating tit-for-tat tariffs and a cut-off of rare earth minerals. Negotiators from the two sides were seen exiting the office around 8 p.m. and did not stop to speak with reporters. The discussions are expected to resume on Tuesday. Trump touched on the talks during a wide-ranging press conference with British Prime Minister Keir Starmer in Scotland. "I'd love to see China open up their country," Trump said. Without an agreement, global supply chains could face renewed turmoil from US duties snapping back to triple-digit levels that would amount to a bilateral trade embargo. US Trade Representative Jamieson Greer said he did not expect "some kind of enormous breakthrough today" at the talks in Stockholm that he was attending. "What I expect is continued monitoring and checking in on the implementation of our agreement thus far, making sure that key critical minerals are flowing between the parties and setting the groundwork for enhanced trade and balanced trade going forward," he told CNBC. The Stockholm talks follow Trump's biggest trade deal yet with the European Union on Sunday for a 15 percent tariff on most EU goods exports to the United States. Trade analysts said another 90-day extension of a tariff and export control truce struck in mid-May between China and the United States was likely. An extension would facilitate planning for a potential meeting between Trump and Chinese President Xi Jinping in late October or early November. The Financial Times reported on Monday that the US had paused curbs on tech exports to China to avoid disrupting trade talks with Beijing and support Trump's efforts to secure a meeting with Xi this year. Meanwhile, in Washington, US senators from both major parties plan to introduce bills this week targeting China over its treatment of minority groups, dissidents, and Taiwan, emphasizing security and human rights, which could complicate talks in Stockholm. Taiwan President Lai Ching-te is set to delay an August trip his team had floated to the Trump administration that would have included stops in the United States, sources familiar with the matter told Reuters on Monday. The potential visit would have infuriated Beijing, possibly derailing the trade talks. China claims Taiwan as its own territory, a position Taiwan rejects, and denounces any show of support for Taipei from Washington. Previous US-China trade talks in Geneva and London in May and June focused on bringing US and Chinese retaliatory tariffs down from triple-digit levels and restoring the flow of rare earth minerals halted by China and Nvidia's H20 AI chips, and other goods halted by the United States. So far, the talks have not delved into broader economic issues. They include US complaints that China's state-led, export-driven model is flooding world markets with cheap goods, and Beijing's complaints that US national security export controls on tech goods seek to stunt Chinese growth. "Geneva and London were really just about trying to get the relationship back on track so that they could, at some point, actually negotiate about the issues which animate the disagreement between the countries in the first place," said Scott Kennedy, a China economics expert at the Center for Strategic and International Studies in Washington. Bessent has already flagged a deadline extension and has said he wants China to rebalance its economy away from exports to more domestic consumption -- a decades-long goal for US policymakers. Analysts say the US-China negotiations are far more complex than those with other Asian countries and will require more time. China's grip on the global market for rare earth minerals and magnets, used in everything from military hardware to car windshield wiper motors, has proved to be an effective leverage point on US industries.
Korea Herald
4 days ago
- Korea Herald
Trump eyes 'world tariff' of 15-20% for most countries
TURNBERRY, Scotland (Reuters) -- President Donald Trump said on Monday most trading partners that do not negotiate separate trade deals would soon face tariffs of 15 percent to 20 percent on their exports to the United States, well above the broad 10 percent tariff he imposed in April. Trump told reporters his administration will notify some 200 countries soon of their new "world tariff" rate. "I would say it'll be somewhere in the 15 to 20 percent range," Trump told reporters, sitting alongside British Prime Minister Keir Starmer at his luxury golf resort in Turnberry, Scotland. "Probably one of those two numbers." Trump, who has vowed to end decades of US trade deficits by imposing tariffs on nearly all trading partners, has already announced higher rates of up to 50 percent on some countries, including Brazil, starting on Friday. The announcements have spurred feverish negotiations by a host of countries seeking lower tariff rates, including India, Pakistan, Canada, and Thailand, among others. The US president on Sunday clinched a huge trade deal with the European Union that includes a 15 percent tariff on most EU goods, $600 billion of investments in the US by European firms, and $750 billion in energy purchases over the next three years. That followed a $550-billion deal with Japan last week and smaller agreements with Britain, Indonesia, and Vietnam. Other talks are ongoing, including with India, but prospects have dimmed for many more agreements before Friday, Trump's deadline for deals before higher rates take effect. Trump has repeatedly said he favors straightforward tariff rates over complex negotiations. "We're going to be setting a tariff for essentially, the rest of the world," he said again on Monday. "And that's what they're going to pay if they want to do business in the United States. Because you can't sit down and make 200 deals." Canadian Prime Minister Mark Carney said on Monday trade talks with the US were at an intense phase, conceding that his country was still hoping to walk away with a tariff rate below the 35 percent announced by Trump on some Canadian imports. Carney conceded this month that Canada -- which sends 75 percent of its exports to the United States -- would likely have to accept some tariffs.
Korea Herald
4 days ago
- Korea Herald
Trump says tariffs would be in 15-20% range for most countries that have yet to strike deal
US President Donald Trump said Monday his administration expects to set tariffs somewhere in the range of 15 percent to 20 percent for most countries that have yet to reach a trade deal with it, as South Korea is striving to strike a deal before the negotiation deadline this week. Trump made the remarks during a meeting with British Prime Minister Keir Starmer in Turnberry, Scotland, as his administration's "reciprocal" tariffs, including 25 percent duties on South Korea, are set to go into force on Friday unless a deal is reached. "I would say it'll be somewhere in the 15-20 percent range ... I just want to be nice," he said during a press availability, sitting next to Starmer. He added, "Probably one of those two numbers." The Trump administration has so far reached bilateral trade deals with Britain, the European Union, Japan, Vietnam, Indonesia and the Philippines, while other countries, including South Korea, are seeking to clinch a deal to reduce their proposed reciprocal tariffs. Senior South Korean officials have been cranking up their negotiation efforts as they traveled or are planning to travel to Washington. Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo had trade talks with US Commerce Secretary Howard Lutnick in Washington on Thursday and in New York the following day. The two then departed for Europe apparently to continue negotiations, sources said, as key US trade negotiators accompanied Trump during a trip to Scotland. In the hopes of finding a breakthrough, Seoul officials have proposed a large-scale investment initiative, dubbed "Make American Shipbuilding Great Again," as the Trump administration seeks to rebuild America's shipbuilding industry in the face of China's overwhelming shipbuilding capacity. Finance Minister Koo Yun-cheol is set to have consultations with US Treasury Secretary Scott Bessent in Washington on Thursday, while Foreign Minister Cho Hyun plans to visit the US capital for talks with Secretary of State Marco Rubio. (Yonhap)
