SK Innovation expands mangrove forest project in Vietnam
Local officials and residents of Tra Vinh, Vietnam, pose with a placard marking SK Innovation's mangrove reforestation campaign during a May event supporting the initiative, which began in 2018. (SK Innovation)
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Korea Herald
11 hours ago
- Korea Herald
Industry minister ends 2-day tariff talks with Lutnick without results
South Korean Industry Minister Kim Jung-kwan has wrapped up his two-day tariff talks with US Commerce Secretary Howard Lutnick, without tangible results, sources said Saturday. Kim and Lutnick's second-day meeting, which took place at Lutnick's residence in New York, finished late Friday night (US time) without solid results, according to the sources familiar with the matter. The two had also met the previous day in Washington to discuss pending trade issues, including tariffs, non-tariff measures and industrial cooperation. In Friday's meeting, Kim is said to have presented a revised proposal to narrow their differences on contentious items, including the $100 billion investment plan by Korean companies in the US and what Washington calls "trade barriers" on beef and rice imports by Seoul. The Donald Trump administration has reportedly been pressuring Korea to lift its import ban on American beef from cattle aged 30 months or older and expand rice imports from the US. However, the advanced proposal appears to have fallen short of satisfying Lutnick, as the sources indicated South Korea needs further "internal discussions" based on the results of this week's negotiations. The presidential office is reportedly planning to hold another trade strategy meeting later in the day to discuss the next steps toward securing a tariff deal with the US, following a similar session held the previous day. South Korea faces added pressure in the negotiations as Japan, one of its major export competitors, recently concluded a trade deal with Washington that lowered reciprocal tariffs to 15 percent in exchange for further opening of its markets to American automobiles and agricultural products, along with a $550 billion investment pledge. The Trump administration has warned Korea will be subject to a 25 percent reciprocal tariff unless it reaches a deal before Aug. 1. Meanwhile, Kim also met with US Energy Secretary Chris Wright and Interior Secretary Doug Burgum, who doubles as chairman of the National Energy Council, this week to discuss strengthening cooperation in areas such as liquefied natural gas, energy security and critical minerals, according to his office. Trade Minister Yeo Han-koo also held separate meetings with US Trade Representative Jamieson Greer and Texas Gov. Greg Abbott in a bid to make progress in trade negotiations. (Yonhap)
Korea Herald
a day ago
- Korea Herald
US delays crucial ‘2+2' trade meeting with Korea
Seoul weighs $100 billion US investment from top chaebol groups to avert looming tariffs A high-level trade meeting between South Korea and the US was abruptly called off Thursday, just one day before it was set to take place in Washington, due to US Treasury Secretary Scott Bessent's "urgent schedule." The delay has sparked concerns in Seoul as next week's tariff deadline approaches with insufficient time for a potential breakthrough. South Korea's Deputy Prime Minister and Finance Minister Koo Yoon-cheol was set to depart for Washington when the US notified Seoul of the last-minute decision. Koo canceled the trip after receiving the notice while waiting at Incheon International Airport, just an hour before his scheduled flight. The now-delayed '2+2" dialogue was to take place between Koo and Trade Minister Yeo Han-koo from Korea, as well as Bessent and US Trade Representative Jamieson Greer from the US. It would have marked the first such meeting under President Lee Jae Myung's new Cabinet. The high-stakes talks were seen in Seoul as a critical opportunity to make a breakthrough in trade talks before the Aug. 1 deadline, when a 25 percent 'reciprocal tariff' will be imposed on all Korean goods unless a new deal is reached. "Washington has apologized multiple times for postponing the meeting and proposed rescheduling the meeting between Bessent and Koo as soon as possible," Seoul's Finance Ministry said. While the US did not clarify the nature of Bessent's scheduling conflict, reports say he may accompany US President Donald Trump's trip to Scotland on July 25-29. This means it could be virtually impossible to reschedule the '2+2' meeting before the tariff deadline, further dimming hopes of a negotiated resolution in time. Despite the disruption, Yeo and Industry Minister Kim Jung-kwan, who are already in Washington, will continue consultations with their US counterparts, including Greer, Secretary of Commerce Howard Lutnick and Secretary of Interior Doug Burgum, according to the Industry Ministry. South Korea has been pushing for reduced tariff rates or exemptions through a comprehensive deal covering both tariffs and broader economic cooperation. Korean exports currently face a 10 percent base tariff with additional levies imposed on key products, such as 25 percent tariffs on automobiles and auto parts, and 50 percent on steel and aluminum. Without a meaningful advancement in negotiations, this baseline tariff is scheduled to increase to 25 percent on Aug. 1, intensifying economic strain on the export-dependent country. Further adding to the pressure, Japan struck a deal with the US on Wednesday. The latter agreed to lower its tariff rate against Japan from 25 percent to 15 percent in exchange for a whopping $550 billion investment in the US and a difficult concession to open its market for more American automobiles and rice. Observers say Japan's deal could serve as a benchmark for South Korea in its own negotiations, as the two countries share similar trade dynamics with the US: both run comparable trade deficits and rely heavily on the US market for key exports, such as automobiles, semiconductors and electronics. Like Japan, South Korea is considering an investment package exceeding $100 billion with participation from the country's major conglomerates, including Samsung, SK, Hyundai Motor and LG, according to industry sources. The figure is expected to grow as additional corporate and government contributions are finalized. Seoul had planned to propose a $100 billion package during the now-postponed talks. President Lee was scheduled to meet with Samsung Electronics Chair Lee Jae-yong on Thursday afternoon, according to local media reports, with discussions expected to focus on the US investment and tariffs. Lee has held similar one-on-one meetings since last week, seeing Hyundai Motor Chair Chung Euisun on July 14, LG Group Chair Koo Kwang-mo on July 15, Hanwha Group Vice Chair Kim Dong-kwan on Tuesday and SK Group Chair Chey Tae-won on Wednesday. Meanwhile, National Security Adviser Wi Sung-lac sought to dispel speculation that he was unable to have a face-to-face meeting with US Secretary of State Marco Rubio during his visit to Washington. Wi explained that Rubio was urgently summoned by Trump, and was unable to meet as the meeting ran longer than expected. Wi said that "sufficient coordination had taken place via phone call" with Rubio, and that they had agreed to have an additional consultation, with the specific time and method to be arranged through working-level coordination. "The report that the US side refused the meeting, resulting in the cancellation of the talks, is inaccurate. Such misinformation not only undermines the reputations of the individuals involved, including Wi and Rubio, but could also negatively impact the trust between Korea and the US in the middle of sensitive communication," Wi said in a written statement.
Korea Herald
a day ago
- Korea Herald
Seoul shares up for 3rd day amid US tariff uncertainties; won sharply down
Seoul shares closed slightly higher Friday, extending their winning streak to a third day, as investors kept a close eye on the ongoing tariff negotiations between South Korea and the United States, which is expected to have a huge impact on the economy. The Korean won lost ground against the US dollar. The benchmark Korea Composite Stock Price Index added 5.6 points, or 0.18 percent, to close at 3,196.05. Trade volume was moderate at 385.7 million shares worth 9.8 trillion won ($7.1 billion), with losers outnumbering winners 504 to 370. Foreigners and institutions bought shares worth 268.9 billion won and 110.4 billion won, respectively, while retail investors unloaded 461.3 billion won. Overnight, Wall Street closed mixed, with the tech-heavy Nasdaq composite and the S&P 500 up 0.18 percent and 0.07 percent, respectively, while the Dow Jones Industrial Average shed 0.7 percent. Investors were paying close attention to whether Seoul will also strike a trade deal with Washington following Japan as Korea's top trade officials met with US Commerce Secretary Howard Lutnick in the US capital on Thursday (local time). In the meeting, the two sides reaffirmed their commitment to striking a trade deal before the Aug. 1 deadline and agreed to soon hold an additional round of negotiations, according to the Seoul government. "The market appears to have been relieved on news that Korea's industry minister and trade minister met with Lutnick, but the KOSPI showed limited growth due to persisting uncertainties ahead of the looming negotiation deadline," Lee Kyoung-min, an analyst at Daishin Securities, said. In Seoul, tech giant Samsung Electronics edged down 0.15 percent to 65,900 won, while its chipmaking rival SK hynix lost 1.3 percent to 266,000 won. Leading battery maker LG Energy Solution shed 1.22 percent, reflecting Tesla's 8.2 percent slide overnight. Bio shares also lost ground, with Samsung Biologics falling more than 2 percent to 1.06 million won and Celltrion down 1.33 percent to 178,000 won. Top automaker Hyundai Motor went down 0.46 percent to 216,500 won and its sister Kia retreated 0.86 percent to 104,100 won as they both posted a decrease in operating profits in the second quarter mainly due to the effects of 25 percent tariffs on all imported cars imposed by the Donald Trump administration. On the other hand, financial and shipbuilding shares delivered strong performances. KB Financial climbed 1.37 percent to 118,800 won and Shinhan Financial advanced 2.74 percent to 71,200 won. Major shipbuilder HD Hyundai Heavy soared 5.83 percent to 444,500 won, and its rival Hanwha Ocean gained 1.35 percent to 90,000 won on expectations for cooperation in the sector with the US Internet portal operator Naver also jumped 3.3 percent to 234,500 won, while Kakao Pay, the fintech arm of Kakao, shot up 10.71 percent on massive purchases by global investment bank Goldman Sachs. The local currency was quoted at 1,377.9 won against the US dollar at 3:30 p.m., down 10.7 won from the previous session. (Yonhap)
