Latest news with #IndustryandEnergy
Bloomberg
6 days ago
- Business
- Bloomberg
US, Korea Reaffirm Pledge to Reach Trade Deal Before Deadline
South Korea and the US reaffirmed their commitment to pursue a mutually beneficial trade agreement ahead of the Aug. 1 deadline when duties are set to rise, the Asian nation's industry ministry said. US Commerce Secretary Howard Lutnick and South Korea's Industry Minister Kim Jung-kwan discussed sectoral and reciprocal tariffs on Thursday, with Kim emphasizing the need to ease trade barriers, according to a statement from South Korea's Ministry of Trade, Industry and Energy. Both sides agreed to strengthen manufacturing cooperation and continue discussions, the statement showed on Friday.
Korea Herald
6 days ago
- Business
- Korea Herald
Seoul's top trade officials press US for tariff relief in last-ditch talks
South Korea's top trade officials, including Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo, are holding relay talks with their counterparts in the US to reach a deal on tariff reductions. Industry Minister Kim Jung-kwan urged the US administration to ease tariffs on Korean goods in a meeting with US Commerce Secretary Howard Lutnick, according to the Ministry of Trade, Industry and Energy on Friday. The high-level talks lasted for roughly 80 minutes. During the meeting, Kim outlined measures to deepen bilateral cooperation between Korea and the US in key strategic manufacturing sectors including, shipbuilding, semiconductor and battery, strongly urging the need to ease tariffs. Kim and Lutnick reaffirmed their commitment to reach a "mutually beneficial resolution" before Aug. 1, the deadline for the tariff negotiations, agreeing to hold further negotiations in the near future, the ministry said. "We will make every effort to ensure that Korean companies are not disadvantaged compared to their peers,' Kim said. 'Based on the recent talks, we will mobilize all available resources to secure the best possible result in the national interest before Aug. 1.' The meeting came a day after high-level trade meeting between Korea and the US was abruptly called off Thursday. With US Treasury Secretary Scott Bessent citing "urgent schedule,' Deputy Prime Minister and Finance Minister Koo Yoon-cheol canceled the trip to Washington while waiting at Incheon International Airport. The postponement has raised concerns as the tariff deadline looms. Despite the hiccup, Korea's top trade officials, including Kim, are continuing high-level talks to reach an agreement. Kim is to hold another one-on-one talk with Doug Burgum, chair of the US National Energy Council. Prior to meeting with Lutnick, Kim also met with US Secretary of Energy Chris Wright to discuss ways to strengthen bilateral cooperation in clean energy and energy security. Kim further requested Wright's attendance at an event set to take place in Busan next month. Kim is to hold a one-on-one meeting with US National Energy Council Doug Burgum as well. On Wednesday, Trade Minister Yeo held a virtual meeting with Alabama Gov. Kay Ivey, stressing Korean companies' investments in the US. Yeo is to further hold separate talks with US Trade Representative Jamieson Greer and Texas Gov. Greg Abbott, discussing tariff negotiations and cooperation in the energy sector.
Korea Herald
21-07-2025
- Automotive
- Korea Herald
S. Korea's 1st intl. carbon emission reduction project approved in Cambodia
South Korea will join hands with Cambodia to distribute electric motorcycles and charging stations in the Southeast Asian nation, marking Seoul's first-ever international carbon emission reduction project, the industry ministry said Monday. The project, aimed at reducing 680,000 tons of carbon emissions in Cambodia, is South Korea's first international carbon reduction initiative established under the Paris Agreement, according to the Ministry of Trade, Industry and Energy. The project was officially approved by the Cambodian government Friday. Under the Paris Agreement, a host country can sell internationally transferred mitigation outcomes, or carbon credits, to a buyer country in exchange for investments, support for carbon reduction capacity building and access to related technologies. Of the 680,000 tons of projected carbon reductions, carbon credits worth 400,000 tons will be transferred to Korea and used for the country's nationally determined contribution for achieving carbon neutrality, the ministry explained. South Korea has pledged to reduce its greenhouse gas emissions by 40 percent from 2018 levels by 2030 and to achieve carbon neutrality by 2050. The ministry said Seoul will also work to expand cooperation with Phnom Penh in the transportation sector to further reduce carbon emissions. "This project is Korea's first internationally approved carbon reduction initiative," an official at the ministry said. "By combining Cambodia's commitment to carbon reduction with the technological expertise and investment of Korean companies, the project can evolve into a win-win intergovernmental cooperation model for the two countries." (Yonhap)
Qatar Tribune
17-07-2025
- Automotive
- Qatar Tribune
S Korea's auto exports grow over 2% in June despite US tariffs
Agencies SEOUL South Korea's automobile exports rose from a year earlier in June as a sharp rise in shipments to Europe and Asia more than offset a decline in shipments to the United States caused by US tariffs, data showed on Thursday. The value of outbound shipments of automobiles grew 2.3 percent on-year to US$6.3 billion in June, marking the highest monthly figure in history for any June, according to data from the Ministry of Trade, Industry and Energy. In terms of volume, exports fell 8.8 percent on-year to 244,427 vehicles. The ministry attributed the rise in value despite a drop in volume to an increase in shipments of high value-added vehicles, such as sport utility vehicles (SUVs) and electric vehicles (EVs). Cars for export pack a port in Pyeongtaek, south of Seoul, on April 2, 2025, as US President Donald Trump was due to announce reciprocal tariffs the same day, with an additional 25 percent tariff on all cars made outside of the United States to take effect as planned on April 3. Exports to the United States fell for the fourth consecutive month, dropping 16 percent on-year to $2.7 billion. The US began imposing 25 percent tariffs on all imported vehicles and auto parts in April. Shipments to the European Union and Asia surged 32.6 percent and 35.6 percent on-year to $770 million and $620 million, respectively, partly offsetting the decline in exports to the US. Vehicle exports to the Middle East grew 11.9 percent to $520 million. 'Notable growth was seen particularly in Germany and the Netherlands, where exports nearly doubled,' the ministry said. At home, sales of automobiles rose 5.8 percent on-year to 145,843 units in June. Domestic production remained flat at 353,233 units. More than 72,000 units of eco-friendly vehicles were sold in South Korea in June, up 36 percent from a year earlier, according to the ministry.
Korea Herald
17-07-2025
- Business
- Korea Herald
US expert stresses need for proper preparation against Trump's impromptu trade demands
A US expert stressed the need Wednesday for President Lee Jae Myung to make proper preparation for the possibility that US President Donald Trump could make impromptu demands should the leaders engage in phone talks on US tariffs and other trade issues. Wendy Cutler, vice president of the Asia Society Policy Institute and former negotiator of the South Korea-US free trade agreement, made the remarks, warning that absent sufficient preparation, Seoul could wind up with a deal that is counterproductive to its interests. Her remarks came as Seoul has been striving to reach a deal with Washington to avoid the Trump administration's proposed 25 percent "reciprocal" tariffs and other duties on steel, aluminum and automobiles, before Aug. 1 when the reciprocal tariffs would take effect if the two sides fail to reach a deal. "If (the leaders) are talking about closing a deal, I can't emphasize how important proper preparation is because if you get on the phone with our president, he may make new demands," she said in a podcast hosted by the Washington-based Center for Strategic and International Studies. "If your leader is not fully briefed or willing to push back, then you may end up with a deal that is even more counterproductive to your national interests. So my counsel -- not only for Korea, but for any new foreign government -- (is) just make sure that if there is a leader-to-leader call, proper preparation becomes a priority," she added. Cutler went on to say, "Another risk is ...Let's just say you push back, and then Trump could get off the phone and say, 'Well, you know what? That 20 percent tariff wasn't high enough. It's now 40 percent.'" She, however, underlined the importance of a top-level engagement. "From a relationship point of view, there is nothing more important for Korea right now, for its new president to meet with our president," she said. Noting that the new Korean government might face coordination difficulties given its diverse ministries linked to trade affairs, Cutler said that "the clock is not working in Korea's favor right now." In particular, she assumed that while Korea's Ministry of Trade, Industry and Energy has undertaken an internal coordinating role for trade negotiations with the US, it faces more challenges than when the foreign ministry took that role decades ago. "Ministries like the agriculture ministry and others ... They are not just going to do what MOTIE wants," she said. "I think Blue House oversight is really needed here as well if this thing is going to be headed in the right direction," she added, referring to South Korea's presidential office. The expert warned that if too many newly appointed Korean ministers come to Washington, it could hinder trade talks. "That runs a risk as well because if you have too many channels and too many cooks, then it just is harder to corral everything together," she said. Cutler did not rule out the possibility that Seoul and Washington reach a broad-brush "framework" deal before the Aug. 1 deadline. "I think it's like a very heavy lift given the clock, but I don't rule it out," she said, pointing to a range of issues involved in the trade talks between Seoul and Washington. (Yonhap)
