Latest news with #WiSungLac
CNA
09-07-2025
- Politics
- CNA
South Korea cites previously agreed terms on sharing defence costs after Trump's demand
SEOUL: South Korea will follow terms previously agreed with the United States on defence cost sharing, its foreign ministry said on Wednesday (Jul 8), following a call by US President Donald Trump for Seoul to pay more for the US troop presence in the country. Just before Trump won the presidential election in November, the countries struck a new five-year plan on sharing the cost of keeping US troops in South Korea. Under the plan, Seoul would raise its contribution toward the upkeep of US troops by 8.3 per cent to US$1.47 billion in the first year. Trump said America's Asian ally should be paying for its own military protection, a day after saying he planned to impose a 25 per cent tariff on imports from South Korea. "Our government is committed to complying with and implementing the 12th SMA (Special Measures Agreement), which has been valid and went into effect," the ministry said in a statement, in which it declined to comment further on Trump's remarks. Trump has accused Seoul of "free-riding" on US military might, with some 28,500 American troops stationed in South Korea as part of efforts to deter nuclear-armed North Korea. With South Korea and the United States engaged in tariff negotiations, the new Lee Jae Myung administration wants to expedite the talks ahead of a new August 1 deadline. "It's a fact that we pay 1.5 trillion won (US$1.09 billion) (annually) in defence costs ... Discussions should start from this fact," South Korea's top security adviser Wi Sung-lac told reporters after visiting the US, according to Yonhap. "Additionally, there are many direct and indirect defence support costs, and we are also trying to increase them in line with the international trend," Wi said, adding that defense costs weren't discussed much during this week's visit. Wi met US Secretary of State Marco Rubio on his recent trip to Washington, and the two agreed a summit meeting of the leaders of the countries would help advance cooperation, South Korea's presidential office said.
Malay Mail
08-07-2025
- Business
- Malay Mail
Trump's latest tariff threat, explained: What it means for Malaysia and 13 other affected countries
TOKYO, July 8 — Donald Trump sent letters to 14 countries, mainly in Asia, informing them that higher import tariffs will come into effect on August 1 unless they reach a deal with the United States. It is the second time the US president has set a deadline after he postponed tariffs on almost all countries in April for 90 days. Countries that have large trade imbalances with the United States have been key targets, including Japan (US$68.5 billion (RM290.3 billion) surplus in 2024), South Korea (US$66 billion), Thailand (US$45.6 billion) and Indonesia (US$17.9 billion). Here is a summary of what Trump's letters mean for these countries: South Korea: Optimistic for a deal South Korea, already burdened by sector-specific levies on steel and automobiles, is facing a 25 per cent tariff hike on its remaining exports to the United States, but is cautiously optimistic of brokering a deal. Washington 'expressed agreement' and 'hoped the two sides could reach an agreement before then (August 1) through close communication', South Korea's national security adviser Wi Sung-lac said after meeting US Secretary of State Marco Rubio yesterday. South Korea, one of the world's biggest shipbuilders, agreed to 'coordinate closely' with Washington on the industry to achieve 'tangible and mutually beneficial outcomes', he said. Japan: Elections, rice and autos A close US ally and the largest source of foreign investment in the country, Japan also has to deal with a 25 per cent levy on its key auto industry. It is now facing similar tolls on other goods, up from 24 per cent announced in April, but better than the '30 per cent, 35 per cent or whatever the number is that we determine' threatened by the president last week. Japan's Prime Minister Shigeru Ishiba said at a cabinet meeting yesterday that the tariff set out in the letter was 'genuinely regrettable', according to local media reports. The reason for not making a deal, he said, was 'the Japanese government has avoided making easy compromises, firmly demanding what should be demanded, protecting what should be protected, and has conducted rigorous negotiations'. Trump has criticised Japan for not opening its market to American rice and vehicles enough. Rice imports is a taboo topic for the Japanese government, which claims to defend local farmers' interests and has taken a hardline approach to talks ahead of an upper house parliamentary election on July 20. Indonesia: Boost US wheat imports Jakarta, facing 32 per cent tariffs, plans to increase its agricultural and energy imports from the United States to finalise an agreement, Economy Minister Airlangga Hartarto recently told AFP. Indonesia had already announced yesterday it had signed an agreement to import at least one million tons of American wheat annually for the next five years, worth US$1.25 billion. Cambodia, Myanmar, Laos: China allies face heavy levies Trump announced 49 per cent tariffs on Cambodia in April, representing one of the highest in his blitz. Yesterday's letter to the country that hosts many Chinese owned factories, reduces this rate to 36 per cent. Prime Minister Hun Manet assured the White House of Phnom Penh's 'good faith' in negotiating, with reduced tariffs on 19 categories of American products. Myanmar and Laos, which both face 40 per cent tolls, rely heavily on Chinese investments, while their supply chains are closely intertwined with Asia's largest economy. Washington has repeatedly highlighted the risk of Chinese products passing through other Southeast Asian countries to avoid US tariffs targeting China, a concern mentioned in Trump's letters. Thailand, Malaysia: Making pledges Thailand was told it faces 36 per cent levies in its letter. Bangkok is offering more access to its market for American agricultural and industrial products, increasing its energy purchases, and boosting orders for Boeing airplanes. Acting prime minister Phumtham Wechayachai told reporters today he wanted a 'better deal', adding that 'the most important thing is that we maintain good relations with the US'. Bangkok's latest proposal aims to grow bilateral trade volumes and reduce its US trade surplus by 70 per cent within five years, achieving balance in seven to eight years, Finance Minister Pichai Chunhavajira recently told Bloomberg News. Thai Airways could commit to purchasing up to 80 Boeing planes in the coming years, according to Bloomberg. Malaysia faces a 25 per cent tariff and the trade ministry said today it will continue negotiations to reach a 'a balanced, mutually beneficial, and comprehensive trade agreement'. Bangladesh: Textiles at risk The world's second-largest textile manufacturer is looking at a 35 per cent tariff on its goods but was hoping to sign an agreement by early July. Textile and garment production accounts for about 80 per cent of the country's exports, and US firms that source products from there include Fruit of the Loom, Levi Strauss and VF Corp — whose brands include Vans, Timberland and The North Face. Dhaka has proposed to buy Boeing planes and boost imports of US wheat, cotton and oil. 'We have finalised the terms,' Commerce Ministry Secretary Mahbubur Rahman told AFP, adding that negotiators were set to meet today to finalise their work. Other targeted countries Kazakhstan (25 per cent), South Africa (30 per cent), Tunisia (25 per cent), Serbia (35 per cent), and Bosnia (30 per cent) are among the other recipients of the letters made public by Trump yesterday. — AFP
Al Arabiya
08-07-2025
- Business
- Al Arabiya
Asia number one target of Trump's tariff letters
Donald Trump sent letters to 14 countries, mainly in Asia, informing them that higher import tariffs will come into effect on August 1 unless they reach a deal with the United States. It is the second time the US president has set a deadline after he postponed tariffs on almost all countries in April for 90 days. Countries that have large trade imbalances with the United States have been key targets, including Japan ($68.5 billion surplus in 2024), South Korea ($66 billion), Thailand ($45.6 billion) and Indonesia ($17.9 billion). Here is a summary of what Trump's letters mean for these countries: South Korea: Optimistic for a deal South Korea, already burdened by sector-specific levies on steel and automobiles, is facing a 25 percent tariff hike on its remaining exports to the United States, but is cautiously optimistic of brokering a deal. Washington 'expressed agreement' and 'hoped the two sides could reach an agreement before then (August 1) through close communication', South Korea's national security adviser Wi Sung-lac said after meeting US Secretary of State Marco Rubio on Monday. South Korea, one of the world's biggest shipbuilders, agreed to 'coordinate closely' with Washington on the industry to achieve 'tangible and mutually beneficial outcomes', he said. Japan: Elections, rice and autos A close US ally and the largest source of foreign investment in the country, Japan also has to deal with a 25 percent levy on its key auto industry. It is now facing similar tolls on other goods, up from 24 percent announced in April, but better than the '30 percent, 35 percent or whatever the number is that we determine' threatened by the president last week. Japan's Prime Minister Shigeru Ishiba said at a cabinet meeting Monday that the tariff set out in the letter was 'genuinely regrettable', according to local media reports. The reason for not making a deal, he said, was 'the Japanese government has avoided making easy compromises, firmly demanding what should be demanded, protecting what should be protected, and has conducted rigorous negotiations.' Trump has criticized Japan for not opening its market to American rice and vehicles enough. Rice imports is a taboo topic for the Japanese government, which claims to defend local farmers' interests and has taken a hardline approach to talks ahead of an upper house parliamentary election on July 20. Indonesia: Boost US wheat imports Jakarta, facing 32 percent tariffs, plans to increase its agricultural and energy imports from the United States to finalize an agreement, Economy Minister Airlangga Hartarto recently told AFP. Indonesia had already announced Monday it had signed an agreement to import at least one million tons of American wheat annually for the next five years, worth $1.25 billion. Cambodia, Myanmar, Laos: China allies face heavy levies Trump announced 49 percent tariffs on Cambodia in April, representing one of the highest in his blitz. Monday's letter to the country that hosts many Chinese owned factories, reduces this rate to 36 percent. Prime Minister Hun Manet assured the White House of Phnom Penh's 'good faith' in negotiating, with reduced tariffs on 19 categories of American products. Myanmar and Laos, which both face 40 percent tolls, rely heavily on Chinese investments, while their supply chains are closely intertwined with Asia's largest economy. Washington has repeatedly highlighted the risk of Chinese products passing through other Southeast Asian countries to avoid US tariffs targeting China, a concern mentioned in Trump's letters. Thailand, Malaysia: Making pledges Thailand was told it faces 36 percent levies in its letter. Bangkok is offering more access to its market for American agricultural and industrial products, increasing its energy purchases, and boosting orders for Boeing airplanes. Acting prime minister Phumtham Wechayachai told reporters Tuesday he wanted a 'better deal', adding that 'the most important thing is that we maintain good relations with the US.' Bangkok's latest proposal aims to grow bilateral trade volumes and reduce its US trade surplus by 70 percent within five years, achieving balance in seven to eight years, Finance Minister Pichai Chunhavajira recently told Bloomberg News. Thai Airways could commit to purchasing up to 80 Boeing planes in the coming years, according to Bloomberg. Malaysia faces a 25 percent tariff and the trade ministry said Tuesday it will continue negotiations to reach a 'a balanced, mutually beneficial, and comprehensive trade agreement.' Bangladesh: Textiles at risk The world's second-largest textile manufacturer is looking at a 35 percent tariff on its goods but was hoping to sign an agreement by early July. Textile and garment production accounts for about 80 percent of the country's exports, and US firms that source products from there include Fruit of the Loom, Levi Strauss and VF Corp -- whose brands include Vans, Timberland and The North Face. Dhaka has proposed to buy Boeing planes and boost imports of US wheat, cotton and oil. 'We have finalized the terms,' Commerce Ministry Secretary Mahbubur Rahman told AFP, adding that negotiators were set to meet Tuesday to finalize their work. Other targeted countries Kazakhstan (25 percent), South Africa (30 percent), Tunisia (25 percent), Serbia (35 percent), and Bosnia (30 percent) are among the other recipients of the letters made public by Trump on Monday.
LBCI
05-07-2025
- Business
- LBCI
South Korea's presidential advisor to fly to Washington ahead of tariff deadline
South Korea's presidential security advisor plans to visit Washington during July 6-8, his office said on Saturday. Wi Sung-lac, President Lee Jae Myung's national security adviser, plans to "have in-depth discussions about all the pending issues between South Korea and the United States," the office said in a statement. His visit comes as South Korea may seek an extension of the freeze on U.S. tariffs that is set to expire within days. South Korea's trade minister Yeo Han-koo on Friday flew to Washington for meetings with U.S. Trade Representative Jamieson Greer and other senior officials. Reuters
Bloomberg
27-06-2025
- Business
- Bloomberg
South Korea Weighing US Request to Boost Defense Spending
South Korea is in talks with the US about raising its defense spending, a key demand of President Donald Trump as he calls on allies to ramp up their outlays on security and lessen the burden on the US. 'Such discussions are ongoing between working-level officials. We need to decide how to respond,' National Security Adviser Wi Sung-lac told reporters late Thursday, indicating that progress in talks on trade would also support discussions on security. 'It's true the United States is currently making similar requests to several allies, similar to NATO.'
