Latest news with #WiSunglac
Free Malaysia Today
21-07-2025
- Business
- Free Malaysia Today
South Korea's industry minister says US tariff talks in critical phase
South Korea's national security adviser Wi Sung-lac said his goal was to lower tariff rates. (EPA Images pic) SEOUL : South Korea's new industry minister Kim Jung-kwan said today that tariff talks with the US are in a critical phase that could result in all kinds of possible scenarios, according to the ministry. Kim pledged an all-out effort to smoothly wrap up the talks as Aug 1, the date when the US has said its 'reciprocal' tariffs will take effect, approaches, the ministry said. South Korea's national security adviser, Wi Sung-lac, has headed to Washington, authorities said yesterday, and media reports have said other ministers, including Kim could also travel to the US this week to sit down with their counterparts. Wi told Hankyoreh newspaper before flying to the US that his goal was to lower tariff rates.
Yahoo
21-07-2025
- Business
- Yahoo
Top South Korean Official in US Again as Tariff Deadline Looms
(Bloomberg) -- South Korea's national security adviser made a second trip to the US in under two weeks, as Seoul intensifies efforts to avert sweeping 25% tariffs proposed by President Donald Trump ahead of an Aug. 1 deadline. Why the Federal Reserve's Building Renovation Costs $2.5 Billion Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital Wi Sung-lac departed for the US 'to engage in various negotiations with US officials,' Woo Sang-ho, a senior presidential secretary, told reporters Sunday. 'This may not be the last time, and it could continue,' Woo said, adding that the top security official 'will visit the US whenever he deems it necessary for the overall negotiations.' While it remains unclear who Wi is scheduled to meet in Washington, the trip is widely viewed as a bid to bridge differences and finalize a trade agreement with the US, South Korea's biggest source of trade surplus. Talks have been delayed by months of political gridlock in Seoul, leaving South Korea racing to catch up on lost negotiating time. The US is preparing to impose 25% across-the-board tariffs on South Korean goods starting Aug. 1, up from the current 10%. In addition, sector-specific duties targeting cars, steel, and aluminum remain in place. President Lee Jae Myung's new ministers for foreign affairs, finance and industry took office Monday after winning rare bipartisan support amid growing concerns over a lack of a deal. The main opposition People Power Party said they approved Lee's picks because the US tariff negotiations could no longer be delayed with the country's economy hinging on the talks' results. Wi said South Korea's goal is to lower the tariffs by some percentage points, local media Hankyoreh reported citing Wi's comments before his departure. Newly appointed Foreign Minister Cho Hyun and Finance Minister Koo Yun-cheol are also arranging a US visit, Yonhap News said. The diplomatic push comes as the Lee administration rolled out a 31.8 trillion won ($23.3 billion) supplementary budget to bolster growth and mitigate trade-related risks. South Korea's economy contracted in the first quarter, and the central bank has cut interest rates to 2.5% while slashing its growth forecast to 0.8%. A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All Elon Musk's Empire Is Creaking Under the Strain of Elon Musk What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P.
Yahoo
21-07-2025
- Business
- Yahoo
Top South Korean Official in US Again as Tariff Deadline Looms
(Bloomberg) -- South Korea's national security adviser made a second trip to the US in under two weeks, as Seoul intensifies efforts to avert sweeping 25% tariffs proposed by President Donald Trump ahead of an Aug. 1 deadline. Why the Federal Reserve's Building Renovation Costs $2.5 Billion Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital Wi Sung-lac departed for the US 'to engage in various negotiations with US officials,' Woo Sang-ho, a senior presidential secretary, told reporters Sunday. 'This may not be the last time, and it could continue,' Woo said, adding that the top security official 'will visit the US whenever he deems it necessary for the overall negotiations.' While it remains unclear who Wi is scheduled to meet in Washington, the trip is widely viewed as a bid to bridge differences and finalize a trade agreement with the US, South Korea's biggest source of trade surplus. Talks have been delayed by months of political gridlock in Seoul, leaving South Korea racing to catch up on lost negotiating time. The US is preparing to impose 25% across-the-board tariffs on South Korean goods starting Aug. 1, up from the current 10%. In addition, sector-specific duties targeting cars, steel, and aluminum remain in place. President Lee Jae Myung's new ministers for foreign affairs, finance and industry took office Monday after winning rare bipartisan support amid growing concerns over a lack of a deal. The main opposition People Power Party said they approved Lee's picks because the US tariff negotiations could no longer be delayed with the country's economy hinging on the talks' results. Wi said South Korea's goal is to lower the tariffs by some percentage points, local media Hankyoreh reported citing Wi's comments before his departure. Newly appointed Foreign Minister Cho Hyun and Finance Minister Koo Yun-cheol are also arranging a US visit, Yonhap News said. The diplomatic push comes as the Lee administration rolled out a 31.8 trillion won ($23.3 billion) supplementary budget to bolster growth and mitigate trade-related risks. South Korea's economy contracted in the first quarter, and the central bank has cut interest rates to 2.5% while slashing its growth forecast to 0.8%. A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All Elon Musk's Empire Is Creaking Under the Strain of Elon Musk What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
21-07-2025
- Business
- Reuters
South Korea industry minister says US tariff talks in critical phase
SEOUL, July 21 (Reuters) - South Korea's new industry minister Kim Jung-kwan said on Monday that tariff talks with the U.S. are in a critical phase that could result in all kinds of possible scenarios, according to the ministry. Kim pledged an all-out effort to smoothly wrap up the talks as August 1, the date when the U.S. has said its "reciprocal" tariffs will take effect, approaches, the ministry said. South Korea's national security adviser, Wi Sung-lac, has headed to Washington, authorities said on Sunday, and media reports have said other ministers including Kim could also travel to the U.S. this week to sit down with their counterparts. Wi told Hankyoreh newspaper before flying to the United States that his goal was to lower tariff rates.
Bloomberg
21-07-2025
- Business
- Bloomberg
Top South Korean Official in US Again as Tariff Deadline Looms
South Korea's national security adviser made a second trip to the US in under two weeks, as Seoul intensifies efforts to avert sweeping 25% tariffs proposed by President Donald Trump ahead of an Aug. 1 deadline. Wi Sung-lac departed for the US 'to engage in various negotiations with US officials,' Woo Sang-ho, a senior presidential secretary, told reporters Sunday. 'This may not be the last time, and it could continue,' Woo said, adding that the top security official 'will visit the US whenever he deems it necessary for the overall negotiations.'
