Latest news with #YeoHanKoo
Bloomberg
8 hours ago
- Business
- Bloomberg
South Korea Calls For ‘Mutually Beneficial' Trade Deal With US
South Korea called for a 'mutually beneficial' agreement on trade with the US during its new trade minister's first trip to Washington this week. Yeo Han-koo held talks that concluded Friday with US Commerce Secretary Howard Lutnick, Trade Representative Jamieson Greer and Interior Secretary Doug Burgum, as well as several lawmakers in Washington, ahead of the July 9 deadline to reinstate higher tariffs paused in April.
Forbes
a day ago
- Business
- Forbes
Trump's ‘Art Of The Deal' Is Flopping In Asia
US President Donald Trump speaks in the East Room of the White House in Washington, DC, US, on Thursday, June 26, 2025. Ken Cedeno/UPI/Bloomberg As President Donald Trump tries to live up to his 'Art of the Deal' persona, he's finding Asia isn't quite buying it. Look no further than Japan, which Trump seemed to assume would be an easy mark. It wasn't a totally irrational expectation, considering how the Japanese leader that Trump 1.0 encountered genuflected to Washington early and often. Then-Prime Minister Shinzo Abe even nominated Trump for a Nobel Peace Prize. Today's prime minister, Shigeru Ishiba, has proven to be far less compliant. Ishiba's in no hurry, for example, to give Trump the win he so desperately desires. After 159 days in office, Trump has yet to seal a notable free-trade deal — despite his team promising 90 in 90 days. The rather perfunctory agreement with the U.K. — with which the U.S. has a trade surplus — hardly counts as a reordering of an economic relationship. Trump seemed to put a whole lot of eggs in the Japanese basket. Team Ishiba is dragging its feet and pushing back in ways Trump World didn't see coming. Nor is South Korea rushing to sign a pact. Trade Minister Yeo Han-koo argues that Seoul wants to be exempted from U.S. tariffs on cars, steel and other key sectors. Because what's the point otherwise? Yeo stresses that Seoul wants to pivot from tariffs to forward-looking cooperation with the U.S. on manufacturing and advanced technologies. That's code for once Trump lifts his import taxes, which would be a show of good faith, Korea is willing to talk. India, meanwhile, is angling for Trump World to exempt its economy from sectoral tariffs on autos and steel and reciprocal taxes. In other words, Prime Minister Narendra Modi is seeking a mutually beneficial deal, not a Trump shakedown. And then there's China, which continues to outmaneuver Trump in ways that are painful to watch. Notice that as Trump's commerce secretary, Howard Lutnick, claims the U.S. and China have finalized a trade understanding, whatever that means, officials in Beijing are saying little. Fake-it-until-you-make-it works in Silicon Valley. In global prime time, as top economies negotiate, not so much. Japan, for example, has been plenty surprised here and there by Trump World claiming a bilateral trade deal was days away. Korea, too. Enter Chinese leader Xi Jinping, who's clearly not playing around. Early on, Xi irked Trump World by asking to see its list of proposed concessions. Trump's move to slap 145% tariffs on China didn't buy Washington much goodwill. Nor is today's 30% tax the incentive to negotiate that Trump seems to think. The thing is, Xi has Trump's number. The most consequential Chinese leader since Mao Zedong knows how desperate Trump is for a deal with China, any deal at all. Given the pain the tariffs are causing — including high inflation — Trump needs a 'grand bargain' with Beijing to save face. Will Xi help Trump out? Odds are, the truce Lutnick is hyping is a face-saving exercise that does little, if anything, to alter trade dynamics between the two biggest economies. Xi, after all, knows Trump needs a deal more than he does. Why not drag things out to China's benefit? Cosmetic trade deals are Trump's thing, after all. As long as he can claim to his supporters that he's saving the day, all's great. That was certainly the dynamic during the Trump 1.0 years from 2017- 2021. These going-through-the-motions trade talks are more likely than epochal realignments of frameworks governing exports and imports. China knows this, and so does the rest of the Asian establishment. So, why not take your time and get the better of a desperate Trump White House? Asia's done a remarkable job navigating around Trump 2.0. Why change course now?
Bloomberg
4 days ago
- Business
- Bloomberg
South Korea's Trade Chief Seeks Tariff Relief in First US Talks
South Korea reiterated its call to be exempted from US tariffs including duties affecting key industries such as cars and steel, Trade Minister Yeo Han-koo said after his first meeting with US counterparts since taking up his position. Yeo held talks on Monday with US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer in Washington, according to a government statement. Both sides reaffirmed their shared commitment to swiftly reaching a mutually beneficial agreement, without giving a specific timeline.
Reuters
4 days ago
- Business
- Reuters
US, South Korea trade ministers reaffirm commitment to reaching tariff deal
SEOUL, June 24 (Reuters) - United States and South Korean trade ministers reaffirmed their commitment to reaching a deal on tariffs as early as possible during a meeting on Monday, South Korea's Ministry of Trade, Industry and Energy said on Tuesday. South Korea's top trade envoy Yeo Han-koo again sought exemptions from U.S. President Donald Trump's "reciprocal" tariffs as well as tariffs on items such as automobiles and steel, in a meeting with U.S. Secretary of Commerce Howard Lutnick and U.S. Trade Representative Jamieson Greer, the ministry said in a statement. Acting U.S. ambassador to South Korea Joseph Yun said at a seminar on Tuesday that there may be new trade talks about the Free Trade Agreement (FTA) between South Korea and the U.S., local online outlet Money Today reported.
Yahoo
4 days ago
- Business
- Yahoo
US, South Korea trade ministers reaffirm commitment to reaching tariff deal
SEOUL (Reuters) -United States and South Korean trade ministers reaffirmed their commitment to reaching a deal on tariffs as early as possible during a meeting on Monday, South Korea's Ministry of Trade, Industry and Energy said on Tuesday. South Korea's top trade envoy Yeo Han-koo again sought exemptions from U.S. President Donald Trump's "reciprocal" tariffs as well as tariffs on items such as automobiles and steel, in a meeting with U.S. Secretary of Commerce Howard Lutnick and U.S. Trade Representative Jamieson Greer, the ministry said in a statement. Acting U.S. ambassador to South Korea Joseph Yun said at a seminar on Tuesday that there may be new trade talks about the Free Trade Agreement (FTA) between South Korea and the U.S., local online outlet Money Today reported. 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
