Latest news with #presidentialoffice
Japan Times
2 days ago
- Business
- Japan Times
South Korea pitches Trump on shipyards for last-minute trade deal
South Korea is pitching the U.S. on a shipbuilding partnership as a key proposal to seal a last-minute agreement to avoid a 25% tariff rate. While details remain unclear, Yonhap News reported that South Korea has proposed a multibillion dollar project dubbed "Make American Shipbuilding Great Again.' South Korea's Industry Ministry declined to comment. "We confirmed the U.S. side's strong interest in the shipbuilding sector and the two countries agreed to work together to develop mutually acceptable terms that include shipbuilding cooperation,' South Korea's presidential office said in a statement Saturday. As countries across Asia clinched deals last week, Seoul's negotiators have been racing to stay engaged with their U.S. counterparts as Washington shifted its focus to the European Union and China. The U.S. and EU announced a pact Sunday that will see the bloc face 15% tariffs on most of its exports to the U.S., including automobiles. The latest agreement which follows a Japan deal last week, adds to the pressure on Asia's fourth-largest economy to clinch a deal. South Korea, where negotiations have been slowed by internal political turmoil, is one of the biggest Asian economies to still be without a deal. Aside from China, other major exporters in the region that are in the thick of negotiations include India and Taiwan. South Korea's finance and foreign ministers are set to meet with their U.S. counterparts this week in a last-minute bid to close the negotiations and the government in Seoul has said the two countries are committed to making a deal before U.S. President Donald Trump's Aug. 1 deadline. Also on table is increased access to South Korea's agricultural market, as well as a fund to invest in American projects similar to an agreement Japan struck. Under the deal, the two sides touted a $550 billion fund as part of the agreement on the tariff rate dropping to 15%. The South Korean talks are similarly focused on reaching a 15% tariff rate, including for autos, and the recent proposals suggest a comparable structure. Putting agricultural imports on the table raises the stakes for South Korea's new government. Past efforts to open the country's beef market sparked nationwide protests and any shift on rice imports could face even stiffer resistance. Barring a deal, Bloomberg Economics estimates a 1.7% hit to South Korea's gross domestic product, with market volatility and uncertainty threatening to push the GDP losses beyond that. Overseas shipments were equivalent to more than 40% of South Korea's GDP last year. "Japan's trade deal paints a positive backdrop but also sets a high bar for others,' Morgan Stanley economist Kathleen Oh said in a note last week. "Korea and Taiwan may need to ramp up new investment schemes to increase agricultural and energy imports and expand market access, as seen in Japan's case.'
Japan Times
19-06-2025
- Politics
- Japan Times
Visitors rush to see South Korea's Blue House before presidential return
Hundreds of thousands of South Koreans have thronged the Blue House in central Seoul in recent months to get their last glimpse of the historic compound before it is returned to official use as the home and office of the country's president. Lee Jae-myung, who won a snap election on June 3, plans to move into the Blue House soon, and access to some buildings will be restricted from mid-July, the presidential office announced last week. Former leader Yoon Suk Yeol, who was removed from office in April after briefly declaring martial law, broke with decades of tradition by shifting his office and residence out of the compound and opening it to the public. "I heard this place will likely be closed soon. So I wanted to come at least once before that happened," said An Hyun, 62, an office worker from Wonju in northeastern Gangwon Province who was visiting the Blue House this week. "Now that I've seen it, it's really neat and tidy. I don't understand why they moved out of here," said An. Soon after taking office in 2022, Yoon moved the presidential office to a cluster of former defense ministry buildings in another area of central Seoul. The move whipped up a fierce debate among experts on feng shui, a practice that originated in ancient China to ensure harmony between people and their environment, after some political rivals accused Yoon of being influenced by those who said the Blue House location was inauspicious. The Blue House, or "Cheong Wa Dae" in Korean, is named after the blue tiles that cover the top of the main building and is nestled in a scenic spot in front of the Bugaksan mountain. The Blue House Foundation, which organizes visits, said tours to see the ornate state rooms and manicured lawns were fully booked until mid-July. More than 8 million people had taken the chance to visit the Blue House by mid-June, data from the foundation showed. After an initial surge of interest when the complex first opened to the public in 2022, the number of monthly visitors had drifted down to average about 160,000 last year, but after Yoon's impeachment, visitor numbers hit 260,000 in April and 430,000 in May. Another visitor this week, Jin Kyung-soo, a 35-year-old middle-school teacher, had also made a reservation to visit after hearing that the new administration planned to move in again. "We waited in line for about an hour, but it was truly exciting and joyful. I looked around with great hope for what the Lee Jae-myung government will do going forward," said Jin.
Yahoo
19-06-2025
- Politics
- Yahoo
Visitors rush to see South Korea's Blue House before presidential return
By Hyun Young Yi and Daewoung Kim SEOUL (Reuters) -Hundreds of thousands of South Koreans have thronged the Blue House in central Seoul in recent months to get their last glimpse of the historic compound before it is returned to official use as the home and office of the country's president. Lee Jae Myung, who won a snap election on June 3, plans to move into the Blue House soon and access to some buildings will be restricted from mid-July, the presidential office announced last week. Former leader Yoon Suk Yeol, who was removed from office in April after briefly declaring martial law, broke with decades of tradition by shifting his office and residence out of the compound and opening it to the public. "I heard this place will likely be closed soon. So I wanted to come at least once before that happened," said An Hyun, 62, an office worker from Wonju in northeastern Gangwon Province who was visiting the Blue House this week. "Now that I've seen it, it's really neat and tidy. I don't understand why they moved out of here," said An. Soon after taking office in 2022, Yoon moved the presidential office to a cluster of former defence ministry buildings in another area of central Seoul. The move whipped up a fierce debate among experts on feng shui, a practice that originated in ancient China to ensure harmony between people and their environment, after some political rivals accused Yoon of being influenced by those who said the Blue House location was inauspicious. The Blue House, or "Cheong Wa Dae" in Korean, is named after the blue tiles that cover the top of the main building and is nestled in a scenic spot in front of the Bugaksan mountain. The Blue House Foundation that organises visits said tours to see the ornate state rooms and manicured lawns were fully booked until mid-July. More than 8 million people had taken the chance to visit the Blue House by mid-June, data from the foundation showed. After an initial surge of interest when the complex first opened to the public in 2022, the number of monthly visitors had drifted down to average about 160,000 last year, but after Yoon's impeachment visitor numbers hit 260,000 in April and 430,000 in May. Another visitor this week, Jin Kyung-soo, a 35-year-old middle-school teacher, had also made a reservation to visit after hearing that the new administration planned to move in again. "We waited in line for about an hour, but it was truly exciting and joyful. I looked around with great hope for what the Lee Jae Myung government will do going forward," said Jin.
Reuters
19-06-2025
- Politics
- Reuters
Visitors rush to see South Korea's Blue House before presidential return
SEOUL, June 19 (Reuters) - Hundreds of thousands of South Koreans have thronged the Blue House in central Seoul in recent months to get their last glimpse of the historic compound before it is returned to official use as the home and office of the country's president. Lee Jae Myung, who won a snap election on June 3, plans to move into the Blue House soon and access to some buildings will be restricted from mid-July, the presidential office announced last week. Former leader Yoon Suk Yeol, who was removed from office in April after briefly declaring martial law, broke with decades of tradition by shifting his office and residence out of the compound and opening it to the public. "I heard this place will likely be closed soon. So I wanted to come at least once before that happened," said An Hyun, 62, an office worker from Wonju in northeastern Gangwon Province who was visiting the Blue House this week. "Now that I've seen it, it's really neat and tidy. I don't understand why they moved out of here," said An. Soon after taking office in 2022, Yoon moved the presidential office to a cluster of former defence ministry buildings in another area of central Seoul. The move whipped up a fierce debate among experts on feng shui, a practice that originated in ancient China to ensure harmony between people and their environment, after some political rivals accused Yoon of being influenced by those who said the Blue House location was inauspicious. The Blue House, or "Cheong Wa Dae" in Korean, is named after the blue tiles that cover the top of the main building and is nestled in a scenic spot in front of the Bugaksan mountain. The Blue House Foundation that organises visits said tours to see the ornate state rooms and manicured lawns were fully booked until mid-July. More than 8 million people had taken the chance to visit the Blue House by mid-June, data from the foundation showed. After an initial surge of interest when the complex first opened to the public in 2022, the number of monthly visitors had drifted down to average about 160,000 last year, but after Yoon's impeachment visitor numbers hit 260,000 in April and 430,000 in May. Another visitor this week, Jin Kyung-soo, a 35-year-old middle-school teacher, had also made a reservation to visit after hearing that the new administration planned to move in again. "We waited in line for about an hour, but it was truly exciting and joyful. I looked around with great hope for what the Lee Jae Myung government will do going forward," said Jin.
NHK
10-06-2025
- Politics
- NHK
South Korea's Lee to move presidential office back to historic 'Blue House'
The administration of new South Korean President Lee Jae-myung has decided to return the presidential office to the historic compound of Cheong Wa Dae, which had served as the president's office for more than 70 years. The administration announced on Tuesday that it approved the plan at a Cabinet meeting. The 250,000-square-meter compound, also known as the Blue House, sits in central Seoul. Often viewed as a "symbol of power" due to the president's authority, former President Yoon Suk-yeol relocated the office to what was the defense ministry building in 2022. But Lee had sought to move his center of operations back to the Blue House as the office has a strong connection to the ousted leader who declared martial law in December last year. The compound is currently open to the public for sightseeing visits. But officials say they plan to limit reservations from mid-July and temporarily suspend tours from August 1. South Korean media outlets suggest that the compound may be packed with tourists until then.
