The US demanded that South Korea resolve the large trade imbalance between the countries during recent trade talks, South Korean media reported yesterday.
The US repeatedly raised the issue of the trade imbalance in the commodity sector and both countries agreed it was necessary to address it, broadcaster YTN and the Yonhap News Agency reported, citing an unnamed South Korean trade official who was part of the trade delegation.
South Korea had a record US$55.6 billion trade surplus with the US last year, up 25 percent from 2023, Korea Customs Service data showed.
Photo: Reuters
The two countries held technical consultations about trade in Washington last week. They also discussed non-tariff measures, economic security, digital trade, the origin of goods and commercial considerations, the official cited by media said, adding that Washington made specific requests for the first time.
Seoul has continued to push for tariff exemptions, the official said.
South Korea, which is among a few Asia-Pacific nations that have a free-trade pact with the US, has sought exemptions on all tariffs.
South Korean Minister of Industry, Trade and Energy Ahn Duk-geun said after a second round of ministerial-level talks in the middle of this month that a request by Alphabet Inc’s Google to transfer local map data overseas could be part of trade discussions.
The US had cited South Korea’s restrictions on online platform companies transferring location-based data overseas in its trade barrier report released in March.
South Korean media have also said that US objections over restrictions on its beef imports and tariffs on rice could be included in talks.
Separately, the US and Japan agreed in their latest tariff negotiations to “accelerate” efforts toward an agreement, Tokyo said yesterday. Japan is subject to the same 10 percent baseline tariffs imposed on most nations, plus steeper levies on cars, steel and aluminum.
US President Donald Trump early last month also announced 24 percent “reciprocal” tariffs on Japan, but later paused them to July.
Japan’s tariff talks envoy Ryosei Akazawa held a third round of talks in Washington over the weekend and is due to return this week.
The two nations confirmed “we will accelerate efforts to realize an agreement that is mutually beneficial,” Japanese Chief Cabinet Secretary Yoshimasa Hayashi said.
Japanese Prime Minister Shigeru Ishiba on Sunday also touted “progress” in the latest talks. Floated as one of Japan’s bargaining chips is its technological prowess in shipbuilding, including of ice-breakers, local media said.
“The US is interested in potentially having Japan repair American warships, which is something we’re willing to support,” NHK quoted Ishiba as saying.
Another potential sweetener is the idea of a joint US-Japanese sovereign wealth fund floated by Softbank Group Corp founder — and Trump friend — Masayoshi Son, the Financial Times said.
The fund, discussed directly between Son and US Secretary of the Treasury Scott Bessent, would make large-scale investments in tech and infrastructure across the US, it reported.
Additional reporting by AFP
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
Meta Platforms Inc offered US$100 million bonuses to OpenAI employees in an unsuccessful bid to poach the ChatGPT maker’s talent and strengthen its own generative artificial intelligence (AI) teams, OpenAI CEO Sam Altman has said. Facebook’s parent company — a competitor of OpenAI — also offered “giant” annual salaries exceeding US$100 million to OpenAI staffers, Altman said in an interview on the Uncapped with Jack Altman podcast released on Tuesday. “It is crazy,” Sam Altman told his brother Jack in the interview. “I’m really happy that at least so far none of our best people have decided to take them
As they zigzagged from one machine to another in the searing African sun, the workers were covered in black soot. However, the charcoal they were making is known as “green,” and backers hope it can save impoverished Chad from rampant deforestation. Chad, a vast, landlocked country of 19 million people perched at the crossroads of north and central Africa, is steadily turning to desert. It has lost more than 90 percent of its forest cover since the 1970s, hit by climate change and overexploitation of trees for household uses such as cooking, officials say. “Green charcoal” aims to protect what