JEJU: South Korea is set to resume tariff talks with Washington on the sidelines of a key APEC meeting Friday, an official told AFP, as ministers jostle to meet US Trade Representative Jamieson Greer.
Trade ministers from the top economies that make up APEC are meeting on South Korea’s Jeju Island amid concerns over the global trading system after US President Donald Trump unveiled bombshell levies on most partners last month.
AFP reporters saw ministers scurrying to meet Greer, who has been holding a series of bilateral negotiations.
Among them was Chinese international trade representative Li Chenggang, just days after the two met in Geneva and agreed to slash tit-for-tat tariffs for 90 days.
Greer is also scheduled to meet South Korean Minister of Trade and Industry Ahn Duk-geun on Friday, a South Korean government official told AFP, with Seoul hoping for significant progress in talks to avoid Trump’s steep tariffs.
The two met in late April in Washington, where South Korea proposed a “July Package” aimed at removing tariffs.
South Korea, which recorded a $66 billion trade surplus with the United States last year, behind only Vietnam, Taiwan, and Japan, making it a key target of Trump’s trade bazooka.
Highly dependent on exports, the country has been hit hard by the 25 percent tariffs on automobiles imposed by President Donald Trump in early April.
The auto industry accounts for 27 percent of South Korea’s exports to the United States, which takes in nearly half of the country’s car exports.
Trump announced additional “reciprocal” tariffs of up to 25 percent on South Korean exports last month, but later suspended them until early July.
Seoul aims to leverage the talks with commitments to purchase more US liquefied natural gas (LNG) and offer support in shipbuilding, a sector in which South Korea is a leader, after China.
Earlier Friday, Greer met Chung Ki-sun, the vice chairman of HD Hyundai, which owns South Korea’s country’s largest shipbuilding company.
HD Hyundai said in a statement the gathering marked the first time a US trade representative had met an of South Korea’s shipbuilding industry, adding that discussions covered cooperation with US shipmaker Huntington Ingalls Industries.
Greer is also set to meet the CEO of South Korean shipbuilder Hanwha Ocean, which provides maintenance, repair and overhaul services for US Navy vessels.
Shares of Hanwha Ocean rose nearly three percent on Friday morning, while HD Hyundai Heavy Industries gained as much as 3.6 percent.
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South Korea set to resume US tariff talks at APEC
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South Korea set to resume US tariff talks at APEC
- The auto industry accounts for 27 percent of South Korea’s exports to the United States
- Trump announced additional “reciprocal” tariffs of up to 25 percent on South Korean exports last month
Zelensky says meeting with Trump to happen ‘in the near future’
KYIV: A meeting with US President Donald Trump will happen “in the near future,” Ukrainian President Volodymyr Zelensky said Friday, signaling progress in talks to end the nearly four-year war between Russia and Ukraine.
“We are not losing a single day. We have agreed on a meeting at the highest level – with President Trump in the near future,” Zelensky wrote on X.
“A lot can be decided before the New Year,” he added.
Zelensky’s announcement came after he said Thursday he had a “good conversation” with US special envoy Steve Witkoff and Trump’s son-in-law Jared Kushner.
Trump has unleashed an extensive diplomatic push to end the war, but his efforts have run into sharply conflicting demands by Moscow and Kyiv.
Zelensky said Tuesday he would be willing to withdraw troops from the country’s eastern industrial heartland as part of a plan to end the war, if Moscow also pulls back and the area becomes a demilitarized zone monitored by international forces.
Though Russian Foreign Ministry spokeswoman Maria Zakharova said Thursday that there had been “slow but steady progress” in the peace talks, Russia has given no indication that it will agree to any kind of withdrawal from land it has seized.
In fact, Moscow has insisted that Ukraine relinquish the remaining territory it still holds in the Donbas — an ultimatum that Ukraine has rejected. Russia has captured most of Luhansk and about 70 percent of Donetsk — the two areas that make up the Donbas.
On the ground, Russian drone attacks on the city of Mykolaiv and its suburbs overnight into Friday left part of the city without power.
Meanwhile, Ukraine said it struck a major Russian oil refinery Thursday using British-supplied Storm Shadow missiles.
Ukraine’s General Staff said its forces hit the Novoshakhtinsk refinery in Russia’s Rostov region. “Multiple explosions were recorded. The target was hit,” it wrote on Telegram.
Rostov regional Gov. Yuri Slyusar said a firefighter was wounded when extinguishing the fire.
Ukraine’s long-range drone strikes on Russian refineries aim to deprive Moscow of the oil export revenue it needs to pursue its full-scale invasion. Russia wants to cripple the Ukrainian power grid, seeking to deny civilians access to heat, light and running water in what Kyiv officials say is an attempt to “weaponize winter.”
“We are not losing a single day. We have agreed on a meeting at the highest level – with President Trump in the near future,” Zelensky wrote on X.
“A lot can be decided before the New Year,” he added.
Zelensky’s announcement came after he said Thursday he had a “good conversation” with US special envoy Steve Witkoff and Trump’s son-in-law Jared Kushner.
Trump has unleashed an extensive diplomatic push to end the war, but his efforts have run into sharply conflicting demands by Moscow and Kyiv.
Zelensky said Tuesday he would be willing to withdraw troops from the country’s eastern industrial heartland as part of a plan to end the war, if Moscow also pulls back and the area becomes a demilitarized zone monitored by international forces.
Though Russian Foreign Ministry spokeswoman Maria Zakharova said Thursday that there had been “slow but steady progress” in the peace talks, Russia has given no indication that it will agree to any kind of withdrawal from land it has seized.
In fact, Moscow has insisted that Ukraine relinquish the remaining territory it still holds in the Donbas — an ultimatum that Ukraine has rejected. Russia has captured most of Luhansk and about 70 percent of Donetsk — the two areas that make up the Donbas.
On the ground, Russian drone attacks on the city of Mykolaiv and its suburbs overnight into Friday left part of the city without power.
Meanwhile, Ukraine said it struck a major Russian oil refinery Thursday using British-supplied Storm Shadow missiles.
Ukraine’s General Staff said its forces hit the Novoshakhtinsk refinery in Russia’s Rostov region. “Multiple explosions were recorded. The target was hit,” it wrote on Telegram.
Rostov regional Gov. Yuri Slyusar said a firefighter was wounded when extinguishing the fire.
Ukraine’s long-range drone strikes on Russian refineries aim to deprive Moscow of the oil export revenue it needs to pursue its full-scale invasion. Russia wants to cripple the Ukrainian power grid, seeking to deny civilians access to heat, light and running water in what Kyiv officials say is an attempt to “weaponize winter.”
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