South Korea is preparing trade concessions to ease tensions with Washington, as U.S. President Donald Trump’s sweeping tariffs send shockwaves through global supply chains.
Trade Minister Cheong In-kyo departed for Washington on Tuesday, where he will meet U.S. Trade Representative Jamieson Greer to push back against the new 25% tariff imposed on South Korean exports.
“It is difficult to reduce exports, so shouldn’t we increase imports?” Cheong told reporters before his flight. He confirmed that Seoul is reviewing several options — including expanding U.S. LNG purchases — to rebalance trade flows.
The move follows Trump’s remarks that the door remains open for negotiations — except with China, which now faces a 54% duty.
South Korea has been seeking to shield its export-driven economy, warning that tariffs on both Korean goods and Vietnam-made products from firms like Samsung and LG could cause serious damage.
Finance Minister Choi Sang-mok said the 25% rate is a “huge blow” to South Korean exporters with production in Vietnam, where a separate 46% tariff now applies.
Cheong also questioned the U.S. calculations used to justify the tariff, calling them “problematic” given the existing South Korea-U.S. free trade agreement.
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Start your day informed with AnewZ Morning Brief: here are the top news stories for the 2nd of January, covering the latest developments you need to know.
Democrat Zohran Mamdani officially took office as New York City’s mayor on Thursday, beginning his term with a public swearing-in ceremony on the steps of City Hall.
Russia and Ukraine have accused each other of targeting civilians during New Year attacks, as intensified fighting coincided with U.S.-led efforts to push both sides towards ending the nearly four-year war.
Dozens of people are feared dead and around 100 others injured after an explosion tore through a crowded bar during New Year’s Eve celebrations at the Swiss ski resort of Crans-Montana, authorities said.
At least 47 people were killed and 112 injured after a fire broke out at a crowded bar in the Swiss ski resort town of Crans-Montana during New Year’s Eve celebrations, Italian Foreign Minister Antonio Tajani told Italian media on Thursday.
India has approved a major arms deal with Israel valued at approximately $8.7 billion, highlighting the deepening defence partnership between the two countries.
Russian athletes will not be allowed to represent their country at the Milano Cortina Winter Olympics even if a peace deal is reached with Ukraine, International Olympic Committee President Kirsty Coventry said in an interview with an Italian newspaper.
India and Pakistan on Thursday exchanged lists of nuclear facilities as well as civilian prisoners, under long-standing bilateral agreements, according to official statements from both countries.
The United Nations on Friday voiced serious concern over the deteriorating humanitarian situation in Sudan, warning that rising violence is increasingly affecting civilians.
Ukrainian officials reported on Friday that thousands of children and their parents were evacuated from frontline areas in the Zaporizhzhia and Dnipropetrovsk regions as Russian forces continued to advance.
Yemen’s southern separatists have announced plans to hold a referendum on independence from the north within two years, a move likely to further escalate tensions as Saudi-backed government forces seek to retake territory seized by the group last month.
A 6.5-magnitude earthquake has struck the southern state of Guerrero in Mexico.
Suhail Shaheen, Afghanistan’s ambassador in Doha, has again urged the United Nations to transfer Afghanistan’s seat at the UN to the Taliban-led administration, arguing the current arrangement no longer reflects realities in the country.
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