South Korea’s finance minister said Tuesday that Seoul will seek to delay U.S. tariffs for as long as possible, as negotiations with Washington continue amid mounting pressure on the country’s export-dependent economy.
South Korea’s Finance Minister Choi Sang-mok said on Tuesday that the government will work to postpone the implementation of reciprocal U.S. tariffs for as long as possible, as Seoul navigates negotiations with Washington amid growing uncertainty for its export-driven economy.
South Korea is among the countries with which U.S. Treasury Secretary Scott Bessent has confirmed Washington plans to hold tariff discussions. Although President Donald Trump imposed 25% reciprocal tariffs, their implementation has been temporarily paused.
Speaking in parliament, Choi emphasized that delaying the tariffs is a top priority in order to reduce the risks facing South Korean businesses in the global marketplace.
“From our national interest perspective, the goal is to negotiate thoroughly and conclude the matter under the current administration,” Choi said in response to a question from a lawmaker regarding Seoul’s strategy.
South Korea is set to elect a new president in a snap election on June 3, following the recent removal of President Yoon Suk Yeol after his controversial martial law declaration.
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Oil prices fell after the U.S. expanded economic sanctions on Iran, as Tehran vowed to retaliate and warned it had tools to respond, raising concerns over potential disruption to regional oil supplies.
Rescuers in Nepal used helicopters on Thursday to scour for hundreds still missing after a wall of mud and rock collapsed into a river on the Himalayan border with China's Tibet, sending catastrophic floods through towns and valleys, killing 162 people.
Secretary of State Marco Rubio told allied foreign ministers Washington will focus on sanctions and other pressure on Iran “for the time being”, Axios reports. Meanwhile, Iran and Oman have resumed talks on a temporary shipping route through the Strait of Hormuz.
Kyiv has recently received a small number of U.S.-made Patriot interceptors capable of downing Russian ballistic missiles, Ukrainian President Volodymyr Zelenskyy has said. It comes as Britain and France pledged stronger military support for Ukraine.
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Poland has asked the European Commission to impose a €250 million ($291.3 million) fine on Meta, accusing the technology company of failing to adequately tackle fraudulent advertisements on its platforms.
Ratko Mladić, the former Bosnian Serb military commander convicted of genocide for his role in the 1995 Srebrenica massacre, has died, according to a United Nations official.
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