Economic tensions strain the bond between Seoul and Washington
In the heart of Seoul, the presidential office released an interview with President Lee Jae Myung, marking his 100th day in office. Conducted by a journalist from TIME magazine, the interview was published in the Sept. 18 edition of the renowned publication.
The interview comes at a critical time, as trade tensions between South Korea and the United States escalate. The ongoing legal battle regarding the legitimacy of tariffs threatens to disrupt the Korea-U.S. trade, with potential consequences for South Korean companies involved in automobile exports to the USA.
The tariff hike plan, if implemented, could result in retaliatory actions, including duties imposed on Korean imports. According to reports, tariffs on Korean auto imports could reach 15 percent after negotiations. To counteract this potential economic impact, the South Korean government has announced a $9B emergency fund for tariff-stricken companies.
The fund is intended for companies affected by tariffs, aiming to provide a safety net and mitigate the impact of these trade tensions. The government and private sector are currently meeting to assess the impact of Mexico's tariff hike plan, which could also have ramifications for the Korea-U.S. trade agreement.
Meanwhile, Trump officials assert that the pressure exerted by tariffs is crucial to prevent 'slow-walking' of trade talks. The debate over tariff legitimacy continues, with both parties advocating for their respective positions.
In a separate development, President Lee Jae Myung addressed various topics during the interview, offering insights into his vision for South Korea's future. The interview provides a valuable opportunity for the international community to better understand the direction of the new administration.
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