“If Trump’s goal here is to strike deals that will lower foreign barriers to American exports and deliver better trading conditions for American manufacturers (who rely on imports), then hiking tariffs on South Korea makes startlingly little sense.”
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“the new tariffs seem to violate an existing trade deal between the U.S. and South Korea. That deal, the U.S.-Korea Free Trade Agreement, was signed in 2007 by President George W. Bush and implemented in 2012. Under the terms of the deal, about 95 percent of the goods traded between the two countries are imported tariff-free. Among other things, that deal put an end to high South Korean tariffs on American cars and light trucks, which has boosted American exports and U.S. auto manufacturing jobs.
On the whole, the deal has been good for both countries. Bilateral trade between the U.S. and South Korea expanded nearly 70 percent in the first 10 years that the deal was in place. As the Heritage Foundation noted in 2022, the deal was particularly good for American farmers (who saw exports to South Korea hit record highs) and for foreign investment in American industries (South Korean investment in the U.S. nearly tripled during the deal’s first decade in force).”
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“Trump himself signed a renegotiated version of that same trade deal in 2018. The so-called KORUS 2.0 rolled back some of the free trade provisions in the original deal—most notably, it limited exports of Korean steel to the U.S. and postponed a planned elimination of the U.S. tariff on imported light trucks.
Still, it was mostly “a minor tweak” to the previous deal, as the Cato Institute termed it at the time.
Trump called the reworked deal “fair and reciprocal” and said it was “a historic milestone in trade.”
Now, less than seven years later, he’s effectively torn up that deal. Or he’s pretending that it never existed (or he forgot about it).
So, here’s the question: What is the White House hoping to accomplish with this latest maneuver?
If the goal is to lower tariffs across the board, then KORUS already did that. If the goal is to increase American exports to foreign countries by getting them to lower their trade barriers, then KORUS has already done that too. If the goal is to allow Trump to renegotiate the supposedly flawed trade deals from previous generations of American leaders, then KORUS 2.0 did that.
And, of course, if the goal is to strike more deals with more countries—as the White House keeps claiming—then this seems to be a step in the wrong direction. What other leader will be willing to negotiate seriously with this administration, knowing full well that it does not respect the deals it reaches?”
“Trump said the tariffs on Japan and South Korea would be separate from any “sectoral” tariffs that he imposes. That appears to refer to the duties that he has already imposed on autos, auto parts, steel and aluminum under Section 232 of the 1962 Trade Expansion Act, which gives the president broad authority to restrict imports to protect national security.”
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“Trump said he was imposing the duties to help reduce the “very persistent” trade deficits with the two countries — meaning they export more goods to the U.S. than they buy from the U.S. — which the president blamed on Japan and South Korea’s tariffs and other trade barriers.
However, most economists disagree with that analysis, saying that macroeconomic factors like relative savings rates play more of a role in driving the overall U.S. trade deficit.”
“Trump has been obsessed with preventing a nuclear holocaust since he was a bumptious boy builder back in the 1980s. Back then Trump reportedly proposed, with typical grandiosity, that if President Ronald Reagan appointed him “plenipotentiary ambassador” he would end the Cold War “within one hour.””
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“the nations considering going nuclear are longtime U.S. allies, from Germany to South Korea, Japan to Saudi Arabia. Faced with the threat of U.S. withdrawal from its defense commitments, more and more countries are now openly talking about embracing the bomb — and just as worrisome, actually deploying nukes if hostilities break out.”
“South Korea is in the grip of a political crisis after President Yoon Suk Yeol declared martial law on Tuesday — a shocking move that sparked mass protests and drew sharp rebuke from the country’s parliament.
Though Yoon has said he will reverse his declaration, that’s unlikely to end South Korea’s political problems, which go beyond Tuesday’s emergency.
Yoon first made the declaration during a televised announcement on Tuesday night local time, claiming that the opposition party to his government was in the midst of an “insurgency” and “trying to overthrow the free democracy,” likely in reference to the political deadlock between himself and the parliament that has prevented him from enacting his agenda. Despite that ongoing gridlock, the move to declare martial law took Yoon’s political opponents, allies, the South Korean public — and the world — by surprise.
Shortly after Yoon’s declaration, South Korea’s parliament, known as the National Assembly, met to unanimously vote down the martial law decree.
“There is no reason to declare martial law. We cannot let the military rule this country,” opposition leader Lee Jae-myung said Tuesday. “President Yoon Suk Yeol has betrayed the people. President Yoon’s illegal declaration of emergency martial law is null and void.” Martial law typically involves the suspension of civilian government and rule by military decree in a major emergency, such as intense armed conflict.
Despite Yoon’s pledge to lift his declaration, the country is still in limbo; on Wednesday, opposition parties in the National Assembly submitted a motion for Yoon’s impeachment, and a vote could come as soon as Friday. What comes next is unclear.”
“South Korea’s spy agency said Friday it believes North Korea has already begun deploying four brigades totaling 12,000 troops, including special forces, to the war in Ukraine.”
““If North Korea attempts to use nuclear weapons, it will face the resolute and overwhelming response of our military and the (South Korea)-U.S. alliance,” President Yoon Suk Yeol told thousands of troops gathered at a military airport near Seoul. “That day will be the end of the North Korean regime.”
“The North Korean regime must abandon the delusion that nuclear weapons will protect them,” Yoon said.
During the ceremony, the South Korean military displayed about 340 military equipment and weapons systems. Among them was its most powerful Hyunmoo-5 ballistic missile, which observers say is capable of carrying about 8 tons of a conventional warhead that can penetrate deep into the earth and destroy underground bunkers in North Korea. It was the first time for South Korea to disclose that missile.
The U.S. flew a long-range B-1B bomber during the ceremony in an apparent demonstration of its security commitment to its Asian ally. South Korea also flew some of its most advanced fighter jets.
Since taking office in 2002, Yoon, a conservative, has put a stronger military alliance with the U.S. and an improved trilateral Seoul-Washington-Tokyo security cooperation at the center of his security polices to cope with North Korea’s advancing nuclear program. In recent years, North Korea has performed a provocative of missile tests and threatened to use nuclear weapons preemptively in potential conflicts with South Korea and the United States.
Last month, concerns about North Korea’s bomb program further grew after it published photos of a secretive facility to enrich uranium for nuclear weapons. It was North Korea’s first unveiling of a uranium-enrichment facility since it showed one at the country’s main Yongbyon nuclear complex to visiting American scholars in 2010.
South Korean officials say North Korea will likely try to further dial up tensions with provocative weapons tests ahead of the U.S. election to increase its leverage in future diplomacy with a new U.S. government. Experts say North Korea likely thinks an expanded nuclear arsenal would help it win bigger U.S. concessions like extensive sanctions relief.”
China Is Beating the U.S. in the Battle for Influence in Asia Susannah Patton. 2022 6 6. Lowy Institute. https://www.lowyinstitute.org/publications/china-beating-us-battle-influence-asia Trade, investment, China influence in East and SouthEast asia is surpassing that of the USA. Persistent Chinese diplomacy. Strategic investments. China Has
“North Korean officials have long expressed irritation about balloons coming over from the south containing political information and cultural products banned by the regime. These packets are generally sent over by private individuals, including North Koreans who have defected to the South as well as activists seeking to foment resistance.
Since North Korean people are closed off from the outside world and have little access to political or cultural information, the South Korean balloons are one attempt by activists to combat these constraints. According to North Korean officials, the trash balloons were meant to show South Koreans how annoying these deliveries are and to push back on these efforts as a whole.
“Kim [Jong Un] doesn’t want his people to know about their relative deprivation and the quality of life in the free world. He is more afraid of BTS than US nukes,” Victor Cha, a Georgetown professor of government, told Vox.”