South Korea frontrunner Lee suggests extending US tariff talks

SEOUL: South Korean presidential frontrunner Lee Jae-myung said on Sunday the deadline to reach a deal with the US on President Donald Trump’s trade tariffs needs to be reconsidered to find a mutually beneficial agreement between the two allies.

Tariff negotiations with the United States will be one of the biggest challenges for the winner of the June 3 election, Lee told a press conference.

Last week, Lee had expressed similar views, saying that there was there is no need to rush to reach a trade agreement with the United States.

Read more: ‘No need to rush South Korea-US trade agreement’

SAMSUNG ALSO A POSSIBLE TARGET

Lee’s suggestion came as Trump on Friday said Apple could face 25 per cent tariff if it was not able to manufacture iPhones in the United States. These tariffs would also apply to Samsung – the South Korean giant, he added.

“I have long ago informed Tim Cook of Apple that I expect their iPhone’s (sic) that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,” he wrote in a Truth Social post.

“If that is not the case, a tariff of at least 25 per cent must be paid by Apple to the US,” he added.

SNAP ELECTION

The snap election was called after Yoon Suk Yeol was impeached as president and removed from office for briefly declaring martial law in December. Lee, from the main opposition Democratic Party of Korea, is leading in opinion polls over conservative contestants.

Seoul and Washington have said they aim to craft a package on tariffs and economic cooperation by July 8. But the South Korean minister for trade and industry said recently that was not enough time and delays would be possible due to the election.

IT IS CALLED PLUNDER

“There is not much time,” Lee said. “Isn’t diplomacy something that benefits both sides? If one country benefits and the other country suffers unilaterally, that is not diplomacy. It is called plunder.”

He called for mutual respect between the two countries, saying they “need to reconsider whether the timeline set by one side should be bound to”.

Lee said South Korea must compile an extra budget to boost the economy in the short term and vowed that if elected he would form and head a task force to tackle the slowing economy.

“I will swiftly prepare immediately actionable economic measures and actively respond to the domestic economic slowdown with the determination to fight the recession,” he said.

Lee said he would pursue peace on the Korean peninsula, criticising the ousted Yoon’s tough policy on North Korea, which he said had raised tensions high, burdening the economy and adding to concerns among foreign investors.

PATH TOWARD COEXISTENCE

“We should maintain and strengthen our powerful defence capabilities, military power and strengthen the South Korea-US security alliance, but find a path toward dialogue, cooperation, communication and coexistence where possible,” said Lee, who considers pragmatism as a key to diplomacy.

Lee is leading the race with 45 per cent support ahead of conservative rival Kim Moon-soo, Yoon’s labour minister, with 36 per cent support in a Gallup Korea poll released on Friday.

Kim has been closing the initially double-digit gap with Lee. Asked about his recent decline in polls, Lee said he was confident that South Koreans would not choose those who supported or staged the “insurrection”, referring to the criminal charges against Yoon over martial law.