Lee Jae-myung, Xi Jinping Agree to Trade War Truce: South Korea Must Seize Opportunity for Economic Leap
Lee Jae-myung, Xi Jinping Agree to Trade War Truce: South Korea Must Seize Opportunity for Economic Leap
President Lee Jae-myung emphasized that South Korea should seize the opportunity for a new economic leap, following the agreement between U.S. President Donald Trump and Chinese President Xi Jinping in Busan on the 30th to ease trade tensions. This agreement is expected to alleviate some of the ongoing trade tensions between the U.S. and China and reduce global economic uncertainty. In particular, as a major exporter, South Korea has been directly affected by the U.S.-China trade dispute, and this truce is expected to have a positive impact on the economy. The government plans to further accelerate the diversification of export markets and the strengthening of advanced technology competitiveness. Furthermore, it stated that it will closely cooperate with relevant companies and spare no support to maximize the positive effects that the easing of the U.S.-China trade dispute can bring. President Lee Jae-myung predicted that this agreement would be an important opportunity to inject new vitality into the South Korean economy, and emphasized that the government, businesses, and the public must all work together to achieve economic recovery and growth.
U.S. President Donald Trump and Chinese President Xi Jinping reached a considerable consensus on key issues in the trade dispute between the two countries at the summit held in Busan. A key outcome of this summit was the agreement to reduce the 20% 'fentanyl tariff' imposed by the United States on China to 10%. Fentanyl is a highly addictive opioid that has become a serious social problem in the United States, and China has been identified as one of the major producers and exporters of fentanyl. This tariff reduction is interpreted as a sign of cooperation between the two countries to resolve the fentanyl issue. In addition, China has decided to postpone export controls on rare earth minerals for at least one year. Rare earth minerals are essential for the production of advanced industrial products, and China accounts for the majority of the world's rare earth production. China's export controls on rare earth minerals have raised concerns about supply chain instability in the United States and other countries, but this postponement is expected to alleviate these concerns to some extent. The two leaders agreed to secure stability in trade relations through this agreement and to narrow the remaining differences through further negotiations.
U.S. President Donald Trump sparked international controversy by mentioning plans to resume nuclear weapons testing, referring to Russia and China, just before the Busan summit. President Trump's remarks have raised concerns that they could undermine nuclear disarmament efforts and intensify the arms race. In particular, Russia and China have strongly opposed the possibility of the United States resuming nuclear weapons testing, and international tensions are escalating. Some analysts suggest that President Trump's remarks are a strategy to gain a favorable position in trade negotiations with China. However, it is pointed out that the issue of nuclear weapons is not simply a matter of economic benefit but is directly related to global security and therefore requires a careful approach. The South Korean government expressed deep concern about President Trump's remarks and stated that it would continue its diplomatic efforts for peace and stability on the Korean Peninsula. It also emphasized that it would cooperate with the international community to strengthen nuclear disarmament efforts and seek ways to curb the arms race. This incident has once again confirmed the complexity of the nuclear weapons issue and the instability of international relations.
