Lee to head to Washington for talks with Trump 'within next two weeks' SEOUL, July 31 (AJP) - President Lee Jae-myung will visit Washington as early as next month for talks with U.S. President Donald Trump, as a tariff-related deal was finalized on Wednesday. The upcoming summit, expected to be held in about two weeks, comes after South Korea agreed with the U.S. to lower reciprocal tariffs from 25 percent to 15 percent, in return for massive investment and wider market opening. After intensive monthlong negotiations that went down to the wire before the Aug. 1 deadline set by Trump, South Korean trade officials, led by Finance Minister Koo Yun-cheol, pledged to invest a massive US$350 billion in the U.S. including $150 billion in the shipbuilding industry and $200 billion in the semiconductor and biotechnology sectors, under what Trump called a "full and complete" trade deal. South Korea also promised to purchase $100 billion worth of liquefied natural gas and other energy products from the U.S. The 15 percent reciprocal tariffs are equivalent to those of Japan and Europe, which recently concluded their trade talks with the U.S., although Seoul was unable to secure further reductions in the rate for automobiles to remain competitive in the global market. But Trump said on his social media platform Truth Social, "This sum will be announced within the next two weeks when comes to the White House for a Bilateral Meeting," suggesting possible adjustments to the deal. According to government sources here, Lee, who missed a couple of occasions to meet with Trump on the sidelines of global gatherings, is now arranging his schedule for his first bilateral talks with the U.S. Further details of the tariff deal are also expected to be discussed and disclosed at the summit. Lee is likely to visit Washington in mid-August, more than two months after taking office in early June. His trip will probably take place before or after a large-scale ceremony in Gwanghwamun, central Seoul, which is planned to be held in coincidence with the Aug. 15 Liberation Day, celebrating his inauguration following the previous low-key ceremony on June 4. 2025-07-31 14:34:38

S.Korean agro-livestock industry takes breather as nation strikes trade deal with U.S. SEOUL, July 31 (AJP) - South Koreas agricultural and livestock sectors expressed relief on Thursday after the government said it had successfully defended the country's beef and rice markets during trade negotiations with the United States, despite facing intense pressure to open these sectors further. Kim Yong-beom, policy chief of the presidential office, told reporters that South Korea had faced "strong opening demands" from the U.S. regarding agricultural products but maintained its position on food security grounds. "There were even heated exchanges between both sides regarding beef age restrictions and rice imports, but we continued our defense and there were no additional concessions in this area," Kim said. South Korea has maintained a 30-month age limit on American beef imports since the 2008 bovine spongiform encephalopathy (BSE) crisis, commonly known as "mad cow disease." The restriction has remained a point of contention in bilateral trade relations for over a decade. American beef exporters have intensified lobbying efforts to persuade South Korea to lift the 16-year-old cattle age restriction, with the Office of the U.S. Trade Representative identifying the beef age limit as one of several non-tariff barriers affecting trade between the two countries. Local farmers had threatened collective action if the Korean government agreed to further liberalize the agricultural and livestock markets as bargaining chips in trade negotiations with the United States. According to sources familiar with the negotiations, Seoul initially considered making such concessions but ultimately decided to exclude these items, establishing them as non-negotiable boundaries. Instead, Korea considered expanding market access for feed crops, including corn and other biofuel feedstocks used in bioethanol production. The presidential office noted that appeals by the South Korean delegation to their U.S. counterparts may have contributed to the outcome. Korean negotiators emphasized to their American counterparts that South Korea was already a major importer of U.S. beef, with nearly 99.7 percent of its agricultural market open to American products. As for U.S. President Donald Trump's social media references to agricultural market opening statements saying, "they will accept American product including Cars and Trucks, Agriculture," Kim explained them to be "political expressions" and not reflected in ministerial-level negotiations. Despite Trump's previous remarks that were interpreted as attempts to link trade negotiations with security issues, defense cost-sharing arrangements were not included in the negotiation. Speculations say that specific defense burden-sharing matters may be discussed during a summit between President Lee Jae Myung and President Trump, which is expected to be arranged within two weeks through diplomatic channels. 2025-07-31 14:33:40

Samsung Electronics posts 4.7 trillion won operating profit in second quarter SEOUL, July 31 (AJP) - Samsung Electronics reported final second-quarter operating profit of 4.7 trillion won on Thursday, slightly above preliminary guidance as the world's largest memory chipmaker navigated persistent industry challenges and China sanctions. Revenue reached 74.6 trillion won, up marginally from the 74 trillion won preliminary estimate released earlier this month. The final results confirmed a 55.2 percent decline in operating profit from the same period last year, when the company earned 10.4 trillion won. Quarter-on-quarter, operating profit fell 30.1 percent from the first quarter's 6.7 trillion won, while revenue declined 5.7 percent from 79.1 trillion won in the previous three months. The Device Solutions division, which includes memory chips and foundry services, posted revenue of 27.9 trillion won and operating profit of 400 billion won. Despite an 11 percent quarterly increase in sales driven by high-value server memory products and expanded foundry client base, operating profit dropped 800 billion won due to inventory provisions in the memory business and sanctions-related costs affecting advanced AI chip production. Samsung's memory business expanded shipments of HBM3E and high-capacity DDR5 products to meet surging AI server demand, while data center SSD sales also grew. However, one-time inventory asset provisions and China sanctions on advanced semiconductors weighed heavily on profitability, underscoring the complex operating environment facing chipmakers. The Device Experience division reported revenue of 43.6 trillion won and operating profit of 3.3 trillion won. Mobile sales declined from the peak first quarter when flagship models launched, but solid smartphone performance drove year-on-year growth in both revenue and operating profit while maintaining double-digit margins through resource optimization. Looking ahead, Samsung expects continued global uncertainty from trade tensions and geopolitical risks but anticipates gradual IT market improvement driven by AI and robotics expansion. The company plans to accelerate its 8th-generation V-NAND transition and strengthen its foundry business with 2-nanometer GAA process technology for mobile applications. 2025-07-31 14:32:40

PHOTOS: Test-drive of amphibious bus in Busan SEOUL, July 31 (AJP) - An amphibious bus capable of running across Busan's Suyeong River and the Gwangan Bridge underwent a trial run on July 30 near the Suyeong Bay Yacht Center in Haeundae District, Busan, as part of final preparations before its official launch. Powered by diesel, the amphibious vehicle can reach speeds of up to 100 kilometers per hour (62 miles per hour) on land and around 10 knots (approximately 18.5 kilometers or 11.5 miles per hour) on water. It can carry up to 27 passengers. A pilot program for local residents and tourists is scheduled to begin in December this year, with full operations expected in the first half of next year. 2025-07-31 14:04:47

[[K-Tech]] S. Korea pushes AI adoption in manufacturing with new funding program SEOUL, July 31 (AJP) - South Korea's Ministry of Trade, Industry and Energy announced Wednesday it will launch a new initiative to promote AI adoption in the manufacturing sector, with applications for implementing agencies opening July 31. The project is part of the second supplementary budget for 2025. The program is designed to help manufacturers integrate and validate AI solutions on-site, speeding up digital transformation across the industry while also strengthening the capabilities of AI developers. Through the open call, the ministry plans to select six consortia, one per industry segment, focusing on sectors where AI implementation is seen as both urgent and likely to produce a broad impact. Each consortium will be led by a medium-sized manufacturing company, working in collaboration with AI providers, universities and research institutes, and regional support centers. Together, they will build a cooperative network centered on practical, field-based AI use in manufacturing. Manufacturers will provide access to industrial data and establish testing environments with the necessary systems and equipment. AI providers will collect and process the data securely, then fine-tune their existing AI solutions to fit the specific needs of each site before applying and validating them in the field. Sector-specific associations will oversee the creation of shared manufacturing datasets, excluding sensitive business information so they can be used across the industry. These groups will also help spread successful outcomes from the program more broadly to ensure wider industry uptake. To ensure active participation and reflect actual industry demand, the government will operate the program on a 50-50 matching basis, requiring manufacturers to cover half the cost of implementing AI solutions. Eligibility will be limited to medium-sized enterprises to amplify the program’s impact through vertical diffusion across the supply chain. "A small upfront investment from the government is expected to encourage voluntary industry participation and accelerate private AI investment, leading to faster and broader adoption throughout the manufacturing sector," said a ministry official. The application period runs from July 31 to September 1, with an information session scheduled for mid-August. The briefing will offer a platform for manufacturers and AI vendors to share successful cases, on-site experiences, and insights on practical implementation. Lee Seung-ryul, Director General for Industrial Policy, added, "We’ll continue to connect our various AI initiatives with special focus on ensuring the benefits reach all sectors and regions." 2025-07-31 13:42:23

[[K-Tech]] LG CNS becomes first Korean firm to secure AI certifications from three major cloud providers SEOUL, July 31 (AJP) - LG CNS, the solution-developing wing of LG Group, said Thursday it has obtained Microsoft's "Build AI Apps on Microsoft Azure Specialization" certification, making it the first Korean company to hold generative artificial intelligence certifications from all three major global cloud service providers. The South Korean IT services company now holds AI specialist certifications from Microsoft, Amazon Web Services (AWS) and Google Cloud, the company said in a statement. The Microsoft certification requires partners to pass third-party audits on their technical capabilities in designing, building and operating applications based on its Azure platforms, while meeting standards for employee competency development. LG CNS and Microsoft have been collaborating on AI and cloud services, including jointly operating an "Innovation Journey Workshop" program for enterprise customers. The company previously became the first Korean firm to obtain AWS's "Generative AI Competency" certification and the first Asian company to receive Google Cloud's "Generative AI Service Specialization" certification. "Based on our globally recognized expertise, we will continue to provide differentiated customer value through AI services optimized for our corporate clients' businesses," said Kim Tae-hoon, senior vice president at LG CNS. 2025-07-31 13:41:08

South Korea strikes favorable tariff deal with US, presidential office says SEOUL, July 31 (AJP) - South Korea's presidential office said Thursday it secured a more favorable agreement than Japan in tariff negotiations with the United States, successfully limiting concessions while protecting key domestic markets. The announcement came after President Lee Jae-myung and US President Donald Trump revealed on social media that bilateral tariff talks had concluded with mutual 15 percent rates. The U.S. had initially planned to impose 25 percent reciprocal tariffs starting August 1, but these will be reduced to 15 percent under the new agreement. Kim Yong-beom, policy chief of the presidential office, said the deal included 15 percent tariffs on South Korean automobiles, though Seoul had argued for 12.5 percent until the final stages. The agreement establishes a $350 billion investment fund, with $150 billion dedicated to shipbuilding cooperation covering vessel construction, maintenance, and maritime equipment. An additional $200 billion fund will target semiconductors, nuclear power, secondary batteries, and biotechnology sectors where South Korean companies hold competitive advantages. Kim described the $200 billion as a "ceiling concept" with most funding expected to come through loans and guarantees rather than direct investment. The policy chief compared South Korea's deal favorably to Japan's earlier agreement, noting Korea's $350 billion commitment was smaller than Japan's $550 billion despite similar trade surplus levels. Excluding the shipbuilding fund led by Korean companies, South Korea's investment commitment represents just 36 percent of Japan's total, Kim noted. "We analyzed Japan's negotiations precisely and included far more safeguards in our agreement," Kim said. The agreement includes most-favored-nation treatment for future semiconductor and pharmaceutical tariffs, ensuring South Korea receives equal treatment with other countries. Kim added that South Korea successfully defended domestic rice and beef markets from additional opening requirements despite strong U.S. pressure, while topics such as defense cost-sharing, weapons purchases, and high-precision map data issues were not included in this agreement. Officials say specific dates for the Korea-U.S. summit promised by Trump within two weeks would be arranged through diplomatic channels. 2025-07-31 13:39:27

Health minister calls for tighter grip on e-cigarettes amid regulatory gaps SEOUL, July 31 (AJP) - Health Minister Jeong Eun-kyeong called for stricter oversight of liquid electronic cigarettes Thursday, arguing they should face the same regulatory framework as conventional tobacco products to close existing legal loopholes. Speaking to the National Assembly in written responses following her confirmation hearing, Jeong said synthetic nicotine-based liquid e-cigarettes pose health risks equivalent to traditional cigarettes and warrant identical regulatory treatment. "Synthetic nicotine liquid e-cigarettes are equally harmful to health as cigarettes and require the same regulations," Jeong said when asked about her stance on regulating the products. Under current tobacco business law, cigarettes are defined as products made entirely or partially from tobacco leaves, subjecting them to comprehensive oversight including manufacturing permits, health warnings, flavor restrictions and advertising limitations. However, most substances, also known as "e-liquids," "vape liquids," or "vape juices," contain nicotine that is extracted from the stem of tobacco plants or synthetically produced, and fall outside this legal definition, creating a regulatory blind spot that has allowed the products to operate with minimal restrictions. The minister pledged to support legislative efforts to expand the legal definition of tobacco from "tobacco leaves" to "tobacco and nicotine," bringing e-cigarettes under the same regulatory umbrella as conventional cigarettes. About 10 tobacco business law amendment bills are currently under review at the National Assembly's Strategy and Finance Committee, according to the health ministry. 2025-07-31 13:38:14

[[K-Tech]] LG Energy Solution secures 5.94 trillion won LFP battery deal with Tesla SEOUL, July 31 (AJP) - LG Energy Solution announced Wednesday it has signed a 5.9442 trillion won (about $4.25 billion) supply contract for lithium iron phosphate (LFP) batteries, marking the company’s largest-ever energy storage system (ESS) order to date. The order represents 23.2 percent of LG Energy Solution’s 2023 revenue of 25.6 trillion won. The initial contract term spans three years starting August 1, with the possibility of extension to seven years based on customer negotiations, the company said in a regulatory filing. The agreement includes provisions for potential volume expansion depending on discussions with the customer. The company also added it could not disclose the client due to business confidentiality. The batteries are expected to be supplied to Tesla for use in its energy storage systems, according to industry specialists. Tesla previously stated during its first-quarter earnings call that it was seeking U.S.-based LFP battery suppliers due to tariff risks associated with China. Among South Korean battery makers, LG Energy Solution holds the broadest U.S. manufacturing footprint, with plants in Ohio, Tennessee, and Michigan. Based on an estimated $85 per cell, the deal is projected to amount to approximately 50 GWh of battery supply. The deal comes as U.S. tariffs on Chinese batteries intensify. Currently, imported Chinese ESS batteries face a combined tariff of 40.9 percent, including standard, retaliatory, and fentanyl-related penalties which is expected to rise to 58.4 percent next year. With prices for Chinese LFP battery cells expected to climb from around $73 last year to $87 in 2025, South Korean battery firms with local production bases are poised to benefit. Analysts estimate domestic LFP cell prices in the U.S. will range between $85 and $90, narrowing the cost gap with Chinese rivals. In March, LG Energy Solution signed a 4 GWh residential ESS battery deal with Delta Electronics, a global energy management firm with major clients including Tesla and Apple. The company said during its second-quarter earnings call that it aims to offset a slowdown in EV battery demand through growth in the ESS segment, projecting meaningful profit improvements in the second half of the year. 2025-07-31 13:34:05

S. Korea, US agree to lower tariffs to 15 percent after investment and energy deal SEOUL, July 31 (AJP) - South Korea and the United States have reached a comprehensive trade agreement that will lower mutual tariffs from 25 percent to 15 percent. The deal follows South Korea's pledge to invest $350 billion in the U.S. and purchase $100 billion worth of American energy products. The announcement was made on Jul. 30 (local time) by U.S. President Donald Trump. He met with the South Korean trade delegation at the White House before posting the details on his social media platform, Truth Social. "I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea," Trump wrote. "The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President." He added that South Korea had also agreed to buy 100 billion dollars’ worth of liquefied natural gas and other energy products, and to make additional investments "for their investment purposes." Trump said South Korean President Lee Jae-myung would visit the U.S. within the next two weeks for a bilateral summit, during which both leaders plan to make a joint announcement on the agreement. As part of the deal, Trump said South Korea had agreed to fully open its market to American products, including cars, trucks, and agricultural goods. "We have agreed to a Tariff for South Korea of 15%. America will not be charged a Tariff." he wrote. Earlier, Trump had warned that without an agreement, the U.S. would begin imposing 25 percent reciprocal tariffs on South Korean goods starting August 1. Seoul has since been negotiating to protect key export sectors such as automobiles and steel, though no specific product-level changes were mentioned in Trump’s statement. South Korea’s presidential office confirmed the deal on Thursday, describing it as a major step in stabilizing the country's trade environment. "The tariff deal removes uncertainty around our export environment," President Lee said in a statement. "Tariffs on our products will now be equal to or lower than those faced by our key export competitors." Lee also emphasized the significance of the investment agreement, saying, "The 350-billion-dollar fund will help solidify a long-term foundation for cooperation in strategic industries." 2025-07-31 08:07:54