Seoul: President Lee Jae Myung announced Thursday that the South Korean government is making all possible efforts in its tariff negotiations with the United States, although he remains uncertain if an agreement can be reached by the July 8 deadline set by U.S. President Donald Trump. This statement was made during a press conference marking Lee's first month in office, highlighting ongoing discussions aimed at reducing the 25 percent reciprocal tariffs imposed by the Trump administration.
According to Yonhap News Agency, South Korea is actively working to develop agenda items across various areas in these talks, yet Lee admitted, "At this point, it is difficult to say with certainty whether they can be concluded by July 8." The government is striving to pinpoint areas where agreement with the U.S. is feasible to produce beneficial outcomes for both nations.
Furthermore, Lee emphasized the government's initial steps toward fostering peace on the Korean Peninsula. By suspending propaganda loudspeaker broadcasts along the border, Lee hopes this reconciliatory effort can pave the way for renewed dialogue with Pyongyang. He expressed optimism that North Korea's positive response to the suspension could lead to a "virtuous cycle of peace," with the resumption of inter-Korean communication and the pursuit of peace and coexistence through dialogue and cooperation. Despite the challenges, Lee remains committed to improving relations with North Korea through close coordination with the United States, warning against the futility of completely severing dialogue.
Addressing potential changes in the Ministry of Unification's name, Lee suggested this might help reduce North Korea's misunderstandings by avoiding implications of absorption by the South. On relations with Japan, Lee advocated for a two-track approach, separating historical issues from future cooperation in security and economic areas.
On the domestic front, Lee discussed recent economic measures, including tighter lending rules as a precursor to more extensive regulatory actions aimed at curbing speculative real estate activity. New rules implemented this week impose a 600 million-won (US$442,000) cap on mortgage-backed loans for home purchases in the capital region, signaling the administration's broader regulatory intentions.
Regarding social issues, Lee reaffirmed his dedication to judicial reform, particularly within the prosecution service, stressing the importance of public consensus. He noted, "There seems to be a consensus that the same entity should not hold both investigative and prosecutorial powers," indicating a focus on ensuring checks and balances within the judicial system.