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  • Korea’s Chief Trade Negotiator Dismissed Amid Escalating US Tariff Pressure

    Korea’s Chief Trade Negotiator Dismissed Amid Escalating US Tariff Pressure

    South Korea’s chief trade negotiator, Yeo Han-koo, has been dismissed from his role. The Ministry of Personnel Management notified Yeo of his dismissal on Friday, according to officials. This decision occurs amid heightened pressure from the United States regarding tariffs and other bilateral trade issues.

    A Ministry of Trade, Industry and Energy official confirmed the dismissal but did not provide a specific reason. Despite speculation linking his departure to tariff negotiations between Seoul and Washington, a government official speaking to Yonhap News Agency stated that the dismissal was unrelated to these talks. Yeo himself addressed rumors of personal misconduct, calling them unfounded and threatening legal action against false reports.

    Mounting US Pressure

    The dismissal happens at a critical juncture for bilateral trade relations. The United States is pressing Seoul to accelerate its investment commitments under a prior tariff agreement. Also, there is an ongoing dispute concerning fines imposed on the US-listed e-commerce giant Coupang for a personal data breach.

    Just days before Yeo’s dismissal, on Thursday, US President Donald Trump signed a proclamation imposing new tariffs. These included a 15 percent levy on drones and their components imported from Korea, among other items. Yeo had previously served as trade minister under the Moon Jae-in administration and was reappointed in May 2025 by the Lee Jae Myung administration, playing a key role in trade discussions with Washington.

  • Tourists help Singapore Q3 GDP beat estimates

    Tourists help Singapore Q3 GDP beat estimates

    Singapore’s economy grew at a much faster clip in the third quarter than initially estimated, as an influx of visitors boosted the hospitality and retail sectors. The economy grew by 1.9 percent on-quarter between in the September quarter, compared with a 2.5 percent contraction in the preceding three months, the Department of Statistics said Wednesday.

    The advance estimate released last month showed the economy had eked out a 0.1 percent gain. The latest reading proves that the export-oriented island-state avoided a technical recession, which is typically defined as two successive quarters in which the economy contracted from the previous three months.

    The Ministry of Trade and Industry expects growth to be 2 percent for all of 2015 and it forecasts an economic expansion of between 1 and 3 percent in 2016. “While sectors such as finance and insurance and wholesale trade are expected to support growth, the manufacturing sector is likely to remain weak,” the Ministry of Trade and Industry said. “In China, there is a risk that ongoing reforms to rebalance the economy may falter, leading to a significant drop in demand.” The wholesale and retail trade sector grew by 5.3 percent on quarter between July and September , up from 1.1 percent in the second quarter.

    A pick-up in tourist arrivals underpinned faster growth in the transportation and storage and accommodation and food sectors, where output expanded by 5.9 percent and 12 percent respectively. On a year-on-year basis, Singapore’s economy also expanded by 1.9 percent, a shade lower than the 2 percent increase in the second quarter but higher than the 1.4 percent increase initially forecast.

    Still, the effects of a slowdown in China cast a pall on the manufacturing sector, where output slumped for the second quarter running, although the pace of the contraction slowed. Construction activity also cooled, falling 1.6 percent from the previous quarter after a feverish 13 percent increase in the second quarter.

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