US, South Korea to Expedite Tariff Talks After Leaders' First Call

US President Donald Trump and South Korea's newly elected President Lee Jae-Myung have agreed to speed up negotiations on tariffs during their first phone call. This decision follows the recent political change in Seoul, where Lee Jae-Myung, a liberal leader, replaced the conservative former president, Yoon Suk-yeol. Trump's previous imposition of tariffs on South Korea, a long-time US ally with a free trade agreement, prompted the South Korean government to incur additional costs to offset the impact on its 28,500 troops stationed in the country. South Korea's export-driven economy makes the outcome of these tariff negotiations crucial. Analysts believe the two leaders may meet at the upcoming G7 summit in Canada for further discussions. This development is significant, given South Korea's reliance on global trade across various sectors, from chips and automobiles to shipbuilding. The initial agreement to accelerate negotiations signals a potential positive step towards resolving trade tensions between the two countries and ensuring economic stability in the region.