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South Korea announces lowering of tariffs as part of new US trade deal
The US and South Korea have reached a broad trade deal, both countries have said following talks between their leaders.
South Korea’s presidential aide, Kim Yong-beom, said the two sides will reduce reciprocal tariffs from 25% to 15%, as was agreed earlier this year.
South Korea will also invest $350bn in the US, including $200bn in cash investment and $150bn in shipbuilding, Kim said.
US President Donald Trump, who is currently on a week-long trip in Asia, said the deal was “pretty much finalised” at a dinner following the discussions, which lasted almost two hours. He did not give further details.
“We had a tremendous meeting today with South Korea”, Trump said of his discussions with South Korean President Lee Jae Myung, adding that “a lot was determined”.
“We discussed some other things to do with national security et cetera. And I think we came to a conclusion on a lot of very important items.”
Both sides had played down the prospect of a breakthrough ahead of Wednesday’s talks – disappointing many in South Korea’s electronics, chip and auto industries, which had been hoping for some clarity amidst the tariff chaos.
Trump had slapped a tariff rate on Seoul of 25% earlier this year – which Lee managed to negotiate down to 15%, after Seoul said it would invest $350bn in the US and buy $100bn worth of liquified natural gas.
But the White House later increase its demands as part of the trade talks, with Trump pushing for cash investments in the US.
Both countries have historically been key allies – but tensions spiked after hundreds of South Koreans were detained in an immigration raid in the US last month.
Trump will next meet his Chinese counterpart Xi Jinping in on Thursday on the sidelines of a summit of the Asia-Pacific Economic Cooperation (Apec) which is taking place in Gyeongju.
China’s foreign ministry has confirmed the meeting, which will take place in the city of Busan on Thursday, a short flight away from Gyeongju.
The US president said on Wednesday that he was “looking forward” to the meeting.
“We’ve been talking a lot over the last month and I think we’re going to have something that’s gonna be very, very satisfactory to China and to us.”
This will be the two leaders’ first face to face meeting since Trump assumed office in 2025 and imposed tariffs on every country in the world.
Addressing a group of CEOs in Gyeongju on Wednesday, Trump said that he believes the US is “going to have a deal” with China and it will be “a good deal for both”.
He also praised the Apec countries for making the global trading system, which he said had been “broken” and “in urgent need of reform”, fairer.
“Economic security is national security,” Trump says. “That’s for South Korea, that’s for any country.”
Ahead of Wednesday’s talks with President Lee, Trump had been greeted by an honour guard and gifts that included a golden crown.
“I’d like to wear it right now,” Trump had said of the crown.
He also received the Grand Order of Mugunghwa, South Korea’s highest decoration.
He’s the first US president to receive the award, which was given “in recognition of his contribution to peace on the Korean Peninsula”, the South Korean presidential office said.
Both leaders took part in a working lunch – which was followed by a private meeting in the afternoon.

Trump’s arrival in South Korea had been preceded by North Korea test-firing surface-to-air cruise missiles.
The US president had expressed interest in meeting North Korean leader Kim Jong Un but noted on Wednesday that his team had been unable to arrange this during his trip.
Noting the long-standing tensions between North and South Korea, Trump said “we will see what we can do to get that all straightened out”.
And outside the summit venue where both leaders were meeting, a small anti-Trump group of protesters gathered on Wednesday afternoon, with some shouting anti-Trump slogans. Police could be seen forcibly dispersing the crowd and arresting some people.
However, hundreds more attended a pro-Trump rally – including those who shouted anti-Chinese rhetoric – that also took place close to the summit venue.
Anti-Chinese sentiment in South Korea has also grown steadily in recent years. Chinese interference became a common trope in conspiracy theories about former South Korean president Yoon Suk Yeol.

During his trip to Japan on Tuesday, the US president signed an agreement on rare earth minerals with Tokyo, as well as a document heralding a new “golden age” of US-Japan relations. This reiterated the commitment of the two countries to implement deals struck earlier, including the 15% tariff deal negotiated earlier this year.
Prior to that, he attended a gathering of South East Asian leaders, known as Asean, in Malaysia. There he presided over a peace deal between Thailand and Cambodia, whose longstanding border dispute erupted into open conflict in July.
[BBC]
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Former Minister Mahinda Wijesekara passes away aged 83
Former Matara District Member of Parliament and Cabinet Minister Mahinda Wijesekara has passed away this morning (02) at the age of 83 family sources have announced.
Mahinda Wijesekara served as a Member of Parliament for the Matara district for over two decades (1989 to 2010), representing the People’s Alliance, the United National Party and the United People’s Freedom Alliance.
He held several ministerial portfolios, including Minister of Postal and Telecommunication Services in 2008, Minister of Forestry and Envioronment 1999-2001, Minister of Fisheries and Ocean Resources from 2001 to 2004 and Minister of Special Projects 2007-2008
He was in poor health following injuries sustained in the 2009 bomb attack by the LTTE terrorists in Godapitiya, Matara.
He was the father of former Minister Kanchana Wijesekara.
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Magnitude 7.4 quake hits off Indonesia’s Ternate, tsunami warning lifted
A magnitude 7.4 earthquake has hit the Northern Molucca Sea off the coast of the city of Ternate, in Indonesia, killing at least one person and triggering a tsunami warning that was subsequently lifted.
The United States Geological Survey (USGS) said Thursday’s quake, which was initially recorded at a magnitude of 7.8, struck at a depth of 35km (22 miles), greater than the early figure of 10km (six miles). There were no immediate reports of injuries.
The epicentre of the earthquake was about 120km (75 miles) from Ternate, in Indonesia’s North Maluku province.
Local authorities in some cities, such as Ternate and Tidore, were urged to prepare citizens for evacuation, while news channel Metro TV broadcast images of damaged buildings.
One person was killed when a building collapsed in the city of Manado in North Sulawesi province, a local search and rescue official told AFP news agency.
“The quake was felt strongly and around Manado … one person died and one person had a leg injury,” George Leo Mercy Randang told AFP by telephone. The victim was “buried under the rubble” of a collapsed building, he said.
The Hawaii-based Pacific Tsunami Warning Center (PTWC) initially said hazardous tsunami waves were possible within 1,000 kilometres (621 miles) of the epicentre along the coasts of Indonesia, the Philippines and Malaysia.
Within half an hour of the quake, waves up to 75 centimetres were recorded in North Minahasa and 20 centimetres in Bitung, both in the north of Sulawesi island, according to Indonesia’s BMKG geological agency.
Thirty-centimetre waves were also logged in North Maluku province.
The PTWC lifted its warning just over two hours after the tremor, saying the tsunami threat “has now passed”.
Indonesia straddles the so-called Pacific Ring of Fire, an area of high seismic activity where tectonic plates meet and earthquakes are frequent.
[Aljazeera]
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NASA successfully launches historic Artemis II moon mission
The Artemis II space mission has blasted off from the US state of Florida, sending four astronauts on a historic journey around the moon and marking the first time humans have travelled beyond low-Earth orbit in more than 50 years.
The mission, which launched on Wednesday, is a major step in the United States space agency NASA’s plan to return humans to the moon and eventually send astronauts to Mars.
The 32-storey rocket rose from NASA’s Kennedy Space Center in Cape Canaveral, where tens of thousands gathered to witness the liftoff.
The Artemis II crew – NASA astronauts Reid Wiseman, Victor Glover and Christina Koch, and Canadian Space Agency astronaut Jeremy Hansen – are set for a nearly 10-day journey around the moon and back, taking them farther into space than humans have travelled in decades.
“On this historic mission, you take with you the heart of this Artemis team, the daring spirit of the American people and our partners across the globe, and the hopes and dreams of a new generation,” said Charlie Blackwell-Thompson, the launch director. “Good luck, Godspeed Artemis II. Let’s go.”
Five minutes into the flight, Wiseman, the commander, saw the team’s target: “We have a beautiful moonrise, we’re headed right at it,” he said from the capsule.
Tensions were high in the hours leading up to the launch as hydrogen fuel began flowing into the rocket, a critical phase that had caused a dangerous leak during a countdown test earlier this year and forced a lengthy delay.
To NASA’s relief, no significant hydrogen leaks were detected this time. The launch team successfully loaded more than 700,000 gallons (2.6 million litres) of fuel into the Space Launch System rocket on the pad, a smooth operation that set the stage for the Artemis II crew to board.
NASA also had to resolve several technical issues ahead of liftoff, but was able to clear them without delaying the launch. One issue involved commands not getting through to the rocket’s flight-termination system, which is designed to send a self-destruct signal if the rocket veers off course and threatens populated areas.
That issue was quickly resolved, according to NASA. Engineers also troubleshot a battery in the Orion capsule’s launch-abort system after its temperature readings fell outside the expected range, but the problem was fixed and did not prevent the launch from going ahead.

The astronauts will spend the first one to two days in high Earth orbit carrying out extensive systems checks, including testing Orion’s life-support, propulsion, navigation and communications systems to make sure the spacecraft is ready for deep space.
Once those checks are complete, Orion will perform a critical engine burn known as translunar injection, which will send the spacecraft out of Earth’s orbit and onto a trajectory towards the moon.
The journey will take several days, during which the crew will continue monitoring spacecraft systems as they travel farther from Earth.
Orion will then fly behind the moon on a free-return trajectory, a path that naturally swings the spacecraft back towards Earth using the gravity of both the moon and Earth, with minimal fuel required. During this phase, the spacecraft will reach its greatest distance from Earth.
After the lunar flyby, the crew will spend several days travelling back to Earth while carrying out additional deep-space tests on power systems, thermal controls and crew operations.
As Orion approaches Earth, the capsule will re-enter the atmosphere at speeds of about 40,233km per hour (25,000 miles per hour), before splashing down in the Pacific Ocean, where recovery teams will retrieve the crew.
With half the world’s population not yet born when NASA’s Apollo astronauts last walked on the moon, Artemis is being presented as a new generation’s moon mission.
“There are a lot of people who don’t remember Apollo. There are generations who weren’t alive when Apollo launched. This is their Apollo,” NASA science mission chief Nicky Fox said earlier this week.
[Aljazeera]
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