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South Korea Trade

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BUSINESS
October 12, 1989 | From Reuters
South Korean politicians of all stripes on Wednesday blasted visiting U.S. trade chief Carla A. Hills' hard-line demands, saying it will take further negotiations, not "Rambo-style" threats, to break the deadlock between the two nations. The mood in economic and political circles was increasingly hostile, and some accused Washington of trying to bully Seoul into abrupt, far-reaching reforms it could not accommodate.
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NEWS
October 12, 2011 | By Kathleen Hennessey and Don Lee
Congress has passed free-trade agreements with Panama, South Korea and Colombia, overriding objections from liberal Democrats to advance a key priority for both the White House and congressional leaders. Backers have billed the deals as job generators that will open up major markets to American businesses and level the playing field for workers. The agreements, originally negotiated by the Bush administration, faced firm opposition from labor groups, progressives and lawmakers from the Rust Belt protective of U.S. manufacturers.
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BUSINESS
November 1, 1993
Representatives of the Republic of Korea, including Assistant Minister for Trade Policy Un-Suh Park, held a trade fair in Los Angeles last week to promote trade between California and the Asian nation, and to explain the trade benefits of Korean economic reforms. The value of Korean exports to California ports has declined since 1988, reflecting an overall decline in Korean exports to the United States.
BUSINESS
January 24, 2011 | By Alana Semuels and Tom Hamburger, Los Angeles Times
On the eve of President Obama's expected push for American competitiveness in his State of the Union speech, the U.S. Chamber of Commerce kicked off a lobbying campaign in Los Angeles to push the U.S.-Korea Free Trade Agreement. Its most unusual feature: close cooperation between the business group and the White House. The trade deal, which would be the largest since NAFTA took effect in 1994, has provided the first notes of harmony between the Obama administration and the chamber, whose relationship has been strained almost since the moment Obama took office.
BUSINESS
November 6, 1988 | SAM JAMESON, Times Staff Writer
After a year of abstinence, Kim Woo Choong, the founder and chairman of the Daewoo Group, has started smoking again. "I quit until all our labor trouble broke out," said the 51-year-old entrepreneur who turned the tiny textile exporting firm that he co-founded with $9,000 in borrowed cash in 1967 into a $10-billion conglomerate. In a two-hour, 45-minute interview, however, labor strife was the only problem Kim cited for his group of companies or for South Korea.
NEWS
October 16, 1988 | SAM JAMESON, Times Staff Writer
Until recently, South Korea did not exist as far as the Communist world was concerned. As the Communists saw it, there was only one Korea, and that was North Korea. They supported it militarily, economically and diplomatically. But much has changed over the past six months. Three Communist countries--including the Soviet Union, which announced the action Saturday--have set up trade offices in Seoul and allowed South Korea to do the same in their capitals.
BUSINESS
June 23, 1986 | SAM JAMESON, Times Staff Writer
Koram Bank, a joint venture by Bank of America and 17 South Korean companies, has been subjected to raids, seizures and demonstrations by South Korean radicals complaining of American "economic imperialism." Bank of America's Pusan branch has been attacked, and the office of the American Chamber of Commerce here has been seized by radicals. Thirteen Americans, including businessmen, received death threats by telephone over the weekend of May 24-25.
NEWS
June 7, 1994 | TERESA WATANABE, TIMES STAFF WRITER
In 1987, South Korea's government trade organization issued a paper that tried to quell increasing fears that the nation's fast-growing economy was becoming another trade headache for the United States and others. The title: "Korea Is Not Another Japan." Ever since this East Asian tiger roared forward with spectacular economic growth built on the rubble of war, comparisons with Japan have, for better or worse, been inevitable.
BUSINESS
December 3, 2010 | By Jim Puzzanghera and Christi Parsons, Los Angeles Times
The United States and South Korea on Friday completed a long-sought trade deal that could help boost the struggling U.S. economy by further opening one of Asia's top markets to American companies. The key to the pact, which eluded President Obama when he visited South Korea last month, was working out disagreements on access to both markets by automakers. The agreement has long been supported by other business sectors, including the entertainment industry. The agreement pumps up intellectual property protection, and it prevents South Korea from increasing most of its current content restrictions for film and TV programming.
WORLD
November 12, 2010 | By John M. Glionna, Los Angeles Times
Song Myoung-geun is a hard-driving car dealer pushing Fords to South Korean buyers. He's so good at his job that last year he ranked third nationwide in personal sales for the U.S.-made vehicles. The bad news: He moved 72 cars in 12 months, a rate that surely would win no awards in the United States. By comparison, the top Hyundai salesman here sold 357 vehicles and the maker's third-place finisher sold 264. Song's plight shows the challenge of selling foreign-made automobiles with their added taxes in a nation determined to peddle homegrown brands.
BUSINESS
November 28, 2009 | By Don Lee
At a time when the United States desperately needs to boost exports and create jobs, America's free-trade pact with South Korea offers the promise of doing both, say many analysts and businesses especially on the West Coast. But the long-stalled agreement isn't likely to get ratified any time soon -- despite renewed hopes from President Obama's trip to Asia this month and the threat that South Korea's pending trade deal with the European Union could soon put U.S. exporters at a competitive disadvantage.
BUSINESS
August 18, 2001 | MARK MAGNIER, TIMES STAFF WRITER
Unix Electronics Co. Managing Director J.W. Seo said he was heading home from work listening to some music in light traffic a few weeks ago when his cell phone rang with the bad news. "You need to cut your price by 30%," a major British importer told him. "Customers over here just aren't in a buying mood, and we're getting hammered by low-cost Chinese competitors." Seo felt trapped. Cutting the price of his electric foot massagers by 30% was not an option because he has only a 10% profit margin.
BUSINESS
September 13, 1998 | EVELYN IRITANI, TIMES STAFF WRITER
Another month of plunging overseas sales has dashed South Korea's hopes for an export-led recovery and cast more doubt on the widely held notion that the sharp devaluation of Asia's currencies will translate into an export boom. In spite of a weakened currency that has lowered production costs, South Korean manufacturers are trapped in a crippling downward spiral of depressed sales and escalating debts at home and shrinking markets and stepped-up competition abroad.
BUSINESS
April 2, 1998 | Reuters
South Korea posted a record high monthly trade surplus in March as the country severely cut back on investment and consumption. However, analysts said it would be difficult to sustain the surplus at the current levels because exporters had nearly exhausted inventories of raw materials and must soon import a massive volume of goods.
BUSINESS
March 16, 1995
The Republic of Korea has shown impressive economic growth over the past 25 years, largely because of a sustained program of export-oriented policies. One of the world's poorest countries only a generation ago, South Korea is now the United States' seventh-largest trading partner and the world's 12th-largest economy.
BUSINESS
April 8, 1991 | LESLIE HELM, TIMES STAFF WRITER
In the low, rolling hills here behind the city of Taejun, 100 miles north of Seoul, is a spacious research park marked by wide, empty roads winding past soccer fields, parks and an occasional fenced-in government compound. After the bustle of Seoul, it feels almost deserted. It nearly was. Taedok Science City was planned 18 years ago on the model of Silicon Valley to be a "cradle" of research, bringing together the best Korean minds from academic, government and private research institutes.
BUSINESS
March 3, 1998 | DAVID HOLLEY, TIMES STAFF WRITER
South Korea is successfully cranking up its export machine and attracting foreign investment, twin steps that could help it dig its way out from under a crushing burden of foreign debt, a raft of new statistics showed Monday. The country was buoyed by a trade ministry announcement that it achieved a record $3.3-billion trade surplus in February as exports--which have been lagging expectations--skyrocketed 21.6% over the same month last year, to hit $11.4 billion. Imports plunged 29.5% to $8.
BUSINESS
January 22, 1998 | EVELYN IRITANI, TIMES STAFF WRITER
In an effort to defuse criticism of a frugality campaign that has led to a sharp cutback in imports and heightened nationalist sentiment, President-elect Kim Dae Jung has advised his staff to avoid slogans such as "Buy Korean only." And in a meeting with top foreign executives Wednesday, Kim assured them that South Korea's campaign to reduce its debts and bolster its foreign reserves would focus on restricting purchases of all luxury goods rather than targeting imports.
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