South Korean Minister of Trade Ahn Duk-geun met with US Commerce Secretary Howard Lutnick, Interior Secretary Doug Burgum and Trade Representative Jamieson Greer in Washington. He discussed tariff exemptions for South Korean companies and strengthening bilateral cooperation in industries like shipbuilding. The meeting came ahead of the implementation of 25% steel tariffs on South Korea, which will take effect in March, and marked the first ministerial-level trade talks between the countries since Trump's second term began.
https://channelnewsasia.com/east-asia/south-korea-industry-minister-ahn-duk-geun-trump-tariffs-washington-4969221South Korean industry minister Ahn met with US Treasury Secretary Scott Bessent, urging him to exempt South Korean companies from US steel tariffs and discuss cooperation in shipbuilding and energy sectors. The meeting comes amid a diplomatic vacuum as impeached President Yoon Suk Yeol is suspended from duties. Ahn's trip to Washington D.C. follows a previous visit by Deputy Trade Minister Park Jong-won, who asked for exemptions from US steel and aluminium tariffs. South Korea views the US measures with increasing concern due to its status as a major global exporter and top trading partner with the US.
https://www.firstpost.com/world/us-tariffs-on-south-koreas-radar-as-industry-minister-requests-exemption-13867748.htmlThe first phase of a ceasefire between Israel and Hamas is set to expire, but negotiations on a permanent agreement are stalled. The fragile truce, brokered by the US, Qatar, and Egypt, has seen Gaza militants release 25 living hostages and return eight bodies in exchange for hundreds of Palestinian prisoners held in Israeli jails. However, talks on the next phase have been inconclusive, with no sign of a Hamas delegation in Cairo. Defence Minister Israel Katz prefers to extend the first phase rather than move to a second phase, while Hamas has pushed for its implementation. The UN Secretary-General Antonio Guterres urged caution, warning that the coming days are critical and that the ceasefire "must hold."
https://www.malaymail.com/news/world/2025/03/01/phase-one-of-israel-hamas-truce-expires-today-next-stage-negotiations-which-should-secure-a-permanent-ceasefire-still-inconclusive/168347China's manufacturing activity rebounded to expansion in February with a PMI of 50.2, beating forecasts and indicating the effectiveness of Beijing's stimulus measures. The country's $18 trillion economy met its growth target of around 5% for 2024, but exports and industrial output outpaced retail sales, while unemployment remained high. To counter external pressures, policymakers have pledged higher fiscal spending, increased debt issuance, and further monetary easing. US President Donald Trump has announced an additional 10% duty on Chinese goods, which would result in a cumulative 20% tariff, prompting China to advise its AI leaders against traveling to the US due to security concerns.
https://www.brecorder.com/news/40350731/china-february-manufacturing-activity-hits-three-month-highThe European Union is scrambling to stay relevant in the Ukraine crisis as the US and Russia engage in direct talks. EU leaders, including Britain, are meeting in various formats, including twice in Paris and an online summit in London, to develop a strategy that supports "peace through strength" for Ukraine. The goal is to put Ukraine in the best position for eventual talks with Russia, with European officials indicating that the US wants the war concluded within a month.
https://www.rferl.org/a/eu-ukraine-peace-talks-strategy-relevance-wider-europe-jozwiak/33332636.htmlThe US is becoming increasingly competitive in building cars due to access to affordable steel and aluminum from Canada, low-cost labor in Mexico for assembly, and advanced technology from the US. Major automakers like Ford and Stellantis have shifted production to Mexico, with Ford manufacturing the Bronco Sport and Maverick SUVs in Sonora, while Stellantis produces Jeep Compass and Wagoneer S in Toluca. General Motors produces GMC and Chevrolet trucks in Silao. The majority of the 8 million light vehicles imported by the US last year came from Mexico (1st with 3 million) and Canada (4th with 1.1 million), which are also the two largest foreign markets for US-made cars and trucks, accounting for 53% of exports. Trump's proposed tariffs on Canadian and Mexican imports would disrupt this supply chain, adding costs and bureaucracy as components travel from US factories to Mexico or Canada and back. The CEO of Ford, Jim Farley, has complained about high costs and chaos, while General Motors' CEO Mary Barra is planning scenarios to mitigate the impact. Stellantis' president John Elkann believes the policies will favor US jobs and manufacturing. However, analysts worry that tariffs could harm electric vehicle sales, which rely on conventional car sales revenue for investment. Trump claims the tariffs are not about trade but about stopping illegal immigration and fentanyl smuggling through the US-Mexico border.
https://apnews.com/article/autos-refacciones-aranceles-eeuu-canada-mexico-7fcbe355650d4299f31ac7d76b23a18bThe German government's stance on China is becoming increasingly cautious due to the country's growing economic ties with India. Germany-India bilateral trade has seen a significant increase, with over $30 billion in 2023, compared to $250 billion in trade with China. This shift is partly driven by concerns about China's rising influence and potential risks associated with doing business with the country. German politicians, including Chancellor Olaf Scholz and CDU leader Friedrich Merz, have emphasized the need for Europe to take greater responsibility for its security and defense in the Indo-Pacific region, potentially leading to a reevaluation of Germany's role in NATO and its relationships with other countries in the area.
https://www.thehindu.com/news/international/incoming-german-governments-focus-on-european-sovereignty-could-impact-its-indo-pacific-ambitions/article69275337.eceIndonesia and Switzerland are strengthening their bilateral relations, with Indonesian Law Minister Supratman Andi Agtas expressing hope that Switzerland will become one of Indonesia's largest investors in trade and industry. The two countries have a Mutual Legal Assistance Treaty (MLA) agreement signed in 2019, which is expected to be expanded beyond legal affairs. Agtas highlighted Indonesia's business licensing reforms through the Online Single Submission system, aiming for digitalization by 2026, making it easier for Switzerland to invest. Swiss Ambassador Olivier Zehnder discussed investment opportunities with Indonesian ministries and the Chamber of Commerce and Industry, hoping for a roadmap for economic growth that will facilitate investments in Indonesia.
https://en.antaranews.com/news/346805/indonesia-mulls-expanding-extradition-cooperation-with-switzerland?utm_source=antaranews&utm_medium=desktop&utm_campaign=popular_rightEgypt is hosting talks between Israeli, Qatari, and US delegations on the next phases of a truce agreement with Hamas, but no consensus has been reached. Defence Minister Israel Katz prefers extending the first phase to free more hostages rather than moving into a second phase. Hamas wants phase two to begin immediately, citing its commitment to implementing all provisions of the agreement. UN Secretary-General António Guterres urged caution, warning that the coming days are critical and that the deal must hold as it expires soon.
https://www.firstpost.com/world/uncertainty-looms-as-first-phase-of-gaza-truce-expires-netanyahu-to-hold-security-meet-today-13867751.html