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These regulations which are probably intended to help Korean tech companies at the expense of U.S. companies would also benefit Chinese tech companies as well in Korea:
Fair Trade Commission Chairman Han Ki Jeong, right, speaks with American Chamber of Commerce in Korea Chairman James Kim during a special luncheon event at Grand Hyatt Seoul in this March 2023 file photo. Yonhap
The Yoon Suk Yeol administration’s drive to regulate market-dominant online platforms could be evolving into a potential diplomatic dispute with the U.S., according to industry officials, Thursday.
The U.S. state and commerce departments reportedly raised their concerns regarding South Korea’s proposed regulations. They conveyed these concerns by sending messages to Yoon’s office, the foreign ministry, and the trade ministry late last year.
Although a Fair Trade Commission (FTC) official in charge of the matter said the agency has not received an official comment from Washington, Seoul is said to be trying to persuade the U.S. government by emphasizing that there is no intention of imposing regulations more strictly on foreign firms in favor of domestic companies.
The primary concern for U.S. firms revolves around the potential that the upcoming competition policy rules might inadvertently favor Chinese late movers, like Aliexpress and Temu, which are not expected to be affected by the regulation due to their relatively low market shares.
“It now appears the European Union’s approach is contagious, as Korea’s pro-tech government has tabled a Digital Markets Act-like bill that would unfairly target U.S. platforms while giving Chinese platforms a pass, a policy very much not in U.S. companies’ interests,” the Center for Strategic & International Studies said in a report on Jan. 11. “Korea’s proposed act and the bills under discussion set limits that unfairly target U.S. companies which will, in turn end up helping Chinese companies gain larger market share.”
Korea Times
You can read more at the link.
The Korean left continues their crusade against President Yoon’s wife:
The state anti-corruption agency said Thursday that it is looking into allegations that first lady Kim Keon Hee improperly received a high-end designer bag from a pastor last year.
A liberal YouTube-based news channel had previously claimed that the wife of President Yoon Suk Yeol had been gifted the Christian Dior bag valued at around 3 million won (US$2,200) by the Korean American pastor and released a video recording of the incident.
A civic group later filed a complaint with the Anti-Corruption and Civil Rights Commission, requesting an investigation into Kim for the alleged violation of anti-graft laws.
Yonhap
You can read more at the link.
This is probably a smart move by the ROK to complete cost sharing negotations before any potential of Donald Trump being elected President. During his prior presidency he put enormous pressure on the ROK to pay more for the upkeep of USFK:
Korea and the United States have agreed to begin talks on their next deal on defense cost sharing earlier than planned, sources said, Jan. 16. Yonhap
Korea and the United States have agreed to begin talks on their next deal on defense cost sharing earlier than planned, sources said Tuesday, a move that appears to consider the possible reelection of former U.S. President Donald Trump, known for his tough bargaining on such deals.
The allies have reached an understanding to start the negotiations on sharing the costs for the upkeep of the 28,500-strong U.S. Forces Korea (USFK), this year, according to diplomatic sources familiar with the matter.
The early talks, if launched, will come nearly two years ahead of the original schedule for the deal, known as the Special Measures Agreement (SMA), currently in effect until the end of 2025 under a six-year term.
Seoul and Washington signed the SMA for 2020-26 in April 2021 after 1 1/2 years of tough haggling over how much Seoul should pay for the stationing of the USFK on its soil, as the then Trump administration had called for a sharp increase in Seoul’s share.
The early launch of the defense cost-sharing talks appear to have taken into account the possibility of Trump returning to the White House if he wins the November presidential vote.
During his term in office, Trump accused the allies of relying on the U.S. for their defense and called them “free riders” who “rip off” America. Some media had reported that Trump demanded Seoul pay $5 billion for its share, more than a fivefold increase from 2019.
Korea Times
You can read more at the link.
