S. Korea’s auto parts exports to US fall for 1st time in 5 years
Seoul, Feb 8 (IANS) South Korea's exports of auto parts to the United States fell in 2025 for the first time in five years, data showed on Sunday, as domestic automakers expanded local sourcing in the US amid tariff measures.
Shipments of automotive parts to the U.S. declined 6.7 percent from a year earlier to US$7.67 billion last year, according to data compiled by the Korea Auto Industries Cooperative Association. It marked the first annual fall since 2020, when exports fell 11.5 percent, reports Yonhap news agency.
Exports to South Korea's largest overseas market had since risen steadily in recent years, increasing from $6.91 billion in 2021 to $8.03 billion in 2022, $8.08 billion in 2023 and $8.22 billion in 2024.
The association said proposed 25 percent tariffs on auto imports under the Donald Trump administration dealt a serious blow to South Korea's automotive exports and the broader industry.
Industry analysts said the higher tariffs prompted automakers, including Hyundai Motor Co. and Kia Corp., to expand local parts procurement in the U.S.
The U.S. began imposing a 25 percent tariff on imported auto parts in May last year. Under an agreement between Seoul and Washington, tariffs on South Korean auto parts were later reduced to 15 percent, retroactive to Nov. 1.
However, Trump threatened to raise "reciprocal" tariffs and auto, lumber and pharmaceutical duties on South Korea to 25 percent from 15 percent, citing a delay in the parliamentary process to pass a special investment bill facilitating the implementation of a trade deal reached by the two countries.
Under the trade deal, South Korea has committed to investing US$350 billion in the U.S., among other pledges, in return for the U.S. lowering reciprocal tariffs on South Korea to 15 percent from 25 percent, said the report.
—IANS
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After Oman talks, Iran sees opening for diplomacy with US but rejects nuclear, missile curbs
Cairo, Feb 8 (IANS) Iran's Foreign Minister Seyed Abbas Araghchi said that he expected a new round of talks with the United States to take place "soon," describing the meeting held a day earlier as a positive start while cautioning that rebuilding trust would take time.
In an interview with Al Jazeera, aired on Saturday and later shared in Persian on his Telegram channel, Araghchi also made clear that Tehran would not relinquish its uranium enrichment program, which he called an "inalienable right." He added that his country was open to an agreement that reassures the international community while preserving its enrichment activities, Xinhua news agency reported.
Araghchi also noted that Iran opposes transferring its uranium abroad and said the nuclear dispute could be resolved only through negotiations. He also rejected US demands that Iran curb its missile program, calling missiles a defensive matter that is "never negotiable."
He confirmed that members of the Iranian and American delegations briefly shook hands despite the talks being conducted indirectly. "Although the negotiations were indirect, an opportunity arose to shake hands with the American delegation," he said, disputing US reports that the two sides had held a short direct exchange during the discussions in Muscat.
After concluding the talks with Steve Witkoff, US President Trump's special envoy, Araghchi traveled to Doha, where he met with Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani, Qatar's prime minister and foreign minister, Qatari media reported.
Iran's military chief of staff, Abdolrahim Mousavi, struck a more confrontational tone, warning that any attempt to impose war on Iran would spread conflict across the Middle East. Iran would not initiate a war, he said, but would respond "decisively" to defend its sovereignty.
Trump, speaking to reporters aboard Air Force One en route to his Mar-a-Lago resort in Florida, described the Oman talks as "very good," saying Iran "looks like it wants to make a deal very badly." He said the sides would meet again early next week.
On Friday, Trump also signed an executive order threatening additional tariffs on countries that continue to trade with Iran. While the order does not specify a tariff rate, it cites 25 per cent as an example and says the measure could apply to goods imported into the United States from any country that "directly or indirectly" purchases goods or services from Iran.
The talks in Muscat marked a renewed diplomatic effort amid heightened regional tensions. In recent weeks, the United States has expanded its military presence in the Middle East, while Iran has stepped up its own preparations, fueling concerns among regional governments about the risk of a wider conflict.
Israel is watching the negotiations closely. Prime Minister Benjamin Netanyahu's office said on Saturday that he would travel to Washington later this week to discuss the talks with Trump. Netanyahu believes any agreement must include limits on Iran's ballistic missile program and an end to its support for allied militant groups, the statement said.
Earlier this week and ahead of the Muscat meeting, Witkoff visited Israel for consultations, during which Netanyahu said Iran had "repeatedly demonstrated it cannot be trusted to keep its promises."
Regional reactions were cautiously supportive. Egypt and the United Arab Emirates welcomed the talks as a constructive step toward dialogue and de-escalation.
Egypt's foreign minister, Badr Abdelatty, praised Oman's role in hosting the negotiations and reaffirmed Cairo's support for a negotiated settlement of the nuclear issue. The Emirati foreign ministry said Oman's mediation had helped create conditions conducive to dialogue and expressed hope for outcomes that would enhance regional security.
Saudi Foreign Minister Faisal bin Farhan Al Saud also welcomed the talks, voicing hope they would open a diplomatic path to ease tensions and promote regional stability.
"The region is burdened by multiple crises, and finding a diplomatic solution between the United States and Iran is essential for achieving peace and stability," he said during a press conference on Friday.
Qatar's foreign minister, during his Saturday meeting with Araghchi in Doha, voiced hope that the negotiations would lead to a comprehensive agreement that strengthens stability and security across the region, according to a statement from the Qatari Foreign Ministry.
--IANS
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