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‘Barron’s Roundtable’ panelists Jack Otter, Ben Levisohn, Megan Leonhardt and Andrew Bary talk about the affect of tariffs on the auto business and share prime inventory picks.
FIRST ON FOX: Concern is mounting in Washington following final month’s election of South Korea’s liberal President Lee Jae-Myung that Seoul seeks to “disproportionately” goal U.S. digital corporations with new regulatory necessities whereas giving Chinese language companies a go.
A bunch of Republican lawmakers on Wednesday are making ready to ship a letter to the Trump administration urging it to tackle the Korea Truthful Commerce Fee in its ongoing commerce negotiations and block laws presently being thought-about by South Korea’s president.
“The laws mirrors the European Union’s blatantly discriminatory Digital Markets Act and would impose disparate authorized and enforcement requirements designed to undermine modern enterprise fashions and drawback profitable American corporations,” the letter, led by Nebraska Rep. Adrian Smith, R-NE., Chair of the Home Methods & Means Commerce Subcommittee, and Rep. Carol Miller, R-W.V.
Newly elected South Korean President Lee Jae-myung speaks throughout a press convention on the presidential workplace on June 04, 2025 in Seoul, South Korea. (Picture by Ahn Younger-Joon – Pool/Getty Pictures / Getty Pictures)
The letter, first obtained by FOX Enterprise, is addressed to U.S. Commerce Consultant Ambassador Jamieson Greer, Treasury Secretary Scott Bessent, and Commerce Secretary Howard Lutnick.
Whereas the letter, signed by greater than 40 lawmakers, applauds ongoing efforts to safe a commerce settlement and circumvent tariffs set to be reinstated on July 8, the congressmen additionally warn that the present laws being thought-about in Soeul “would additionally advance the pursuits of the Chinese language Communist Get together (CCP)” by concentrating on American corporations like Google, Apple, Coupang, and Meta, “whereas exempting main Chinese language digital giants like ByteDance, Alibaba and Temu.”
Particulars of ongoing commerce negotiations with Seoul stay unclear, however marketing campaign pledges by Lee to go laws generally known as the Platform Competitors Promotion Act (PCPA) prompted Miller final month to re-introduce laws to guard American corporations in South Korea with bipartisan assist.
A foreign money dealer walks by the screens exhibiting the Korea Composite Inventory Worth Index (KOSPI) and the international change fee between U.S. greenback and South Korean gained at a international change dealing room on April 9, 2025. (Picture by Kim Jae-Hwan/SOPA Pictures/LightRocket through Getty Pictures / Getty Pictures)
TRUMP, SOUTH KOREA’S NEW PRESIDENT AGREE TO MAKE A DEAL ON TARIFFS THAT WOULD SATISFY BOTH COUNTRIES
Criticism in Washington has been mounting over South Korea’s concentrating on of U.S. tech corporations for years below each liberal and conservative administrations in Seoul, however Lee’s ardent assist for the PCPA has sparked renewed concern.
Whereas South Korean officers argue the laws is an try and curb the U.S.’s “monopoly energy” within the tech market, U.S. officers have flagged that by not additionally holding Chinese language corporations below the identical authorized boundaries, it raises main safety issues.
Two males talk about as they take a look at the screens exhibiting surging inventory shares on the Taiwan Inventory Change workplace, following U.S. President Donald Trump’s shock determination to pause the worldwide tariffs, in Taipei, Taiwan, on April 10, 2025. (Daniel Ceng/Anadolu through Getty Pictures / Getty Pictures)
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“Permitting these corporations to function free from the regulatory burdens imposed on their U.S. opponents would considerably improve threats associated to knowledge safety, disinformation, financial coercion, and espionage stemming from the CCP’s affect over such Chinese language tech giants,” the letter states.
Seoul this week mentioned it’s searching for an extension to the unique 90-day tariff pause set to run out in lower than every week, reported Reuters.
A White Home spokesperson informed Fox Information Digital Trump will verify subsequent week whether or not he’ll grant any extensions.
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