TEHRAN, Jul 11 -South Korea’s foreign minister told U.S. Secretary of State Mike Pompeo that Japan’s export curbs against Seoul are “undesirable”, the Foreign Ministry said on Thursday, as a trade row between the East Asian neighbors grows.
TEHRAN, Young Journalists Club (YJC) -South Korea’s ruling party also announced on Thursday that up to about 300 billion won ($254.8 million) would be included in a supplementary budget bill to cope with Japan’s export curbs by speeding localization of materials supplies for chips and display panels.
The ruling Democratic Party said about one-third of the proposed budget would be for supporting South Korean materials and equipment makers to commercialize their products.
Also on Thursday, S&P Global Rating’s Asia-Pacific chief economist Shaun Roache said the dispute was as unpredictable as the U.S.-China trade war and was likely to affect South Korea’s economic growth.
Japan tightened curbs last week on exports of three materials crucial for smartphone displays and chips, saying trust with South Korea had been broken in a dispute with Seoul over South Koreans forced to work for Japanese firms during World War Two.
The restrictions will affect companies such as Samsung Electronics Co Ltd (005930.KS) and SK Hynix Inc (000660.KS), which supply chips to companies such as Apple Inc (AAPL.O).
Source: reuters
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