Bessent and He Lifeng held discussions at the airport in Incheon, South Korea. Both met separately with South Korean President Lee Jae Myung at the Blue House before beginning their talks. The discussions aimed to pave the way for the upcoming summit between U.S. President Donald Trump and Chinese President Xi Jinping scheduled for Thursday and Friday in Beijing.
Analysts consider these preliminary talks to be exploratory, with limited immediate results, as both sides are essentially testing the waters ahead of the high-level meeting. China’s delegation included Vice Commerce Minister Li Chenggang and Vice Finance Minister Liao Min.
The summit is expected to focus on establishing forums to promote mutual trade and investment. China may also announce purchases of U.S. goods such as Boeing aircraft, agricultural products, and energy. Additionally, Beijing seeks the relaxation of U.S. export restrictions on advanced semiconductors and has expressed concerns regarding legislation that restricts China’s access to critical chip-making technology.
Efforts to extend a ceasefire on China’s export controls of rare earth metals are under consideration, though Chinese customs data indicates that shipments of these materials, vital for defense and manufacturing, continue to be suppressed. The summit may also address tensions surrounding Iran, as China maintains strong ties with Iran and is a significant buyer of its oil.
Trump stated on Tuesday that he did not believe China’s assistance would be necessary to resolve the Iran conflict, despite rising concerns over the deterioration of the peace process and Iran’s increased control over the Strait of Hormuz.
Neither the U.S. nor China is inclined to make substantial concessions early on. Experts suggest that the U.S. is unlikely to ease restrictions on key sectors like semiconductors, while China, buoyed by stable economic growth and trade figures, feels less pressure to compromise significantly.
South Korean President Lee Jae Myung, his wife Kim Hye Kyung, Indian President Droupadi Murmu, and Prime Minister Narendra Modi pose for a photograph during Lee’s ceremonial reception at Rashtrapati Bhavan in New Delhi, India, April 20, 2026. — Reuters
India and South Korea to strengthen collaboration in energy sector.
South Korea’s president makes their first state visit to India in eight years.
After India, the South Korean president will visit Vietnam.
India and South Korea announced plans on Monday to enhance their economic partnership by expanding cooperation in energy, essential minerals, shipbuilding, semiconductors, and steel, aiming to double their trade volume to $50 billion by 2030. The two nations also agreed to restart negotiations and energize their 2010 trade pact, seeking a more balanced trade relationship—India desires more equitable trade, while South Korea seeks greater market access to India’s rapidly growing economy.
President Lee Jae Myung is on a three-day visit to India, the first South Korean presidential state visit there in eight years. After discussions with Prime Minister Narendra Modi, Lee stated, “We decided to upgrade the framework of economic cooperation to drive mutual growth.” This includes establishing a ministerial-level economic cooperation committee for the first time, with plans to boost collaboration in nuclear energy, clean energy, trade, and investment. Given the current disruptions in global energy supplies, especially due to tensions with Iran, India and South Korea will also work together to secure stable energy resources and raw materials such as naphtha.
Modi highlighted the significance of Lee’s visit, noting that both nations made key decisions to elevate two-way trade to $50 billion by 2030, up from around $27 billion today. “Today, we are laying the groundwork for the success of the coming decade,” Modi said, referencing the deep civilizational ties spanning centuries between the two countries.
Major investment in India’s steel industry
India’s Trade Minister Piyush Goyal discussed with South Korea’s Yeo Han-koo strategies to renew and enhance the trade agreement, exploring new opportunities in manufacturing, green energy, and digital commerce. Later on Monday, Lee will attend a joint business forum expected to host about 250 South Korean delegates, including executives from major companies like Samsung Electronics, Hyundai, and LG Group, according to Yonhap News Agency.
The two countries plan to sign roughly 20 private-sector memoranda of understanding related to shipbuilding, digital technology, and energy during the forum. In a separate announcement, Posco Holdings disclosed plans to partner with India’s JSW Steel to develop a large-scale steel plant in Odisha, with an investment of around $1.09 billion expected through 2031. This project, announced last week, involves building a 6-million-ton-per-year facility.
South Korea’s Maeng Hyun-chul, a researcher at Seoul National University’s Asia Center, noted last week that India’s persistent trade deficit with South Korea remains a concern, and political ties haven’t matched the scale of economic relations. Last year, South Korea recorded a trade surplus of $12.8 billion, with exports totaling $19.2 billion and imports at $6.4 billion, according to Korea International Trade Association data.
Following India, Lee plans to visit Vietnam, continuing his diplomatic engagements.
Recent reports reveal that Jennie from Blackpink has purchased a building in Seoul that previously served as the Iraqi Embassy. The transaction was completed with a cash payment of approximately 20 billion won, which is around $13.9 million USD.
According to Chosun Daily, citing the Ministry of Land, Jennie acquired the property located in Dongbinggo-dong, Yongsan district, on May 24 of last year. The building, which was once the Iraqi Embassy, was bought for roughly $13.7 million.
Additionally, multiple sources suggest that the land itself was the more costly component of the purchase, valued at approximately 19.8 billion Korean won, or about $13.8 million, while the building was acquired for just 100 million won (around $70,000). Sources confirm that Jennie paid the full amount upfront, without taking out any loans.
The area of Dongbinggo-dong, situated in the northern part of Yongsan, is known for its diverse foreign embassies, including those of Libya and Hungary. The ownership transfer was finalized on December 3 of the same year.
According to JoongAng Daily, Dongbinggo-dong, near Hannam New Town, is currently undergoing significant redevelopment efforts. Hannam-dong is renowned as one of South Korea’s most affluent and luxurious neighborhoods, frequently featured in K-dramas and referenced in K-pop songs, making it highly desirable for property investments.
South Korean President Lee Jae Myung took a selfie with Chinese President Xi Jinping after a dinner at the Great Hall of the People in Beijing. Xi Jinping gifted Lee a Xiaomi smartphone last year, joking during their previous meeting that the device might be capable of spying. During his visit to Beijing, Lee shared three selfies with Xi and their wives on social media platform X. He mentioned that the photos were captured with the phone Xi gave him.
“I snapped a selfie with President Xi Jinping and his wife using the Xiaomi I received as a gift in Gyeongju,” Lee wrote. “Thanks to them, I got the shot of a lifetime.” He added, “I will communicate more often and work more closely moving forward.”
This Xiaomi device gained attention in November when Xi made a humorous remark to Lee at an APEC summit in South Korea. Lee inquired whether the phone’s communication line was secure, prompting Xi to joke about checking for a backdoor, referring to software that could allow third-party monitoring—an unusual display of humor from the usually reserved Chinese leader.
During their 90-minute meeting on Monday, Xi encouraged Lee to make strategic decisions jointly with Beijing amid a complex and turbulent global landscape. Lee’s visit comes after a U.S. military operation in Caracas captured Venezuelan President Nicolás Maduro and brought him to New York to face drug trafficking charges—a move condemned by both Beijing and Pyongyang.
The online response to Lee’s selfie was swift, with more than 3,400 shares within hours. One user commented, “Sir, do you realize Nicolás Maduro used the same phone?” Lee, who became president in June after the impeachment and removal of his predecessor over martial law issues, has been working to thaw strained diplomatic relations with China after years of freeze.
Lee Jae-myung, the presidential candidate for South Korea’s Democratic Party, greets supporters alongside his wife, Kim Hye-kyung, in front of the National Assembly in Seoul, South Korea, June 4, 2025. — Reuters
Lee bested conservative opponent Kim Moon-soo.
“I accept the people’s choice with humility,” Kim states.
Lee will assume office shortly.
SEOUL: Lee Jae-myung, the center-left leader of South Korea, celebrated voters’ “wise decision” as he was announced the victor of a snap presidential election early Wednesday, bringing to a close a period of political upheaval.
Exactly six months after the former president Yoon Suk Yeol threw the nation into turmoil with his ill-fated martial law declaration, official results from the National Election Commission confirmed Lee’s victory over conservative challenger Kim Moon-soo, who conceded the election prior to the official announcement.
The voter turnout reached its highest level in nearly thirty years.
“I humbly accept the people’s will. Congratulations to the newly elected president, Lee Jae-myung,” said Kim as counting of the remaining ballots continued.
Lee expressed gratitude to the voters for their trust, asserting he would strive to meet the substantial responsibility and expectations placed upon him.
In light of South Korea’s increasing partisan divide, intensified by the chaos following Yoon’s martial law move, Lee acknowledged that those who did not support him are still “fellow citizens” and promised to “advance with optimism and begin anew from this moment on”.
He also indicated plans to “encourage dialogue, communication, and cooperation” between Seoul and its long-standing adversary, Pyongyang, a relationship that has deteriorated to its lowest point in years under Yoon’s aggressive stance.
‘Relieved’
Lee will assume office almost immediately, once the commission verifies the vote count, expected early Wednesday.
With 96.74% of the ballots counted, it became mathematically impossible for Kim to close the gap.
Lee will inherit a daunting agenda, including challenges presented by global trade fluctuations impacting the export-driven economy, extremely low birth rates, and a fortified North Korea expanding its military capabilities.
The voter turnout reached 79.4%, the highest since 1997.
An exit poll conducted by the three major broadcasters had earlier predicted Lee’s win, prompting his supporters to celebrate outside the National Assembly, while party officials inside parliament began chanting “Lee Jae-myung.”
For weeks, major polls consistently showed Lee in the lead over Kim—Yoon’s former labor minister—who struggled with internal party conflicts and failed to unite with a third-party candidate, resulting in a fragmented right-wing vote.
After months of instability and a succession of acting leaders, many South Koreans expressed their hope for a more stable future.
Noh Min-young, a 20-year-old protestor since Yoon’s martial law declaration, told AFP she felt “relieved.”
“It’s been a tough journey. I’m thrilled because it feels like we’ve seized the opportunity that so many have fought for over the last six months,” she said.
‘Turning point’
Experts noted that the aftermath of Yoon’s martial law announcement, which left South Korea effectively without leadership during the early months of President Donald Trump’s controversial second term, played a crucial role in shaping the election results.
The election was widely perceived as a referendum on the previous administration, stated Kang Joo-hyun, a political science professor at Sookmyung Women’s University, to AFP.
Yoon’s impeachment following his martial law attempt, which saw armed troops deployed to the parliament, marked him as the second consecutive conservative president to be removed from office after Park Geun-hye in 2017.
“Lee’s victory signifies a rejection by the Korean public of undemocratic and illiberal actions like martial law,” explained Gi-Wook Shin, a sociology professor at Stanford University.
This moment may be regarded as a significant turning point in the political landscape of South Korea.
However, Lee’s victory results not only from his own strengths but also from the shortcomings of his competitors, noted Minseon Ku, a postdoctoral researcher at the William & Mary Global Research Institute.
“Lee has a criminal history and has faced various political and personal scandals,” Ku remarked.
His ascent to the presidency is indicative of the deep political discord plaguing South Korea.
In South Korea, presidents are limited to a single five-year term.
Authorities heightened security measures, deploying thousands of officers to ensure that both the election and the upcoming inauguration on Wednesday proceed without incident.
Lee, having survived an assassination attempt last year, has been campaigning in a bulletproof vest and giving speeches behind a protective glass screen.
Supporters of Lee Jae-myung, the Democratic Party’s presidential candidate in South Korea, rally in Seoul on June 2, 2025. — Reuters
South Koreans headed to the polls on Tuesday to select a new president, marking the end of six months of political turmoil that followed former President Yoon Suk Yeol’s controversial martial law declaration.
Early birds began arriving at a polling place in Seoul’s Munrae-dong neighborhood at 6:00 AM to submit their votes.
“We were the first here, hoping our candidate wins, as the presidential election is crucial,” 80-year-old Yu Bun-dol told AFP, noting she supports the conservative People Power Party (PPP) candidate.
Millions have already voted in this snap election, with over one-third of registered voters participating in early voting days last week, according to the National Election Commission.
Polling results consistently show liberal candidate Lee Jae-myung in the lead, with a recent Gallup poll indicating that 49% of voters consider him the top option.
Kim Moon-soo, representing the conservative PPP—Yoon’s former party—follows with 35% support.
The aftermath of the martial law declaration, which left South Korea without effective leadership during the early months of U.S. President Donald Trump’s second term, is a significant concern for voters, experts assert.
“Polls indicate that the election is perceived largely as a referendum on the previous government,” stated Kang Joo-hyun, a political science professor at Sookmyung Women’s University.
“What’s notably alarming is that the martial law and impeachment crisis not only shifted the opinions of moderates but also weakened the conservative stronghold.”
Analysts point out that South Korea’s conservative party is currently in a precarious position.
Yoon’s impeachment over his controversial martial law decree—where armed soldiers were sent to parliament—marks him as the second consecutive conservative president ousted from power after Park Geun-hye in 2017.
Conservative candidate Kim was unable to persuade a third-party contender, Lee Jun-seok of the Reform Party, to merge efforts and prevent a split in the right-leaning vote.
A Pivotal Moment
“Conservative politics used to be associated with effective governance, but it’s increasingly difficult to argue that they are still capable,” remarked Kang Won-taek, a political science professor at Seoul National University.
Lee’s Democratic Party already commands a majority in parliament, and analysts suggest that the divided conservative base will struggle to mount an effective opposition unless they can resolve their internal conflicts.
In South Korea, presidents are limited to a single five-year term.
In regular elections, there is a month-long transition period, with the new president taking office at midnight following the final day of the outgoing leader.
However, in snap elections, the victorious candidate assumes the presidency as soon as the National Election Commission confirms the official vote count.
Following months of instability and a series of interim leaders, many South Koreans are eager for the nation to turn a new page.
In Gwangju, the spiritual center of South Korea’s left, 65-year-old retiree Jung Se-yoon described the election as a “turning point.”
“If we miss this opportunity, it will take an immense amount of time for the country to recover,” Jung warned.
Experts predict a high voter turnout.
“The attention will not only be on whether Lee wins, but whether he secures over 50% of the votes,” noted Bae Kang-hoon, co-founder of the political think tank Valid.
“Achieving this would provide him with significant momentum for his presidency.”
A symbolic representation of a man in handcuffs standing behind bars.
SEOUL: Several senior engineers in North Korea have been detained following a disastrous launch of a new warship, as reported by state media on Sunday.
The incident involving the 5,000-ton vessel transpired in front of leader Kim Jong Un, tarnishing the nation’s reputation. Kim has vowed to impose severe penalties on those at fault.
The mishap likely occurred before a large audience at the northeastern port of Chongjin, exacerbating the public embarrassment for Kim, who aims to showcase military strength, according to experts.
As the investigation deepens, authorities have arrested the chief engineer of the Chongjin Shipyard and others, as stated by the KCNA news agency.
Satellite images reveal the warship, covered in blue tarps, lying on its side, with its stern jutting into the harbor while the bow remains on the slipway, according to the U.S.-based Center for Strategic and International Studies (CSIS).
Kim has directed that the vessel be repaired before a ruling party meeting slated for June, and KCNA confirmed that restoration efforts are underway.
In response to the growing U.S. military presence in the region, North Korea’s armed forces have pledged to effectively counteract and manage all types of military threats from adversarial countries, as reported in a separate KCNA dispatch citing a policy chief from the defense ministry.
