South Korea-Taiwan Agree to Deepen Economic Collaboration

South Korea and Vietnam on Monday agreed to deepen their economic collaboration amidst a looming U.S. tariff.

South Korea's industry minister Ahn Duk-geun visited Vietnam and held a meeting with Vietnam Trade Minister Nguyen Hong Dien in Hanoi, following which the deal was signed between the two Asian countries. While South Korea bears a 25 per cent U.S. tariff, Taiwan faces 45 per cent—both of which are under 90-days’ global tariff break announced by U.S. President Donald Trump.

South Korea is a tech-giant of Asia and Taiwan is a huge market for its export goods. Major corporate giants who originate from South Korea include Samsung Electronics, Hyundai Motors, LG Electronics and HS Hyosung.

Taiwan on the other hand, is a global manufacturing hub, particularly known for its semiconductor production, electronic components that are used in computers and mobile devices, and high-quality machinery.