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Japan’s economy slows, missing growth forecasts

Japan's Economy Slows, Missing Growth Forecasts: A Deeper Dive into the Consequences Jean's economy has been dealt a significant blow as the latest data reveals a sluggish growth rate of 0.3 percent in the second quarter, falling short of initial forecasts. The underwhelming performance can be attributed to a decline in consumption and capital spending, posing significant concerns for the country's economic trajectory. As the world's third-largest economy, Japan's slowdown is likely to have far-reaching implications for the global market. Key Highlights: Sluggish GDP growth: Japan's GDP rose by a mere 0.3 percent in the second quarter, missing initial forecasts and sparking concerns about the country's economic momentum. Decline in consumption: Weakened consumer spending, which accounts for roughly 60 percent of Japan's economy, has been a major contributor to the slowdown. Capital spending sag: A decline in capital expenditure has also hin...

South Korea is looking to reach a trade agreement with the U.S.


In advance of ministerial-level consultations scheduled for next week and the ending of the U.S. tariff pause on August 1, the South Korean Presidential Office announced on Saturday that it would seek to craft a mutually acceptable trade package with the United States. 

The statement goes on to explain that the package would incorporate cooperation in the shipbuilding area, which is of utmost interest to U.S. Commerce Secretary Howard Lutnick, as he discussed it with South Korea's Minister of Industry, Kim Jung-Kwan, on Friday. 

The meeting on Friday was a follow-up, reiterating the commitment to reaching a trade deal by August 1, which Lutnick and Kim had arrived at the day before, after the joint meeting by the finance ministers and top trade envoys was postponed from Friday. 

Under an unintended tariff on 25%, South Korea is rushing to seam a trade agreement from Washington, as National Security Adviser Wi Sung-lac visited the U.S. last week for high-level talks and the Trade Minister Yeo Han-Koo is also in the States negotiating, with mounting pressure on officials to seal an agreement not worse than Japan's with reduced tariffs to 15%.

According to the Korean sources, trade negotiations between South Korea and the USA have included agricultural and digital service non-tariff barriers, but issues of foreign exchange were never part of the trade talks outside of the usual consultations. 

President Trump landed in Scotland on Friday, in a bilateral meeting with the President of the European Commission, Ursula von der Leyen, on Sunday, to cement a possible trade deal with the European Union after recently striking agreements with Japan and the Philippines this week.

American officials are slated to have the next round of talks with the Chinese over an extension of a separate deadline set between the nations for August 12, which will be held in Sweden next week.

Finance Minister Koo Yun-Cheol and Foreign Minister Cho Hyun of South Korea will also hold meetings with U.S. Treasury Secretary Scott Bessent and State Secretary Marco Rubio, respectively, next week.


SOURCE : NEWS AGENCIES

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