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Yonhap News Summary

Yonhap News Summary 17:05 August 02, 2019

The following is the second summary of major stories moved by Yonhap News Agency on Friday.

(2nd LD) Moon warns Japan of grim consequences of export curbs against S. Korea

SEOUL -- President Moon Jae-in warned Friday that Japan will face severe consequences of its "reckless" decision to drop South Korea from the list of favored trade partners.

He described Tokyo's move to expand export restrictions as a "grave challenge" to bilateral relations and a "selfish, destructive" act that will heavily damage the global economy.

S. Korea to remove Japan from its "whitelist" of trusted trading partners

SEOUL -- South Korea said Friday that it will remove Japan from its "whitelist" of trusted trading partners in an escalating trade war between the two neighbors.

Hong Nam-ki, the minister of economy and finance, also said South Korea will step up efforts to file a complaint with the World Trade Organization (WTO) over Japan's export restrictions.

(3rd LD) Top diplomats of S. Korea, Japan trade barbs over Tokyo's whitelist exclusion

BANGKOK -- The top diplomats of South Korea and Japan faced off Friday over Tokyo's decision to remove Seoul from its list of trusted trade partners during a regional forum in Thailand.

Foreign Minister Kang Kyung-wha and her Japanese counterpart, Taro Kono, traded barbs at the annual gathering, involving the 10-member Association of Southeast Asian Nations (ASEAN), their countries and China.

Nuke envoys of S. Korea, U.S, Japan hold talks amid whitelist, N.K. missile tensions

BANGKOK -- The top nuclear envoys of South Korea, the United States and Japan held trilateral talks in Thailand on Friday, as a spike in tensions between the two U.S. allies is feared to stymie joint efforts for North Korea's denuclearization.

Seoul's chief nuclear negotiator, Lee Do-hoon, and his U.S. and Japanese counterparts -- Stephen Biegun and Kenji Kanasugi -- met hours after North Korea fired two short-range missiles, the third such launch in a week, and Tokyo decided to strip Seoul of a preferential trade status.

Parliament passes resolution urging Japan to withdraw export curbs

SEOUL -- The National Assembly on Friday passed a resolution calling on Japan to withdraw its export curbs against South Korea in a unanimous vote during a plenary meeting.

The move came after Tokyo approved the removal of South Korea from a "whitelist" of trusted trading partners at a Cabinet meeting earlier in the day in what Seoul views as additional economic retaliatory measures over a historical issue.

(LEAD) Construction resumes at S. Korea's THAAD base

SEONGJU/SEOUL -- The South Korean and U.S. militaries began construction to improve an accommodation facility within the base of an advanced U.S. missile defense system in the southeastern province of North Gyeongsang on Friday.

The Terminal High Altitude Area Defense (THAAD) system was installed on a golf course-turned-military base in Seongju, about 300 kilometers southeast of Seoul, in 2017, as part of efforts to counter missile threats from North Korea. The South Korean and U.S. militaries have since conducted various construction work to improve the living conditions of about 250 to 300 soldiers from both countries stationed at the THAAD base.

Travelers to Japan using Incheon airport sharply decreases in late July

SEOUL -- The number of passengers who used South Korea's Incheon International Airport to visit Japan sharply decreased late last month, its operator said Friday, as an anti-Japan boycott campaign spreads fast amid a trade and history row.

Japan imposed tighter controls on high-tech exports to South Korea on July 4 and decided Friday to drop the country from a list of trusted trade partners.

(LEAD) Seoul stocks dip to 7-month low, Korean won sinks amid escalating trade tensions

SEOUL -- South Korean stocks sank to finish below the psychologically important 2,000-point threshold Friday, by falling 1 percent, in the face of escalating trade tension between its two largest trading partners, and its own with Japan. The Korean won fell sharply against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 19.21 points, or 0.95 percent, to 1,998.13, the lowest in seven months. Trading volume was low at 427 million shares worth 5.21 trillion won (US$4.34 billion), with losers far outnumbering gainers 537 to 289.

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