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Asian stocks fell with the dollar Monday after Moody’s removed the United States’ last gold standard sovereign bond rating, citing the growing debt pile that it warned could balloon further.The move dealt a blow to markets, which had enjoyed a healthy run-up last week after Washington and China hammered out a deal to temporarily slash tit-for-tat tariffs, dialling down the tensions in a painful trade war between the superpowers. After the rout sparked by US President Donald Trump’s Liberation Day tariffs bazooka, investors have in recent weeks raced back to buy up beaten-down stocks as the White House tempered its hardball tariff approach and then announced the agreement with China.But selling pressure returned Monday after Moody’s cut its rating on US debt to Aa1 from Aaa, noting “the increase over more than a decade in government debt and interest payment ratios to levels that are significantly higher than similarly rated sovereigns”.It added that it expected federal deficits to widen to almost nine percent of economic output by 2035, up from 6.4 percent last year, “driven mainly by increased interest payments on debt, rising entitlement spending, and relatively low revenue generation”.Analysts said the cut in the gold standard rating — which follows S&P in 2011 and Fitch in 2023 — could indicate investors will want higher yields on Treasuries, pushing up the cost of government debt.Still, Treasury Secretary Scott Bessent dismissed the announcement, saying it was “a lagging indicator” and blaming Trump’s predecessor Joe Biden.”We didn’t get here in the past 100 days,” he told CNN. “It’s the Biden administration and the spending that we have seen over the past four years that we inherited, 6.7 percent deficit-to-GDP, the highest when we weren’t in a recession, not in a war.”And White House communications director Steven Cheung hit out at Moody’s Analytics on X, singling out its chief economist Mark Zandi.”Nobody takes his ‘analysis’ seriously. He has been proven wrong time and time again,” Cheung posted.The news added to a frustrating time for the US president after Congress failed to pass his “big, beautiful bill” to extend tax cuts passed in his first term and impose new restrictions on welfare programmes.Independent congressional analysts say the package would add more than $4.8 trillion to the federal deficit over the coming decade.The bill came up short in a key vote owing to opposition from several Republican fiscal hawks.Republican congressman French Hill, who chairs the House Financial Services Committee, said the downgrade “is a strong reminder that our nation’s fiscal house is not in order”.House Speaker Mike Johnson told “Fox News Sunday” that he plans for a floor vote on the package by the end of the week.Equities in Hong Kong and Shanghai fell as below-forecast Chinese retail sales figures reinforced the view that the world’s number two economy continues to struggle even after officials unveiled fresh stimulus measures. However, factory output picked up more than expected.Tokyo, Sydney, Seoul, Singapore, Wellington, Taipei and Jakarta all fell, while US futures were also well down.The dollar was also down against its peers.Gold recovered some recent losses owing to its safe haven appeal, rising to $3,225 per ounce.Still, National Australia Bank’s Ray Attrill said: “Moody’s actions will have zero impact on any investor’s ability or willingness to continue holding US Treasuries — that would likely require downgrades of four or five more notches.”And SPI Asset Management’s Stephen Innes said investors would be more interested in upcoming data that would provide a better idea about the state of the world’s top economy.”Moody’s may have dropped the mic, but for equity traders, the real test this week will be Main Street,” he wrote in a note.”We’re heading into a make-or-break retail earnings slate — Target, Home Depot, Lowe’s, TJX, Ralph Lauren all report — and this is where tariff theory collides with checkout-line reality.”Yes, the S&P has clawed back 18 percent since the ‘Liberation Day’ tariff blitz, but the consumer has been the market’s unsung hero. Now they’re about to be audited.”He said the “downgrade is more psychological than mechanical”.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 0.4 percent at 37,617.63(break)Hong Kong – Hang Seng Index: DOWN 0.6 percent at 23,211.29Shanghai – Composite: DOWN 0.2 percent at 3,361.55Euro/dollar: UP at $1.1180 from $1.1154 on FridayPound/dollar: UP at $1.3300 from $1.3278Dollar/yen: DOWN at 145.09 yen from 145.92 yenEuro/pound: UP at 84.05 from 83.97 penceWest Texas Intermediate: DOWN 0.1 percent at $62.41 per barrelBrent North Sea Crude: DOWN 0.2 percent at $65.27 per barrelNew York – Dow: UP 0.8 percent at 42,654.74 (close)London – FTSE 100: UP 0.6 percent at 8,684.56 (close)

Factory output in China grew at a faster rate than expected last month, official data showed Monday, weathering a brutal trade war with Washington.Industrial production in the export powerhouse grew 6.1 percent on-year in April, according to figures published by the National Bureau of Statistics (NBS).The reading was higher than the 5.7 percent forecast in a Bloomberg survey, but still lower than the 7.7 percent jump recorded for March.”The national economy withstood pressure and grew steadily in April,” the NBS said, acknowledging a “complex situation of increasing external shocks and layered internal difficulties and challenges”.China and the United States last week agreed to slash sweeping tariffs on each other’s goods for 90 days, raising hopes the global economy can avoid a major downturn.In addition to heightened trade tensions, Beijing has also been battling a persistent slump in domestic spending, threatening its official growth target for this year of around five percent.Data on Monday showed retail sales, a key gauge of domestic demand, grew 5.1 percent year-on-year last month, short of the 5.8 percent growth forecast by Bloomberg.The reading also marked a slowdown from March’s 5.9 percent growth.Meanwhile, China’s surveyed unemployment rate edged down slightly to 5.1 percent, from 5.2 percent in March, according to the NBS.”Economic activities softened only marginally in April as exports stayed resilient despite higher US tariffs,” Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, wrote in a note.”Now that the tariffs have been cut significantly, I expect exports to remain strong,” Zhang said, adding that “economic momentum in the second quarter will likely be stable”.Adding to woes is a years-long downturn in the once-booming property market, which previously represented a key engine for the country’s economy.April saw the price of new residential properties contract in 67 out of 70 surveyed cities, reflecting continued consumer caution, according to the data.

Global semiconductor chip giants will gather at Taiwan’s top tech expo this week to showcase “the next frontier” for an industry dominated by artificial intelligence.Nvidia boss Jensen Huang will make a keynote speech on Monday, the eve of Computex, as the tech sector grapples with the impact of US tariffs and disrupted supply chains. The four-day event will draw computer and chip companies from around the world to Taiwan, whose semiconductor industry is critical to the production of everything from iPhones to the servers that run ChatGPT.Taiwan produces the bulk of the world’s most advanced chips, including those needed for the most powerful AI applications and research.”I have many amazing announcements to make,” Huang told reporters in Taipei on Friday.”We are at the heart of the technology ecosystem and so there are many partners of ours here and we’re looking forward to announcing many collaborations, many new projects, many new technologies and initiatives together.” Top executives from Qualcomm, MediaTek and Foxconn will also speak at Computex, where advances in moving AI from data centres into laptops, robots and cars will be in the spotlight.”From Agentic AI driving smarter personal devices to Physical AI reshaping autonomy, the show maps out the next frontier,” specialist research firm Counterpoint said in a note.Tech expert Paul Yu told AFP the industry was at a “critical juncture” for AI hardware development.”Over the past two and a half years, significant investment has driven rapid advances in AI technology,” said Yu, of Witology Markettrend Research Institute.”2025 to 2026 will be the crucial period for transitioning AI model training into profitable applications.”- ‘Taiwan to continue to thrive’ -While US tariffs were the biggest issue facing the sector, most companies at Computex “will shy away from addressing tariffs directly as the situation is too uncertain,” said Eric Smith of specialist platform TechInsights.Last month, Washington announced a national security probe into imports of semiconductor technology, which could put the industry in the crosshairs of President Donald Trump’s trade bazooka and inflict potentially devastating levies.Since taking office in January, Trump has threatened hefty tariffs against many of America’s biggest trade partners with the aim of forcing companies to move production to US soil.Export-dependent Taiwan has pledged to increase investment in the United States as it seeks to avoid a 32 percent US tariff on its shipments.But there are concerns the island could lose its dominance of the chip sector — the so-called “silicon shield” protecting it from an invasion or blockade by China and an incentive for the United States to defend it. TSMC, the Taiwanese contract chipmaking giant, has unveiled plans to inject an additional $100 billion into the United States, on top of the $65 billion already pledged. TSMC-supplier GlobalWafers also announced plans last week to increase its US investment by $4 billion as the Taiwanese company opened a wafer facility in the US state Texas.But Huang was optimistic on Friday when asked about the impact of tariffs on Taiwan, saying the island would “remain at the centre of the technology ecosystem”.”There are so many smart companies here, there are so many innovative and spirited companies,” Huang said.”I fully expect Taiwan to continue to thrive… before, after, throughout.”

Wall Street stocks rose again Friday, adding to weekly gains fueled by deescalation of the China-US trade war and hopes for additional international trade deals.Equity markets have enjoyed one of their best weeks since US President Donald Trump’s “Liberation Day” tariff bazooka last month caused indices to slump.FHN Financial’s Chris Low also pointed to a “growing sense of relief” over benign US inflation data that has helped counter worries that Trump’s tariffs will dramatically reignite pricing pressure.The United States and China on Monday announced they would slash their tit-for-tat tariffs for 90 days to allow for talks, but considerable levies remain in place.Investors are now awaiting signals from the US president on progress in trade talks, as countries seek deals to avoid his steeper levies, as well as more information about their economic impact.The broad-based S&P 500 rose for the fifth straight session, adding 0.7 percent.Investors largely shrugged off weaker consumer sentiment data from the University of Michigan that reflect consumers’ “somber” economic outlook and expectations of higher inflation.FHN Financial’s Low also cited worries about the fate of Trump’s budget legislation in Washington.Oil prices rebounded after tumbling Thursday on the possibility a breakthrough in Iran nuclear talks, fueled by Trump saying progress had been made on a deal. The uptick rode resurgent concern on India-Pakistan tensions.The dollar rose against major rival currencies as investors weigh whether the US Federal Reserve will still cut interest rates this year following mixed inflation data.Shares in Danish drugmaker Novo Nordisk, known for its blockbuster diabetes and weight-loss treatments Ozempic and Wegovy, dropped more than three percent after it announced the departure of its chief executive, before cutting losses.Novo Nordisk’s share price has fallen by more than half since June 2024 as it faces more competition.E-commerce titan Alibaba shed over six percent in Hong Kong after reporting a disappointing rise in first-quarter revenue amid sluggish consumer spending in China.Take-Two Interactive fell 2.4 percent after announcing $3.55 billion in one-time costs connected to the delay of the launch of its new “Grand Theft Auto” video game. The game developer recently pushed back the timeframe on the unveiling to May 2026.- Key figures at around 2030 GMT -New York – Dow: UP 0.8 percent at 42,654.74 (close)New York – S&P 500: UP 0.7 percent at 5,958.38 (close)New York – Nasdaq Composite: UP 0.5 percent at 19,211.10 (close)London – FTSE 100: UP 0.6 percent at 8,684.56 (close)Paris – CAC 40: UP 0.4 percent at 7,886.69 (close)Frankfurt – DAX: UP 0.3 percent at 23,767.43 (close)Tokyo – Nikkei 225: FLAT at 37,753.72 (close)Hong Kong – Hang Seng Index: DOWN 0.5 percent at 23,345.05 (close)Shanghai – Composite: DOWN 0.4 percent at 3,367.46 (close)Euro/dollar: DOWN at $1.1154 from $1.1187 on ThursdayPound/dollar: DOWN at $1.3278 from $1.3305Dollar/yen: UP at 145.92  yen from 145.67 yenEuro/pound: DOWN at 83.97 from 84.08 penceBrent North Sea Crude: UP 1.4 percent at $65.41 per barrelWest Texas Intermediate: UP 1.4 percent at $62.49 per barrelburs-jmb/mlm

Global stock markets struggled for direction on Friday as they sought to hold onto weekly gains fuelled by the China-US trade war hiatus.Equity markets have enjoyed one of their best weeks since US President Donald Trump’s “Liberation Day” tariff bazooka last month caused indices to slump.”The chief driver of global markets this week has been improving US trade relations, especially with China,” said Kathleen Brooks, research director at XTB.”However, as we end the week, this is fading,” she added.The United States and China on Monday announced they would slash their tit-for-tat tariffs for 90 days to allow for talks, but considerable levies remain in place.Investors are now awaiting signals from the US president on progress in trade talks, as countries seek deals to avoid his steeper levies, as well as more information about their economic impact.Analysts warn that initial optimism of the US-China trade truce may have been overdone given that tariffs remain in place and pose a threat to economic growth. A “baseline” 10-percent tariff on US imports of goods from nearly every country remains in place.”Even if more trade deals are announced, it is still the case that tariffs on goods entering the US will be much higher than anyone dared to contemplate,” said IG chief market analyst Chris Beauchamp.Analysts and investors worry that higher prices will lead to economic growth slowing.April US inflation data released this week came in lower than expected, although analysts said the impact of tariffs is more likely to be visible in May or June data. Top US retailer Walmart warned Thursday that it will begin raising prices soon due to the tariffs.Preliminary data showed US consumer confidence data dipped in May, but the snapshot was taken before the US-China tariff pause was announced.US consumer sentiment is now down nearly 30 percent from the start of the year, with trade policy dominating the thinking of consumers, as nearly three-quarters spontaneously mentioned tariffs, researchers at the University of Michigan said.Oil prices rebounded after tumbling Thursday on the possibility a breakthrough in Iran nuclear talks, fuelled by Trump saying progress had been made on a deal. The uptick rode resurgent concern on India-Pakistan tensions.The dollar rose against major rival currencies as investors weigh whether the Federal Reserve will still cut interest rates this year following mixed inflation data. Shares in Danish drugmaker Novo Nordisk, known for its blockbuster diabetes and weight-loss treatments Ozempic and Wegovy, dropped more than three percent after it announced the departure of its chief executive, before cutting losses.Novo Nordisk’s share price has fallen by more than half since June 2024 as it faces more competition.E-commerce titan Alibaba shed over six percent in Hong Kong after reporting a disappointing rise in first-quarter revenue amid sluggish consumer spending in China. – Key figures at around 1530 GMT -New York – Dow: UP less than 0.1 percent at 42,348.77 pointsNew York – S&P 500: UP 0.2 percent at 5,422.09New York – Nasdaq Composite: UP less than 0.1 percent at 19,121.22London – FTSE 100: UP 0.6 percent at 8,684.56 (close)Paris – CAC 40: UP 0.4 percent at 7,886.69 (close)Frankfurt – DAX: UP 0.3 percent at 23,767.43 (close)Tokyo – Nikkei 225: FLAT at 37,753.72 (close)Hong Kong – Hang Seng Index: DOWN 0.5 percent at 23,345.05 (close)Shanghai – Composite: DOWN 0.4 percent at 3,367.46 (close)Euro/dollar: DOWN at $1.1143 from $1.1185 on ThursdayPound/dollar: DOWN at $1.3258 from $1.3304Dollar/yen: UP at 145.99 yen from 145.65 yenEuro/pound: DOWN at 84.05 from 84.07 penceBrent North Sea Crude: UP 0.8 percent at $65.02 per barrelWest Texas Intermediate: UP 0.8 percent at $61.62 per barrelburs-rl/rmb

A Thai construction tycoon turned himself in on Friday to face charges of alleged negligence over the collapse of a skyscraper that killed dozens of people in a powerful earthquake, police said.The 30-storey Bangkok tower crumbled in seconds, killing 89 people, mostly construction workers, when a magnitude-7.7 tremor hit neighbouring Myanmar on March 28.The building being constructed to house the State Audit Office was the only structure to collapse in the Thai capital, raising serious concerns about safety standards and oversight.A Thai court on Thursday issued arrest warrants for 17 people on charges of “professional negligence causing death”, including Premchai Karnasuta, CEO of Italian-Thai Development (ITD), one of the kingdom’s largest construction firms.Premchai and 14 other suspects reported to Bangkok’s Bang Sue Police station where “they denied all charges”, district police chief Sanong Sangmanee told AFP, adding the remaining suspects were due Monday.If convicted, the 71-year-old magnate faces up to 10 years in prison and a fine of 200,000 baht ($6,000).Livestream footage from local outlet The Reporters showed Premchai in a wheelchair as officers escorted him from the police station to court.A court official told AFP that Premchai will be held in pre-trial detention while prosecutors continue their investigation.This is not the tycoon’s first legal tangle. In 2021 a Thai court sentenced him to three years and two months in prison for poaching protected wildlife, including a black panther. He was released early in 2023 as part of a group of inmates granted clemency for good behaviour.According to public filings with the Stock Exchange of Thailand, Premchai owns nearly 12 percent of ITD’s shares.Thai justice department investigators said Friday they will probe cement plates used in the tower’s construction to gather further evidence for their case.

Stock markets were calmer Friday, with European stocks consolidating weekly gains fuelled by the China-US trade war hiatus and as investors awaited further developments over tariffs.Asian markets lost steam after enjoying one of their best weeks since US President Donald Trump’s “Liberation Day” tariff bazooka last month caused indices to slump.”European shares are largely holding onto yesterday’s gains, which saw Germany’s DAX reach a record high” at the close, said Derren Nathan, head of equity research at Hargreaves Lansdown. London, Paris and Frankfurt were all higher Friday. Luxury stocks were bolstered after Cartier-owner Richemont posted higher net profit and sales, driven by resilience in its jewelery business, despite the sector struggling with weak demand from China. Pharmaceutical and energy stocks were up in London, as “investors were fishing for opportunities among areas that have recently been weak”, said AJ Bell investment director Russ Mould. “Pharma stocks have been volatile of late amid fears of tariffs on the sector, while a pullback in oil prices dragged down the big oil producers yesterday,” he added.Oil prices steadied after tumbling Thursday on the possibility a breakthrough in Iran nuclear talks, fuelled by Trump saying progress had been made on a deal.The dollar edged down against the euro and the yen on raised expectations that the Federal Reserve would still cut interest rates this year following mixed inflation data.Investors are now awaiting signals from the US president on trade talks, as countries seek deals to avoid his steep levies.However, analysts warn that initial optimism over the US-China truce — which saw them slash tit-for-tat tariffs for 90 days to allow for talks — has faded, given that levies are still elevated and pose a threat to economic growth. “Even if more trade deals are announced, it is still the case that tariffs on goods entering the US will be much higher than anyone dared to contemplate,” said IG chief market analyst Chris Beauchamp.In Asia, markets were more negative, with Shanghai and Hong Kong falling. Japan’s economy suffered its first quarterly contraction for a year in January-March, which analysts said did not help market sentiment.The Nikkei index closed flat.E-commerce titan Alibaba shed over six percent in Hong Kong after reporting a disappointing rise in first-quarter revenue amid sluggish consumer spending in China. Other tech firms were also lower, with e-commerce rival JD.com down along with Tencent and Meituan.- Key figures at around 1100 GMT -London – FTSE 100: UP 0.5 percent at 8,675.25 pointsParis – CAC 40: UP 0.7 percent at 7,904.83Frankfurt – DAX: UP 0.7 percent at 23,851.57Tokyo – Nikkei 225: FLAT at 37,753.72 (close)Hong Kong – Hang Seng Index: DOWN 0.5 percent at 23,345.05 (close)Shanghai – Composite: DOWN 0.4 percent at 3,367.46 (close)New York – Dow: UP 0.7 percent at 42,322.75 (close)Euro/dollar: UP at $1.1203 from $1.1185 on ThursdayPound/dollar: DOWN at $1.3296 from $1.3304Dollar/yen: DOWN at 145.49 yen from 145.65 yenEuro/pound: UP at 84.25 from 84.07 penceBrent North Sea Crude: UP 0.5 percent at $64.86 per barrelWest Texas Intermediate: UP 0.5 percent at $61.93 per barrel

The Asia-Pacific Economic Cooperation group said Friday that it was “concerned” over the challenges to global trade, as ministers from APEC countries met in South Korea in the shadow of growing woes from US tariffs.Trade ministers from the top economies that make up APEC are meeting on South Korea’s Jeju Island amid concerns for the global trading system since US President Donald Trump unveiled bombshell levies on most partners.The United States is a key APEC member and was represented by Trade Representative Jamieson Greer, who held a series of bilateral meetings with nations eager to soften the blow of Washington’s tariffs.”We are concerned with the fundamental challenges faced by the global trading system,” trade ministers from the 21-member group, which includes China, said in a joint statement.They urged greater cooperation, saying they “remain committed” to APEC as a means of “bringing us together to address the economic challenges facing our region”.South Korea’s Minister for Trade, Cheong In-Kyo, said the joint statement was hard-won, with “significant differences” in positions clear early on in the talks.But at the last minute, the countries “dramatically” reached an agreement, he said, with the APEC emphasising the importance of global trading mechanisms such as the World Trade Organisation (WTO), as well as sustainable supply chains. This “sends a highly positive signal to global markets”, he said, adding that “APEC members can work together to navigate the current highly uncertain global trade environment effectively”.- No joint response to US -Cheong said there had been no discussion of “joint responses” to US tariffs, saying it was not possible as “each country faces significantly different circumstances”.South Korea recorded a $66 billion trade surplus with the United States last year — behind only Vietnam, Taiwan, and Japan — making it a key target of Trump’s trade tirade.Highly dependent on exports, the country has been hit hard by the 25 percent tariffs on automobiles imposed by Trump in early April. Greer also met South Korea’s Trade, Industry and Energy minister, Ahn Duk-geun, later in the day.Ahn said in a press conference that the two sides agreed to hold a “second round of technical consultations”.The South Korean delegation will fly to Washington next week to discuss issues such as trade and economic security.Ahn said he emphasised to Greer that South Korea has a free trade agreement with the United States.  “I made it clear that, against this backdrop of strong industrial cooperation, the current tariff issue has become a significant concern.”Trump announced additional “reciprocal” tariffs of up to 25 percent on South Korean exports last month, but later suspended them until early July.”Our objective is to finalise an agreement before that date, and we are making every effort to meet this timeline,” said Ahn. “I believe other countries are in a similar situation, and the United States has no reason to delay either.”Seoul aims to leverage the talks with commitments to purchase more US liquefied natural gas (LNG) and offer support in shipbuilding, a sector in which South Korea is a leader, after China.Earlier on Friday, Greer met Chung Ki-sun, the vice chairman of HD Hyundai, which owns South Korea’s largest shipbuilding company.HD Hyundai said in a statement that discussions covered cooperation with US shipmaker Huntington Ingalls Industries.Greer also met the CEO of South Korean shipbuilder Hanwha Ocean, which provides maintenance, repair and overhaul services for US Navy vessels.Shares of Hanwha Ocean rose nearly three percent on Friday morning, while HD Hyundai Heavy Industries gained as much as 3.6 percent.

The Asia-Pacific Economic Cooperation group said Friday that it was “concerned” over the challenges to global trade, as ministers from APEC countries met in South Korea in the shadow of growing woes from US tariffs.Trade ministers from the top economies that make up APEC are meeting on South Korea’s Jeju Island amid concerns for the global trading system since US President Donald Trump unveiled bombshell levies on most partners.The United States is a key APEC member and was represented by Trade Representative Jamieson Greer, who held a series of bilateral meetings with nations eager to soften the blow of Washington’s tariffs.”We are concerned with the fundamental challenges faced by the global trading system,” trade ministers from the 21-member group, which includes China, said in a joint statement.They urged greater cooperation, saying they “remain committed” to APEC as a means of “bringing us together to address the economic challenges facing our region”.South Korea’s Minister for Trade, Cheong In-Kyo, said the joint statement was hard-won, with “significant differences” in positions clear early on in the talks.But at the last minute, the countries “dramatically” reached an agreement, he said, with the APEC emphasising the importance of global trading mechanisms such as the World Trade Organisation (WTO), as well as sustainable supply chains. This “sends a highly positive signal to global markets”, he said, adding that “APEC members can work together to navigate the current highly uncertain global trade environment effectively”.- No joint response to US -Cheong said there had been no discussion of “joint responses” to US tariffs, saying it was not possible as “each country faces significantly different circumstances”.South Korea recorded a $66 billion trade surplus with the United States last year — behind only Vietnam, Taiwan, and Japan — making it a key target of Trump’s trade tirade.Highly dependent on exports, the country has been hit hard by the 25 percent tariffs on automobiles imposed by Trump in early April. Greer also met South Korea’s Trade, Industry and Energy minister, Ahn Duk-geun, later in the day.Ahn said in a press conference that the two sides agreed to hold a “second round of technical consultations”.The South Korean delegation will fly to Washington next week to discuss issues such as trade and economic security.Ahn said he emphasised to Greer that South Korea has a free trade agreement with the United States.  “I made it clear that, against this backdrop of strong industrial cooperation, the current tariff issue has become a significant concern.”Trump announced additional “reciprocal” tariffs of up to 25 percent on South Korean exports last month, but later suspended them until early July.”Our objective is to finalise an agreement before that date, and we are making every effort to meet this timeline,” said Ahn. “I believe other countries are in a similar situation, and the United States has no reason to delay either.”Seoul aims to leverage the talks with commitments to purchase more US liquefied natural gas (LNG) and offer support in shipbuilding, a sector in which South Korea is a leader, after China.Earlier on Friday, Greer met Chung Ki-sun, the vice chairman of HD Hyundai, which owns South Korea’s largest shipbuilding company.HD Hyundai said in a statement that discussions covered cooperation with US shipmaker Huntington Ingalls Industries.Greer also met the CEO of South Korean shipbuilder Hanwha Ocean, which provides maintenance, repair and overhaul services for US Navy vessels.Shares of Hanwha Ocean rose nearly three percent on Friday morning, while HD Hyundai Heavy Industries gained as much as 3.6 percent.