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Asian markets mostly rose Tuesday fuelled by optimism the Federal Reserve will slash interest rates this year, with gains led by a record high in Tokyo while gold also hit a fresh peak.Last month’s big miss on US jobs creation raised concerns about the strength of the world’s top economy, but it has stoked bets that the central bank will loosen monetary policy, even as inflation remains stubbornly above its target.Investors are awaiting the release of fresh data on prices this week to get a better idea about the Fed’s next move, with Bloomberg reporting that expectations are for three quarter-point reductions before the end of the year.Hopes for a move were boosted last month when Fed Chair Jerome Powell signalled a dovish pivot in a speech to an annual gathering of central bankers in Jackson Hole, Wyoming.After a healthy day on Wall Street, where the Nasdaq chalked up another record, Asia started on a positive note.Hong Kong climbed more than one percent, with Shanghai, Seoul, Taipei and Manila also up.Sydney, Singapore and Wellington slipped.Indonesian stocks and the rupiah fell more than one percent after President Prabowo Subianto removed Finance Minister Sri Mulyani Indrawati in a cabinet reshuffle following deadly anti-government protests across the country.Gold hit a new high above $3,650.But while the mood on trading floors is upbeat, IG markets analyst Fabien Yip offered a note of caution.”Market participants have recently responded favourably to economic weakness under the ‘bad news is good news’ paradigm, as indicators of economic deceleration could prompt accelerated Fed rate cuts,” she wrote in a commentary.”However, following (Friday’s) employment data release, investors are increasingly concerned that monetary policy easing may prove insufficient to address labour market deterioration.”Tokyo spiked at a new record as political upheaval in Japan was offset by hopes that whoever replaces Prime Minister Shigeru Ishiba will unveil a fresh round of economic stimulus.”Investors are betting that the next leader from the ruling Liberal Democratic Party (LDP) could unleash a new wave of fiscal stimulus to bolster the economy,” said Hani Abuagla, senior market analyst at XTB MENA.”All eyes are on the upcoming LDP leadership race. The fiscal and monetary policy stances of the candidates will be critical in determining the future direction of both Japanese stocks and the yen.”Still, observers are keeping tabs on developments in the country after long-term yields on government bonds hit a record.Also in view this week is a European Central bank policy decision as well as uncertainty in France after Prime Minister Francois Bayrou was ousted in a confidence vote, forcing President Emmanuel Macron to seek a replacement.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 0.2 percent at 43,732.80 (break)Hong Kong – Hang Seng Index: UP 1.2 percent at 25,941.87Shanghai – Composite: UP 0.1 percent at 3,830.42Euro/dollar: UP at $1.1776 from $1.1760 on MondayPound/dollar: UP at $1.3570 from $1.3549 Dollar/yen: DOWN at 147.24 from 147.43 yen Euro/pound: DOWN at 86.78 pence from 86.80 penceWest Texas Intermediate: UP 0.4 percent at $62.51 per barrelBrent North Sea Crude: UP 0.4 percent at $66.31 per barrelNew York – Dow: UP 0.2 percent at 45,514.95 (close)London – FTSE 100: UP 0.1 percent at 9,221.44 (close)

Global stock markets rose Monday, digesting more political upheaval in France and Japan as the tech-rich Nasdaq index finished at an all-time high.Oil prices advanced as traders bet a plan by OPEC + to boost output would result in less additional production than feared.The price of gold hit a new record high above $3,600 an ounce as the precious metal continues to benefit from its status as a safe haven investment.Meanwhile, US stocks pushed higher following positive sessions in Europe and Asia.”Political uncertainty is making waves on markets at the start of the week, but sentiment remains largely upbeat,” noted Susannah Streeter, head of money and markets at Hargreaves Lansdown stockbrokers.In France, President Emmanuel Macron was poised to accept the resignation of Prime Minister Francois Bayrou on Tuesday after his government was ejected in a confidence vote.Bayrou blindsided even his allies by calling a vote to end a months-long standoff over his austerity budget, which foresees almost 44 billion euros ($52 billion) of cost savings to reduce France’s debt pile.Still, major bourses in Europe climbed, as did the euro.Tokyo’s Nikkei stocks index closed up 1.5 percent, with Japanese exporters benefiting from a slide in the yen’s value.Japanese bond yields also climbed after Prime Minister Shigeru Ishiba said Sunday he would step down after less than a year in power — during which he lost his majority in both houses of parliament — heralding uncertainty for the world’s fourth-largest economy.The European Central bank is expected to hold interest rates steady again this week with inflation under control and US tariff tensions easing.Markets are also eyeing US inflation data later this week amid expectations of rate relief from the Federal Reserve. Expectations that the Fed would soon cut rates grew after Fed Chair Jerome Powell’s August 23 address at the central bank’s Jackson Hole gathering signaled a pivot.Powell had previously argued the Fed could keep rates unchanged in light of inflation that has lingered above the Fed’s long-term target level while the US economy chugged along.But the weakening of the jobs market has led more policymakers to argue that rates need to be cut rates so as to forestall further deterioration.”I think the Fed has locked itself into cutting rates in September,” said Sam Stovall, chief investment strategist at CFRA Research. The only outlying question based on future economic reports, he said, is “will they cut once, twice or three times this year?”- Key figures at around 2040 GMT -New York – Dow: UP 0.2 percent at 45,514.95 (close)New York – S&P 500: UP 0.2 percent at 6,495.15 (close)New York – Nasdaq Composite: UP 0.5 percent at 21,798.70 (close)London – FTSE 100: UP 0.1 percent at 9,221.44 (close)Paris – CAC 40: UP 0.8 percent at 7,734.84 (close)Frankfurt – DAX: UP 0.9 percent at 23,807.13 (close)Tokyo – Nikkei 225: UP 1.5 percent at 43,643.81 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 25,633.91 (close) Shanghai – Composite: UP 0.4 percent at 3,826.84 (close)Euro/dollar: UP at $1.1760 from $1.1717 on FridayPound/dollar: UP at $1.3549 from $1.3509 Dollar/yen: FLAT at 147.43 yen Euro/pound: DOWN at 86.80 pence from 86.73 penceBrent North Sea Crude: UP 0.8 percent at $66.02 per barrelWest Texas Intermediate: UP 0.6 percent at $62.26 per barrelburs-jmb/dw

Europe’s top car manufacturer Volkswagen presented a series of more affordable electric vehicles Monday as Chinese EV titan BYD said it would start producing a cut-price model on the continent. The duelling announcements at the closely-watched Munich auto show highlight the fierce battle shaping up between Europe’s traditional automakers and fast-growing Chinese rivals.VW — along with peers BMW and Mercedes-Benz from the long troubled German auto sector — are seeking to make up lost ground in the race for electric dominance.Volkswagen unveiled four small EV models from its namesake VW brand, as well as its Cupra and Skoda marques.With starting prices of around 25,000 euros ($29,000), lower than many current EVs made by European manufacturers, their commercial launch is set for next year. But at a press event at the IAA Mobility show, which runs the whole of this week, CEO Oliver Blume conceded that VW faced a tough fight. “The automotive industry, and especially the Volkswagen group, has never faced so many headwinds at the same time,” he said.And he conceded that the situation in China, where VW has lost market share to local rivals, was highly competitive. BYD “without a doubt is doing a great job there,” he said.- Resistance to EU ban -BYD meanwhile announced that its Dolphin Surf electric compact car, already on sale in Europe since May for around 20,000 euros, will be produced from the end of 2025 in its new Hungarian factory. “We are almost ready to build our cars in Europe, for Europe,” said the manufacturer’s executive vice president Stella Li. Building its cars in Hungary, an European Union country, should help the Chinese manufacturer avoid hefty EU tariffs the bloc has slapped on Chinese-made EVs over what Brussels says are unfair state subsidies. Germany’s top automakers have all suffered in recent times due to weak demand and fierce competition in key market China, where BYD and others have eroded their sales.They have struggled with the shift to EVs as demand has proven weaker in Europe than many had anticipated and prices remain too high for many motorists. Calls have meanwhile been growing for the EU to review a plan to end sales of new combustion engine vehicles by 2035 as part of efforts to tackle climate change.Stellantis, whose brands include Jeep and Fiat, as well as BMW and Mercedes have all expressed scepticism or outright opposition to the plan.  Volkswagen’s Blume added his voice to the criticism on Monday, saying that it was “unrealistic” to aim for “100% electric mobility” in a decade.”We need reality checks every year,” he said.

Asian markets rose on Monday, with Tokyo closing higher after Japanese Prime Minister Shigeru Ishiba’s decision to resign pushed down the value of the yen.Investors were also digesting weak US jobs data, while crude prices climbed after eight key members of the OPEC+ alliance said they had agreed to again boost oil production.Tokyo’s Nikkei index closed up 1.5 percent, with Japanese exporters benefiting from a slide in the yen’s value — one dollar bought 147.82 yen in afternoon trading, up from 147.07 on Friday.Japanese bond yields also climbed after Ishiba said Sunday he would step down after less than a year in power, heralding fresh uncertainty for the world’s fourth-largest economy.”I don’t think we can say that the resignation of PM Ishiba is a complete surprise as it’s been mooted for some time but the timing of the announcement is certainly unexpected,” said Michael Brown, senior research strategist at Pepperstone.”As for the market reaction, this obviously introduces significant downside risks for the (Japanese yen) and for long-end” Japanese government bonds (JGBs), he added.Last week, the yield on 30-year JGBs hit a record high, following rises in the United States and Europe on the back of concerns about political uncertainty and public finances. Potential candidates to lead Japan’s ruling party are “all likely to propose looser fiscal stances than Ishiba, hence further pressuring the long end of the curve, where demand for JGBs had already been waning quite significantly”, Brown said.Shanghai closed 0.4 percent higher. Hong Kong was up 0.8 percent, Taipei gained 0.2 percent and Seoul rose 0.5 percent.Jakarta gained 0.6 percent and Wellington rose 0.4 percent, but Bangkok and Singapore were flat and Sydney shed 0.2 percent.Last week’s US jobs data has cemented expectations of a Federal Reserve interest rate cut later this month.In Asia, “rising expectations of Fed rate cuts and with that lower US yields should be a welcome development to some extent providing some breathing space and policy room for Asian central banks”, Michael Wan, senior currency analyst at Japanese bank MUFG, said in a note.”Nonetheless, the key risk for Asian currencies would also lie in a sharp US slowdown and hard-landing recession through sharply slower exports to the US, which we stress is not our base case.”In early European trade, London was up 0.2 percent, Paris climbed 0.5 percent and Frankfurt jumped 0.7 percent.- Key figures at around 0700 GMT -Tokyo – Nikkei 225: UP 1.5 percent at 43,643.81 (close)Hong Kong – Hang Seng Index: UP 0.8 percent at 25,618.79Shanghai – Composite: UP 0.4 percent at 3,826.84 (close)London – FTSE 100: UP 0.2 percent at 9,223.02Euro/dollar: FLAT from Friday at $1.1722Pound/dollar: UP at $1.3512 from $1.3508 on FridayDollar/yen: UP at 147.82 yen from 147.07 yenEuro/pound: DOWN at 86.75 pence from 86.77 penceWest Texas Intermediate: UP 1.9 percent at $63.03 per barrelBrent North Sea Crude: UP 1.9 percent at $66.72 per barrelNew York – Dow: DOWN 0.5 percent at 45,400.86 (close)

A former top diplomat dubbed the “Trump Whisperer” was the first candidate Monday to join the race to be Japan’s next leader, a day after premier Shigeru Ishiba announced his resignation.Former foreign minister Toshimitsu Motegi is angling to lead the world’s fourth-largest economy as it faces fresh turbulence stemming from rising food prices and fallout from US tariffs on its crucial auto sector.The long-dominant Liberal Democratic Party (LDP) will elect its new chief, reportedly in early October, after Ishiba said Sunday he would step down after his party faired terribly in two elections.”We have to move Japan forward, resolving difficult issues at home and abroad,” party heavyweight Motegi told reporters. “I have made up my mind to run.”During a turbulent 11 months at the helm, Ishiba — initially seen as a safe pair of hands — lost his majority in both houses of parliament, dealing a major blow to the LDP that has governed almost continuously since 1955.Repeated calls for him to take responsibility for the losses made his position untenable, reports said.Motegi, a 69-year-old former LDP secretary general who was also trade minister, is among a clutch of contenders likely to emerge in the coming days.With strong English, the Harvard-educated politician was dubbed the “Trump whisperer” for his deft handling of tricky US-Japan trade talks.Another candidate is Sanae Takaichi, a 64-year-old hardline nationalist and one-time heavy metal drummer who lost out to Ishiba in 2024. She would be Japan’s first woman premier.Shinjiro Koizumi, 44, the telegenic, surfing son of an ex-premier who was recently tasked with lowering rice prices as Ishiba’s farm minister, could also run.Other hopefuls could include Yoshimasa Hayashi, Ishiba’s top government spokesman, and Takayuki Kobayashi, former economic security minister.- Ageing population, national debt -The LDP will discuss when and how to elect its new president this week, a party official told AFP, but the new leader will still need approval from both chambers of parliament to become Japan’s prime minister.There’s a slim chance that the LDP president could lose the vote, with the ruling coalition — made up of the LDP and the Komeito party —  a minority in both houses of parliament.”The LDP needs to find someone who can unite the party, appeal to the public, but also someone who can gain support from other parties,” Kensuke Takayasu, politics professor of Waseda University, told AFP.Any new leader will have a host of complex issues to tackle including a rapidly ageing population, colossal national debt, and an economy teetering on the brink of recession as inflation pinches consumers.Despite a new trade deal with President Donald Trump, Japanese imports still face tariffs of 15 percent and Tokyo has promised $550 billion of investments into the US economy.The close US strategic ally is also under pressure to further hike defence spending and be more muscular in case of confrontation with China over Taiwan.

Japan’s Prime Minister Shigeru Ishiba said on Sunday he would step down after less than a year in power, during which he lost his majority in both houses of parliament.The announcement means fresh uncertainty for the world’s fourth-largest economy as it battles rising food prices and deals with the fallout of US tariffs on its vital auto sector.Ishiba told a news conference that the long-dominant Liberal Democratic Party (LDP) should prepare for a leadership election, and he would stay in position until then.”Now that negotiations on US tariff measures have reached a conclusion, I believe this is the appropriate moment,” he said.”I have decided to step aside and make way for the next generation,” said the 68-year-old.US President Donald Trump signed an order on Thursday to lower tariffs on Japanese autos, with Washington finally moving to implement a trade pact negotiated with Tokyo in July.However, although Japanese autos will now face a 15 percent tariff instead of the current 27.5 percent, the levy will still cause significant pain in the crucial industry. Seen as a safe pair of hands, Ishiba took the helm of the LDP in September 2024 and became the 10th man in the party to serve as prime minister since 2000. “We have switched prime ministers many times,” said 25-year-old Yuri Okubo, speaking from a Tokyo park on a hot afternoon. “I’m worried that no matter who the new prime minister will be, nothing will change.”- Mounting resignation calls -Opponents of Ishiba had been calling for him to step down to take responsibility for dire election results, following the party’s poor performance in an upper chamber vote in July.Lower house elections in October 2024 saw the LDP suffer its worst result in 15 years.Media reports said earlier that Ishiba wanted to avoid a split in the party and that he was unable to withstand the mounting calls for his resignation.The farm minister and a former prime minister reportedly met with Ishiba on Saturday night to urge him to resign voluntarily.Four senior LDP officials, including the party’s number two Hiroshi Moriyama, offered to resign last week.Ishiba’s term as party leader was supposed to end in September 2027.”While striving to accommodate many people and foster harmony, my sincere efforts resulted in losing my particular path,” Ishiba said, adding he would not run in the leadership race.His most prominent rival, hardline nationalist Sanae Takaichi, was the runner-up in the last leadership election and all but said on Tuesday that she would seek a contest.A Nikkei survey held at the end of August put Takaichi as the most “fitting” successor to Ishiba, followed by farm minister Shinjiro Koizumi, but 52 percent of respondents said a leadership contest was unnecessary.After the July election, social media users called for the moderate Ishiba to remain in power under the hashtag “#Ishiba Don’t quit”.The LDP has governed almost continuously since 1955, but voters have been deserting the party, including towards fringe groups such as the populist Sanseito.Factors include rising prices, notably for rice, falling living standards, and anger at corruption scandals within the LDP. Ishiba, a diligent career politician, was elected LDP leader last year on his fifth attempt, promising a “new Japan”. Both China and South Korea welcomed his appointment then, hoping for improved ties. 

Eight key members of the OPEC+ alliance said Sunday they have agreed to again boost oil production, in a strategy analysts saw as a bid to gain a bigger market share of crude sales.Oil ministers in the V8 grouping — comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman — decided to increase production by 137,000 barrels a day (bpd) from next month, they said in a statement.Those countries had already increased production by 2.2 million bpd in recent months.In their statement issued after an online meeting on Sunday, they said that the new incoming cycle could see up to an extra 1.65 million bpd eventually coming onto the market.”OPEC+ caught the market off guard today — instead of pausing, the group signalled ambition with a production hike. The barrels may be small, but the message is big,” said Jorge Leon, an analyst at Rystad Energy.”OPEC+ is prioritising market share even if it risks softer prices,” he said.Oil prices are currently hovering around $65-70 per barrel, having tumbled 12 percent this year as global producers outside OPEC+ ramp up supply and tariffs curb demand.OPEC+ — which comprises the 12-nation Organization of the Petroleum Exporting Countries (OPEC) and its allies — had in recent years seen through several output cuts amounting to a total of almost six million bpd.Analysts, up to a week ago, had been saying the V8 was likely to maintain their current output levels in October.By raising them, even by a relatively modest 137,000 bpd, the V8 instead indicated that OPEC+ was willing to weather prices falling below $60 a barrel if it meant regaining market share.Leon said: “In reality, the actual production boost will be far smaller, given capacity limits and the compensation mechanism. But perception often matters more than physical barrels.”Still, he said, “the move raises questions about unity: countries like Russia depend on high prices to fund their war machine, while others are willing to test lower prices for market share”.- Geopolitical factors -The real test for OPEC+ will be the last three months of this year, a period when seasonal demand tends to be lower, he said.Oil specialists are keeping a close eye on Moscow’s war in Ukraine as well as developments regarding US-Russia relations — geopolitical factors that could impact oil prices.US President Donald Trump, whose efforts to mediate between Russia and Ukraine have failed to produce a breakthrough, has recently targeted Russian oil and those who buy it. In August, he imposed higher tariffs on India as punishment for its purchases of Russian oil. In a meeting with allies of Ukraine who gathered in Paris on Thursday, Trump told leaders via a video conference that he was frustrated with EU purchases of Russian oil, particularly by Hungary and Slovakia.Curbing Russian exports could free up market space for OPEC+ nations.

On the night he won Canada’s election, Prime Minister Mark Carney summarized his plan to jumpstart the country’s economy in response to President Donald Trump’s threats. “Build, baby, build!” Carney told a jubilant crowd of Liberal party supporters in April. In the early weeks of his first term, Carney’s plans to build have taken shape, headlined by the new “Major Projects Office”, launched last month to spearhead the construction of ports, highways, mines and perhaps a new oil pipeline — a contentious subject for groups concerned about the environment. The office, which is expected to announce its priorities in the coming days, was formed after Carney’s Liberals secured cross-party support to pass legislation empowering his government to fast-track “nation-building projects.””We are moving at a speed not seen in generations,” Carney said, a level of urgency he argues is required as Trump reshapes the global economy. Trump’s threats to annex Canada have eased, but his trade war is hurting the Canadian economy. US tariffs on autos, steel and aluminum have squeezed the three crucial sectors and led to job losses.The unemployment rate hit 7.1 percent in August, the highest level since 2016 outside of the pandemic.That “adds to evidence that the trade war is taking its toll on Canadian labor markets,” RBC senior economist Claire Fan said this week. – ‘Economy in peril’ -Since entering politics earlier this year, Carney has insisted Canada needs to break its decades-long reliance on US trade by revitalizing internal commerce while pursuing new markets in Europe and Asia. During a visit to Germany last month, Carney said his government was “unleashing half a trillion dollars of investment” in infrastructure for energy, ports and other sectors. Jay Khosla, an energy expert at the Public Policy Forum, said the momentum to build would not have been possible without Trump. “We know our economy is in peril,” he said, noting Canada was effectively “captured economically,” because of its closeness to the United States. – ‘Energy superpower’? -Canada is the world’s fourth largest oil exporter and its crude reserves are the world’s third largest. Most of its resources are in the western province of Alberta, which exports almost exclusively to the United States, as Canada lacks the infrastructure to efficiently get energy products to other foreign markets. Former prime minister Justin Trudeau, Carney’s predecessor, put climate change at the center of his political brand and faced criticism from some over his perceived lack of support for the energy sector. In a shift from the Trudeau era, Carney’s Liberals now support exporting liquefied natural gas (LNG) to Europe. “What we heard loud and clear from German LNG buyers and LNG users is they believe there is demand and they want to buy our products” Energy Minister Tim Hodgson said in Berlin last week. Carney has repeatedly said Canada “can be an energy superpower.”But not everyone is enthusiastic about that plan. Greenpeace has accused the prime minister of backing “climate-wrecking infrastructure” while ignoring clean energy. Carney could likely press ahead despite concerns from pro-climate NGOs, but support from Indigenous leaders — for whom safeguarding the environment is top priority — is seen as essential. Despite Carney’s efforts to secure Indigenous backing for his major projects push, their concern persists. “We know how it feels to have Trump at our border. Let’s not do that and have Trump-like policies,” said Cindy Woodhouse, the national chief of the Assembly of First Nations, in a swipe at Carney’s backing for energy infrastructure. “Let’s take the time and do things properly.”

More than 300 South Koreans were among 475 people arrested by US immigration officials in a raid on a Hyundai-LG battery plant being built in the southern US state of Georgia, the foreign minister in Seoul said on Saturday.Thursday’s operation in the town of Ellabell was the largest single site raid carried out so far under US President Donald Trump’s nationwide anti-migrant drive, a US official said.Footage of the raid released by US authorities showed detained workers, in handcuffs and with chains around their ankles, being loaded onto an inmate transportation bus.The raid stemmed from a probe into “allegations of unlawful employment practices and serious federal crimes” at the Hyundai Motor-LG Energy Solution joint venture plant, Steven Schrank, a Homeland Security Investigations special agent in Atlanta, told reporters on Friday.”This was not an immigration operation where agents went into the premises, rounded up folks and put them on buses,” he said. “This has been a multi-month criminal investigation.”South Korean Foreign Minister Cho Hyun said at an emergency meeting in Seoul that, of the 475 arrested, “more than 300 are believed to be our nationals.””We are deeply concerned and feel a heavy sense of responsibility over this matter,” Cho said, adding that he would go to Washington for talks if necessary.First Vice Foreign Minister Park Yoon-joo raised the issue in a telephone call with US Under Secretary of State for Political Affairs Allison Hooker, voicing regret over the crackdown and the release of footage showing the Korean workers’ arrest.Park said “the economic activities of Korean companies investing in the United States and the rights and interests of Korean citizens must not be unfairly infringed upon during US law enforcement operations,” his ministry said.Park “asked the State Department to actively work to ensure a fair and swift resolution to this matter,” the statement added.- ‘ICE was just doing its job’ -Schrank said that those arrested were “illegally present in the United States” and “working unlawfully.”He said those taken into custody have been turned over to Immigration and Customs Enforcement (ICE) for potential removal.When asked about the raid by reporters at the White House, Trump said: “I would say that they were illegal aliens, and ICE was just doing its job.”The plant where the raid took place is intended to supply batteries for electric vehicles.LG Energy Solution said Saturday that 47 of its employees had been arrested — 46 South Koreans and one Indonesian. The company also said about 250 of those arrested were believed to be employed by its contractor, and most of them were South Koreans. “Business trips to the US will be suspended for the time being unless they are absolutely necessary,” the firm’s spokeswoman told AFP. “Those currently on assignments in the US are going to either return home immediately or remain on standby at their accommodation, taking into account the specifics of their work situation.” Hyundai said Friday it understood that none of those detained was “directly employed” by the firm.Schrank said some of those detained had crossed the US border illegally, while others had arrived with visas that prohibited them from working or had overstayed their work visas. “This operation underscores our commitment to protecting jobs for Georgians and Americans, ensuring a level playing field for businesses that comply with the law, safeguarding the integrity of our economy and protecting workers from exploitation,” he said.South Korea, Asia’s fourth-biggest economy, is a key automaker and electronics producer with multiple plants in the United States.Its companies have invested billions of dollars to build factories in the United States in a bid to access the US market and avoid tariff threats from Trump.President Lee Jae Myung met Trump during a visit last month, and Seoul pledged $350 billion in US investment in July. Trump has promised to revive the manufacturing sector in the United States, while also vowing to deport millions of undocumented migrants.