"Trump Open to Exchanging Letters with Kim Jong-un"...New York Stock Market Closes Lower [Morning Briefing]

◆ White House: "Trump open to exchanging letters with Kim Jong-un...wants progress"

President Donald Trump of the United States is open to exchanging letters with North Korean leader Kim Jong-un and wants to see relationship progress similar to that of the first U.S.-North Korea summit held in Singapore in 2018, the White House announced on the 11th (local time). White House spokesperson Caroline Leavitt stated at a briefing that day, in response to media reports that North Korea refused to accept a personal letter sent to Kim by President Trump, "The president remains receptive to exchanging letters with Kim Jong-un," adding, "He would want to see the progress that was made in Singapore during his first term (again)." Previously, U.S. media outlet NK News cited anonymous high-level sources, reporting that North Korean diplomats in New York had refused to accept President Trump's letter to Kim in an effort to restore the U.S.-North Korea dialogue channel. Leavitt's remarks on the day did not deny the NK News report, appearing to reaffirm that President Trump maintains an open position toward communication and progress in U.S.-North Korea relations with Kim.

◆ New York Stock Market closes lower despite U.S.-China agreement and inflation relief; Nasdaq down 0.5%

Although the U.S. and China succeeded in reaching an agreement in the second round of trade negotiations and inflation figures turned out lower than expected, the New York Stock Exchange closed on a weak note. On the 11th (local time), the Dow Jones 30 Industrial Average finished at 42,865.77, down 1.10 points (0.00%) from the previous session. The S&P 500 index closed at 6022.24, dropping 16.57 points (-0.27%), and the Nasdaq index ended at 19,615.88, falling 99.11 points (-0.50%). Major indices in New York started firm on news that the U.S. and China had reached an agreement to implement the framework from the first meeting as a result of the second round trade negotiations. Despite President Trump's continued tariff policies, the U.S. consumer price index for May not rising as much as feared was also favorable for the market. However, as the New York Stock Exchange waited for details about the second U.S.-China agreement, concerns over heightened Middle East tensions were highlighted, turning the market weaker in the afternoon.

◆ Yoon to not respond to police summons today; considering third summons demand

On the 12th, the date of the police's second attendance request, former President Yoon Suk-yeol is expected to not comply with the summons. Yoon's attorney, Yoon Gap-geun, submitted a statement to the police the previous day expressing that he would not respond to the attendance request. The main argument was that, as related suspicions have not been clarified, there is no legitimate reason for the attendance demand and sufficient investigation is needed before reviewing again. Former President Yoon has been booked on suspicion of instructing the Presidential Security Service to prevent his arrest (obstruction of special official duty). In addition, on December 7, four days after the declaration of martial law, he is additionally booked on suspicion of instructing the Presidential Security Service to delete secure phone information for former Army Special Warfare Commander Gwak Jong-geun, former Capital Defense Commander Lee Jin-woo, and former Defense Counterintelligence Command Commander Yeo In-hyung (instruction of abuse of authority under the Security Office Act). Previously, on May 27, the police requested Yoon's appearance on June 5, but he refused to comply. Therefore, the police issued a second summons for the 12th.

◆ U.S. Treasury: "For countries negotiating in good faith, mutual tariff suspension can be extended"

With less than a month remaining on the mutual tariff negotiation deadline given by the Trump administration to trading partners, the U.S. government stated that countries negotiating honestly may see an extension of their mutual tariff suspension period. Scott Bessent, U.S. Secretary of the Treasury, who is leading negotiations with major U.S. trade partners, answered this way during a House Ways and Means Committee hearing on the 11th (local time). When Representative Don Beyer (D-Virginia) asked, "What happens when mutual tariffs are reactivated on July 9?" Bessent replied, "As I have said repeatedly, there are 18 major trading partners we are working with to reach an agreement." He continued, "And for those countries negotiating in good faith, or for trade blocs such as the European Union (EU), it is highly likely that we will roll the date forward to continue sincere negotiations."

◆ Prime Minister nominee Kim Min-seok meets food and foodservice associations to seek 'price countermeasures'

Prime Minister nominee Kim Min-seok will meet with food and foodservice associations and experts to listen to opinions on the high price situation and examine countermeasures. According to the food industry on the 12th, the food/foodservice price roundtable will be held privately in Seoul on the 13th. The Korea Food Industry Association, Korea Foodservice Industry Association, Korea Franchise Association, consumer organizations, experts, and the Ministry of Agriculture, Food and Rural Affairs will attend. Individual food companies will not participate. After President Lee Jae-myung ordered countermeasures regarding the price of ramen, a staple food, mentioning on June 9 at the Emergency Economic Task Force meeting whether a single ramen could reach ₩2000, nominee Kim is now reviewing price trends and collecting opinions. At a press conference on the 10th, nominee Kim said, "President Lee Jae-myung’s visit to the market after the National Cemetery event and his raising of the price issue regarding ramen was not accidental. I understand well how painful lunchtime prices and related problems are for working people," emphasizing, "Food prices that people face every day are a very important issue." A recent Federation of Korean Industries survey showed that 6 out of 10 Koreans identified price stability as the top livelihood priority.

◆ Reconciliation between Trump and Musk... Musk expresses "regret," Trump 'accepts'

The ongoing conflict—escalating from political alliance to extreme confrontation—between President Donald Trump and Tesla CEO Elon Musk appears to be drawing to a close. White House spokesperson Caroline Leavitt said at a press briefing on the 11th (local time), "The president is aware of the statement Elon (Musk) made this morning and is thankful for it." In a podcast interview with a New York Post columnist, President Trump also commented positively on Musk’s expression of regret over his recent actions, saying, "I thought it was very good that he (Musk) did so." When asked if he would restore his relationship with Musk to its previous state, Trump replied, "I think it’s possible, but we have to fix this country first," adding, "My only mission right now is to bring this country back to a higher level than ever before." Early that morning, Musk wrote on X (formerly Twitter), "I regret some of the posts I made about the president last week," saying, "They went too far."

◆ Inland areas to see over 30°C midday heat...rain in Jeju Island

On Thursday the 12th, the whole country will be mostly clear, but the Jeolla region, Gyeongnam region, and Jeju Island will be mostly cloudy. According to the Korea Meteorological Administration, Jeju Island will see rainfall of 50–100mm (up to 150mm or more in some places, over 200mm in mountainous areas) through the 14th. The rain is expected to expand to Jeonnam and Gyeongnam in the early morning of the 13th. Rain may also fall in the Jeonbuk, Gyeongbuk, and Chungcheong regions in the morning on the 13th. Morning lows are forecast at 14–20°C and daytime highs at 23–32°C. Most areas will see midday temperatures approaching 30°C, leading to muggy weather. Inland northern, Jeonbuk, and Gyeongbuk regions will see high temperatures rising above 30°C, so caution is advised for outdoor activities. Fine dust levels across all regions will be 'good' to 'normal.' Waves on the sea will be 0.5–1.0m in the East Sea, and 0.5m in the West and South Seas.

Eunji Cha, Hankyung.com Reporter chachacha@hankyung.com