South Korea’s Yoon says Japan deal could help supply chains for chips |

South Korea’s president sees a deal to end a feud with Japan opening the way to better business ties between the neighbors that could bolster global supply chains of semiconductors and steady their economic relations with China.

President Joe Biden’s administration welcomed the deal. The US has been seeking help from major chipmakers to secure supply chains that are less reliant on China as well as impose sweeping curbs on the sale of advanced semiconductor equipment to prevent the world’s second-largest economy’s progress in a range of cutting-edge technologies that could threaten America’s status as the world’s preeminent power.

Firms tapped to pay would include beneficiaries from funds transferred under a 1965 treaty intended to resolve forced labor issues and wartime disputes between Japan and South Korea, such as Posco Holdings Inc. Japan has said South Korean court rulings on the workers unjustly awarded compensation and the issue was “settled completely and finally” under the agreement that normalized relations nearly 60 years ago.

North Korea regards Japan, South Korea and the US as its mortal enemies, and leader Kim Jong Un has been bolstering his state’s ability to deliver a nuclear strike that could hit the neighbors and deliver a warhead to the American mainland. His neighbor to the north is experiencing food shortages that have grown worse in some regions and led to deaths, Yoon said, adding Seoul is ready to provide humanitarian aid.

Source: News Formal (newsformal.com)

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