The prices of staple foods such as bread, instant noodles and ready-to-eat meals have jumped. Major food companies, including CJ Cheiljedang, Lotte Confectionery and Nong Shim, have announced price hikes of up to 9% for their products from next month due to high oil and high exchange rates. CJ Cheiljedang said on the 24th that it will increase the prices of 25 kinds of products, including "Sempio" cooking oil and "Beksul" sugar, by 8.4% to 9.2% from the 1st of next month. Lotte Confectionery also said it will raise the price of its "Lotte" milk chocolate by 7.3% and "Dove" chocolate by 9% from next month. Nong Shim will increase the prices of its "Shin Ramyun" and "Jjajangmyeon" products by 6.7% and 7.1%, respectively, from next month. The industry predicts that the price increase will not be limited to these companies, but will spread to other food companies as well. The price increase is expected to have a significant impact on consumers, as these products are staples in many Korean households. The price hikes are attributed to high oil prices and a high exchange rate, which have increased the cost of raw materials and production. As the prices of food products continue to rise, consumers are becoming increasingly concerned about the impact on their daily lives. The government has announced measures to stabilize food prices, but it remains to be seen whether these efforts will be effective in controlling the price increases. In the meantime, consumers will have to bear the brunt of the price hikes. It is expected that the price increase will have a ripple effect on the entire food industry. The industry is watching the situation closely, as the price increase could have a significant impact on the market. The government and the industry will need to work together to find a solution to this problem. The price increase is a concern for many consumers, and it is hoped that a solution will be found soon. The situation will continue to be monitored closely.
The newly established "Investment Committee" between the United States and China, agreed upon during the historic Trump-Xi summit in May, may struggle to take off for the upcoming meeting next September, according to recent reports. SCMP, a Hong Kong-based newspaper, quoted Stephen Miller, the chairman of the US-China Trade Enforcement Committee, stating that there is no evidence the Investment Committee will be a meaningful outcome of the next summit.
Miller noted that neither the US nor China has started real negotiations, and both parties seem unprepared to discuss matters involving the private sector. The Investment Committee is a government-to-government consultation body focused on investment-related issues. It was created alongside the Trade Committee during the May summit to expand trade in non-sensitive sectors between the two nations.
However, domestic opposition from the US administration and Congress, as well as concerns over public investment risks, may hinder the committee's formation. US Trade Representative Wilbur L. Ross Jr. recently acknowledged that the US's approach to Chinese investment policy is still under development, with President Trump welcoming Chinese investments while other officials and Congress remain more cautious.
U.S. officials have imposed restrictions on Chinese companies setting up factories in the US, citing espionage, government subsidies, and unfair competition. Despite this, China's direct investment in the US declined sharply from $550 billion in 2016 to $40 billion in 2025. The Trade Committee, which aims to reduce trade barriers in non-sensitive sectors to $300 billion, is expected to dominate the agenda if the Investment Committee fails to materialize.
Agricultural and aviation sectors are among the areas under consideration for trade liberalization, but progress has been slow. Last month, U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier He Yafei discussed the establishment of the trade and investment committees during a virtual meeting, with Mnuchin indicating that their specifics would not be disclosed.
Written by urgent.news from Hankyoreh's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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