South Korean lawmakers pass law to manage Seoul's pledge of $350 billion in US investments

SEOUL, South Korea (AP) — South Korean lawmakers on Thursday passed a law to implement a pledge of $350 billion in U.S. investments Seoul made last year to avoid the Trump administration's highest tariffs.

South Korea US Tariffs

Government officials had urged lawmakers to quickly pass the contested bill, submitted in November, as uncertainty mounts for the country's trade-dependent economy, already rattled by President Donald Trump's protectionist swing and now fearing the fallout from his war on Iran.

The bill's passage came hours after the Trump administration increased pressure on trade partners by openinga new investigationinto manufacturing in foreign countries, including China and U.S. allies South Korea and Japan, which could result in new import taxes if U.S. officials see their practices as unfair.

Trump and his team have made clear they're seeking to use new tariffs to recoup lost revenue after the U.S. Supreme Courtinvalidated his sweeping tariffsissued with emergency powers.

The South Korean law, which passed 226 to 8, calls for establishing a public corporation to manage the promised U.S. investments, including reviewing and selecting projects based on input from South Korean and U.S. trade authorities.

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Some lawmakers spoke against the bill ahead of the vote, expressing frustration over Trump's new trade investigations and the potential impact of the war in the Middle East, which has exposed the vulnerability of South Korea's export-dependent economy and reliance on imported fuel.

"We cannot be the money machine Trump wants us to be," said Son Sol, a member of the minor opposition Progressive Party. She said the bill does not give the legislature sufficient power to review and reject investments that could go against South Korean business or public interests.

Following months of tense negotiations, South Korea finalized an agreement with the United States in November to invest $200 billion in U.S. semiconductor and other high-tech industries and another $150 billion in shipbuilding in exchange for Washington lowering reciprocal tariffs on Seoul from 25% to 15%.

The agreement, which followed a breakthrough at anOctober summitbetween Trump and South Korean President Lee Jae Myung, also caps South Korean investments at $20 billion a year to protect the country's foreign currency reserves.

Lee's liberal Democratic Party introduced the legislation in November but faced resistance from opposition lawmakers worried about the economic impact. The legislative holdup frustrated Trump, who in Januarythreatened to raise tariffson South Korean autos, pharmaceuticals and other goods back to 25%, increasing pressure on the opposition to move the bill forward.

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South Korean lawmakers pass law to manage Seoul's pledge of $350 billion in US investments

SEOUL, South Korea (AP) — South Korean lawmakers on Thursday passed a law to implement a pledge of $350 billion in U.S. i...

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As war spikes gas prices, drivers wonder how long it will last – and if they should go electric

When Kevin Ketels bought an electric 2026 Chevrolet Blazer last year, he wasn't thinking about the cost of gas. He just thought EVs were better and "wanted to be part of the future." Now thatthe Iran war is spiking pricesat the pump, the Detroit man is happy he is no longer filling up his 11-year-old gas-powered SUV.

Climate Oil Prices Electricity

"Electricity can go up, but it won't go up nearly as much as gas will and it won't go up nearly as fast, either," said Ketels, 55, an assistant professor of global supply chain management at Wayne State University.

Experts say prolonged high gas prices may drive some EV interest and sales, especially if drivers assume their electricity prices won't be affected by the crises.

But many factors influence consumer EV purchases — and electricity rates.

Are EV owners truly insulated from price hikes?

Drivers of gas-powered vehicles are much more vulnerable to fluctuating prices that result from global conflict than those who charge their cars. The national average for a gallon of regular gas this week was $3.57, up from $2.94 a month ago, according to AAA.

Meanwhile, "residential electricity prices are regulated and are much less volatile than gasoline prices," said University of California, Davis economics professor Erich Muehlegger. "As a result, EV owners are largely unaffected by oil price shocks."

But experts say electricity prices have been increasing nationally for a variety of reasons, including surging power demand from new data centers.

"This is an inflationary event," Holt Edwards, principal in Bracewell's Policy Resolution Group, said of the war. "Is this the driver in electricity prices? I think probably not. But it's certainly a contributing factor."

To what extent oil and gas conflicts could translate to the electricity sector is yet to be seen.

What about h

ow different grids are powered?

When it comes to the electricity an EV owner is tapping, much of the cost depends on which sources of electricity are in a local grid's power mix, experts say.

Because regulators set residential electricity prices annually, most households are sheltered from month-to-month changes in natural gas costs. Though experts say higher natural gas prices can increase the cost of generating electricity, natural gas prices haven't risen as quickly or as much as oil prices have recently.

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Those are just two of many energy sources — including coal, nuclear and renewables — that power the electric grid.

"The energy component varies depending on the energy you're using and the price of the energy that you're using to generate electricity," said Pierpaolo Cazzola, an energy expert at Columbia University's Center on Global Energy Policy. "What happens is that in the U.S., the variation of the price of the energy component is smaller than it is elsewhere."

The experts said persistent war could affect electricity bills in the future. And that is all the more reason for countries to transition to clean power, they said.

"Clean power and electrification combined is what provides the most security," said Euan Graham, an analyst at energy think tank Ember.

Michael B. Klein, a 56-year-old software developer in Evanston, Illinois, has driven EVs for the past eight years to save on fuel costs and because of environmental concerns.

Every time electrical grid efficiency improves — especially as renewables are added — "I get that benefit no matter what," said Klein, who drives a Chevy Bolt. "They can improve the efficiency of gas engines, but you have to get a new car in order to reap the benefit of that."

So will EV demand rise?

Several experts say high gasoline prices are a strong driver of EV sales, particularly if high prices persist. Drivers also consider more gasoline-efficient hybrid vehicles during these times.

Car-shopping resource Edmundsanalyzed consumer shopping datafor the week starting March 2, after the Iran war had begun. They found that interest in hybrids, plug-in hybrids and battery EVs accounted for 22.4% of all vehicle research activity on their site that week, up from 20.7% the previous week. Analysts also looked back at the last major nationwide fuel price surges in 2022, and they saw that consideration of electrified vehicles consideration rose sharply then, too.

But whether this means more EV purchases depends on whether buyers expect to save not just now but in the future, experts say.

Adding to the complexity: A sudden increase in EV demand could drive up prices, Graham said.

"I think the real step change would be in whether this causes governments to shift tax, tariff policies around EVs," Graham said. Doing so would help reduce fossil fuel dependence, he said.

Does driving electric really save money?

Pretty much.People who buy EVs have a "really substantial" gas savings over the life of their vehicles even without government tax credits, said Peter Zalzal, an attorney with Environmental Defense Fund."We're talking about thousands and thousands of dollars" in savings, Zalzal said. "And as gas prices increase, those savings are only greater. Fuel costs are a big piece of overall vehicle costs, and increases in fuel prices have significant impacts on people."However, the upfront cost of a new EV is still more than that of a gasoline-powered vehicle;new EVs sold for an average of $55,300 last month, while new vehicles overall sold for an average $49,353, according to auto-buying resource Kelley Blue Book. Some experts also expressed national security concerns with EVs because China dominates significant parts of the EV supply chain.Ketels, the EV owner and professor, said he believes EVs and renewable energy should be a strategic priority for individuals and the U.S. because they could be produced domestically "and we don't have those fluctuations and those worries."But because the federal government has withdrawn many incentives for both, "it puts us at a disadvantage globally," Ketels said. "I think it's been a terrible mistake to withdraw these incentives and to attack the sustainable energy industry," and the war "is just making it that much more obvious."___Read more ofAP's climate coverage.___The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP'sstandardsfor working with philanthropies, a list of supporters and funded coverage areas atAP.org.

Pretty much.

People who buy EVs have a "really substantial" gas savings over the life of their vehicles even without government tax credits, said Peter Zalzal, an attorney with Environmental Defense Fund.

"We're talking about thousands and thousands of dollars" in savings, Zalzal said. "And as gas prices increase, those savings are only greater. Fuel costs are a big piece of overall vehicle costs, and increases in fuel prices have significant impacts on people."

However, the upfront cost of a new EV is still more than that of a gasoline-powered vehicle;new EVs sold for an average of $55,300 last month, while new vehicles overall sold for an average $49,353, according to auto-buying resource Kelley Blue Book. Some experts also expressed national security concerns with EVs because China dominates significant parts of the EV supply chain.

Ketels, the EV owner and professor, said he believes EVs and renewable energy should be a strategic priority for individuals and the U.S. because they could be produced domestically "and we don't have those fluctuations and those worries."

But because the federal government has withdrawn many incentives for both, "it puts us at a disadvantage globally," Ketels said. "I think it's been a terrible mistake to withdraw these incentives and to attack the sustainable energy industry," and the war "is just making it that much more obvious."

Read more ofAP's climate coverage.

The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP'sstandardsfor working with philanthropies, a list of supporters and funded coverage areas atAP.org.

byGreen Magazine

in

9:42:00 PM

As war spikes gas prices, drivers wonder how long it will last – and if they should go electric

When Kevin Ketels bought an electric 2026 Chevrolet Blazer last year, he wasn't thinking about the cost of gas. He ju...

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China positions itself as force for global stability at its annual Congress

BEIJING (AP) — While much of the world's attention is onthe Iran war, that hasn't stopped China from moving ahead with national priorities with global repercussions.

Not thatChinadoesn't care about the war and its impact on energy supplies and geopolitics. But for the world's second largest economy, its growing rivalry with the United States revolves around a different battle: the development of the cutting-edge technologies shaping the 21st century.

That message came through ina five-year planformally endorsed Thursday by the National People's Congress at the end of itsannual meeting, the nation's biggest political event of the year. If anything, China is doubling down on a push to transform its economy and be at the forefront of technology. State media described China's determination to stay the course on economic development as a force for stability in an uncertain world.

"A stable and developing China injects more stability and certainty into a world fraught with change and turbulence," the official People's Daily newspaper said in a front-page column on Wednesday. Other state-media echoed that view.

The commentaries and official statements didn't mention U.S. President Donald Trump, whosetariffsand use of military force fromVenezuelato Iran are shaking up the global order that has governed international relations in the post-World War II era. China publicly defends that system, while calling for making it more equitable to reflect the interests of developing countries as well as rich ones.

Trump is due to visit Beijing in three weeks to hold talks with his counterpart, Chinese leader Xi Jinping.

The National People's Congress also rubber-stamped three laws, includingone governing ethnic minorities, at its closing session. The votes are ceremonial and nearly unanimous, designed to show unity behind the ruling Communist Party's vision for the nation. The five-year plan was approved with 2,758 votes in favor, one against, and two abstentions.

"We are forging ahead at full speed in building a great country," Foreign Minister Wang Yi said at anannual news conferenceduring the Congress.

Banking on tech for growth

Many economists believe that China needs to do more to put more money into the hands of consumers toboost domestic spendingand reduce its dependence onexport-led growth.

China's leaders agree in concept, but the five-year plan puts technology front and center, confirming it remains the top priority. Analysts expect any steps to boost consumption to happen only gradually, such as expanding social security and health care benefits, while government funds are poured intoartificial intelligence, robotics and other areas.

Chinese Premier Li Qiang announcedan economic growth targetof 4.5% to 5% for 2026 at the start of the Congress, a level that gives the government more leeway to focus on the longer-term goals of the five-year plan rather than meeting a higher target this year.

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Staying conservative on climate

The five-year plan doesn't pledge to reduce carbon emissions overall, but only to reduce "emissions intensity" — how much pollutants are emitted relative to the size of the economy. That means emissions could still grow as the economy does.

The target for a reduction in intensity was set at 17%, a level that could allow emissions to rise 3% or more, analysts said. "International good practice is to move away from intensity targets towards absolute emission reduction targets," said Niklas Hohne of the NewClimate Institute in Germany.

China has a history of settingconservative targetsand its rapid expansion in solar and other clean energies may drive emissions down anyway. The country is the world's No. 1 emitter of greenhouse gases, but leaders have long argued that the size of its population and economy must be considered when evaluating its pollution levels.

Regulating ethnic groups

A sweepingethnic minorities lawendorsed by the Congress solidifies what critics say is a governmentpolicy of assimilation, emphasizing the creation of "a common consciousness of the Chinese nation."

The government said it is meant to foster a stronger sense of community and shared economic development among its ethnic groups. The law encapsulates an approach under Xi that has promoted unity over ethnic cultures and their languages.

"It puts a death nail in the party's original promise of meaningful autonomy," said James Leibold, a professor at Australia's LaTrobe University who has studied China's changing policies towards its ethnic minorities.

Seeking a "right to rest" for workers

Formal proposals and other suggestions to reduce work hours in a variety of ways were among those that got the most attention on social media during this year's Congress.

Many focused on a "right to rest," including calls to give employees the right not to respond to work messages after hours. Many Chinese workers get only five days of paid vacation a year. Yu Miaojie, an economist and deputy to the Congress, proposed raising the minimum statutory annual leave from five to 10 days.

The popularity of the proposals reflects concern about theintense workplace competitionin China. Giving workers more leisure time is also seen as a way to boost consumption by giving them more free time to spend.

Associated Press writers Huizhong Wu and Seth Borenstein in Washington contributed to this report.

byGreen Magazine

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China positions itself as force for global stability at its annual Congress

BEIJING (AP) — While much of the world's attention is onthe Iran war, that hasn't stopped China from moving ahead...

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Kawhi Leonard scores 45 points in the Clippers' 153-128 romp over the Timberwolves

INGLEWOOD, Calif. (AP) — Kawhi Leonard scored 45 points and the Los Angeles Clippers routed the Minnesota Timberwolves 153-128 on Wednesday night, moving above .500 with their third straight victory and sixth in seven games.

Eighth in the Western Conference at 33-32 after opening 6-21, the Clippers had their highest points total of the season. They blew out Minnesota after beating New York on Monday night to open a five-game homestand.

Leonard was 15 of 20 from the the field, 6 of 9 on 3s and made 9 of 10 free throws. Los Angeles made 19 of 37 3s.

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Bennedict Mathurin scored 22 points for Los Angeles. Clippers newcomer Darius Garland had 21, hitting five 3-pointers.

Anthony Edwards led Minnesota with 36 points and Naz Reid had 18.

Minnesota dropped to sixth in the tight Western Conference, but only a half-game behind the third-place Lakers. The Timberwolves have lost three in a row after winning five straight. They lost to the Lakers on Tuesday night to open four-game trip.

Leonard scored 18 points in the first quarter to help Los Angeles take a 38-27 lead. He had 28 at the half, with the Clippers up 74-65, and went to the fourth with 39 and LA ahead 109-98. Los Angeles had a 44-30 edge in the fourth.

Up next

Timberwolves: At Golden State on Friday night.Clippers: Host Chicago on Friday night.___AP NBA:https://apnews.com/hub/nba

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Kawhi Leonard scores 45 points in the Clippers' 153-128 romp over the Timberwolves

INGLEWOOD, Calif. (AP) — Kawhi Leonard scored 45 points and the Los Angeles Clippers routed the Minnesota Timberwolves 15...

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'Mr. March' Vinnie Pasquantino homers 3 times to extend magical Italy WBC run

HOUSTON —Vinnie Pasquantino, walking though the corridor with a half-empty can of beer Wednesday night, lifted up his blue suit jacket, smelled it, and wrinkled his nose.

He has worn the same suit every day, to day games and night games, with Team Italy at Daikin Park, maintaining the tradition Italy manager Francisco Cervelli established for his team inthis World Baseball Classic.

But Pasquantino may have made a serious wardrobe miscalculation.

Team Italy, which was supposed to be dismissed from the World Baseball Classic after four games in pool play, is sticking around for awhile, and perhaps may have another flight to catch. It pulled off a second consecutive stunning upset Wednesday,9-1, over Mexico.

The team that was supposed to be an afterthought, suddenly is on everyone's forefront, sweeping all four games in the WBC to win Pool B and be a No. 1 seed for the first time in Italy history. It will play Puerto Rico on Saturday afternoon at Daikin Park for the right to play in the semifinals in Miami.

"There's another team in the world that can play baseball,'' Cervelli proudly said.

And there's another slugger in the world who can hit three home runs in a single game, becoming the first player to achieve the feat in World Baseball Classic history.

More:USA advance in WBC as impressive Italy handles Mexico

So, is there a nickname Pasquantino wants after his feat, considering Reggie Jackson earned his monicker after hitting three homers in Game 6 of the 1977 World Series for the Yankees?

"Mr. March,'' he said, laughing.

"It's just a good night. That's it. This will be forgotten very soon. But you know, anytime you can just say Reggie Jackson's name to me is cool.''

When was the last time Pasquantino, the Kansas City Royals first baseman, hit three homers in a game?

"I've never done it before,'' he said.

High School?

Little League?

And never had the Hall of Fame ever reached out and requested anything from him to be displayed in Cooperstown.

Then, again, he might become the first one to flatly turn them down. Well, at least delay them a bit.

"They liked the bat,'' Pasquantino said. "I said, 'I need the bat for a few more days.''

When you go hitless in the first three games of the WBC, and get so desperate that you actually attempt a bunt in your first at-bat Wednesday, you're sure not going to hand over the bat that made you an overnight WBC legend.

"Just nice to be involved and help the team offensively,'' Pasquantino said. "It's no secret how I'd been doing prior. So, you know, we worked really hard to try to get right, and tonight was a good night.''

Pasquantino's struggles were so pronounced that simply laying off a 2-and-2 slider in the eighth inning, instead of chasing a slider that was low, was his proudest moment of the night. He hit the next pitch 337 feet over the right-field fence.

"I had been chasing quite a bit to the point that, you know, I wanted to just cry,'' said Pasquantino. "Just like, 'Hey, stop chasing balls. Just take balls.' And I took that pitch. And I think I was about as happy as I could be.''

Pasquantino, their leader who orchestrated the espresso shots after homers, parading in the dugout with an Armani jacket and passing out celebratory bottles of wine after victories, refused to let his struggles carry over into the clubhouse. His teammates will tell you he was the same guy, clowning around, keeping everyone loose.

"He's been the happiest player on the team,'' Italy second baseman Jon Berti said. "Trust me.''

Yet, Pasquantino's struggles were burning inside, and only Italy's victories kept his sanity.

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"Francisco and I had talked about it, and I said, 'Skip, if you need to drop me in order, do it because I understand,''' Pasquantino said. "It's been bad. But I felt like I was still competing and giving it my best. (USA pitcher) Nolan McLean made me look like I'd never hit a baseball before last night.

"So, I'm glad we were able to do something productive tonight.''

Yes, for the first time in the WBC, he actually got to keep a bottle of the fine wine for himself. He also presented one to Marco Mazzieri, the Italian Baseball Federation president, for making this all possible.

"I'm like weirdly emotional tonight,'' Pasquantino said, "to the point I'm thinking about crying. Which is funny for a tournament in March.''

Pasquantino thinks about the players on the team who risked losing their jobs in spring training to come play for Italy. He thinks about the guys who may wind up in the minor leagues instead of the big leagues because of the time away from their team. He thinks about players like White Sox catcher Kyle Teel, who will be out four to six weeks with a strained hamstring after stretching a single into a double against the USA.

And he gets emotional about playing for Cervelli,GM Ned Colletti, Mazzieri and Yankees great Jorge Posada.

More:Italy GM Ned Colletti gets emotional over 'sports miracle' in WBC

"I'm so thankful for those guys for allowing me to be myself,'' Pasquantino said, "and to lead this team the way that I've kind of seen from a player perspective. They have to do what they need to do from a leadership side, from a coaching staff. But to kind of give me the reins to say, 'All right, this is your team, what do you want it to look like?'

"It doesn't mean that I'm making decisions or anything, but it just means, like, what can we do to get the best out of every player? And honestly, like the 'C' on my chest, which we argued about if I was going to wear or not, that's what that means to me. It wouldn't matter. What matters is trying to get the best out of my teammates, and they've given me the freedom to try to do that, whether it's taking mound visits or talking to the group.''

Cervelli, who was mentored by Hall of Famer Joe Torre, and brings the great Yankees tradition to the team, knows the value of leadership, being around Derek Jeter, CC Sabathia and Posada during his playing days.

Pasquantino may not have the Hall of Fame resume, but those leadership qualities, they are all there.

"I think leaders, they're born like that,'' Cervelli said. "This guy, everybody follows him. He respects everyone. He can be loud sometimes when he needs to. He doesn't talk that much. Everybody follows him.

"That's a leader. He put himself before everyone to protect everyone, not because it's Vinnie, that's what a captain is. This is amazing to have. It's a pleasure for me to have a player like that because it makes my job very easy.''

It was Pasquantino's leadership that prevented Italy from having an emotional letdown after beating the USA in the biggest victory in Italian history just 24 hours earlier. They sat around and talked aboutthe tiebreakers. They were told they could actually lose to Mexico, but as long as they didn't give up more than four runs, they'd earn a tiebreaker over the USA.

They talked about all of the scenarios, and then Pasquantino put a stop to it.

"Just being realistic, there was a lot of conversation if different scenarios arise,'' Pasquantino said, "what do we do? Then finally, we just got together and said, 'You know what? Let's just win the game.'

"So last night when we were celebrating, we had a good time in the locker room. But I said to the guys, 'Once midnight hit, guys, we've got to get going.' We stayed and we hung out and we had a good time. But it was a lot of hanging out and just, 'What are we going to do tomorrow? How are we going to win this game?'"

They won the game by jumping on Pasquantino's back as he hit the three solo homers, the arm of Aaron Nola who pitched five shutout innings, and the contributions of seven different players producing hits, and six different pitchers getting outs.

"Tonight, we just handled business,'' Pasquantino said. "That was the expectation. And it was awesome.''

Next stop: vs. Puerto Rico on Saturday afternoon.

Win, and they have a flight to Miami for the semifinals, going where no Italy team has gone before.

So, considering Team Italy will be sticking around for awhile, perhaps it could be time to grab a new suit, particularly since the Italians have the next two days off.

"(The suit) probably stinks,'' Pasquantino said, "really bad.''

But, hey, as long as Team Italy keeps winning, and the suit is working, how in the world can Pasquantino change the wardrobe now?

And, if someone wants to buy him a nice Italian designer suit, he knows just the guys who owe him.

Yep, Team USA, which staved off elimination in the WBC thanks to Italy's victory.

"You're welcome, USA,'' Pasquantino said on the field. "We were thinking of you guys over at your hotel. We were thinking of you guys, so glad you guys can join us in the party.''

Let the wine flow.

Follow Nightengale on X:@BNightengale

This article originally appeared on USA TODAY:Vinnie Pasquantino homers 3 times to keep Italy WBC run going

byGreen Magazine

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8:22:00 PM

'Mr. March' Vinnie Pasquantino homers 3 times to extend magical Italy WBC run

HOUSTON —Vinnie Pasquantino, walking though the corridor with a half-empty can of beer Wednesday night, lifted up his blu...

Read More