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Trump encouraged by talk of 'a level playing field' on trade with South Korea

South Korea is a longstanding American ally, but President Donald Trump has spoken harshly about U.S. trade imbalances and threatened to tear up the bilateral trade pact. "We will do more to remove barriers to reciprocal trade and market access," Trump said, adding that the two leaders had talked about the thorny trade areas of steel and autos. Trump said he was encouraged by South Korea's President Moon Jae-in's assurances that he would seek a level playing field for American workers and businesses, particularly automakers. A joint statement said the two sides had agreed to work together to reduce over supply of basic materials such as steel and non-tariff barriers. It also said Trump had accepted an invitation from Moon to visit South Korea this year. Bonnie Glaser, senior adviser for Asia at the Center for Strategic and International Studies think tank, said it was unwise for Trump to air the trade issue so publicly. "Public complaints by Trump about unfair trade and inadequate defense spending provide opportunities for China and North Korea to drive a wedge between the allies," she said. The U.S. goods trade deficit with South Korea has more than doubled since the U.S.-Korea free trade pact known as KORUS took effect in 2012. The agreement was forecast to boost U.S. exports by $10 billion a year, but in 2016 they were $3 billion lower than in 2011. At the start of Friday's talks, U.S. Commerce Secretary Wilbur Ross said the largest component of the deficit was automotive trade and many non-tariff barriers to U.S. auto exports to South Korea remained. "I think the way to address it is to deal product by product with what we can do to change the export side and what we can do to reduce the bad imports side," he said. Ross said later on Friday that some progress had been made in the talks. The current pact was agreed to despite protests by supporters of Moon, who was then in opposition. But analysts have suggested that given the need to preserve a unified front in the face of a hostile North Korea, there could be compromise on both sides to resolve issues. (By David Brunnstrom and Lisa Lambert. Additional reporting by Fatima Bhojani, Roberta Rampton, Tim Ahmann, David Chance, David Lawder and Eric Beech; Editing by Bill Trott and Andrew Hay) Related Video: Image Credit: Kim Hong-Ji / Reuters Government/Legal Genesis Hyundai Kia trade

Porsche tops J.D. Power quality index as Korean brands soar

While complaints about infotainment systems remain a thorn in the side of automakers for J.D. Power's annual Initial Quality Study, there's a lot to celebrate this year. The average number of problems reported per 100 vehicles fell to 112 in 2015 – a three-percent improvement compared to 116 in 2014. The results of this year's survey are based on the responses of over 84,000 people about problems within the first 90 days of buying or leasing a 2015 model-year vehicle. For the third consecutive year, Porsche tops the rankings with an average of 80 problems per 100 vehicles. Although, that's slightly more than the 74 the German sportscar maker scored in 2014. "While the Japanese automakers continue to make improvements, we're seeing other brands, most notably Korean makes, really accelerating the rate of improvement," Renee Stephens, vice president of US automotive quality at J.D. Power, said in the study's release. In fact, Kia ranks as one of the biggest movers in this year's list. The Korean brand jumped to second place from seventh last year. The company had an average of 86 problems per 100 vehicles, a 20-point improvement. Third place went to Jaguar with an average of 93 problems reported, versus last year's second-place finish with 87 of them. Fourth place was Hyundai, and fifth-place Infiniti also earned a gold star for improvement with 97 issues per 100 vehicles – 31-points better than last year. Fiat still anchored the bottom of the list. However, its 161 problems this year is a lot better than the 206 in 2014. Ranked by nationality, Korean brands (Hyundai and Kia) are now leading the industry in initial quality with an average of 90 problems reported per 100 vehicles. According to J.D. Power, this is the first time Europe's figure beat Japan with 113 and 114 issues, respectively. The American brands also averaged 114. Whereas General Motors dominated last year, the segment awards are spread out in 2015. GM, Hyundai, Nissan, and Volkswagen Group are all tied with four models each earning prizes. For more information, you can also see all of the graphs, here. J.D.

New Genesis G80 costs $2,650 more than its predecessor

If you're in the market for a Hyundai Genesis, you'd best act fast. The Korean company's new luxury sub-brand, Genesis, just announced pricing for the rebadged G80, kicking the starting figure up across the board while adding a suite of desirable safety and tech features. The base model, with a 3.8-liter V6 and rear-wheel drive, starts at $41,400. All-wheel drive adds $2,500 to that figure, while both V6 models add $2,650 to the price of a Hyundai-badged Genesis sedan. Hyundai justifies the increase with a slew of now-standard equipment from the current car's discontinued Tech Package, including automatic emergency braking, blind-spot monitoring with cross-traffic alert, lane keeping assist, lane departure warning, high-beam assist, and adaptive cruise control. Considering the Tech Package tallied $3,500, this is a net win. You can improve your six-cylinder G80 with a pair of packages. A $4,750 Premium Package adds fog lights, a panoramic sunroof, a 14-speaker Lexicon stereo, a seven-inch color instrument display, vented front seats, and a power sunscreen for the rear window. Genesis essentially carried over the current $3,500 Ultimate Package, which now costs $4,200. It includes matte wood, full-color HUD, 9.2-inch touchscreen infotainment, a 17-speaker Lexicon stereo, and a power trunk lid, along with an upgraded power driver's seat, which used to be part of the Tech Pack. If you're hankering for the V8 model – no longer listed on the Hyundai USA consumer page – you're looking at a $650 bump, from $53,850 to $54,550. There are no option packs for the V8, so all you need to do is pick a color and drive away. Not surprisingly, the G80 undercuts its rivals by a few dollars. BMW will happily sell you a base 5 Series for $51,195. Mercedes offers an E-Class, the E300, at $53,075. Audi and Lexus are slightly more down to earth – an Audi A6 is $47,125 while a base GS is $46,595. So, going with the V6 G80 against its all-four-cylinder-turbo competition will save you, on average, around $8,100. That makes the $8,950 in option packs look awfully attractive. The difference between the G80 V8 and its rivals is smaller, but still significantly stacked in Genesis' favor, mainly because only BMW still offers a V8 in this segment – it's $67,295 ($12,745 more than a base G80 V8). Pricing on the US market 2017 E-Class is only available for the 2.0-liter, turbocharged E300, while neither Lexus nor Audi sell a V8 outside their respective high-performance brands.