South Korean opposition leader Lee Jae-myung, who is the front-runner in opinion polls to be the country's next leader, declared his bid for the presidency on Thursday, promising to fix inequality and spur economic growth.

South Korea's acting President Han Duck-soo said during a Cabinet meeting on Tuesday that he expects trade talks this week with the United States to pave the way toward a mutually beneficial solution.

South Korea and the US will kick off trade negotiations this week as the Asian export powerhouse seeks to persuade Donald Trump’s administration to ease the punitive levies that are starting to bite the economy.