News

LA28 reveals venues for Olympic opening and closing ceremoniess

2025/05/09 10:00

Finally, the LA28 Organizing Committee announced on Thursday that the opening ceremony of the 2028 Olympic Games will take place simultaneously at two iconic venues the historic Los Angeles Memorial Coliseum and the modern SoFi Stadium in Inglewood. This will mark the first dual-venue approach in Olympic history. The Los Angeles Memorial Coliseum will become the first venue to host three opening ceremonies of the Olympic Games separately. LA28 Chairperson Casey Wasserman stated that utilizing both venues showcases the rich sporting history and innovative spirit of Los Angeles and aims to create an unforgettable experience for athletes and fans worldwide.

Bill Gates to give away $200 billion by 2045

2025/05/09 10:00

Billionaire Bill Gates announced Thursday that he would donate over 200 billion U.S. dollars through the Bill & Melinda Gates Foundation by 2045. That would mean the Microsoft co-founder will have given away 99% of his fortune by that date. The announcement follows cuts to international aid budgets, including U.S. foreign aid programs, which Gates said would cause "millions of more deaths" worldwide. The Gates Foundation is set to conclude its operations on December 31, 2045, earlier than planned, having already contributed over 100 billion dollars since its establishment in 2000.

Trump calls for 30-day ceasefire between Ukraine and Russia

2025/05/09 10:00

U.S. President Donald Trump has called for an immediate 30-day unconditional ceasefire between Russia and Ukraine. The announcement follows a phone conversation with Ukrainian President Volodymyr Zelenskyy. On Thursday, local time, President Trump urged both Russia and Ukraine to agree to a 30-day unconditional ceasefire, warning that failure to comply would result in additional sanctions from the United States and its allies. In the announcement on his Truth Social account, he emphasized that both nations would be held accountable for respecting the ceasefire. He also expressed willingness to facilitate negotiations toward a broader peace agreement. President Zelenskyy confirmed his call with President Trump earlier and said Ukraine remains willing to negotiate. Zelenskyy also said the ratified minerals deal with the U.S. was a "truly historic document that opens up many new opportunities." The conversation between the two leaders came just as the Kremlin proposed a limited three-day ceasefire to coincide with the 80th anniversary of Russia's Victory Day.

Tensions rise between India and Pakistan with drone and missile attacks

2025/05/09 10:00

Tensions between India and Pakistan are escalating, with both sides reporting drone and missile attacks. On Thursday, India announced that its air defenses had successfully intercepted drone and missile attacks from Pakistan targeting military installations. However, Pakistan denied these allegations and also said it had downed 25 Indian drones. On the same day, India carried out airstrikes in parts of Punjab and Pakistan-administered Kashmir. This came a day after India claimed to have struck nine "terrorist infrastructure" sites in Pakistan in response to the massacre of 26 individuals, mostly Indian tourists, by militants on April 22. The international community has urged both countries to de-escalate the situation but both sides have expressed intentions to respond forcefully.

On-point: Putin, Xi say ties are at highest level in history

2025/05/09 10:00

The two leaders of Russia and China showed off their tighter relations on the occasion of Russia's Victory Day. They also didn't forget to back North Korea against international sanctions. Let's discuss more with Professor Robert English. Welcome back, Professor English. 1. Putin and Xi Jinping say they're solidifying their relations at what Putin says is "the highest level in history." They're stressing this now because both have worsening relations with the U.S. right? 2. Russia and China also called on the international community to drop sanctions against North Korea. Why is China backing North Korea so clearly now? Weren't Pyongyang-Beijing relations lukewarm in the past months? 3. The 72-hour ceasefire declared by Putin is now effective, but isn't this ceasefire just a show for Russia? Will it be a peaceful one? It wasn't during the Easter ceasefire. 4. North Korean leader Kim Jong-un didn't make it to Russia for the Victory Day celebrations. Instead, the regime fired short-range missiles on Thursday, which some experts say were tests to import the weapons to Russia. What's your take on it? Is that possible? 5. U.S. President Donald Trump teased a very big announcement earlier this week. Could it be anything related to the Ukraine war? Or not, considering slow developments on ending the war? Thanks so much for connecting with us. We appreciate it.

Lee Jae-myung's aide meets U.S. officials, calls for more time for trade talks

2025/05/09 10:00

Former National Security Office Deputy Director Kim Hyun-jong, a key foreign policy advisor to Democratic Party presidential candidate Lee Jae-myung, met with senior Trump administration officials at the White House on Thursday. Kim told reporters after the meeting that he conveyed Lee's position on the need for stronger trilateral cooperation between South Korea, the United States, and Japan. He also raised the issue of tariffs, noting that the current mutual tariff exemption period is set to expire on July 9th and may require an extension to allow for a more comprehensive agreement. According to Kim, U.S. officials responded positively. It is considered unusual for a representative of a presidential candidate to engage in high-level discussions with U.S. officials in the lead-up to an election.

Lee courts undecided voters with pro-business pitch, urges Trump-Kim talks to resume

2025/05/09 10:00

Meanwhile, the Democratic Party's presidential candidate Lee Jae-myung continues his campaign trail. On Thursday, the focus was on the economy and people's livelihoods. Our correspondent Kim Do-yeon reports. Economic policy was the first message Democratic Party candidate Lee Jae-myung turned to on Thursday, just a day after clearing key legal hurdles facing him before this presidential election. He held a roundtable with leaders from five major business organizations, including the Korea Chamber of Commerce and the Federation of Korean Industries, highlighting his pro-business stance in a bid to win over undecided voters and widen his apparent lead in the race. He said the days of the government providing industries with direction and deciding what to do are over. "We must now place trust in the expertise and capabilities of the private sector, with the government playing a strong supporting role behind the scenes. Without this shift in approach, it will be difficult to overcome the challenges we face. In particular, I believe it's time for us to stop being a follower and to start leading the way forward." On top of this, he emphasized that the livelihood of the people was in a dire situation. And, this to him was the most important aspect of his campaign. He also tried to ease the concerns of the business leaders that he won't be pushing on 4.5 work days and that there will be plenty of discussion before this actually happens. After this, he also took to YouTube live to meet with 4 economy, stocks, and real estate YouTubers. There, they discussed various issues as Lee started the conversation off saying he was a small investor as well. Meanwhile, he also responded to North Korea's multiple short-range ballistic missile launches toward the East Sea earlier on Thursday. While condemning the action, Lee also said it's now time to ease tension and open up inter-Korean dialogue. On top of this, he said the stalled U.S.-North Korea talks must resume. As for the upcoming official presidential election season, Lee's campaign announced that it will kick off official rallies on May 12th at Gwanghwamun Square. This is because of the site's symbolic meaning as the site of the "Revolution of Light." The Democratic Party refers to the process of overcoming the December 3rd martial law and subsequent unrest as a "Revolution of Light." Kim Do-yeon, Arirang News.

Rift among conservatives intensifies as PPP candidate delays fast merger with ex-PM

2025/05/09 10:00

Despite efforts to create a coalition between conservative party candidate Kim Moon-soo and former Prime Minister Han Duck-soo for the upcoming presidential election, it hasn't been a walk in the park as there's now a rift within the conservative bloc. Our Oh Soo-young has the latest. People Power Party candidate Kim Moon-soo and ex-Prime Minister Han Duck-soo, running as an independent, failed for a second time to form a joint conservative ticket to run in the June 3rd Presidential Election. In a live, televised discussion at the National Assembly's outdoor cafe, the two contenders on Thursday held another meeting, after their first talks the previous day failed to produce a outcome. But the smiles and small talk soon turned into a heated exchange. Kim continually challenged Han's relatively late entry into the race, citing his lack of participation in the PPP primary. He also criticized Han for declaring he would not run, if no merger is reached before May 11th the deadline for candidate registrations. Kim has insisted they hold separate campaigns for a week, before taking steps towards a merger. Han retorted there is no time to lose, saying they must unite against economic and geopolitical crises, and that the Democratic Party is gaining ground. He renewed pressure on Kim not to stall the process, noting Kim had promised voters he would join forces with him at least 22 times in recent weeks. Han also reiterated that he will follow the PPP's lead, saying their union is the "command of the people." Han's camp later said a third meeting has not been proposed yet, but the former PM hopes to hear more specific merger plans, with Kim reflecting his party's perspective, not just his own. The PPP has been pushing its candidate for a swift union with Han in a bid to challenge DP candidate Lee Jae-myung's strong lead in national polls. After winning last week's primary, Kim is now arguing he should be the one who sets the terms on a merger. Accusing party elders of aligning with Han Duck-soo,.. he refused to take part in their plans to merge before May 11th, threatening legal action for undermining his candidacy. In return, senior PPP figures have ramped up pressure on Kim to honour his pledge, and suggested on Thursday that the party could even legally replace its candidate. The party has pushed ahead with a two-day national poll on Kim and Han until 4PM on Friday. Taking their battle to the courts, Kim filed two injunction requests, seeking recognition of his status as the party’s official presidential contender, and asking the courts to block two party events that could end his candidacy. In response, the party’s legal team argued that Kim's lead in the PPP primary was based on his repeated pledge to unify with Han. The party claimed it never forced a merger in favor of Han,.. and that procedures for convening the national convention and central committee are legally sound. The Seoul court ruling is expected by Friday afternoon. Oh Soo-young, Arirang News.

UK first to strike trade deal with Trump

2025/05/09 10:00

The U.S. and the UK say they've reached what they call a breakthrough trade deal. It's the first trade deal made since U.S. President Donald Trump's reciprocal tariff pause. Lee Seung-jae has the details. Britain became the first country to strike a trade deal with the United States on Thursday, since U.S. President Donald Trump's sweeping reciprocal tariffs announced last month. Nothing was officially signed during the Oval Office event announcing the trade deal, and many specifics about the deal were not immediately clear. According to President Trump,.. the final details are being written up, and will be made official in the coming weeks. However, according to a fact sheet from the White House, the trade deal will keep in place a ten percent blanket U.S. tariff on UK imports. It will also adjust tariffs on UK cars so that the first 100-thousand vehicles imported from British carmakers each year would be subject to a 10 percent rate, with additional vehicles facing a 25 percent tariff. Speaking to workers and reporters during a visit to a car factory in West Midlands, England on Thursday, British Prime Minister Kier Starmer praised the deal, calling it "historic." "And I'm really pleased to announce to you and I wanted to come to you to announce it, that we've agreed the basis of a historic economic prosperity deal. And that is a deal that will protect British businesses and save thousands of jobs in Britain. Really important, skilled, well-paid jobs." The deal will see U.S. tariffs on British cars slashed from 27-point-5 percent to ten percent. Also, import duties on steel and aluminum will be reduced to zero. Lee Seung-jae, Arirang News.

S. Korea logs current account surplus for 23rd straight month in March

2025/05/09 10:00

South Korea's current account remained in the black in March for the 23rd month in a row. Data from the Bank of Korea released on Friday shows the country's current account registered a surplus of 9-point-14 billion dollars, up from February's surplus of 7-point-18 billion. According to the data, the figure was driven by robust exports, which saw an on-year increase of 2-point-2 percent. Among key export items, chip exports reversed a one-month decline, while computer exports also saw a significant rise.

N. Korea test-launched tactical missile Hwasong-11 with leader Kim in attendance

2025/05/09 10:00

North Korea has confirmed that it test-launched its tactical missile Hwasong-11 on Thursday, with leader Kim Jong-un in attendance. According to the Korean Central News Agency on Friday, Kim personally guided the long-range artillery and missile system joint strike drill. The KCNA said 600 millimeter rocket launchers and the Hwasong-11 tactical ballistic missile were mobilized for the drill. Experts say it appears the regime is continuously developing and testing those that are advantageous for exports to Russia.

Cardinal Robert Prevost comes first U.S. pope taking the name Leo XIV

2025/05/09 10:00

A historic moment for the Catholic Church, as the first American pope, Leo XIV, has been elected. Known for his deep ties to Latin America, he’s seen as a bridge between tradition and reform. Shin Se-byuck reports. As white smoke billowed from the chimney of the Vatican's Sistine Chapel at 6:05 PM on Thursday local time, the world welcomed a new pope. Cardinal Robert Francis Prevost, now known as Leo XIV, has become the first American pope in the over 2-thousand-year history of the Catholic Church. Emerging in the traditional white cassock, the new pope appeared on the balcony overlooking St. Peter's Square to deliver his first message to the world. The 67-year-old was elected on the fourth round of voting, just two days after the conclave began, with at least two-thirds of the 133 cardinal votes needed to confirm his selection. His election comes 17 days after the death of his predecessor, Pope Francis. In the Vatican, the atmosphere was one of celebration as the faithful welcomed the newly elected pontiff. "Having the leader of the Catholic Church to be from the same country as I am, I have just felt like I just felt very proud." "Really happy and really happy. It’s a big surprise and a big blessing for the church and for the church in the United States, and the church in the Americas." U.S. President Donald Trump also took to social media, saying it's an "honor" to see the first American pope. Back in his hometown of Chicago, the mood was equally celebratory. "Very surprised and then elated." "It's exciting. American. It's it's nice for us." Born in 1955 in Chicago, Leo XIV served in Peru for two decades, working with indigenous communities and the poor before being appointed archbishop in 2015. In 2023, he was elevated to cardinal by Pope Francis and took on the influential role of prefect of the Dicastery for Bishops, overseeing key church appointments. The name "Leo," from the Latin word for "lion," symbolizes strength, courage, and leadership in the Catholic tradition. The last pope to bear the name, Leo XIII, who served for 25 years from 1878, is credited with laying the foundation for modern Catholic teaching by addressing the social challenges of the industrial era. Cardinal Prevost's choice of the name Leo XIV is seen as a nod to this legacy. His diverse background, combining North American roots and deep Latin American connections, is being viewed as a potential bridge within the global Church, appealing to both conservative and progressive factions. Looking ahead, Leo XIV is expected to visit South Korea in 2027 for the next World Youth Day. This would mark the fourth visit by a pope to South Korea and the first in 13 years since Pope Francis visited in August 2014. Shin Se-byuck, Arirang News.

N. Korea’s provocations amid closer ties with Russia: What’s next for regional security?

2025/05/08 20:00

Welcome to Within The Frame, where we bring the most pressing issues across the globe into focus. I'm Kim Mok-yeon. As Russia prepares to mark its 80th Victory Day, attention is shifting to a key absentee: North Korean leader Kim Jong-un. Despite an increasingly tight military partnership with Moscow—including artillery shipments and reported troop deployments to the Ukraine front—Kim is known to be skipping the celebrations, fueling speculation over Pyongyang's diplomatic calculus. Meanwhile, tensions on the Korean Peninsula are climbing again. Hours before airtime, North Korea launched a ballistic missile into the East Sea, its first test in two months. This coincides with a string of public military appearances by Kim—from tank factories to drone facilities—suggesting an intensified focus on deterrence and projection. To help us break down these latest developments on the Korean Peninsula, we invite Go Myong-hyun, Senior Research Fellow at Institute for National Security Strategy. Welcome. Also joining us from Washington D.C., is Bruce Klingner, Senior Research Fellow at The Heritage Foundation. Great to see you. (GO) 1. Let's start with Dr. Go. So, despite growing military cooperation between North Korea and Russia, Kim Jong-un is skipping Russia's 80th Victory Day celebrations, sending only his ambassador. How do you interpret this decision? Could it be a tactical move to avoid international scrutiny, or does it suggest a more nuanced strategy in Pyongyang's diplomacy? (KLINGER) 2. According to South Korea's intelligence agency, as many as 15,000 North Korean troops have been deployed to support Russia in Ukraine, with around 600 deaths and over 4,000 wounded. Dr. Klinger, given these numbers, what do you make of North Korea's decision to keep its troops out of the Victory Day parade? (GO) 3. There are reports that North Korea may grant relocation privileges to Pyongyang for the families of North Korean soldiers killed in Ukraine. In a state where residency in the capital is a major social privilege, how should we read into this—generous compensation or calculated containment, Dr. Go? (KLINGER) 4. How about you, Dr. Klinger? How is North Korea managing public perception of its role in the Ukraine war, particularly as casualties mount and foreign deployments become undeniable? (GO) 5. Earlier today, North Korea resumed ballistic missile testing —its first in two months—firing into the East Sea. What do you make of the timing and messaging behind this launch, Dr. Go? (KLINGER) 6. That launch also comes on the heels of a flurry of domestic military activity. Kim Jong-un visited major arms production sites, calling for expanded artillery production. What message is he sending by focusing on domestic munitions over international diplomacy during this specific time? (GO) 7. North Korea has strongly condemned a recent U.S. homeland missile defense drill conducted in Alaska, claiming it legitimizes a preemptive nuclear strike against Pyongyang. How would you read into Pyongyang's reaction? (KLINGER) 8. The U.S. Treasury has blacklisted Cambodia's Huione Group for laundering billions in illicit funds, including over 50 million dollars traced back to North Korean cyberattacks. What does this say about the role of cybercrime in sustaining the North Korean regime under sanctions? How much should we be concerned? (GO) 9. The UN Security Council convened a meeting on May 7th to discuss North Korea's ongoing proliferation activities and its cooperation with Russia. In April 2024, Russia vetoed the renewal of the Panel of Experts' mandate at the UN Security Council, effectively shutting it down. How has this affected the UN's ability to track and respond to North Korea's actions? (KLINGER) 10. And despite clear violations of Security Council resolutions, as Pyongyang and Moscow continue expanding their exchanges, what tools—if any—does the UN still have at its disposal to enforce accountability or deter further breaches?

Conservative merger already in trouble? Second attempt by PPP candidate, ex-PM collapses Thursday

2025/05/08 20:00

Thank you for joining us. I'm Yoon Jung-min. The rift is only growing within the conservative bloc over a candidacy merger between PPP's Kim Moon-soo and former Prime Minister Han Duck-soo before the deadline for official candidate registration set by the election watchdog. The two met again this afternoon following yesterday's talks that fell apart, only to reaffirm their differences. For more, our correspondent Oh Soo-young is on the line. Soo-young, let's begin with their one-hour meeting which was entirely made public. Yes, Kim Moon-soo and Han Duck-soo met at 4:33 PM to hold their second round of talks at the National Assembly to discuss forming a joint bid for the presidential election. In a fashion unprecedented in modern Korean politics, the People Power Party candidate and ex-Prime Minister, running as an independent, seated themselves at an outdoor cafe table for a televised discussion. But the swap of smiles and small talk soon turned into a heated debate, which ended abruptly after an hour as they decided they couldn't narrow their differences. Kim continually challenged Han's relatively late entry into the race, citing his lack of participation in the PPP primary. He also criticized Han for saying he wouldn't run if they don't merge before this Sunday, when candidate registrations close, and suggested they should both run separate campaigns until a televised debate and polling next week. Han stressed there is no time to lose amid pressing economic and geopolitical issues, and the growing danger of the Democratic Party gaining ground. He renewed pressure on Kim not to stall the process of joining forces, saying their union is the "command of the people." He reiterated that he'd do all that the PPP wants for a collaboration, and put the ball in Kim's court, noting how Kim had pledged to merge with him at least 22 times in recent weeks. After emerging as the leading PPP candidate in last week's primary, Kim has resisted the party leadership's strong push to unite with Han, to challenge the Democratic Party's candidate Lee Jae-myung, who leads the polls. Q2. We're seeing the rift between PPP's candidate and leadership escalate. They collided head-on this morning, which was a very unusual scene. Yes. The PPP leadership has slammed Kim for his newfound resistance to joining forces with Han Duck-soo, suggesting a change of the party candidate hasn't been decided, but is technically possible. This came after Kim on Thursday morning accused the party's elders of "illegal and undemocratic moves" to thwart his candidacy in favour of the former PM, and rejected the party's roadmap to quickly form a union this week. Arguing that he should be the one to set the terms on a merger, Kim has further claimed he presented a proposal to Han during their first discussion on Wednesday, but insinuated the former PM has aligned himself with the PPP leadership. Han has denied both claims. Although Kim continues to revolt, the party decided it would proceed with a poll on the two candidates from 7 PM until 4 PM on Friday, to garner public and party opinion in a 50:50 ratio. While some PPP members, including former presidential contenders, have criticised the leadership for undermining the party's candidacy procedures,. Spokesperson Shin Dong-wook has justified the push for a merger, noting 87 percent of PPP members support a Kim-Han union before May 11th. All right Soo-young. Thank you for your coverage.

[Weather] Heavy rain on Friday with thunderstoms, southern regions see downpours

2025/05/08 20:00

Parents' Day brought a touch of early summer warmth, great weather to spend meaningful time with family. Now, we have rain in the forecast for the entire country starting early tomorrow. We're talking about some decent downpours along with thunderstorms. Jeju could see over 200 millimeters, 80 millimeters for the southern coast, and the rest of the country is looking at 10 to 50 millimeters. Afternoon highs will be nearly 10 degrees lower than today in the capital. The rest of the country will also notice breezier highs. Checking on our lows first, Seoul starts off at 15 degrees Celsius. Daegu at 13 degrees, highs won't rise much.. getting up to 16 degrees in the capital, Daegu at 18 degrees. Rain will bring a dip in daytime highs through Saturday, with lingering rain in central areas. That's Korea for you, here's a look at the international weather conditions.

Pakistan air defense system neutralizes dozen Indian drones

2025/05/08 20:00

Pakistani officials say the country's air defense system neutralized a dozen Indian drones overnight that intruded into various locations. The officials added that four troops were wounded by a drone that attacked a military target near Pakistan's Lahore city. No immediate comments have yet come from India. The incident follows India's missile strikes on Pakistani locations the previous day that reportedly killed at least 31 civilians. In response, Pakistan vowed retaliation, saying India would now have to "pay the price" for its actions.

Black smoke from Sistine Chapel signals no pope elected in first round of conclave

2025/05/08 20:00

At the Vatican. Black smoke billowed from the Sistine Chapel's chimney on the first day of the voting by cardinals to elect a new pope, meaning no consensus was made. Four rounds of voting is slated for Thursday. Lee Eun-hee has more. Black smoke rose from the chimney of the Sistine Chapel in the Vatican on Wednesday, signaling that the conclave had failed to elect a new pope on the first day. As the dark smoke curled into the night sky, a wave of disappointment swept through the crowd gathered at St. Peter's Square, many of whom had been waiting for hours. "It's an emotion, it's an emotion to be here, especially, and we will be here again tomorrow. It was expected to be black smoke today, for the first vote." The black smoke from the burning ballots came more than three hours after the start of the conclave, taking longer than expected. This was an hour longer than it took for smoke to appear after the first vote in the 2013 conclave that elected the late Pope Francis. "I would like it to be a Pope who continues the legacy of Pope Francis, meaning that he is a more open, more liberal Pope, because that is the way to attract people to the Church." To be elected, a new pope must secure at least 89 votes, a two-thirds majority. The conclave will resume on Thursday, with 1-hundred-33 cardinals from 70 countries voting in strict secrecy. "Yes, we'll come back tomorrow because we live here, so tomorrow, from the morning, we'll be on the lookout to see if there's white smoke." When a pope is chosen, white smoke will emerge from the chimney. Starting Thursday, the cardinals will hold four votes a day, two votes in the morning session and two in the afternoon. Lee Eun-hee, Arirang News.

Putin-Xi meet in Moscow for first 2025 summit

2025/05/08 20:00

Russian President Vladimir Putin and his Chinese counterpart, Xi Jinping, have held their first in-person summit of the year in Moscow. Xi's visit coincides with Russia's 80th Victory Day celebrations tomorrow on Friday. The two leaders exchanged greetings, referring to one another as "friend," while Putin said both countries would stand together against "neo-Nazism." He also thanked Xi for inviting him to China's upcoming 80th anniversary marking its victory over Japan in September. Xi also stressed joint efforts as major powers to counter what he called "unilateralism and bullying."

[Econ & Biz] Fed holds rates steady amid 'uncertainty'; what that means for S. Korea's future rate decisions

2025/05/08 20:00

The U.S. Federal Reserve has left its key interest rate unchanged yet again, a decision made at a critical time when it comes to not just the U.S. economy, but also the world economy. For more on this, our economics correspondent Lee Soo-jin joins us in the studio. Soo-jin, first, tell us about the decision and where the rates stand now. Sure, so in its third monetary policy meeting of the year, the U.S. Fed has decided to continue its "wait-and-see" stance by, as you just said, keeping rates steady. The decision to keep the current key borrowing rate range of 4-point-2-5 percent to 4-point-5 percent on Wednesday extends the pause in the Federal Open Market Committee's rate-cutting cycle, which has been in place since January. Here's what Fed Chair Jerome Powell said were the reasons behind the rate freeze decision. "The risks of higher unemployment and higher inflation appear to have risen, and we believe that the current stance of monetary policy leaves us well-positioned to respond in a timely way to potential economic developments." And these risks to employment and inflation the two pillars of the Fed's dual mandate stem from the uncertainty surrounding President Trump's tariffs. The decision to hold rates steady was thus unanimous, despite weeks of pressure from Trump to lower them, resulting in him even threatening to fire Powell which he backed off of. Still, he and his administration remained firm in their stance that the Fed should cut rates, arguing that high borrowing costs are no longer needed as prices have steadily cooled. But according to one expert, while recent inflation data shows some easing, future price trends remain uncertain due to Trump's ongoing tariff threats. Let's take a listen. "The latest report on consumer inflation saw a 2-point-4 percent year-on-year rise in March. The one-year outlook compiled by the University of Michigan stands at 6-point-5 percent. The main driver of the jump in inflation expectation is President Trump's tariff policies." Then when is the Fed expected to lower rates? Right, so experts remain divided on exactly when this will happen. And that's because the Fed is likely to wait until it is more certain about the economic impact of tariffs. Let's listen. "But the fact is that the markets hate uncertainty. And by the way, so does the Fed. So the Fed doesn't want to do anything until we get clarity. And that's going to take some time," And this is in line with how Powell said that it "depends" when asked if there will be rate cuts at all this year. Tangible economic data required before the Fed cuts rates, include inflation remaining relatively contained while the job market or economic growth weakens further. And according to an expert, this impact will surface in the second half, also when rate cuts are expected to begin. "They'll definitely start cutting rates in the second half. With oil prices and other factors relatively stable, inflation is starting to ease. Once that trend becomes clear, the Fed will likely move to lower rates more decisively." What does all this mean for the future policy rate decision here at home? Well, it does quite a bit, because the Bank of Korea closely watches the Fed's interest rate decisions. The latest rate freeze leaves the key interest rate gap between South Korea and the United States at 1-point-7-5 percentage points based on the upper end of each country's rates. And the rate gap puts the BOK in a tough position ahead of its own meeting later this month, as an even larger gap could lead to capital outflows that push the won down further raising import costs and adding to inflation. But Korea's central bank is likely to lower interest rates due to the sluggish domestic economy. Here's what another expert said. "While the exchange rate is now in the upper 1-thousand-3-hundred-won range, domestic factors are becoming more important for rate cuts. Ideally, the Fed would cut rates too, but given Korea's tough domestic situation, many expect the Bank of Korea to cut rates in May." Data released by the central bank last month showed that the country's real gross domestic product, a key indicator of the economy, shrank by 0-point-2 percent quarter-on-quarter in the first quarter. The government vowed to remain vigilant, as Acting Finance Minister Kim Beom-seok said on Thursday in response to the Fed leaving rates unchanged, that the government will hold weekly macroeconomic and financial meetings to monitor markets and ensure economic stability. All right, thank you for your report today. Thank you for having me.

Trump says 'no' to bringing down tariffs for China before negotiations

2025/05/08 20:00

Officials from the U.S. and China will be sitting down in Geneva this weekend, hoping to resolve hefty tariffs imposed on each other's products. Ahead of the event, Mr. Trump has rejected reducing levies on Beijing. Lee Seung-jae has more. Amid escalating trade tensions between the United States and China, U.S. President Donald Trump said he won't lower his 145 percent tariff on Chinese imports before trade talks happen between the two countries. Speaking to reporters at the White House on Wednesday, Trump was asked if he would be "open to pulling back" on his tariffs in order to bring China to the negotiation table, to which he simply replied "no." The comments come as Beijing said earlier that meaningful negotiations would only happen if Washington lowers the 145 percent tariffs first. His comments come as a meeting between U.S. and Chinese trade officials is set to take place in Geneva on Saturday. U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer are set to meet with China's economic chief He Lifeng, in what could be the first step towards de-escalating tensions between the two economic powers. Speaking to Fox News earlier this week, Bessent said the trade talks will center mostly on de-escalating tensions, and not on a "big trade deal." Last month, President Trump raised import duties on Chinese goods to 145 percent, despite scaling back on his reciprocal tariffs on almost all other U.S. trading partners. China retaliated with steep tariffs on U.S. goods, further escalating the trade tensions. Lee Seung-jae, Arirang News.