News

Foreign Ministry calls in senior Japanese diplomat over Tokyo's false territorial claims over Dokdo

2025/04/08 20:00

The Foreign Ministry has lodged a protest against Japan's false claim over South Korea's Dokdo Island. The protest follows Japan laying claim to Dokyo in its diplomatic bluebook released on Tuesday. In response, the Foreign Ministry called in Taisuke Mibae , deputy head of mission at the Japanese Embassy here in Seoul, to share its displeasure. In a separate statement, the ministry also stressed that Dokdo is South Korean territory historically, geographically, and under international law and that the government would respond firmly to any false claim over the island.

S. Korea logged current account surplus for 22nd straight month in February

2025/04/08 20:00

For the twenty-second month in a row, Korea's current account remained in the black with a surplus of over 7-billion dollars in February. Lee Soo-jin covers the latest findings. South Korea's current account stayed in the black for the 22nd month in a row in February. According to data from the Bank of Korea on Tuesday, the country logged a near 7-point-2 billion U.S. dollar current account surplus in the second month of the year. This also marks a sharp increase from January's surplus , when there were fewer working days on account of the Lunar New Year holiday. It comes as the goods balance, which tracks exports and imports of products and accounts for the largest portion of the current account, recorded an 8-point-2 billion dollar surplus , also marking a significant increase from the previous month. This extends the surplus streak for the goods balance to 23 consecutive months. Exports rose 3-point-6 percent compared to the previous year on strong demand for computers, computers, pharmaceuticals, cars, and IT equipment. But outbound shipments of chips dropped compared to the previous year, a decline recorded for the first time since October 2023. "Exports of lower-value DDR4 memory chips fell slightly in February due to price drops, but picked up again in March despite competition from China. Still, it's something we'll need to watch closely." The size of the country's service balance once again remained in the red, with the deficit deepening compared to the previous month. This was mostly due to the larger shortfall in the intellectual property account from increased payments by domestic firms to overseas companies for R&D-related royalty fees. When asked about when the impact of U.S. President Donald Trump's tariffs will be felt, the same official said the current account surplus will likely continue through March, with effects starting to show in April, but that while sectors like autos and auto parts will be affected, the impact is expected to be gradual, not immediate. Lee Soo-jin, Arirang News.

Won-to-dollar exchange rate hits 1,473.2 won, highest since global financial crisis

2025/04/08 20:00

As U.S. tariffs rattle global financial markets, the South Korean currency lost substantial ground against the U.S. dollar, weakening to one-thousand-4-hundred-73 won at one point during trade on Tuesday afternoon. This is the won's weakest level against the greenback since the global financial crisis. Accordingly, at an emergency meeting of the country's top economic officials convened by Finance Minister Choi Sang-mok , authorities acknowledged the vulnerability of the local financial market to external risk factors and agreed to remain vigilant in anticipation of further fluctuations.

S. Korea vows to negotiate with U.S. over 25% reciprocal tariffs

2025/04/08 20:00

Against this backdrop, a Korean trade delegation led by its trade minister has departed for the U.S. with intentions to address the 25-percent American tariff on Korean imports. Park Jun-han has more. Trade Minister Cheong In-kyo traveled to Washington on Tuesday to discuss tariffs imposed by the U.S. on South Korean products. Cheong will meet U.S. trade representatives in Washington, and emphasized that the 25% tariffs affecting steel and automobiles would be the subject of talks during his visit. "So we are trying to use multiple channels to solve the tariffs issue with the United States, and to come up with a trade policy outcome that will maximize South Korea's national interests." This is the first visit by a South Korean government official to the U.S. since Trump announced his detailed reciprocal tariffs plan on April 2nd. Regarding South Korea's stance on U.S. trade policy, Cheong said the Cabinet has been discussing the possibility of increasing imports from the United States, such as Alaskan liquefied natural gas. The move is aimed at addressing the trade imbalance that Trump has repeatedly raised. "I think as long as Korea is willing to provide some concessions to the United States, we could reduce the tariff rate from 25-percent to 15-percent or 10-percent." At a ministerial meeting on economic affairs, Finance Minister Choi Sang-mok outlined a plan to create a supplementary budget to combat issues related to trade and AI. Choi said the government is planning to spend 3 to 4 trillion won, about 2.04 to 2.72 billion dollars, to respond to rapid changes in the trade environment and enhance AI competitiveness. Choi also called on the National Assembly to swiftly approve the budget, emphasizing the need to seize this critical window to save South Korea's industries and businesses. Park Jun-han, Arirang News.

With less than two months to go, big names declare candidacy for presidency

2025/04/08 20:00

With the date set, a number of presidential hopefuls are making their moves to join the race. Kim Do-yeon reports. With the next presidential election officially set for June 3rd, eyes are now on who's going to be running in this relatively short election season. The Democratic Party of Korea, which holds the majority on the floor, does have a clear front runner though he's yet to announce his official candidacy. The Party's Chair Lee Jae-myung, who lost the last presidential election to Yoon Suk Yeol by just 0.7 points, is expected to resign from the party's leadership as early as Wednesday to make a bid for the presidency. Despite this, there are other DP politicians not from Lee's faction who are going to compete for the candidacy. Kim Doo-kwan, former Minister of Interior and Governor of Gyeongsangnam-do Province as well as a lawmaker said he will run. Kim Dong-yeon, current Governor of Gyeonggi-do Province, announced that he will formally declare on Wednesday as he leaves for the state of Michigan in the U.S. to deal with tariff issues. As for the People Power Party, there is no front runner like its rival and the primary is expected to have around 10 candidates. First up is lawmaker Ahn Cheol-soo, who held an official press conference on Tuesday declaring his fourth run for presidency. Labor Minister Kim Moon-soo resigned from his post on Tuesday and said he will officially start his campaign on Wednesday. Former PPP Chair Han Dong-hoon said his camp will kick off on Thursday, while Daegu Mayor Hong Joon-pyo's camp said his official announcement will be on the 14th of April. The two most watched so far are Kim Moon-soo and Han Dong-hoon. Kim famously refused to apologize for the martial law declaration at the National Assembly when all other Cabinet members stood up. Han was the chair of PPP and despite being from the party, openly supported the impeachment of President Yoon. Meanwhile, third party candidates are expected to announce their bids as well. It began with Lee Jun-seok the New Reform Party Chair who was formerly the Chair of the PPP, registering as a preliminary candidate already. Kim Do-yeon, Arirang News.

Beijing threatens retaliation against Trump's threat of 50% additional tariffs

2025/04/08 20:00

A day before the U.S.'s so-called reciprocal tariffs take effect, Washington and Beijing look to be engaged in a game of chicken, each vowing to retaliate without backing down. China vows further retaliation if the U.S. goes ahead with an additional tariff. Moon Hye-ryeon explains. China is threatening further retaliation against the United States should they impose the additional tariff promised by U.S. President Donald Trump. According to the Wall Street Journal, a statement from Beijing's Ministry of Commerce on Tuesday said that it would take countermeasures to "safeguard its own rights and interests" in response to Trump's social media post, which said Washington could impose an additional 50 percent tariff on Beijing. The statement called the move a "mistake on top of a mistake". Previously, China announced a 34 percent tariff on American goods in response to U.S. levies – which, in turn, led to Trump's threat of additional tariffs unless Beijing withdraws these retaliatory tariffs. The escalation of the trade war between the two countries brings the total rate to be levied on Chinese imports to 104 percent. This is expected to have a staggering impact, as China was the second-largest trading partner with the U.S. last year. Trump also warned that unless Beijing accepts his demands, its negotiations with the U.S. will come to a standstill. Meanwhile, negotiations with other countries are due to begin immediately. U.S. Treasury Secretary Scott Bessent said more than 50 countries reached out for talks, while Trump said leaders from Asia and Europe called him over the weekend as well as Japan's Prime Minister on Monday. "We have many, many countries that are coming to negotiate deals with us, and they're going to be fair deals. And in certain cases, they're going to be paying substantial tariffs. They'll be fair deals." This marks a shift from earlier statements, which stated there would be no negotiations for the time being. During interviews with various media outlets, White House officials said that such deals would need to be "really great" for American manufacturing and farmers – and countries would need to do more than just lowering their tariffs for relief. Moon Hye-ryeon, Arirang News.

Countries take varied measures to tackle Trump's tariffs

2025/04/08 20:00

Meanwhile, countries in Europe and Asia are gearing up different responses, including negotiations with Washington. Ahn Sung-jin takes a look at how the world is tackling the trade war triggered by the U.S. As Trump's tariffs threaten countries around the world, most have been drafting response measures. Trump's taxes will start with a baseline of 10-percent on all goods coming into the U.S., with some countries reaching up to 50-percent on imports. With the "reciprocal tariffs" on specific countries to begin on April 9th, countries have been ramping up retaliatory measures. Trump has imposed a 20 percent tariff on goods from the European Union, which stated that it will be defending its interests with countermeasures. "Further diversifying our trade relations is very critical for us because this broadens the market opportunities and is crucial for our companies. So it is very clear that we are open for negotiations and that, in parallel, we are preparing a potential list for retaliation and other measures for retaliation if this is necessary." The 27-country bloc will also be working closely with the UK, and though it has levied 25 percent tariffs on some U.S. imports, it further made clear that it would prefer a negotiated solution by offering a "zero-for-zero" tariff deal. Asian countries have also varied in their approach to tariff impositions. U.S. President Donald Trump and Japanese Prime Minister Shigeru Ishiba had a 25-minute phone talk on Monday, with the Japanese leader stating that he will dispatch a team for further trade talks. However, Ishiba did voice his disappointment over the tariffs as he noted that Japan had been the biggest investor in the U.S. for five straight years. Meanwhile, Vietnam took a conciliatory approach by suggesting it could lower tariffs on U.S. goods to zero, while Malaysia will be drafting a joint response plan at the ASEAN level. Pakistan will be sending representatives to the U.S. for discussions, and the Philippines has also pledged to lower taxes on American imports. However, some countries have also stated that they do not plan to retaliate. India referred to ongoing trade negotiations as it expressed no retaliation efforts, while Taiwan also disclosed no intention for reciprocal trade tariffs as of now against the 32 percent on Taiwanese goods. The U.S. national economic council director said more than 50 countries have reached out to the White House to negotiate trade talks with Washington. Ahn Sung-jin, Arirang News.

Samsung posts Q1 operating profit of US$ 4.5 billion

2025/04/08 20:00

In the corporate arena. Samsung Electronics posted what pundits are calling a "resilient" first-quarter profit on the back of strong semiconductor and smartphone demand. Our Shin Se-byuck has more. Samsung Electronics, in its earnings guidance on Tuesday, estimated a first quarter operating profit of 6-point-6 trillion Korean won or roughly 4-point-5 billion U.S. dollars. The figure beats market expectations of around 3-point-5 billion dollars, thanks to strong sales of the tech giant's latest flagship smartphones, despite being down point-1-5 percent from a year earlier. The market had projected weaker earnings due to delayed shipments of its fifth-gen HBM chips and falling memory prices, but brisk sales of the Galaxy S25, launched in February, pushed results well above forecasts. Stronger-than-expected DRAM shipments also contributed to the upbeat performance. Revenue rose nearly 10 percent on-year to 79 trillion won or around 54 billion dollars, close to the all-time high of 79-point-1 trillion won posted in the third quarter of last year. Samsung did not disclose earnings by business division this time. However, market watchers estimate the MX division, which oversees smartphones, posted an operating profit of over 2-point-7 billion dollars. The Device Solutions division, responsible for semiconductors, is projected to have logged an operating profit of around 681 million dollars. With memory chip prices on the rise, expectations are growing for Samsung's performance in the coming quarters. But an expert warns that uncertainties remain. "Because of the tariffs and because of the uncertainty and because of the slowing down of the American economy, I think performances for the second quarter would not be as dramatic as the first quarter and possibly are significantly lower than the first quarter." The company's final earnings report will be released later this month. Shin Se-byuck, Arirang News.

Political and social impact of Yoon's Impeachment on S. Korean society

2025/04/08 20:30

Welcome to Within The Frame, where we bring the most pressing issues across the globe into focus, I'm Kim Mok-yeon. The Constitutional Court’s unanimous decision to remove President Yoon Suk-yeol from office marked a significant turning point in South Korea’s political landscape. While the ruling ended a four-month-long impeachment process, it also set the stage for new questions about national unity, democratic resilience, and the future of political leadership. Public reaction over the weekend was active but largely restrained, with both pro-and anti-impeachment rallies taking place without major unrest. At the same time, increased political engagement among younger generations and rising concerns over ideological polarization suggest deeper shifts underway in Korean society. To better understand the significance of this moment—and what it may mean moving forward—we speak with two guests in the studio with us. To my is Hans Schattle, Professor of Political Science at Yonsei University. Welcome Professor. And to my is Suh Chan-seok, Associate Professor of Sociology at Chung-Ang University. Thank you for joining us. 1. (Schattle) So, Professor Schattle, last Friday, the Constitutional Court unanimously ruled to remove former President Yoon from office. How do you read into the political and societal significance of this decision? 2. (SUH) Now to Prof. Suh, even after the decision had been announced, pro-and anti-impeachment rallies were held across Seoul over the weekend. Thankfully, the level of chaos was not as extreme as expected. What do you think are the reasons behind this? 3. (Schattle) So it's been said that it took 123 days for Yoon to be removed since the martial law declaration on December 3rd. Based on the roughly four-month-long impeachment process and the public protests, Prof. Schattle, what do you think this incident signifies for South Korean democracy? 4. (SUH) Notably, rallies for and against Yoon’s impeachment showed a sharp increase in political participation from people in their 20s and 30s. This generation was once dubbed “politically indifferent.” Prof. Suh, how could the surge in political engagement among younger people be analyzed? 5. (Schattle) Prof. Schattle, what kind of shift in the political landscape do you foresee from this increased participation among younger generations? 6. (Schattle) Following the impeachment, national reconciliation has become the most pressing issue. There are growing concerns that the ideological divide between progressives and conservatives has reached a peak through this impeachment. How do you assess the current situation, Prof. Schattle? 7. (SUH) Prof. Suh, some say that this political polarization is triggering other forms of social conflict. Which areas should we be concerned about? 8. (SUH) According to Statistics Korea’s 2024 Social Indicators of Korea released last month, the country is already facing severe societal conflict across categories like political ideology, gender, and generation. Prof.Suh, why do you think South Korea had been seeing these divisions even before the impeachment ruling? 9. (Schattle) The impeachment has now brought South Korea into an early presidential election phase. There are concerns that the coming election might be just as divisive as the impeachment process itself. Prof. Schattle, what steps should political leaders take to reduce polarization during this time? 10. (SUH) Some foreign media outlets have warned that, in the short term, South Korean society may become even more polarized following the impeachment. Prof. Suh, given the country’s heightened political divisions, what efforts are needed to achieve social cohesion?

[Weather] Dry conditions continue, rain from tomorrow afternoon

2025/04/08 17:00

Warm spring weather continues across the country today. Seoul rose up to 19 degrees Celsius, and Yangsan in Gyeongsangnam-do Province was as warm as 25 degrees. It will stay warm tomorrow nationwide with Seoul rising up to 18 degrees, but the daily temperature range will also stay wide. Meanwhile, more regions are suffering from dry weather. Dry weather advisories are in effect in some parts of Gyeongsang-do provinces, southern parts of Chungcheongbuk-do Province, eastern parts of Jeolla-do provinces, and the mountainous areas of Jeju Island. In addition, strong winds of more than 15 meters per second are blowing throughout the county. Extra caution is necessary. Tomorrow, Gwangju and Daegu will start off at 7 degrees, Busan and Jeju at 10 degrees. Daily highs will move up to 21 degrees in Gwangju, Daegu, and Gyeongju. Rain will begin in the western parts of the country tomorrow afternoon and will spread across the country at night. That's all for Korea. Here are the weather conditions around the world.

World News: Trump and Netanyahu meet to discuss Gaza, Iran, and more

2025/04/08 17:00

This is the World Now, bringing you the latest stories from around the globe. U.S. President Donald Trump and Israeli Prime Minister Benjamin Netanyahu convened at the White House to address a wide range of issues, including the Gaza conflict and Iran's nuclear ambitions. During their meeting on Monday at the Oval Office, Trump announced the initiation of direct talks with Iran over its nuclear program, with high-level discussions scheduled to begin on Saturday. Netanyahu expressed conditional support for the diplomatic efforts, stating that preventing Iran from obtaining nuclear capabilities through diplomatic means would be favorable. The leaders also discussed the ongoing conflict in Gaza. Netanyahu highlighted Israel's commitment to securing the release of hostages held by Hamas and mentioned its ongoing military operations aimed at achieving this objective. The U.S. President once again expressed his desire for the U.S. to take over the Gaza Strip, saying that it would be a "good thing." In the Middle East, a Palestinian-American teenager was fatally shot by Israeli forces in the occupied West Bank. On Sunday evening local time, a 14-year-old U.S. citizen from New Jersey was shot and killed near the town of Turmus Ayya, northeast of Ramallah. According to the Israel Defense Forces, soldiers identified three individuals throwing rocks at civilian vehicles on a nearby highway. The IDF said its soldiers opened fire during a counterterrorism operation in the area after spotting three "terrorist" individuals who were throwing rocks at the highway. The mayor of Turmus Ayya said three teenagers were shot on this day, resulting in one death and injuries to two others. The Palestinian Ministry of Health called the shooting an "extrajudicial killing." India's northern regions, including the capital, Delhi, are experiencing an unseasonal heatwave, with temperatures soaring to unprecedented levels for early April. On Monday, Delhi recorded a maximum temperature of over 40 degrees Celsius, marking the highest of the season and exceeding the average temperature for this time of year by about 5 degrees. The India Meteorological Department has issued heatwave alerts for several northern and central states, forecasting temperatures to reach up to 42 degrees Celsius in the coming days. Authorities are advising residents to avoid heat exposure, stay hydrated, and wear lightweight clothing. Finally, in England in the run-up to Easter, chocolate-maker Cadbury has unveiled what it claims to be the world's largest Creme Egg. The giant chocolate egg was unveiled on Monday local time at Cadbury World in Birmingham. It is about 90 centimeters high and weighs 45 kilograms, which is as much as a newborn horse. The egg took two chocolatiers two and a half days to complete. It features the classic Creme Egg design with its signature purple, gold, and red foil wrapper. The creation will be on display in Cadbury World's chocolate-making zone until April 27th. Choi Chi-hee, Arirang News.

S. Korea to provide additional US$ 2 mil. worth of relief items to earthquake-hit Myanmar

2025/04/08 17:00

Korea will provide an additional two-million U.S. dollars worth of urgent relief items to Myanmar to aid its recovery after the recent deadly earthquake there. According to the Foreign Ministry earlier today the items will include five-hundred camping tents for the displaced four-thousand water bottles and 80-thousand blankets. This follows Seoul's initial two-million dollars worth of humanitarian assistance sent last week through the International Committee of the Red Cross. More than ten days have passed since the massive quake and as of this Tuesday the death toll stands at around three-thousand-six-hundred.

S. Korea's Foreign Ministry calls in senior Japanese diplomat over Tokyo's false territorial claims over Dokdo

2025/04/08 17:00

The Foreign Ministry has lodged a protest against Japan's false claim over South Korea's Dokdo Island. The protest follows Japan laying claim to Dokyo in its diplomatic bluebook released on this Tuesday. In response the Foreign Ministry called in Taisuke Mibae deputy head of mission at the Japanese Embassy here in Seoul to share its displeasure. In a separate statement the ministry also stressed that Dokdo is South Korean territory historically geographically and under international law and that the government would respond firmly to any false claim over Dokdo.

Samsung posts Q1 operating profit of US$ 4.5 billion

2025/04/08 17:00

In the corporate arena. Samsung Electronics posted what pundits are calling a "RESILIENT" first-quarter profit on the back of strong semiconductor and smartphone demand. Our Shin Se-byuck has more. Samsung Electronics, in its earnings guidance on Tuesday, estimated a first quarter operating profit of 6-point-6 trillion Korean won or roughly 4-point-5 billion U.S. dollars. The figure beats market expectations of around 3-point-5 billion dollars, thanks to strong sales of the tech giant's latest flagship smartphones, despite being down point-1-5 percent from a year earlier. The market had projected weaker earnings due to delayed shipments of its fifth-gen HBM chips and falling memory prices, but brisk sales of the Galaxy S25, launched in February, pushed results well above forecasts. Stronger-than-expected DRAM shipments also contributed to the upbeat performance. Revenue rose nearly 10 percent on-year to 79 trillion won or around 54 billion dollars, close to the all-time high of 79-point-1 trillion won posted in the third quarter of last year. Samsung did not disclose earnings by business division this time. However, market watchers estimate the MX division, which oversees smartphones, posted an operating profit of over 2-point-7 billion dollars. The Device Solutions division, responsible for semiconductors, is projected to have logged an operating profit of around 681 million dollars. With memory chip prices on the rise, expectations are growing for Samsung's performance in the coming quarters. But an expert warns that uncertainties remain. "Because of the tariffs and because of the uncertainty and because of the slowing down of the American economy, I think performances for the second quarter would not be as dramatic as the first quarter and possibly are significantly lower than the first quarter." The company's final earnings report will be released later this month. Shin Se-byuck, Arirang News.

Won-to-dollar exchange rate hits 1,473.2 won, highest since global financial crisis

2025/04/08 17:00

And as U.S. tariffs rattle global financial markets the South Korean currency lost substantial ground against the U.S. dollar weakening to one-thousand-4-hundred-73 won at one point during trade on this Tuesday afternoon. Now this is the won's weakest level against the greenback since the global financial crisis. Accordingly at an emergency meeting of the country's top economic officials convened by Finance Minister Choi Sang-mok authorities acknowledged the vulnerability of the local financial market to external risk factors and agreed to remain vigilant in anticipation of further fluctuations.

EU offers to remove all industrial tariffs on U.S.

2025/04/08 17:00

And U.S. President Donald Trump has brushed aside.. an offer by the European Union of "zero-for-zero tariffs for industrial goods." Addressing members of the media at the White House on Monday he claimed "the offer was NOT enough." Our Lee Seung-jae covers that offer and more. After the announcement of sweeping reciprocal tariffs imposed by U.S. President Donald Trump last week, countries are looking to negotiate a deal before April 9th, when the tariffs go into effect. The European Union,.. in the hopes of striking a deal with the U.S.,.. said Monday that it has offered "zero-for-zero tariffs for industrial goods." The announcement was made by European Commission President Ursula von der Leyen, who stressed that such deals were done successfully with other countries in the past. The U.S. and the EU were close to removing tariffs on all industrial goods a decade ago during the Transatlantic Trade and Investment Partnership talks, but this was ultimately scrapped by Trump in his first term. In response to Trump's automobile tariffs, the UK government said Monday, it would relax electric vehicle sales targets, in order to help its domestic auto industry. The ban on selling new gas and diesel cars will still come into effect in 2030,.. but automakers will now have more flexibility on annual targets. Currently,.. 28 percent of new cars sold in the UK in 2025 must be electric, as the target will rise annually until 2030. However, automakers will be given more freedom on how they meet their annual targets. This means that if they don't sell enough EVs in one year,.. they can make it up by selling more next year. Also, a penalty of 15-thousand pounds or 19-thousand U.S. dollars per vehicle sold that does not meet the latest emissions standards will be cut to just over 15-thousand U.S. dollars. Meanwhile,.. U.S. President Donald Trump and Japanese Prime Minister Shigeru Ishiba held phone talks on Monday, where the Japanese leader voiced his disappointment over the tariffs. Ishiba told Trump that Japan has been the biggest investor in the U.S for five straight years, and that his tariff policies could hurt Japanese companies and their investments. During the 25-minute call, the two leaders also agreed on constructive dialogue on the matter, with Ishiba sending a team to negotiate with the U.S. Lee Seung-jae, Arirang News.

Acting Pres. Han appoints controversial justice endorsed by opposition party, nominates 2 justices to fill bench

2025/04/08 17:00

Acting President Han Duck-soo has appointed justice nominee Ma Eun-hyuk to the Constitutional Court after months of standoff with opposition lawmakers. The appointment was announced during a Cabinet meeting on this Tuesday along with the nominations of two other justices to succeed the two members of the Court poised to retire next Friday. The two nominees include Lee Wan-gyu Director of the Ministry of Government Legislation and Ham Sang-hoon Chief Judge of the Seoul High Court. And it is the nomination of these two justices that the opposition Democratic Party is taking issue with asserting that Han has no authority to announce such appointments given his role as the acting President of an impeached administration. In a similar vein National Assembly Speaker Woo Won-shik said the parliament would refuse confirmation hearings for these two candidates.

With less than two months to go, big names declare candidacy for presidency

2025/04/08 17:00

Now that the date has been declared a number of key political figures have formally announced their intentions to join the race to the top office. Our top office correspondent Kim Do-yeon reports. With the next presidential election officially set for June 3rd, eyes are now on who's going to be running in this relatively short election season. The Democratic Party of Korea, which holds the majority on the floor, does have a clear front runner though he's yet to announce his official candidacy. The Party's Chair Lee Jae-myung, who lost the last presidential election to Yoon Suk Yeol by just 0.7 points, is expected to resign from the party's leadership as early as Wednesday to make a bid for the presidency. Despite this, there are other DP politicians not from Lee's faction who are going to compete for the candidacy. Kim Doo-kwan, former Minister of Interior and Governor of Gyeongsangnam-do Province as well as a lawmaker said he will run. Kim Dong-yeon, current Governor of Gyeonggi-do Province, announced that he will formally declare on Wednesday as he leaves for the state of Michigan in the U.S. to deal with tariff issues. As for the People Power Party, there is no front runner like its rival and the primary is expected to have around 10 candidates. First up is lawmaker Ahn Cheol-soo, who held an official press conference on Tuesday declaring his fourth run for presidency. Labor Minister Kim Moon-soo resigned from his post on Tuesday and said he will officially start his campaign on Wednesday. Former PPP Chair Han Dong-hoon said his camp will kick off on Thursday, while Daegu Mayor Hong Joon-pyo's camp said his official announcement will be on the 14th of April. The two most watched so far are Kim Moon-soo and Han Dong-hoon. Kim famously refused to apologize for the martial law declaration at the National Assembly when all other Cabinet members stood up. Han was the chair of PPP and despite being from the party, openly supported the impeachment of President Yoon. Meanwhile, third party candidates are expected to announce their bids as well. It began with Lee Jun-seok the New Reform Party Chair who was formerly the Chair of the PPP, registering as a preliminary candidate already. Kim Do-yeon, Arirang News.

Beijing threatens retaliation against Trump's threat of 50% additional tariffs

2025/04/08 17:00

On the global trade front. The U.S. and China appear engaged in an unsettling game of tit for tat over tariffs with Beijing vowing NOT to back down in response to a fresh warning of an additional 50 percent tariff on Chinese products as pledged in a social post by Mr. Trump. Our correspondent Moon Hye-ryeon has the latest. China is threatening further retaliation against the United States should they impose the additional tariff promised by U.S. President Donald Trump. According to the Wall Street Journal, a statement from Beijing's Ministry of Commerce on Tuesday said that it would take countermeasures to "safeguard its own rights and interests" in response to Trump's social media post, which said Washington could impose an additional 50 percent tariff on Beijing. The statement called the move a "mistake on top of a mistake". Previously, China announced a 34 percent tariff on American goods in response to U.S. levies – which, in turn, led to Trump's threat of additional tariffs unless Beijing withdraws these retaliatory tariffs. The escalation of the trade war between the two countries brings the total rate to be levied on Chinese imports to 104 percent. This is expected to have a staggering impact, as China was the second-largest trading partner with the U.S. last year. Trump also warned that unless Beijing accepts his demands, its negotiations with the U.S. will come to a standstill. Meanwhile, negotiations with other countries are due to begin immediately. U.S. Treasury Secretary Scott Bessent said more than 50 countries reached out for talks, while Trump said leaders from Asia and Europe called him over the weekend as well as Japan's Prime Minister on Monday. "We have many, many countries that are coming to negotiate deals with us, and they're going to be fair deals. And in certain cases, they're going to be paying substantial tariffs. They'll be fair deals." This marks a shift from earlier statements, which stated there would be no negotiations for the time being. During interviews with various media outlets, White House officials said that such deals would need to be "really great" for American manufacturing and farmers – and countries would need to do more than just lowering their tariffs for relief. Moon Hye-ryeon, Arirang News.

S. Korea vows to negotiate with U.S. over 25% reciprocal tariffs

2025/04/08 17:00

A Korean trade delegation led by Minister Cheong In-kyo has departed for the U.S. with intentions to address the 25 percent American tariff on Korean imports. Park Jun-han has details. Trade Minister Cheong In-kyo traveled to Washington on Tuesday to discuss tariffs imposed by the U.S. on South Korean products. Cheong will meet U.S. trade representatives in Washington, and emphasized that the 25% tariffs affecting steel and automobiles would be the subject of talks during his visit. "So we are trying to use multiple channels to solve the tariffs issue with the United States, and to come up with a trade policy outcome that will maximize South Korea's national interests." This is the first visit by a South Korean government official to the U.S. since Trump announced his detailed reciprocal tariffs plan on April 2nd. Regarding South Korea's stance on U.S. trade policy, Cheong said the Cabinet has been discussing the possibility of increasing imports from the United States, such as Alaskan liquefied natural gas. The move is aimed at addressing the trade imbalance that Trump has repeatedly raised. "I think as long as Korea is willing to provide some concessions to the United States, we could reduce the tariff rate from 25-percent to 15-percent or 10-percent." At a ministerial meeting on economic affairs, Finance Minister Choi Sang-mok outlined a plan to create a supplementary budget to combat issues related to trade and AI. Choi said the government is planning to spend 3 to 4 trillion won, about 2.04 to 2.72 billion dollars, to respond to rapid changes in the trade environment and enhance AI competitiveness. Choi also called on the National Assembly to swiftly approve the budget, emphasizing the need to seize this critical window to save South Korea's industries and businesses. Park Jun-han, Arirang News.