News

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

2025/04/08 17:00

On a bright note now. For the twenty-second month in a row Korea's current account remained in the black with a surplus of over 7-point-1 billion U.S. dollars in February. Our correspondent 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.

CONCERNS OVER PRIORITY OF U.S. SOLDIERS IN S. KOREA

2025/04/08 17:30

Welcome to Tuesday's edition of Press Perspective. It's April 8th here in Seoul. I'm Min Sunhee. As the U.S. places priority on confronting China pundits believe the Trump administration may scale back its direct involvement in Europe in the Middle East and here in East Asia. In other words the duty of deterring Russia may rest on NATO that of Iran on Israel and of North Korea on South Korea and perhaps Japan. So what do the foreign press and local pundits think? And to answer that question I have Kelly Kasulis Cho with The Washington Post. Kelly welcome back. I also have Professor Choi Hyun Jin at Kyung Hee University live on the line. Professor Choi it's a pleasure. 1) Kelly, the Washington Post recently published an exclusive report about a secret Pentagon memo that has raised grave concerns here in South Korea about the role of American soldiers stationed on the Korean peninsula. 2) And now Kelly, what are the implications of this apparent shift in U.S. defense policy for South Korea keeping in mind its tensions with North Korea? 3) Professor Choi, how should the next South Korean leadership respond to tensions over Taiwan especially keeping in mind the reality that American soldiers here may be deployed to directly deter China? 4) Professor Choi, the former South Korean administration opted for strategic clarity with regard to its foreign policy, making "a bold diplomatic realignment" towards the U.S. 5) Kelly, the consensus here is that South Korea's diplomatic initiatives will differ tremendously depending on which political party becomes the ruling party this summer. 6) Professor Choi, there has been much question about the reliability of the Trump administration as a security partner especially following the dramatic showdown at the White House between Trump and Ukrainian President Volodymyr Zelenskyy. 7) Kelly, another priority of Pentagon under the Trump administration is reportedly pressure on South Korea to shoulder a greater burden of the cost of hosting American soldiers here on the peninsula. 8) Professor Choi, last month again, U.S. media floated the idea of South Korea developing nuclear weapons. And that ends Tuesday's edition of Press Perspective.

[Kulture Issue] Reflecting on the importance of Korea's cultural heritage amid destructive wildfires

2025/04/08 14:00

Recently we reported on the damage to national heritage sites in South Korea caused by the worst wildfires in the country on record. In late March there was a huge fire in Uiseong-gun County in Gyeongsangbuk-do Province and fires spread to as far as Gyeongsangnam-do Province and Ulsan. Another fire broke out just this week in the southern county of Hadong, which has now been mostly contained as of this Tuesday. Today, we want to take a deeper look into the value and importance of Korea’s cultural heritages and the need to protect them. For that, we are joined online by David Tizzard, Professor of Korean Studies at Seoul Women’s University and Hanyang University. Hello Professor Tizzard! 1) The massive wildfires in the southern part of South Korea have destroyed or damaged numerous cultural heritage sites. As a scholar of Korean studies, how did you feel when you heard about the destruction of these heritage sites? 2) This recent incident was so big that it has probably also hit ordinary people here in Korea as well as many hallyu fans? 3) Some places, like the historic Gounsa temple were completely burnt down, others fortunately were spared from the flames. Could you introduce us to some significant places? 4) (A UNESCO World Heritage Site, Buseoksa temple, was also threatened by the wildfires.) What importance do Korea’s Buddhist monuments hold to the world history and global Buddhist culture? 5) What efforts can be made to protect cultural heritage or what can be done to raise awareness? Thank you very much Professor Tizzard for your insights and recommendations today. (It's unfortunate that we had to deal with this topic with the country having been affected by the wildfires, but it was an opportunity to shed light on the deep meaning of these historic sites as well as the religious and cultural aspects you touched upon today.) Thank you Walter, we'll see you next time.

[K-wave] K-pop ranked as top image associated with Korea: Survey

2025/04/08 14:00

The culture ministry has released its annual Global Hallyu Survey, revealing the most popular aspects of Korean culture captivating fans around the world. While the global reach of Hallyu, or the "Korean Wave" continues to grow, the survey also points to a rise in negative perceptions. Our Han Da-eun brings us the highlights. What's the first thing that comes to mind when you think of Korea? The Culture Ministry and the Korean Foundation for International Cultural Exchange posed that very question to some 26,400 people across 28 countries who have experienced Korean culture. According to survey results released on Monday, K-pop came out on top, with nearly 18% of respondents naming Korean pop music as the strongest image associated with Korea. It marks the eighth consecutive year that K-pop has been reaffirmed as the country's defining cultural icon. Korean cuisine followed in second place, trailed by K-dramas, K-beauty products, and Korean films, rounding out the top five. Among the many K-pop acts that have captivated global audiences, BTS continues to lead the pack. The seven-member global sensation retained its crown as the world's most beloved K-pop group for the seventh straight year, with over 24% of respondents naming the group as their top pick. Following closely were the "pretty savages" BLACKPINK and versatile singer-songwriter IU. In the realm of K-dramas, Netflix hit "Squid Game" was the most preferred series, while "Queen of Tears" and "Crash Landing on You" ranked second and third, respectively. On the K-cinema front, Bong Joon-ho's Oscar-winning masterpiece "Parasite" topped the list, with the gripping zombie action film "Train to Busan" and the occult thriller "Exhuma" close behind. Global favorability toward Hallyu content rose to over 70%, up 1.5 percentage points from a year ago, led by strong support in Southeast Asia. But the growing global influence of K-culture has also brought a rise in negative perceptions. Those with unfavorable views of Hallyu climbed to 37.5%, the highest in the past five years, with many citing it as "overly commercialized." Based on the survey findings, the Culture Ministry aims to further enhance global outreach by hosting large-scale Hallyu expos and expanding K-culture promotion centers worldwide riding the unrelenting wave of global interest in Korean culture. Han Da-eun, Arirang News.

[K-enter] IU reaches 10 million YouTube subscribers!

2025/04/08 14:00

So, our first story is about none other than IU and an achievement that I and you probably have contributed to? It seems like every week Korean singer, songwriter, actress and I guess we can now call her megastar YouTuber IU, has something to celebrate. This time it's that she's reached 10 million subscribers on the video-sharing platform. On Sunday, IU shared a video capturing the moment she reached the diamond-studded milestone via her social media. YouTubers who reach this milestone get a diamond YouTube button, the second highest achievement as a creator on the platform. At the moment she hit 10 million subscribers, IU said, "I've become a YouTuber with the 'Diamond Button'," and added, "I'll work hard to become a 10-million-subscriber YouTuber who creates even more fun content." IU launched her official YouTube channel in February 2017, and reached 10 million subscribers in 8 years and 2 months. Another outstanding achievement by IU, and yes I am a proud subscriber! From 10 million we are now going to move on to a group that desires to become a whole "100" with their fans. Do you think you can pull off the perfect crime, Soa? Well FIFTY FIFTY think they can. K-pop girl group FIFTY FIFTY who debuted 2022, released their new digital single and lyric video on YouTube "Perfect Crime" on Monday. "Perfect Crime" is a synth-based track with an emotional and atmospheric vibe. FIFTY FIFTY previously made headlines in 2023 with their hit song "Cupid", which stayed on the U.S. Billboard Hot 100 chart for 25 consecutive weeks. Last year, they successfully completed their first U.S. tour. For those who don't know, FIFTY FIFTY had a rocky start to their career. They debuted as a four-member group in November 2022. Following a dispute with their agency, three members left, leaving only one—Keena . In September 2024, FIFTY FIFTY resumed activities as a five-member group, combining Keena with four new members. So, let's hope that from here on, the group stays strong and continues to delight their fans. Yes, good luck to FIFTY FIFTY and their new song, hopefully we see it climb up the charts. Last but not least turning to K-dramas now, and I know this is a drama you were really looking forward to Walter. Yes, as a big Park Eun-bin fan, I was looking forward to her next big role, , so what am I going to do? Anyway, we are talking about her latest drama series "Hyper Knife." It's a medical thriller drama that follows a fierce confrontation between Se-ok , a once-promising genius doctor, and her former mentor Deok-hee , who was responsible for her downfall. Just like her last legal drama, "Extraordinary Attorney Woo" , it seems to have caught the eye of the international audience, for example major international outlets, including Forbes, have been showering the show with praise. From her Forbes interview, Park said, “Taking on a new role is always something that makes my heart race,” adding “As an actor, I feel truly blessed to be able to explore such a wide range of characters." Disney+’s first original medical thriller "Hyper Knife" is set to release its final episode on April 9.

K-wave AI News

2025/04/08 14:00

Hello and welcome to your AI guide to the latest cultural updates from Korea. Here's our top story. How about getting a glimpse of Korean royal culture as you stroll through the palaces on a beautiful spring day? The 2025 Spring K-Royal Culture Festival will be held from April 26 to May 4 across Seoul's five major palaces—Gyeongbokgung, Changdeokgung, Deoksugung, Changgyeonggung, and Gyeonghuigung—as well as Jongmyo Shrine. Gyeongbokgung offers immersive experiences—from exploring the legacy of King Sejong and making traditional sweets to evening music concerts and royal court dance lessons. At Changdeokgung, visitors can enjoy tranquil forest walks and hanbok photo sessions, while Gyeonghuigung opens its gates for rare nighttime tours. Reservations for key events are available via Ticketlink. For the first time in 25 years, the National Gugak Center will showcase "Jongmyo Jeryeak" in Japan. Jongmyo Jeryeak is a Joseon-era royal ceremonial performance combining music and dance presented during ancestral rites at Jongmyo Shrine to honor the late kings and queens. The performance will be held on April 19 at Bunkyo Civic Hall in Tokyo as part of a cultural exchange marking the 60th anniversary of normalizing Seoul-Tokyo ties. In return, Japan will showcase "Kumi Odori," a traditional musical drama from Okinawa, this June in Korea, highlighting each nation's UNESCO-listed cultural heritage. The Gugak Center earned wide acclaim for its Jongmyo Jeryeak performance in Singapore last week and is set to bring the royal ritual music to audiences in Hong Kong this November. The Kansong Art Museum will open a rare exhibition tomorrow showcasing Joseon-era paintings and calligraphy rendered on fans. Titled "Seonwoo Pungwol"—which translates to "Good Friends, Wind, and Moon"—the exhibition features 55 fan artworks carefully curated from the museum's collection. Among them, over 20 pieces will be unveiled to the public for the first time. Highlights include exquisite fan paintings and calligraphy by renowned late Joseon figures such as Chusa Kim Jeong-hui and Danwon Kim Hong-do. The exhibition, the first to be held by the Kansong Art Museum in half a century, runs through May 25. That's all from me. Keep it tuned to the Kulture Wave.

Gov't to declare early presidential election for June 3 after Yoon Suk Yeol's impeachment

2025/04/08 10:00

The government is likely to confirm the date of an early Presidential election in June. This, after now former President Yoon Suk Yeol was removed from office last Friday due to his December martial law declaration. We have our correspondent Oh Soo-young on the line. Q1. Sooyoung, so the highly anticipated early election date is more than likely to be fixed in the next half hour or so? Yes. Acting President Han Duck-soo is poised to declare June 3rd as the day of the early Presidential election. This comes four days after former President Yoon Suk Yeol was removed from power on Friday. Under the Constitution, the date must be announced within 10 days of a presidential vacancy, and at least 50 days before the vote. That means Han actually has until next Monday to settle on a date, but there's pressure to quickly fill the leadership vacuum, as Yoon was suspended from his duties for almost four months throughout his impeachment trial. An election on Tuesday, the 3rd of June would mark the latest possible day within the 60-day window. This would be aimed at ensuring the people's right to vote. Normally, presidential elections in Korea are held on a Wednesday. However, in the case of early elections, if they're triggered by presidential vacancy, there are no separate regulations concerning the day of the week. In 2017, an early presidential election took place after the ousting of former President Park Geun-hye. The election date was announced five days after the Constitutional Court upheld her impeachment, and the vote took place exactly 60 days following the ruling. Q2. So we'll find out the exact date for the big day soon. Then what comes after the date is set? It'll be an incredibly compact campaign period. If the presidential election is held on June 3rd, candidate registration should take place on May 10th and 11th. Official campaigning starts the next day, for just over 3 weeks, until June 2nd the day before the vote. Televised interviews and debates hosted by electoral authorities will be held during this time. Overseas Koreans must register to vote 40 days before election day, according to the National Election Commission, and ballots for them will open from May 20th to 25th. Early voting will be held the weekend before on May 29th and 30th. In an early election, the winner must immediately assume presidential duties, without a transition committee. In 2017, former President Moon Jae-in began presidential duties the day the election commission confirmed his victory on May 10, the day after the vote. Once the election date is confirmed, the National Election Commission is expected to release the full election schedule. I see, and once confirmed, we will bring our viewers the latest of course. Thanks so much Sooyoung.

[Weather] Pleasant spring day but windy

2025/04/08 10:00

Cherry blossoms are in full bloom, lighting up the streets of the capital area. It's the perfect time to soak in the beauty of spring. When you do head out, those in the western regions and Gangwon-do Province need to have a face mask handy, as the dust levels could spike at times. Meanwhile, a dry advisory has been reissued in parts of Gyeongsang-do provinces. Along with dry and windy conditions, even a small spark can quickly spread, so please be cautious. Afternoon highs will rise to 19 degrees Celsius in the capital, Daegu and Gyeongju both seeing highs of 23 degrees. Cloudy skies will turn much sunnier as the day goes on. We'll see nationwide showers between tomorrow and Thursday, and there's another round of rain expected on Saturday as well. As we're expecting frequent rain this week, which could cause the cherry blossom petals to fall earlier than we'd like. You might want to head out sooner rather than later to catch the blossoms at their peak.

India weather office issues alert as temperatures rise in north of country

2025/04/08 10:00

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.

Palestinian teenager with U.S. citizenship killed by Israeli forces in West Bank

2025/04/08 10:00

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."

Trump and Netanyahu meet to discuss Gaza, Iran, and more

2025/04/08 10:00

Now, let's take a look at some stories from around the world with our Choi Chi Hee . Good morning, Chi Hee. Good morning Dami. Let's begin with the recent talks between the U.S. President and the Israeli Prime Minister at the White House. President Donald Trump and Prime Minister Benjamin Netanyahu convened 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."

Small library in Gyeongbokgung Palace, welcoming spring

2025/04/08 10:00

For those of you here in Seoul looking for a peaceful place to indulge in books the king's study at Gyeongbokgung Palace is open as a small public library. Our Choi Soo-hyung tells us more. Spring has arrived in Gyeongbokgung Palace. This part of the palace.. is called 'Jibokjae', which means "Collecting precious jewels such as jade." It is connected with Palujeong, an octagonal two-story pavilion, and Hyeopgildang Hall, showcasing a distinctive traditional architectural beauty. Inside the buildings, over a thousand books fill the walls, and people look around and read. From April 2nd, the 'Jibokjae' has been opened as a small library. Here, visitors can read books, relax, and enjoy a moment of peace. The low ceiling gives visitors a cozy feeling and lets them see the beautiful Dancheong, traditional Korean patterns, up close. "I think it's yeah peaceful, quiet, so yeah, I feel lucky to be here actually. I choose other books like poem just to see how it's like writing." "We came here to enjoy the nice weather and also to learn more about our culture. The atmosphere is very calm and peaceful and it feels like the perfect place to relax. We are having a really great time." Since 2016, the Korea Heritage Service has opened this space for free to allow visitors to experience the palace more closely. This building was built in 1881 and was used by King Gojong as a study and to receive foreign envoys. It closed during the COVID-19 pandemic but reopened in 2022. Currently, this place has over 1,700 books related to the history of the Joseon Dynasty and royal family. "It also offers books for children, foreign language translations and, and rare resources such as the Annals of the Joseon Dynasty, which are not easily found elsewhere." The office plans to hold programs such as meet-the-author events and book talks at the library. The Jibokjae small library will be open until October 31, except in July and August. Choi Soo-hyung, Arirang News.

Firefighters continue efforts to contain wildfire in Hadong

2025/04/08 10:00

Firefighters are still trying to contain the wildfire burning in Hadong County, Gyeongsangnam-do Province. According to forestry authorities, a level 2 wildfire alert was issued after fire broke out at around noon on Monday. 36 helicopters were deployed to extinguish the fire, which affected 66 hectares of land -equivalent to around 92 soccer fields. Firefighters are struggling to fully contain the fire due to the wind. Meanwhile, donations collected for the recovery and support following last month's massive wildfires in South Korea's southeastern regions have reached 112-point-4 billion won, or over 76 million U.S. dollars. The amount marks the largest ever collection of relief donations.

Samsung posts Q1 operating profit of US$ 4.5 bil.

2025/04/08 10:00

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. 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.

Seoul pledges to stabilize supply chains, support SMEs amid trade uncertainties

2025/04/08 10:00

With rising trade tensions, South Korean authorities are rolling out measures to support local businesses. During an economic ministerial meeting on Tuesday, Finance Minister Choi Sang-mok pointed out that concerns are rising about the impact on domestic industries of the higher-than-expected U.S. reciprocal tariffs. As a result, Seoul will be allocating approximately 3 to 4 trillion Korean won over 2 billion U.S. dollars in a supplementary budget next week to stabilize supply chains and provide support for small and medium sized businesses. In another meeting with finance chiefs, Choi called for close monitoring of the volatile stock market in response to trade uncertainties.

S. Korea logs current account surplus for 22nd straight month in Feb.

2025/04/08 10:00

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 7-point-2 billion U.S. dollar current account surplus in the second month of the year. This marks a sharp increase from January's surplus thanks to the easing of disruptions caused by fewer working days during the Lunar New Year holiday the month before. And it comes as exports rose 3-point-6 percent compared to the previous year on strong demand for computers, pharmaceuticals, cars, and IT equipment.

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

2025/04/08 10:00

And countries around the world are moving quickly to talk Trump out of the upcoming reciprocal tariffs that are about to be effective in the coming day. Lee Seung-jae has this report. 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.

Trump threatens additional 50% tariffs on China while opening door for negotiations with other trading partners

2025/04/08 10:00

U.S. President Donald Trump has made it clear that there's no change of plan for his reciprocal tariffs. He further warned of an extra 50% tariff on China while opening the door for negotiations with other trading partners. Our Moon Hye-ryeon reports. U.S. President Donald Trump confirmed that the sweeping tariffs announced last week will be rolled out without delay, and threatened further import taxes on China. Taking to social media on Monday, he said that Washington could impose an additional 50 percent tariff on Beijing – unless it withdraws its retaliatory 34 percent tariffs on U.S. goods. The escalation of the trade war between the two countries brings the total rate 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. South Korea is among the countries that may engage in negotiations with the U.S., as its Minister for Trade is scheduled to meet with the U.S. Department of Commerce and the Office of the United States Trade Representative in the coming days. Talking with reporters at the airport ahead of his flight to Washington, Minister Cheong In-kyo discussed Seoul's strategy for the upcoming talks --including increasing LNG imports from the U.S. "In order to reduce U.S. tariffs, we need to reduce the U.S. trade deficit—which, from our perspective, is a trade surplus. Since it is difficult to reduce our exports, we must increase our imports. In that regard, we have been reviewing various packages to help resolve the trade balance issue." Starting from Wednesday, the U.S. will levy rates exceeding the 10 percent baseline for reciprocal tariffs. For South Korea, a total tariff rate of 25 percent will apply. During a meeting with Israeli Prime Minister Benjamin Netanyahu, Trump said that these levies will be implemented as planned, but he was open to "fair deals". "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 said that 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.

Trump dismisses stock market turmoil caused by tariffs

2025/04/07 20:00

Against this backdrop, a baseline U.S. tariff of 10-percent on all imports entering the American market went into effect this past weekend and the country-specific duties are poised to take effect on Wednesday, with no prospect of a postponement. Moon Ji-young has more. US President Donald Trump has refused to back down on tariffs on imports from most countries despite the market turmoil they have caused. Speaking to reporters on Air Force One on Sunday evening, Trump characterized the tariff duties as “medicine,” while panicked investors continued a massive sell-off of global stocks. He warned foreign governments that they would have to pay "a lot of money" to lift sweeping tariffs. “I spoke to a lot of leaders, European, Asian, from all over the world. They’re dying to make a deal. And I said, we’re not going to have deficits with your country. We’re not going to do that, because to me a deficit is a loss. We’re going to have surpluses or, at worst, going to be breaking even.” When asked about a potential trade deal with China, Trump underscored that no agreement would be reached unless the U.S. trade deficit with Beijing, currently at one trillion dollars, is addressed. He also claimed that tariffs caused China to pull back from a deal regarding TikTok, which was nearly finalized, highlighting this as evidence of "the power of tariffs." In response to tariffs on Europe, Trump stated that the U.S. cannot afford to spend heavily on NATO to protect Europe while losing money on trade. Meanwhile, speaking to NBC on Sunday morning, U.S. Treasury Secretary Scott Bessent said more than 50 countries have begun negotiating with the U.S. since the announcement of the reciprocal tariffs. The comments go in line with Trump's remarks last week that "every" country has called the U.S. for talks. On the same day, Trump shared a post on social media that massive financial deficits can be cured only with tariffs, calling them a “beautiful thing to behold.” Moon Ji-young, Arirang News.

Massive sell-off in S. Korea stock market; sidecar triggered by KOSPI 200 futures index

2025/04/07 20:00

Major U.S. tariffs are sending shock waves across global stock markets. Today, Korean stocks were in freefall, down over 5-percent. Trading had to be halted in the morning to ward off panic selling. Lee Soo-jin reports. U.S. President Donald Trump's tariff announcements have triggered massive sell-offs across South Korea's stock market. The Korea Exchange at 9:12 AM on Monday, activated a sell-side sidecar for the first time in eight months, when the KOSPI 200 futures index fell 5-point-19 percent to 312-point-05. A sidecar is triggered when the KOSPI 200 futures index rises or falls by 5 percent or more and stays there for at least one minute. On Monday, the sidecar was activated for five minutes. And stock indexes also took a hit amid mounting investor concerns over the impact of U.S. tariffs. Both the benchmark KOSPI and the tech-heavy KOSDAQ closed down more than five percent, the KOSPI down 5-point-57 percent to around 2-thousand-3-hundred-28, and the KOSDAQ 5-point-25 percent to 6-hundred-51. But one expert said decline of this size is likely a temporary phenomenon, which is why a circuit breaker --triggered when the KOSPI and KOSDAQ indexes fall by 8 percent or more --is unlikely to be activated. "Today's market decline was likely driven by last Friday's slump in the U.S. market and President Trump's hardline stance over the weekend, which led to a 3 to 4 percent drop in U.S. futures that triggered foreign investor sell-offs. As such, the downturn is unlikely to continue for long." The loss was led by foreign investors offloading shares as they reacted to sharp losses in U.S. markets. On Friday local time, Wall Street suffered sharp losses, with the broad-based S&P 500 closing down 6 percent, the tech-heavy Nasdaq 5-point-8 percent. And the Dow Jones fell around 5-point-5 percent. This marked the second straight day of major losses, with the S&P and Dow Jones both suffering the biggest one-day drops since June 2020 on Thursday. In the foreign exchange market on Monday, the Korean won weakened against the dollar, closing at around 1-thousand-467, down 33-point-7 won from the previous session after briefly topping 1-thousand-470 during intraday trading. The same expert said this reflects fears of a potential global economic downturn, noting that Korea's exchange rate with the dollar has surpassed the 1-thousand-400 won mark three times in the past, during the 1997 IMF crisis, the 2008 financial crisis, and the U.S. Fed's aggressive rate hikes in 2022. Lee Soo-jin, Arirang News.