News

K-STEEL AMID TRUMP'S 25% BLANKET TARIFF

2025/02/13 17:00

Welcome to Press Perspective for this Thursday February 13th here in Seoul. I'm Min Sunhee. Starting today our panel session will INLCUDE a WEEKLY focus on sectors of the South Korean industry that look to be affected by Trump tariffs. Accordingly today we touch upon the steel industry and more amid the announcement of the first blanket tariffs of 25 percent on all steel and aluminium imports into the U.S. market. For more I have Steven Borowiec with Japanese news magazine Nikkei Asia here in the studio. Steven as always it's good to have you here. I also have Professor Shin Sang-hyup of International Relations at Kyung Hee University. Professor Shin it's a pleasure. 1) Steven, let's start with Mr. Trump's 25-percent tariff on all steel and aluminium imports into the U.S. market starting mid-March. South Korean steel makers are among those to be much affected. First then, what has been the response here? 2) Steven, Trump tariffs on steel are not new. He imposed them during his first term in office back in 2018 as well. How did South Korea deal with this import duty back then? 3) Steven, Canada is the largest supplier of steel and aluminum to the U.S. How is Canada and its related industries responding? 4) And now, Professor Shin, with regard to Mr. Trump's tariffs on steel and aluminium imports DURING his FIRST term, the World Trade Organization EARLIER ruled them "in violation" of global trade rules. Do remind us about this ruling. 5) Professor Shin, some American businesses are also expected to be negatively affected by Trump tariffs on steel and aluminium imports. What more can you share? 6) Meanwhile, Professor Shin, how capable is South Korea of effectively navigating these trade initiatives by the Trump administration amid its current political paralysis? 7) Steven, also on the local front. What can you tell us about the Korean steel industry and its prospects going forward? 8) Steven, Mr. Trump has also vowed reciprocal tariffs on U.S. trade partners. What exactly does this mean, and how do they look to affect all involved? 9) Professor Shin, speaking as a scholar, what does history tell us about the practice of reciprocal tariffs? 10) Steven, U.S. industry insiders fear U.S. tariffs on steel and aluminium imports will drive up car costs within their country. Do share this outlook with us. All right.

S. Korea's ICT exports in Jan. declined 0.4% on-year due to Lunar New Year holiday

2025/02/13 17:00

On the trade front. South Korea's ICT exports fell 0-point-4-percent on year in January owing to fewer workdays in light of the extended lunar new year holiday. According to the Trade Ministry here overseas shipments of ICT products amounted to nearly 16-point-3 billion U.S. dollars last month. Yet despite the overall decline semiconductor shipments remained strong amid the global race for AI dominance. Chip exports soared past 10 billion U.S. dollars posting 15 consecutive months of on-year growth.

STOCK

2025/02/12 20:00

2025. 2. 12. KOREAN STOCK MARKET KOSPI : 2,548.39 ▲9.34 +0.37% KOSDAQ : 745.18 ▼4.41 -0.59% KOSPI200 : 337.23 ▲0.56 +0.17% ASIAN STOCK MARKET NIKKEI225 : 38,963.70 ▲162.53 +0.42% HANG SENG : 21,857.92 ▲563.06 +2.64% SHANGHAI : 3,346.39 ▲28.33 +0.85% WALL STREET (February 11) DOW JONES : 44,593.65 ▲123.24 +0.28% NASDAQ : 19,643.86 ▼70.41 -0.36% S&P500 : 6,068.50 ▲2.06 +0.03% EXCHANGE RATE USD : 1,453.40 (-0.80) JPY : 945.89 (-9.93) CNY : 198.68 (-0.13) EUR : 1,505.58 (+8.24)

Fed's Powell says U.S. in no rush to cut interest rates on strong economy

2025/02/12 10:00

U.S. Federal Reserve Chairman Jerome Powell has stated that the central bank is not rushing to lower interest rates, describing the economy as "strong." Powell told lawmakers on Monday, that the U.S. economy is strong overall and has made significant progress over the past two years, particularly in labor market conditions. He added that while inflation has moved closer to the Fed's 2-percent target, it remains somewhat elevated. He cautioned against reducing policy restraints too quickly, as doing so could increase demand and push prices higher, reversing progress on inflation. Subtly referencing the Trump administration's latest import taxes, Powell said the Fed's policy is "well positioned to deal with the risks and uncertainties" facing the U.S.

S. Korea's economic growth rate in 2025 slashed to 1.6% with political instability and U.S. trade tariffs

2025/02/11 20:00

The South Korean economy is forecast to grow one-point-six percent this year. Now this is according to a state-run think tank following a downward revision to reflect the prolonged political paralysis here and the broader market ramifications of Trump tariffs. Our correspondent Moon Hye-ryeon reports. South Korea's economic growth projection for the year has been slashed on the back of rising uncertainties with U.S. trade tariffs and continued political instability in the country. In its outlook published on Tuesday, the state-run Korea Development Institute forecasts the economy to grow point-nine percent in the first half of 2025 and two-point-two percent in the second half – bringing the annual growth rate to one-point-six percent. That's down by point-four percentage points from its previous forecast of two percent released in November. This is lower than forecasts from major institutions such as the OECD at two-point-one percent, but similar to the Bank of Korea's projection of one-point-six to one-point-seven percent. The agency noted that the prolonged slump in domestic demand exacerbated by political turmoil in the country, combined with a slowdown in exports, is weighing on economic growth. The construction sector remains in recession while the service sector struggles to recover. Despite strong semiconductor demand, the goods exports were revised down from one-point-nine percent to one-point-five percent – reflecting deteriorating trade conditions. Weak domestic demand is, however, likely to limit inflationary pressure – keeping the KDI's consumer price inflation forecast at one-point-six percent. It is also expected to affect the labor market as sluggish domestic demand limits job growth. These projections, however, come with the KDI assuming that U.S. trade restrictions under the Trump administration would be implemented gradually. The faster-than-expected policy moves have significantly increased uncertainty. "If trade tensions under Trump escalate further or political instability drags on longer than expected, growth could fall below the one-point-six percent we've projected." That being said, the agency pointed out that tariffs on steel and aluminum are unlikely to have a great impact on the country's GDP growth. "Steel and aluminum make up about point-eight percent of our total exports to the U.S., so in the grand scheme of things, it's not a huge portion of our overall portions. If the tariffs do go into effect, these industries would take a significant hit, but in terms of GDP, we don't expect the impact to be that substantial." With weak consumption, slowing exports, and persistent uncertainty both at home and abroad, the KDI's latest outlook signals that the country's economic recovery remains vulnerable. Moon Hye-ryeon, Arirang News.

S. Korea's economic growth rate in 2025 slashed to 1.6% with political instability and U.S. trade tariffs

2025/02/11 17:00

The South Korean economy is forecast to grow one-point-six percent this year. Now this is according to a state-run think tank following a downward revision to reflect the prolonged political paralysis here and the broader market ramifications of Trump tariffs. Our correspondent Moon Hye-ryeon reports. South Korea's economic growth projection for the year has been slashed on the back of rising uncertainties with U.S. trade tariffs and continued political instability in the country. In its outlook published on Tuesday, the state-run Korea Development Institute forecasts the economy to grow point-nine percent in the first half of 2025 and two-point-two percent in the second half – bringing the annual growth rate to one-point-six percent. That's down by point-four percentage points from its previous forecast of two percent released in November. This is lower than forecasts from major institutions such as the OECD at two-point-one percent, but similar to the Bank of Korea's projection of one-point-six to one-point-seven percent. The agency noted that the prolonged slump in domestic demand exacerbated by political turmoil in the country, combined with a slowdown in exports, is weighing on economic growth. The construction sector remains in recession while the service sector struggles to recover. Despite strong semiconductor demand, the goods exports were revised down from one-point-nine percent to one-point-five percent – reflecting deteriorating trade conditions. Weak domestic demand is, however, likely to limit inflationary pressure – keeping the KDI's consumer price inflation forecast at one-point-six percent. It is also expected to affect the labor market as sluggish domestic demand limits job growth. These projections, however, come with the KDI assuming that U.S. trade restrictions under the Trump administration would be implemented gradually. The faster-than-expected policy moves have significantly increased uncertainty. "If trade tensions under Trump escalate further or political instability drags on longer than expected, growth could fall below the one-point-six percent we've projected." That being said, the agency pointed out that tariffs on steel and aluminum are unlikely to have a great impact on the country's GDP growth. "Steel and aluminum make up about point-eight percent of our total exports to the U.S., so in the grand scheme of things, it's not a huge portion of our overall portions. If the tariffs do go into effect, these industries would take a significant hit, but in terms of GDP, we don't expect the impact to be that substantial." With weak consumption, slowing exports, and persistent uncertainty both at home and abroad, the KDI's latest outlook signals that the country's economic recovery remains vulnerable. Moon Hye-ryeon, Arirang News.

McDonald's posts biggest U.S. sales decline in nearly five years

2025/02/11 10:00

Over in the United States, McDonald's reported a 1.4% decline in the country's same-store sales, in the fourth quarter of last year, marking its most significant domestic sales drop in five years. The downturn is attributed to an E. coli outbreak in October, linked to the fast food chain's Quarter Pounder burgers, which affected over a hundred individuals across 14 states and resulted in one death. Despite challenges, global same-store sales increased by 0.4%, driven by strong performances in international markets, particularly in the Middle East and Japan. Overall, the company's fourth-quarter revenue remained steady at 6.4 billion U.S. dollars.

KDI warns of growing risks for S. Korea’s economy for two consecutive months

2025/02/10 20:00

The Korean economy continues to face external risk factors especially in light of the Trump administration's tariff campaign and its implications on global trade. Moon Hye-ryeon reports. Concerns about rising risks to South Korea's economy are being raised in light of trade tensions between Washington and Beijing. On Monday, South Korea's state-run Korea Development Institute reiterated these concerns for the second consecutive month in its February Economic Trends report. The agency stated that the domestic economy remains in a moderate growth phase in terms of production, but deteriorating external conditions are increasing risks. The report emphasized the escalating trade disputes, particularly involving the United States, as well as persistent political instability in South Korea – both of which have heightened concerns over worsening trade conditions. The KDI had first raised alarm about growing downside risks in its January Economic Trends report — marking the first such warning since January 2023. The report highlights sluggish domestic demand, with private consumption and construction investment recovering at a slower pace than expected. At the same time, export growth – previously a key driver of the economy – is beginning to slow, particularly in sectors excluding semiconductors. The KDI noted that high interest rates and weakened consumer sentiment due to political instability have contributed to continued sluggish consumption. It added that retail sales have continued to decline across most categories, extending the downturn in goods consumption. Amid prolonged, weak domestic demand, the number of employed workers declined in December, signaling a slowdown in job growth. Investment trends were mixed. While facility investment, particularly in the semiconductor sector, showed resilience, construction investment continued its steep decline due to a significant drop in completed projects. Financial markets also remain volatile due to external risks, particularly uncertainties surrounding the new U.S. Trump administration. On inflation, the KDI noted that recent increases in the exchange rate and global oil prices have contributed to higher consumer price growth, but weak domestic demand is exerting downward pressure on inflation. In January, South Korea's consumer prices rose by 2-point-2 percent year-on-year. However, the KDI suggested that if private consumption remains sluggish, inflation is likely to slow in the coming months. As concerns over weak domestic demand, slowing exports, and external uncertainties grow, the KDI's continued warnings signal heightened risks for South Korea's economic outlook in the months ahead. Moon Hye-ryeon, Arirang News.

What Trump's 25% tariffs mean for S. Korea's steel, automobile industry

2025/02/10 20:00

In related news. South Korean exporters and manufacturers are keeping tabs on the situation as they did during Trump's first term. Our Lee Soo-jin has more. South Korean companies are bracing themselves for the potential impact of Trump's universal tariff threat on their production costs and global competitiveness. "Yeah. Any steel coming into the United States is going to have a 25% tariff. Aluminum too." The import tax is drawing global attention because unlike last week's tariffs, this will be the first time in Trump's second term that a tariff measure is targeting all countries. And Korea is one of those that is expected to be affected, as it is a major steel exporter to the U.S., and its car manufacturers with plants there rely on imported steel and aluminum for car production. "Our main export items to the United States are items like vehicles and semiconductors. But if tariffs are imposed, the competitiveness of our products will likely take a big hit." But this isn't the first time that Trump has imposed a 25 percent on all imports of steel, as he did so previously in 2018 during his first term. South Korea at the time negotiated a deal with the Trump administration whereby it was granted a tariff-free quota for steel exports amounting to around 70 percent of the average amount of steel shipped annually to the U.S. As anything above that limit was subject to the 25 percent tariff, it reduced the volume of steel imports from South Korea. With universal tariffs also expected during his second term, Korean companies had already begun exploring ways to expand investments in the U.S. to minimize related risks. Hyundai Steel, for one, is considering building a steel mill in the U.S. to produce automotive steel sheets, while Hyundai Motor Group plans to further expand local vehicle production there. But compared to other nations facing a 50 percent tariff, the impact on Korea may be of less concern, according to the expert. "While universal tariffs will directly impact our country, it's hard to say that we'll be more impacted than others as they target all nations." The government, however,.. is remaining vigilant with the trade and industry ministry announcing on Monday that it plans to closely monitor the situation and work with the steel industry to come up with response measures. Lee Soo-jin, Arirang News.

KDI warns of growing risks for S. Korea’s economy for two consecutive months

2025/02/10 17:00

The Korean economy continues to face external risk factors especially in light of the Trump administration's tariff campaign and its implications on global trade. Our correspondent Moon Hye-ryeon reports. Concerns about rising risks to South Korea's economy are being raised in light of trade tensions between Washington and Beijing. On Monday, South Korea's state-run Korea Development Institute reiterated these concerns for the second consecutive month in its February Economic Trends report. The agency stated that the domestic economy remains in a moderate growth phase in terms of production, but deteriorating external conditions are increasing risks. The report emphasized the escalating trade disputes, particularly involving the United States, as well as persistent political instability in South Korea – both of which have heightened concerns over worsening trade conditions. The KDI had first raised alarm about growing downside risks in its January Economic Trends report — marking the first such warning since January 2023. The report highlights sluggish domestic demand, with private consumption and construction investment recovering at a slower pace than expected. At the same time, export growth – previously a key driver of the economy – is beginning to slow, particularly in sectors excluding semiconductors. The KDI noted that high interest rates and weakened consumer sentiment due to political instability have contributed to continued sluggish consumption. It added that retail sales have continued to decline across most categories, extending the downturn in goods consumption. Amid prolonged, weak domestic demand, the number of employed workers declined in December, signaling a slowdown in job growth. Investment trends were mixed. While facility investment, particularly in the semiconductor sector, showed resilience, construction investment continued its steep decline due to a significant drop in completed projects. Financial markets also remain volatile due to external risks, particularly uncertainties surrounding the new U.S. Trump administration. On inflation, the KDI noted that recent increases in the exchange rate and global oil prices have contributed to higher consumer price growth, but weak domestic demand is exerting downward pressure on inflation. In January, South Korea's consumer prices rose by 2-point-2 percent year-on-year. However, the KDI suggested that if private consumption remains sluggish, inflation is likely to slow in the coming months. As concerns over weak domestic demand, slowing exports, and external uncertainties grow, the KDI's continued warnings signal heightened risks for South Korea's economic outlook in the months ahead. Moon Hye-ryeon, Arirang News.

[WEEKLY FOCUS] Here's how Trump's tariffs could affect S. Korea

2025/02/08 12:00

Economies around the world are bracing for a potential trade war triggered by recent tariff announcements by U.S. President Donald Trump. For this week's Weekly Focus, we take a closer look at this matter with our trade correspondent Lee Soo-jin. Welcome. Thank you for having me. 1. To start us off, can you tell us what has happened for the past couple of days? Sure, so it has been a rather tumultuous couple of days on the economic front as Trump's tariff threats sparked concerns of a global trade war. On Saturday local time Trump announced 25-percent tariffs on goods from Canada and Mexico, while China was hit with a 10-percent tariff on various existing duty rates. Let's take a listen to what Trump said on tariffs. "And, I don't want to use countries, I don't want to use names, but tariffs are very powerful, both economically and in getting everything else you want." And what he wanted was for the three countries to address trade imbalances, national security concerns related to illegal immigration and the influx of fentanyl into the United States. And while the tariffs were to go into effect on Tuesday, Trump on Monday, decided to pause the implementation of the tariffs for Canada and Mexico, for at least 30 days. This comes as Canada agreed to implement a 1-point-3 billion U.S. dollar border plan which includes reinforcing the border with nearly 10-thousand front-line personnel as well as strengthening resources to respond to fentanyl and money laundering. And Mexico,.. agreed to place 10-thousand National Guard troops along the U.S. border to prevent the flow of drugs. 2. But a trade war between the U.S. and China looks like it's heating up again, setting the stage for another long and costly battle, much like during Trump's first term. Right, so while U.S. tariffs on Canada and Mexico have been delayed for 30 days, China, was given no such reprieve and Trump's 10-percent tariff on Chinese products took effect just after midnight Tuesday. Within minutes, China's Finance Ministry announced retaliatory tariffs of 15 percent on U.S. coal and LNG, as well as 10 percent on crude oil, farm equipment, and certain automobiles, to take effect on February 10th. And,.. according to this expert, China's choice of which items to impose tariffs on was deliberate. "The phenomenon here is that agricultural pick-up trucks will impact agricultural are that are very strong supporters of Donald Trump. Another targeted item was LNG, LNG companies that are also strong supporters of Trump." And China on Wednesday, just one day after Trump raised border taxes on Chinese goods, filed a complaint with the World Trade Organization, calling the tariffs "discriminatory and protectionist" and a violation of trade rules. 3. What do Trump's tariffs mean for South Korea? Sure, so South Korea may actually see both risks and opportunities, in regards to the tariffs on China. To start out with the positive, the tariffs imposed on China mean that Korean exporters may gain a competitive edge in supplying products that China previously dominated. This means that U.S. companies may shift their supply chains to South Korean firms. Let's take a listen. "In markets like the semiconductor industry, companies like SK hynix already have a strong presence, and if tariffs are imposed on China, South Korean products could gain an even greater competitive advantage." As semiconductors are South Korea's top export item, this would boost the country's trade surplus but also enhance the global competitiveness of Korean chipmakers like SK hynix. But the expected drop in exports of Chinese goods to the U.S. may reduce Chinese orders for South Korea's key intermediate goods such as chips, display panels, and batteries. Here's what the same expert said. "Our country's export structure depends on selling intermediate goods to China, for them to be assembled into the final product for export to other countries. So, if demand for China's goods declines, demand for these intermediate goods will also decline." More than 85 percent of Korea's exports to China were intermediate goods such as semiconductors, displays and wireless communication components, according to the Korea International Trade Association. It's also important to note that there are also growing concerns about the possibility of tariffs on the EU and South Korea as well as sector-specific tariffs on products such as semiconductors and steel. 4. How should the government and Korean companies respond to these ongoing tariff threats? Well, for one,.. staying proactive will be key in this turbulent trade environment. And the South Korean government is already doing so through measures announced on Wednesday that include establishing a "Strategic Advanced Industry Fund," worth over 34 trillion Korean won, or around 23 billion U.S. dollars to boost industrial competitiveness. Let's take a listen. "Ongoing global trade uncertainties, including additional tariffs on China, require close attention. We will establish the "Strategic Advanced Industry Fund" at the Industrial Bank of Korea to support high-tech sectors like batteries and biotech." The government also plans to carry out other industry-specific measures such as strengthening U.S. outreach for semiconductor and battery companies, diversifying markets for the automotive sector, and mobilizing task forces. As for the private sector,.. SK Group chairman Chey Tae-won will lead a delegation to Washington, D.C. on the 19th to discuss response strategies, with a meeting with Trump reportedly under discussion. Here's why this is important at this time. "While Trump has not targeted Korea directly, he's threatening tariffs on virtually everybody. he said he wanted to replace subsidies for semiconductor factories with high tariffs. " And moving forward here's what companies that have factories in the U.S. can do,.. according to the expert I spoke to. "Many South Korean companies have factories in Republican-leaning U.S. areas, and by working with local politicians, they can argue that these tariffs could hinder job creation and investment." Alright, thank you for your report today. Thank you for having me.

Fitch rates S. Korea's credibility 'AA-' amid political uncertainty

2025/02/07 10:00

International credit rating agency Fitch has kept South Korea's credit rating at 'AA-minus', maintaining a stable outlook for the country. Fitch reaffirmed South Korea's rating on Thursday, citing strong external finances, stable economic performance, and a dynamic export sector. It believes the current political uncertainty will have minimal short-term impact on Korea's economy. While acknowledging ongoing political risks, Fitch said it does not expect them to significantly undermine the institutions or governance of South Korea. Growth is forecast to slow in 2025, but Fitch said recovery is expected in 2026, supported by improving consumption and investment.

STOCK

2025/02/06 20:00

2025. 2. 6. KOREAN STOCK MARKET KOSPI : 2,536.75 ▲27.48 +1.10% KOSDAQ : 740.32 ▲9.34 +1.28% KOSPI200 : 336.53 ▲4.06 +1.22% ASIAN STOCK MARKET NIKKEI225 : 39,066.53 ▲235.05 +0.61% HANG SENG : 20,891.62 ▲294.53 +1.43% SHANGHAI : 3,270.66 ▲41.17 +1.27% WALL STREET (February 5) DOW JONES : 44,873.28 ▲317.24 +0.71% NASDAQ : 19,692.33 ▲38.32 +0.19% S&P500 : 6,061.48 ▲23.60 +0.39% EXCHANGE RATE USD : 1,447.70 (+3.40) JPY : 949.47 (+7.18) CNY : 198.67 (+0.33) EUR : 1,503.80 (+2.67)

[Econ & Biz] What do Donald Trump's tariffs mean for S. Korea?

2025/02/06 20:00

Economies around the world are bracing for a potential trade war triggered by recent tariff announcements by U.S. President Donald Trump. This week, we take a look at this matter with our trade correspondent Lee Soo-jin. To start us off, can you tell us what has happened for the past couple of days? Sure, so it has been a rather tumultuous couple of days on the economic front as Trump's tariff threats sparked concerns of a global trade war. On Saturday local time Trump announced 25-percent tariffs on goods from Canada and Mexico, while China was hit with a 10-percent tariff on various existing duty rates. Let's take a listen to what Trump said. "And, I don't want to use countries, I don't want to use names, but tariffs are very powerful, both economically and in getting everything else you want." And while they were to go into effect on Tuesday, Trump on Monday, decided to pause the implementation of the tariffs for Canada and Mexico, for at least 30 days. This comes as Canada agreed to implement a 1-point-3 billion U.S. dollar border plan which includes reinforcing the border with nearly 10-thousand front-line personnel as well as strengthening resources to respond to fentanyl and money laundering. And Mexico,.. agreed to place 10-thousand National Guard troops along the U.S. border to prevent the flow of drugs. But Trump's 10-percent tariff on Chinese products took effect just after midnight Tuesday. Within minutes, China's Finance Ministry announced retaliatory tariffs of 15 percent on U.S. coal and LNG, as well as 10 percent on crude oil, farm equipment, and certain automobiles, to take effect on February 10th. And,.. according to this expert, China's choice of which items to impose tariffs on was deliberate. "The phenomenon here is that agricultural pick-up trucks will impact agricultural are that are very strong supporters of Donald Trump. Another targeted item was LNG, LNG companies that are also strong supporters of Trump." 2. What do Trump's tariffs mean for South Korea? Sure, so South Korea may actually see both risks and opportunities, in regards to the tariffs on China. To start out with the positive, the tariffs imposed on China mean that Korean exporters may gain a competitive edge in supplying products that China previously dominated. This means that U.S. companies may shift their supply chains to South Korean firms. Let's take a listen. "In markets like the semiconductor industry, companies like SK hynix already have a strong presence, and if tariffs are imposed on China, South Korean products could gain an even greater competitive advantage." As semiconductors are South Korea's top export item, this would boost the country's trade surplus. But the expected drop in exports of Chinese goods to the U.S. may reduce Chinese orders for South Korea's key intermediate goods. Here's what the same expert said. "Our country's export structure depends on selling intermediate goods to China, for them to be assembled into the final product for export to other countries. So, if demand for China's goods declines, demand for these intermediate goods will also decline." It's also important to note that there are also growing concerns about the possibility of tariffs on the EU and South Korea as well. 3. What should be done to respond to these ongoing tariff threats? Well, for one,.. staying proactive will be key in this turbulent trade environment. And the South Korean government is already doing so through measures announced just yesterday that include establishing a "Strategic Advanced Industry Fund," worth over 34 trillion Korean won, or around 23 billion U.S. dollars. Let's take a listen. "Ongoing global trade uncertainties, including additional tariffs on China, require close attention. We will establish the "Strategic Advanced Industry Fund" at the Industrial Bank of Korea to support high-tech sectors like batteries and biotech." As for the private sector,.. SK Group chairman Chey Tae-won will lead a delegation to Washington, D.C. on the 19th to discuss response strategies, with a meeting with Trump reportedly under discussion. Here's why this is important at this time. "While Trump has not targeted Korea directly, he's threatening tariffs on virtually everybody. he said he wanted to replace subsidies for semiconductor factories with high tariffs. " And moving forward, the expert I spoke to suggested Korean companies use local politicians in Republican-leaning U.S. areas, where many of their factories are located, to emphasize that tariffs could harm jobs and investment. Alright, thank you for your report today. Thank you for having me.

S. Korea's December current account surplus hit record-high in 2024

2025/02/06 20:00

Following a stellar performance last December, Korea's current account marked a remarkable surplus last year at over 99-billion dollars, more than triple the size noted in 2023. Choi Min-jung covers the latest numbers. South Korea's current account surplus hit an all-time high for the month of December. According to data released by the Bank of Korea on Thursday, the country posted an almost 12-point-4 billion-dollar current account surplus in December 2024. This marks the largest December surplus on record. It's also the third-largest monthly surplus in South Korean history. The hike was thanks to strong exports and increased dividend earnings. Exports increased annually by 6-point-6-percent to 63 billion dollars. The continued growth in semiconductors and IT products, along with a slowdown in the decline of non-IT products such as automobiles, contributed to a higher export growth rate. The primary income account, or the net income earned by a country from its foreign investments, as well as wages paid to foreign workers, posted a 4-point-8 billion dollar surplus in December. In particular, the dividend income surplus reached 3-point-6 billion dollars. As a result, the cumulative current account surplus for 2024 reached 99 billion dollars,. more than three times the surplus in 2023. On an annual basis, this is the second-largest current account surplus on record, following the figure posted in 2015. Choi Min-jung, Arirang News.

Fuel tax cut to be extended to end of April to alleviate people's financial burden

2025/02/06 20:00

Acting President Choi Sang-mok has vowed to make use of all available measures to support the nation's economic recovery. This, from an economic meeting held on Thursday focusing on people's livelihoods. To alleviate fuel costs, the temporary fuel tax cut, originally set to end in February, will be extended for two more months until the end of April. This marks the 14th extension since the country introduced it in 2021. And, to stabilize living costs, around 20-million U.S. dollars will be allocated for discounts on agricultural and fisheries products between February and March. On top of that, 370-thousand tons of fruits and vegetable imports with lowered tariffs will be introduced.

S. Korea's December current account surplus hit record-high in 2024

2025/02/06 17:00

In other news. Following a stellar performance last December Korea's current account marked a remarkable surplus last year at over 99 billion U.S. dollars more than triple the size noted in 2023. Choi Min-jung covers the latest numbers. South Korea's current account surplus hit an all-time high for the month of December. According to data released by the Bank of Korea on Thursday, the country posted an almost 12-point-4 billion-dollar current account surplus in December 2024. This marks the largest December surplus on record. It's also the third-largest monthly surplus in South Korean history. The hike was thanks to strong exports and increased dividend earnings. Exports increased annually by 6-point-6-percent to 63 billion dollars. The continued growth in semiconductors and IT products, along with a slowdown in the decline of non-IT products such as automobiles, contributed to a higher export growth rate. The primary income account, or the net income earned by a country from its foreign investments, as well as wages paid to foreign workers, posted a 4-point-8 billion dollar surplus in December. In particular, the dividend income surplus reached 3-point-6 billion dollars. As a result, the cumulative current account surplus for 2024 reached 99 billion dollars,. more than three times the surplus in 2023. On an annual basis, this is the second-largest current account surplus on record, following the figure posted in 2015. Choi Min-jung, Arirang News.

S. Korea's current account balance sees surplus of US$ 99.04 bil. for 2024

2025/02/06 10:00

South Korea's current account balance last year more than tripled compared to the year before on the back of booming exports. Data from the Bank of Korea on Thursday showed that the country's overall current account balance in December was the highest any month of December on record ending the year with a current account balance surplus of 99-point-0-4 billion dollars. This surpasses earlier estimates by the central bank, driven mainly by an increase in exports. Exports rose by more than eight percent year-on-year, spurred by a jump in outbound semiconductor shipments.

U.S. reinstates acceptance of parcels from China and Hong Kong after suspension

2025/02/06 10:00

The United States Postal Service, has announced, that it has resumed accepting parcels from China and Hong Kong, following a brief suspension after recent tariff changes. On Wednesday, the U.S. Postal Service announced it would resume accepting all inbound mail and packages from China and Hong Kong, reversing a suspension that lasted less than a day. The initial halt came in response to the U.S. government's imposition of a 10% tariff on Chinese imports, as well as the suspension of a customs exception, which previously allowed packages valued under 800 U.S. dollars to enter the country duty-free. The brief suspension had raised concerns among e-commerce platforms like Temu and Shein, which heavily rely on direct shipments from China to U.S. consumers. Following the resumption of accepting parcels, Temu's parent company, PDD Holdings, saw its stock recover some losses.

STOCK

2025/02/05 20:00

2025. 2. 5. KOREAN STOCK MARKET KOSPI : 2,509.27 ▲27.58 +1.11% KOSDAQ : 730.98 ▲11.06 +1.54% KOSPI200 : 332.47 ▲3.75 +1.14% ASIAN STOCK MARKET NIKKEI225 : 38,831.48 ▲33.11 +0.09% HANG SENG : 20,597.09 ▼192.87 -0.93% SHANGHAI : 3,229.49 ▼21.11 -0.65% WALL STREET (February 4) DOW JONES : 44,556.04 ▲134.13 +0.30% NASDAQ : 19,654.02 ▲262.06 +1.35% S&P500 : 6,037.88 ▲43.31 +0.72% EXCHANGE RATE USD : 1,444.30 (-18.60) JPY : 942.29 (+0.73) CNY : 198.33 (-1.56) EUR : 1,501.13 (-4.85)