News

Trump puts pressure on countries to open their markets amid tariff negotiations

2025/07/24 12:34

As countries scramble to strike trade deals with the Trump administration before the August 1st deadline, the U.S. leader raised pressure on trading partners, saying that the tariffs will be lowered only when a country opens its market. The White House also touted a deal made earlier with Japan. Lee Seung-jae starts us off. U.S. President Donald Trump on Wednesday pressed trading partners to open their markets, in order to avoid "much higher tariffs" from the U.S. The U.S. leader made the remarks in a social media post, stressing that Washington will "only lower tariffs if a country agrees to open its market," adding that those that fail to do so will be met with "much higher tariffs." Trump also said through such agreements, U.S. businesses "will boom." The latest remarks put pressure on South Korea and other countries to find ways to open their markets in exchange for the reduced tariff Trump unveiled in April. Seoul has been pushing to avoid the proposed 25 percent reciprocal tariffs, as well as sector-specific tariffs on steel, aluminum, and automobiles that would be a major blow to its export-reliant economy. Meanwhile, in touting the recent trade deal made with Japan, which lowers its tariff rate to 15 percent, U.S. Commerce Secretary Howard Lutnick said the 500 billion U.S. dollar investment from Japan in exchange for the lowered rate will give the U.S. the ability to choose where it will be invested. In an example, Lutnick says if Trump decides to create more antibiotics in the U.S., Japan will fund the project, and give it to a U.S. business that will operate the project,.. while 90 percent of the profits will go to the American taxpayer, and 10 percent to Japan. The White House said Wednesday that the money could be used to invest in key industries. "And these funds will be spent at President Trump's discretion and direction into key industries such as energy, semiconductors, critical minerals, pharmaceuticals, and shipbuilding." The spokesperson said there are still many more countries that need to strike a deal with the U.S., adding that Washington has sent "25 letters to countries around the world." Lee Seung-jae, Arirang News.

S. Korea's new industry minister heads to U.S. for tariff talks

2025/07/23 23:36

The South Korean government is accelerating efforts to finalize a concrete trade agreement with the U.S. ahead of the looming August 1st tariff deadline. Joining Team Korea in the U.S. today was Industry Minister Kim Jung-kwan who vowed utmost efforts for a successful trip. Park Jun-han reports. Newly appointed Industry Minister Kim Jung-kwan departed for America on Wednesday for talks with the U.S. aimed at lowering the 25-percent "reciprocal tariffs" that are set to take effect on August 1st. When asked whether he had been notified of Japan's confirmed tariff deal, Kim said he was aware of it. He also told reporters that he is closely reviewing the terms of the U.S.-Japan deal and will spend his two-day U.S. trip primarily focusing on tariff negotiations with Washington. "I plan to meet intensively with the U.S. side over the next two days. I am also closely reviewing the progress of negotiations involving the U.S. and Japan. I will do my best to ensure a successful trip." On Friday, South Korea will hold a 2+2 high-level meeting with the U.S., led by Deputy Prime Minister and Finance Minister Koo Yun-cheol and Trade Minister Yeo Han-koo , who left the country earlier. This is believed to be the last round of negotiations South Korea can realistically pursue, as the tariffs deadline is less than 10 days away. South Korea and Japan are both among the top 10 countries contributing to the United States' trade deficit. They also share common export commodities such as automobiles and steel. Given that Japan sealed the trade deal by cutting reciprocal tariffs by 10 percentage points and lowering automobile tariffs to 15%, a trade strategy expert claims that Japan's trade deal could serve as a benchmark for South Korea. "From South Korea's point of view, it's a good thing that Japan concluded the deal first — it gives us a target level to aim for in our own talks. However, I believe a more effective approach for South Korea would be to reduce tariffs on sector-specific items, especially in our key export industries." Regarding the trade delegation's visit to the U.S., a presidential spokesperson said Seoul is closely reviewing the details of the U.S.-Japan deal. With senior Korean officials currently in Washington, the government is making every effort to secure the most favorable outcome for the country's national interest. Park Jun-han, Arirang News.

STOCK&FX

2025/07/23 22:45

2025. 7. 23. KOREAN STOCK MARKET KOSPI : 3,183.77 ▲13.83 +0.44% KOSDAQ : 813.56 ▲0.59 +0.07% KOSPI200 : 430.04 ▲1.99 +0.46% ASIAN STOCK MARKET NIKKEI225 : 41,171.32 ▲1,396.40 +3.51% HANG SENG : 25,538.07 ▲408.04 +1.62% SHANGHAI : 3,582.30 ▲0.43 +0.01% WALL STREET (July 22) DOW JONES : 44,502.44 ▲179.37 +0.40% NASDAQ : 20,892.69 ▼81.49 -0.39% S&P500 : 6,309.62 ▲4.02 +0.06% EXCHANGE RATE USD : 1,379.80 (-8.00) JPY : 939.25 (+0.50) CNY : 192.61 (-0.85) EUR : 1,619.06 (-2.65)

Trump imposes 15% tariffs on Japanese exports to U.S.

2025/07/23 22:34

And South Korea's industry minister's trip to the U.S. came just hours after the U.S. announced its new tariff deal sealed with Japan. Lee Seung-jae has the details. U.S. President Donald Trump announced on Tuesday that Washington will impose a 15 percent tariff on goods from Japan. In a social media post, the U.S. leader touted what he called a "massive deal" that would also see Japan invest 550 billion U.S. dollars into the U.S., adding that the U.S. would "receive 90 percent of the profits." Trump also noted that Japan will open trade to cars and trucks, rice, and "certain" other agricultural products. Trump also announced on Tuesday that the U.S. will charge a 19 percent tariff on goods from the Philippines. The figure is a percentage point lower than what was announced in April. The announcement was made in a social media post, with Trump saying that Washington had reached a deal with Manila, after holding talks with Philippine President Ferdinand Marcos Junior at the White House. In exchange,.. the U.S. will see zero tariffs on goods going to the Southeast Asian nation. Meanwhile,.. the U.S. has agreed to lower the tariffs imposed on Indonesia from 32 percent to 19 percent. The U.S. will see virtually no tax on all American goods shipped to Indonesia. The U.S. will also be exempt from most regulations on automobiles, agricultural products, and pharmaceuticals exports to the Southeast Asian nation. According to a senior Trump administration official, Indonesia will reduce tariffs to zero percent on over 99 percent of the products from the U.S. and eliminate all non-tariff barriers. With the U.S. and China still trying to strike a trade deal,.. U.S. Treasury Secretary Scott Bessent announced Tuesday that a third round of trade talks with Beijing is scheduled for next week in Sweden. Speaking to Fox Business,.. Bessent said that he will be in Stockholm from July 28th to 29th, with his Chinese counterparts, adding that they'll be working out "what is likely an extension." Lee Seung-jae, Arirang News.

South Korea hardens crackdown on illegal gambling in 2024

2025/07/23 19:37

The National Gambling Control Commission has made public its 2024 Statistics Report on Speculative Industries as part of efforts to crack down on illegal gambling. According to the report released today on-site monitoring activities targeting illegal gambling operations have tripled on year demonstrating the government's commitment to creating a safer and more responsible social environment.

Highest drop in housing price increase expectations in 3 years due to loan regulations

2025/07/23 19:37

The outlook on housing prices has declined tangibly. According to the Bank of Korea the housing price forecast index for July stood at 109 down 11 points on month. While the index remains higher than the long-term average of 107 its reading for this month is the largest monthly decline in three years and reflects a substantial fall in the number of people who believe home prices will rise over the next year. Bank officials are linking this latest finding to the recent implementation of real estate loan regulation by the Lee Jae Myung administration

Seoul's efforts to lower U.S. tariffs on specific items will be 'challenging': Fmr. acting USTR

2025/07/23 19:35

Seeking exemptions from product-specific U.S. tariffs will be "very challenging". This is according to Stephen Vaughn former acting U.S. Trade Representative while addressing members of the Korean media in Washington on Tuesday local time. South Korea has been pressing for exemptions on products such as steel which faces a 50-percent tariff and autos which have been slapped with a 25-percent tariff. The former trade official pointed out that steel and autos are seen as critical to U.S. security and warned that slashing tariffs for one ally would open the floodgates for others. He nonetheless hinted that greater access for American agricultural products like rice and beef into the Korean market might help Seoul's case.

Trump says Japan will pay 15% tariffs to U.S.

2025/07/23 19:34

The Trump administration's tariff on Japanese imports into the American market has been lowered to 15 percent and Tokyo has reportedly agreed to import American rice. Lee Seung-jae has details. U.S. President Donald Trump announced on Tuesday that Washington will impose a 15 percent tariff on goods from Japan. In a social media post, the U.S. leader touted what he called a "massive deal" that would also see Japan invest 550 billion U.S. dollars into the U.S., adding that the U.S. would "receive 90 percent of the profits." Trump also noted that Japan will open trade to cars and trucks, rice, and "certain" other agricultural products. Trump also announced on Tuesday that the U.S. will charge a 19 percent tariff on goods from the Philippines. The figure is a percentage point lower than what was announced in April. The announcement was made in a social media post, with Trump saying that Washington had reached a deal with Manila, after holding talks with Philippine President Ferdinand Marcos Junior at the White House. In exchange,.. the U.S. will see zero tariffs on goods going to the Southeast Asian nation. Meanwhile,.. the U.S. has agreed to lower the tariff imposed on Indonesia from 32 percent to 19 percent. The U.S. will see virtually no tax on all American goods shipped to Indonesia. The U.S. will also be exempt from most regulations on automobiles, agricultural products, and pharmaceuticals exports to the Southeast Asian nation. According to a senior Trump administration official, Indonesia will reduce tariffs to zero percent on over 99 percent of the products from the U.S. and eliminate all non-tariff barriers. With the U.S. and China still trying to strike a trade deal,.. U.S. Treasury Secretary Scott Bessent announced Tuesday that a third round of trade talks with Beijing is scheduled for next week in Sweden. Speaking to Fox Business,.. Bessent said that he will be in Stockholm from July 28th to 29th, with his Chinese counterparts, adding that they'll be working out "what is likely an extension." With Seoul also working to strike a deal with Washington before the August 1st deadline, South Korea's Finance Minister Koo Yun-cheol said Tuesday that he would hold so-called "2+2" high-level trade talks with the U.S. on Friday. Koo said he and Trade Minister Yeo Han-koo will head to Washington for the talks, involving Bessent and U.S. Trade Representative Jamieson Greer. Without a trade deal,.. South Korea is set to face 25 percent tariffs on all goods entering the U.S. Lee Seung-jae, Arirang News.

Trump says Japan will pay 15% tariffs to U.S.

2025/07/23 11:41

U.S. President Donald Trump has announced that Washington has set a 15 percent tariff on goods from Japan. As the August 1st deadline looms, the United States will continue to hold talks with trading partners, including South Korea and China. Lee Seung-jae starts us off. U.S. President Donald Trump announced on Tuesday that Washington will impose a 15 percent tariff on goods from Japan. In a social media post, the U.S. leader touted what he called a "massive deal" that would also see Japan invest 550 billion U.S. dollars into the U.S., adding that the U.S. would "receive 90 percent of the profits." Trump also noted that Japan will open trade to cars and trucks, rice, and "certain" other agricultural products. Trump also announced on Tuesday that the U.S. will charge a 19 percent tariff on goods from the Philippines. The figure is a percentage point lower than what was announced in April. The announcement was made in a social media post, with Trump saying that Washington had reached a deal with Manila, after holding talks with Philippine President Ferdinand Marcos Junior at the White House. In exchange,.. the U.S. will see zero tariffs on goods going to the Southeast Asian nation. Meanwhile,.. the U.S. has agreed to lower the tariff imposed on Indonesia from 32 percent to 19 percent. The U.S. will see virtually no tax on all American goods shipped to Indonesia. The U.S. will also be exempt from most regulations on automobiles, agricultural products, and pharmaceuticals exports to the Southeast Asian nation. According to a senior Trump administration official, Indonesia will reduce tariffs to zero percent on over 99 percent of the products from the U.S. and eliminate all non-tariff barriers. With the U.S. and China still trying to strike a trade deal,.. U.S. Treasury Secretary Scott Bessent announced Tuesday that a third round of trade talks with Beijing is scheduled for next week in Sweden. Speaking to Fox Business,.. Bessent said that he will be in Stockholm from July 28th to 29th, with his Chinese counterparts, adding that they'll be working out "what is likely an extension." With Seoul also working to strike a deal with Washington before the August 1st deadline, South Korea's Finance Minister Koo Yun-cheol said Tuesday that he would hold so-called "2+2" high-level trade talks with the U.S. on Friday. Koo said he and Trade Minister Yeo Han-koo will head to Washington for the talks, involving Bessent and U.S. Trade Representative Jamieson Greer. Without a trade deal,.. South Korea is set to face 25 percent tariffs on all goods entering the U.S. Lee Seung-jae, Arirang News.

Coca-Cola to release new drink made with U.S. cane sugar after Trump push

2025/07/23 11:38

Following a push by U.S. President Donald Trump, Coca-Cola announced on Tuesday that it will introduce a new version of its flagship product in the U.S. this fall, sweetened with domestic sugar cane. CEO James Quincey confirmed that to align with consumer demand, Coca-Cola will launch a U.S. cane sugar variant this fall, following Trump's appeal for "REAL Cane Sugar" instead of corn syrup. The new product will complement the core recipe, rather than replacing the classic formulation. Coca-Cola also reported robust second-quarter profits, beating estimates for quarterly results. The company's comparable revenue beat estimates by increasing 2.5 percent in the 3 months up to June 27.

Highest drop in housing price increase expectations in 3 years due to loan regulations

2025/07/23 11:35

Following the implementation of real estate loan regulations last month by the Lee Jae Myung administration, the forecast for housing prices has significantly declined. According to data released by the Bank of Korea on Wednesday, the housing price forecast index for July stood at 109, down 11 points from June. While the figure remains higher than the long-term average of 107, it's the largest monthly decline in three years. The figure indicates a significant decrease in the proportion of consumers expecting home prices to rise over the next year. Following the announcement of new real estate policy on June 27th, all housing loans in the Greater Seoul area are capped at 600 million won, or 442-thousand U.S. dollars, regardless of income or property price.

Crypto surges, Gold stalls, Tariffs loom: Which hedge holds in Q3?

2025/07/22 23:35

Welcome to Within The Frame, where we bring the most pressing issues across the globe into focus. I'm Kim Mok-yeon. Bitcoin is cooling just below 160 million won — but Ethereum is on a tear, jumping more than 25% in just a week. Behind that surge: record ETF inflows and a historic moment in Washington, as President Trump signs the “Genius Act,” giving crypto its first real regulatory framework. Meanwhile, gold — the classic safe haven — is losing steam. China’s clampdown on retail demand and shifting investor flows are holding prices back, even as global volatility picks up. And now, the countdown is on. A new round of U.S. reciprocal tariffs is set to take effect August 1st. South Korea is rushing to shield key exports like steel and autos, as markets brace for fallout across currencies, equities, and trade. To break down what all this means for investors in the second half, we’re joined by Hwagyun Kim, professor of Banking and Finance at Texas A&M Univ. Welcome. Also joining us is Lee Yoonsoo, professor of Economics at Sogang Univ. Thank you for joining us. (KIM) To begin with — Bitcoin has slipped back below 160 million KRW, while Ethereum jumped over 25% in just one week. What’s driving this divergence between Bitcoin’s sideways trend and the sharp rally in altcoins like Ethereum? (LEE) Building on that — the recent passage of the “Genius Act” and related crypto bills in the U.S. has cleared up some regulatory fog. How do you think this legislative clarity is shaping investor risk appetite heading into the second half? (KIM) Looking at institutional flows — U.S.-listed Bitcoin and Ethereum ETFs saw over $14 billion in net inflows just in Q2. Does this signal a lasting structural shift in digital asset demand, and how critical is ETF activity as a price driver now? (LEE) At the same time, we’re seeing traditional safe-haven assets like gold lose momentum despite strong year-to-date returns. How do you interpret gold’s relative underperformance compared to Bitcoin, especially in light of inflation expectations and shifting rate paths? (KIM) And adding to that — China’s recent clampdown on retail gold buying contrasts with long-term Bitcoin holders showing fewer signs of selling. Are we possibly witnessing a long-term rotation where Bitcoin replaces gold as the dominant hedge asset? (LEE) Shifting gears to global trade — President Trump’s new round of “reciprocal tariffs” is set to kick in August 1st. How might this renewed trade tension affect overall global market sentiment, particularly when it comes to risk-on assets like crypto? (KIM) Let’s stay on the trade front — with U.S. tariffs looming and high-stakes negotiations still underway, how are Korean financial markets, especially equities and export-reliant sectors, positioning ahead of this hard deadline? (LEE) Looking ahead — Korea is now entering last-ditch talks with the U.S. to avoid a 25%–30% tariff hike on key exports like autos and steel. If those talks break down, what kind of second-order effects could we expect on investor behavior and macro trends in Q3? (KIM) And finally, before we wrap — with the Fed entering its blackout period and markets split on whether a rate cut is imminent, in your view, which asset — gold or Bitcoin — looks better positioned if we do see liquidity expanding in the months ahead? Thank you for your time and for your insights tonight Prof Kim and Prof. Lee, we appreciate it. And that will be all from us on Within the Frame. Be sure to tune in next time as we continue to explore the stories that matter. Until then, stay informed and engaged!

STOCK&FX

2025/07/22 22:43

2025. 7. 22. KOREAN STOCK MARKET KOSPI : 3,169.94 ▼40.87 -1.27% KOSDAQ : 812.97 ▼8.72 -1.06% KOSPI200 : 428.05 ▼6.51 -1.50% ASIAN STOCK MARKET NIKKEI225 : 39,774.92 ▼44.19 -0.11% HANG SENG : 25,130.03 ▲135.89 +0.54% SHANGHAI : 3,581.86 ▲22.07 +0.62% WALL STREET (July 21) DOW JONES : 44,323.07 ▼19.12 -0.04% NASDAQ : 20,974.18 ▲78.51 +0.38% S&P500 : 6,305.60 ▲8.81 +0.14% EXCHANGE RATE USD : 1,387.80 (-0.40) JPY : 938.75 (+0.81) CNY : 193.46 (+0.10) EUR : 1,621.71 (+6.40)

With clock winding down, new finance minister heads to Washington for tariff meeting on Friday

2025/07/22 22:42

There are now just around 10 days left until the August 1st tariff deadline. With the key economic ministers now appointed, South Korea's trade officials are making their way to the U.S. for that final push for negotiations with the Trump administration. Our Kim Do-yeon leads us tonight. South Korea and the United States will hold 2-plus-2 high-level talks on tariffs this Friday in the U.S., ahead of the August 1st deadline with 25-percent tarrifs set to start. Deputy Prime Minister and Finance Minister Koo Yun-cheol confirmed the meeting on Tuesday, following a meeting of external economic ministers behind closed doors. "With the August 1st deadline fast approaching, all relevant ministries are operating as one team — crafting a meticulous strategy and mounting a full-scale response to protect national interests." This will be the first meeting between the two sides' top finance chiefs with Koo having just been appointed to the position last week as Seoul seeks to lower the announced tariff rate. And at the request of the U.S., South Korea's trade minister will attend the talks alongside the Deputy Prime Minister for this session, confirming the counterparts will be Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer. For Minister of Trade Yeo Han-koo, this is his third trip to Washington since his tenure began. Leaving first on Tuesday afternoon, the Trade Minister stressed that the nation is currently in a very "grave period," adding, "All scenarios — both best-and worst-case — remain on the table, so we will do our utmost to reflect our sensitive interests and maximize national interests." Meanwhile Minister for Trade, Industry and Energy Kim Jeong-kwan is also set to leave for the U.S. on Wednesday. While no specific meeting with his U.S. counterpart, Commerce Secretary Howard Lutnick, is set he's expected to target discussions on item tariffs such as auto, steel, and chips. This marks Kim's first trip to the U.S. as well having been appointed last week as well. The meeting and the announcement came just hours after U.S. Treasury Secretary Scott Bessent, in an interview with CNBC, stressed that Washington will not rush into any deal. He said , "The important thing here is the quality of the deal, not the timing of the deals," and added that their trading partners were told that the rates could "boomerang back" toward the April 2nd levels. When asked whether the deadline could be extended again, Bessent hinted that even if the tariffs go into effect next month, negotiations could continue. Kim Do-yeon, Arirang News.

Millions apply for consumption coupons; Gov't eyes further stimulus

2025/07/22 22:38

South Korea's much-anticipated livelihood recovery consumption coupons have seen an overwhelming response, drawing millions of applicants on the first day of availability. Moon Ji-young tells us more. On the first day of applications for South Korea's livelihood recovery consumption coupons, nearly 7 million people — representing roughly 14 percent of the total eligible recipients — applied for them. According to the Ministry of Interior and Safety, the total amount disbursed on the first day exceeded 1-point-2-7 trillion won. Credit and debit card applications were the most popular ways of receiving money, accounting for 77 percent of the total. Among community-based gift certificates, mobile applications were the most frequent, with nearly one million applicants, followed by prepaid cards and then paper gift certificates. Some local governments have faced a shortage of paper-based community-based gift certificates, which are crucial for the elderly who often find the digital application process for card-type coupons challenging. "For me, living alone, I believe it will certainly help with my meals." The significant uptake highlights the public's immediate interest in the government's stimulus initiative. At a cabinet meeting held on Tuesday, President Lee Jae Myung highlighted the government's commitment to ensuring the coupons do not exacerbate economic burdens. "Though these coupons offer income support, the primary objective, fundamentally, is to boost consumption and drive economic recovery. With this in mind, I ask each ministry to prepare additional consumption promotion programs. Of course, there might be inflationary pressure as a result, but even when consumption coupons are not issued, prices often rise to an unacceptable degree under various pretexts. Therefore, I ask that you promptly and rigorously manage prices." The livelihood recovery consumption coupons provide at least 150-thousand Korean won, or roughly 1 hundred 8 U.S. dollars, per recipient. To prevent system congestion, the first week from Monday through Friday follows a day-of-the-week system based on the last digit of the applicant's birth year. Weekend applications are only available online. President Lee urged local governments to ensure that no eligible individuals are inadvertently missed, emphasizing the importance of minimizing any blind spots in distribution. Additionally, to tighten oversight on secondhand coupon trades, the presidential office ordered local governments on Tuesday to strengthen monitoring of any second-hand transactions, while also appealing to the public for their active cooperation in the proper use of the consumption coupons. Moon Ji-young, Arirang News.

S. Korea's prime minister reaffirms economic ties with U.S. at AMCHAM forum

2025/07/22 22:34

In the meantime, a solid economic alliance between Seoul and Washington was once again underscored by South Korea's Prime Minister Kim Min-seok on Tuesday, who stressed the importance of a mutually beneficial partnership between the two countries. Park Jun-han reports. Prime Minister Kim Min-seok gave a speech on Tuesday at a special forum, "Meet the New Prime Minister," organized by the American Chamber of Commerce in Korea, in which he outlined the country's economic policy direction for the next five years. The event reflected growing interest from the U.S. business community in Seoul's economic agenda. When making the speech, Prime Minister Kim started off reframing the Trump administration's slogan, "Make America Great Again" to "Make Korea and U.S. Great Again." Kim's slogan adjustment emphasized cooperation, highlighting that South Korea and the U.S. can grow stronger together. "The United States will grow stronger when it works with South Korea — effectively, and through a forward-looking partnership that fits today, not the past. I believe that with a broader vision and greater imagination, we will move beyond 'Make America Great Again' — toward 'Make Korea and the U.S. Great.' 'Make the U.S. and Korea Great.'" During the event, Joseph Yun , Chargé d'Affaires at the U.S. Embassy in Seoul, emphasized the United States' concerns over its own trade and budget deficits. Yun, however, said the tariff talks between South Korea and the U.S. are going well and said the two sides will have good results very soon. "I'm really grateful that the new South Korean government has worked so amicably, so cooperatively with us on trying to close these gaps, and I have no doubt we'll have good results very soon again." James Kim, chairman and CEO of AMCHAM Korea, stated that the organization was working to bridge any gaps between South Korea and the U.S. so that the two countries' economic affairs can be conducted smoothly. "We launched the AMCHAM Buy America campaign in partnership with our member companies to enhance the visibility and accessibility of U.S. products, with the 2025 APEC Summit just around the corner." With the governments of South Korea and the United States actively negotiating on the 25% "reciprocal" tariffs, set to take effect in ten days, Prime Minister Kim and the U.S. side reaffirmed their strong commitment to maintaining a business-friendly environment and deepening economic cooperation between Seoul and Washington. Park Jun-han, Arirang News.

With clock winding down, new Finance Minister heads to Washington for tariff meeting on Friday

2025/07/22 19:42

South Korea's ministers of economy and trade are scheduled to sit down for TWO-PLUS-TWO trade talks with their American counterparts in the U.S. on Friday. Our correspondent Kim Do-yeon starts us off. South Korea and the United States will hold 2-plus-2 high-level talks on tariffs this Friday in the U.S., ahead of the August 1st deadline with 25-percent tariffs set to start. Deputy Prime Minister and Finance Minister Koo Yun-cheol confirmed the meeting on Tuesday, following a meeting of external economic ministers behind closed doors. "With the August 1st deadline fast approaching, all relevant ministries are operating as one team — crafting a meticulous strategy and mounting a full-scale response to protect national interests." This will be the first meeting between the two sides' top finance chiefs with Koo having just been appointed to the position last week as Seoul seeks to lower the announced tariff rate. And at the request of the U.S., South Korea's trade minister not its industry minister will attend the talks alongside the Deputy Prime Minister for this session, confirming the counterparts will be Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer. For Minister of Trade Yeo Han-koo, this is his third trip to Washington since his tenure began. Leaving first on Tuesday afternoon, the Trade Minister stressed that the nation is currently in a very "grave period," adding, "All scenarios — both best-and worst-case — remain on the table, so we will do our utmost to reflect our sensitive interests and maximize national interests." Meanwhile, Seoul's Industry and Foreign Ministers are also seeking separate meetings in the U.S. with their American counterparts. The meeting and the announcement came just hours after U.S. Treasury Secretary Scott Bessent, in an interview with CNBC, stressed that Washington will not rush into any deal. He said , "The important thing here is the quality of the deal, not the timing of the deals," and added that their trading partners were told that the rates could "boomerang back" toward the April 2nd levels. When asked whether the deadline could be extended again, Bessent hinted that even if the tariffs go into effect next month, negotiations could continue. Kim Do-yeon, Arirang News.

S. Korea's producer price index rises for first time in three months in June

2025/07/22 19:37

Producer prices rebounded in June after retreating for two straight months in response to higher costs of agricultural and livestock products. According to the Bank of Korea on this Tuesday last month's producer price index rose by 0-point-1 percent on month as agriculture forestry and fisheries products gained 0-point-6 percent. Bank officials add the heatwave and heavy rain this July have also rendered prices for farm and seafood products less predictable. They also believe June's higher oil prices might affect this month's producer prices.

Millions apply for consumption coupons; Gov't eyes further stimulus

2025/07/22 19:36

In other news. This past Monday close to seven million people applied for the consumption coupons that are being offered by the government to boost domestic spending. Moon Ji-young has details. On the first day of applications for South Korea's livelihood recovery consumption coupons, nearly 7 million people — representing roughly 14 percent of the total eligible recipients — applied for them. According to the Ministry of Interior and Safety, the total amount disbursed on the first day exceeded 1-point-2-7 trillion won. Credit and debit card applications were the most popular ways of receiving money, accounting for 77 percent of the total. Among community-based gift certificates, mobile applications were the most frequent, with nearly one million applicants, followed by prepaid cards and then paper gift certificates. Some local governments have faced a shortage of paper-based community-based gift certificates, which are crucial for the elderly who often find the digital application process for card-type coupons challenging. "For me, living alone, I believe it will certainly help with my meals." The significant uptake highlights the public's immediate interest in the government's stimulus initiative. At a cabinet meeting held on Tuesday, President Lee Jae Myung highlighted the government's commitment to ensuring the coupons do not exacerbate economic burdens. "Though these coupons offer income support, the primary objective, fundamentally, is to boost consumption and drive economic recovery. With this in mind, I ask each ministry to prepare additional consumption promotion programs. Of course, there might be inflationary pressure as a result, but even when consumption coupons are not issued, prices often rise to an unacceptable degree under various pretexts. Therefore, I ask that you promptly and rigorously manage prices." The livelihood recovery consumption coupons provide at least 150-thousand Korean won, or roughly 1 hundred 8 U.S. dollars, per recipient. People can apply online through their bank or credit card sites or through local payment apps. They can also apply offline at their local government neighborhood office. Online registrations are available through either mobile devices or computers. To prevent system congestion, the first week from Monday through Friday follows a day-of-the-week system based on the last digit of the applicant's birth year. Weekend applications are only available online. President Lee urged local governments to ensure that no eligible individuals are inadvertently missed, emphasizing the importance of minimizing any blind spots in distribution. Moon Ji-young, Arirang News.

U.S. more concerned with getting 'high-quality' trade deals than meeting Aug. 1 deadline: Bessent

2025/07/22 12:35

U.S. Treasury Secretary Scott Bessent has said the Trump administration is more concerned with getting "high-quality" deals with trading partners than meeting the August 1st trade deadline. Lee Seung-jae has more. The Trump administration is more concerned with getting "high-quality" trade deals rather than meeting the August 1st tariff deadline. This, according to U.S. Treasury Secretary Scott Bessent, who stressed Washington will not rush into any deal. During a CNBC interview on Monday, Bessent said that the administration is seeking "high-quality deals," adding that their trading partners were told that the rates could "boomerang back" toward the April 2nd levels. He added that Washington is not going to rush "for the sake of doing deals." The comments come as trading partners such as South Korea, Japan, and others look to make deals before the August 1st deadline, when the Trump administration's steep reciprocal tariffs are set to take effect. On April 2nd,.. U.S. President Donald Trump announced the reciprocal tariffs, which took effect on April 9th. However, he paused them that same day for 90 days to allow for negotiations, and later extended the pause to August 1st. When asked whether the deadline could be extended again, Bessent hinted that even if the tariffs go into effect next month, negotiations could continue. Meanwhile, with the deadline looming, South Korea's National Security Advisor Wi Sung-lac is in the U.S. to engage in high-level trade talks to accelerate tariff negotiations. Wi said earlier that Seoul had proposed a "package deal" encompassing economic and security considerations in the trade negotiations. Also, to advance trade negotiations, Wi said he proposed that President Lee Jae Myung hold a summit with Trump in the near future. Seoul's newly appointed finance and foreign ministers are also expected to visit the U.S. soon to discuss pending issues. Lee Seung-jae, Arirang News.