News

Samsung Electronics Chairman free of all legal troubles; what next?

2025/07/17 19:37

In other news. An almost decade long court battle against the head of Samsung Electronics has come to an end. Our business correspondent Kim Do-yeon has details. After nearly a decade of legal battles, Samsung Electronics Executive Chairman Lee Jae-yong is now officially free of all charges. On Thursday, South Korea's Supreme Court upheld a lower court ruling acquitting the Samsung Chairman of fraud and market manipulation. The case centered on a controversial 2015 merger between Samsung C&T and Cheil Industries — a deal that helped Lee cement control over Samsung Electronics, despite not owning direct shares. The merger came as Lee was in the midst of inheriting leadership from his now-late father, Lee Kun-hee. Prosecutors argued the merger unfairly favored Cheil, where Lee was the largest shareholder. But the top court ruled there was insufficient evidence that the deal or the related accounting practices violated the law. Lee's legal woes began in 2016 with a bribery case linked to former impeached President Park Geun-hye. He served a total of 18 months in prison over the course of four years until 2021 and was barred from holding an official role at Samsung for five years following his release from prison. That ban was lifted early after a presidential pardon in 2022 by then-President Yoon Suk Yeol, paving the way for his formal return to Samsung leadership. Despite rejoining the company, Lee remained entangled in the ongoing merger case, making frequent court appearances. His legal team celebrated an appeals court acquittal in February 2025 and famously left this comment. "I hope this decision leads to the defendant returning and concentrating on their work." Lee's freedom from legal issues comes as Samsung Electronics has recently faced mounting headwinds. Its operating profit for the second quarter was slashed in half year-on-year, dragged down by weakness in its key semiconductor business, which accounts for more than half of total profits. Pundits say the legal issues didn't help and kept the company as a whole from making risky and bold decisions. But now, at least, the man at the top is no longer looking over his shoulder — and that may mark a turning point for South Korea's biggest conglomerate. Kim Do-yeon, Arirang News.

Wall Street ends higher after brief slump on Powell firing claims

2025/07/17 13:38

Good morning, I'm Choi Chi-hee, and this is The World Now. Wall Street closed higher on Wednesday after an early drop triggered by reports that President Trump planned to dismiss Federal Reserve Chair Jerome Powell, which Trump quickly called "highly unlikely." Markets tumbled mid-morning on Wednesday with the S&P and Nasdaq falling more than 1%, while the dollar plunged and Treasury yields spiked after Bloomberg cited an anonymous White House source suggesting Powell would lose his job. The confusion grew amid concerns about Trump's repeated criticism of Powell for not cutting interest rates faster. However, stocks recovered swiftly once Trump denied any plan to fire Powell. The Dow rose 0.53%, the S&P 500 gained 0.32%, and the Nasdaq Composite added 0.26%. Tech shares lifted the Nasdaq to another record close.

STOCK&FX

2025/07/16 22:44

2025. 7. 16. KOREAN STOCK MARKET KOSPI : 3,186.38 ▼28.90 -0.90% KOSDAQ : 812.23 ▼0.65 -0.08% KOSPI200 : 431.16 ▼3.62 -0.83% ASIAN STOCK MARKET NIKKEI225 : 39,663.40 ▼14.62 -0.04% HANG SENG : 24,517.76 ▼72.36 -0.29% SHANGHAI : 3,503.78 ▼1.22 -0.03% WALL STREET (July 15) DOW JONES : 44,023.29 ▼436.36 (-0.98%) NASDAQ : 20,677.80 ▲37.47 (+0.18%) S&P500 : 6,243.76 ▼24.80 (-0.40%) EXCHANGE RATE USD : 1,385.70 (+5.50) JPY : 931.59 (-2.97) CNY : 192.95 (+0.62) EUR : 1,610.46 (-1.96)

Number of people in jobs continues to rise, but struggles for young people remain

2025/07/16 22:42

The number of people in jobs in South Korea continues to grow, however, there were further struggles for those under the age of 30 and the construction and manufacturing industries. Our Kim Do-yeon has the details. The employment rate in South Korea continues to grow but concerns remain. The number of people in employment last month was 29.091 million, an increase of 183,000 compared to the same month last year. That's according to the latest data from Statistics Korea released on Wednesday. Employment has been on the rise for six consecutive months since January, but June's increase was smaller than the 245,000 seen the month before. "By industry, the rise was led by health and social welfare, professional and scientific services, and educational services. By employment status, the increase was seen among regular and temporary workers, and by age group, it was most notable among those aged 60 and over, as well as those in their 30s." However, the situation for young adults has been getting harder. Looking at the employment rate, it rose 0.1 percentage points year-on-year to 63.6% across all age groups , but for young people, it fell 1 percentage point to 45.6%, the lowest June figure in four years. For 14 straight months the number of employed people under 30 has been falling. Compared to June last year the loss was 173,000. "This is because companies increasingly prefer experienced candidates when hiring, and rolling recruitment has also been on the rise — factors that tend to disadvantage the youth." On top of this, struggling industries continued a downward trend. Employment in manufacturing shrank by 83-thousand, extending a year-long slide, while construction jobs dropped by 97-thousand, now down for 14 months in a row amid a sluggish real estate development market. Those industries have been hit hard recently but the government has recently allocated funds from its supplementary budget to give them a boost. Kim Do-yeon, Arirang News.

Nvidia pushes Nasdaq to record high close on Tues.

2025/07/16 19:37

On Wall Street. The tech-heavy Nasdaq closed its trade on Tuesday at another record high driven by American chipmaker Nvidia. The index closed its session UP zero-point-1 percent at 20-thousand-6-hundred-77-point-8 on the back of Nvidia which surged 4 percent from the day prior to close above 1-hundred-70 U.S. dollars. Investor confidence soared upon news that Nvidia planned to resume sales of H20 AI chips to China.

Indonesian imports to U.S. to face 19% tariff: Trump

2025/07/16 19:36

And despite hopes for 90 deals in 90 days as shared back in April the Trump administration has just sealed its third trade deal this time with Indonesia whose products into the U.S. market now face a 19-percent tariff. Lee Seung-jae covers this latest deal and more. U.S. President Donald Trump announced a trade deal with Indonesia on Tuesday, where Washington will impose 19 percent tariffs on goods coming in from the Southeast Asian nation. American goods exported to Indonesia will face no tariffs or non-tariff barriers. "We will pay no tariffs. So they are giving us access into Indonesia, which we never had. That's probably the biggest part of the deal. And the other part is they are going to pay 19% and we are going to pay nothing." The announcement comes after Trump said he finalized the deal after speaking to his Indonesian counterpart President Prabowo Subianto. Trump previously said he would impose a 32 percent reciprocal tariff on Indonesian goods. Also as part of the latest trade deal with the U.S., Indonesia has committed to spending 15 billion dollars on U.S. energy, 4.5 billion dollars on American agricultural goods and 50 aircraft from Boeing. Indonesia becomes the second Asian country to make a deal with the U.S. after Vietnam. Meanwhile, the EU is preparing 83-point-5 billion U.S. dollars worth of retaliatory tariffs on American goods in response to Trump's tariff threats. According to Politico on Monday, the European bloc listed American goods subject to tariffs by the 27-member states. The newly added items include aircraft, industrial machinery and automobiles and auto parts. However,.. the EU expressed its willingness to continue negotiations with the Trump administration, stressing that no retaliatory tariffs will be in place until August 1st. "I can say to you that it is not our intention to come forward with any countermeasures before the 1st of August while negotiations continue." EU's retaliatory tariffs are in response to Trump's warning last week, that if negotiations fail between the U.S. and the European bloc, Washington would impose a 30 percent reciprocal tariff starting next month. Lee Seung-jae, Arirang News.

Trump plans pharma tariffs by end of July, chips on horizon

2025/07/16 19:35

In the U.S. Tariffs on pharmaceutical drugs may be announced in two weeks' time with the Trump administration starting with a lower rate to allow businesses time to build factories in the U.S. before facing a higher import duty. Semiconductors will see a similar fate. Our Moon Ji-young has the latest. U.S. President Donald Trump has indicated that tariffs on pharmaceutical imports could be imposed as soon as the end of this month, with duties on semiconductors also on the horizon. "Pharmaceuticals will be tariffed, probably at the end of the month, and we're going to start off with a low tariff, and give the pharmaceutical companies a year or so to build, and then we're going to make it a very high tariff." Returning from a public event in Pittsburgh on Tuesday, Trump noted that the timeline for semiconductor levies was "similar" and "less complicated" to that for pharmaceuticals, though he offered no further details. These remarks suggest that these import taxes might coincide with broad "reciprocal" rates set for implementation on August 1st. The August 1st deadline gives targeted countries time to negotiate for lower tariff rates. Trump, in recent days, has sent letters to a number of trading partners unilaterally dictating the rates for tariffs on many imports, while maintaining he would continue to carry out negotiations. Trump predicted that he could strike "two or three" trade deals, stating: "We're working on probably five or six. Of the five or six, I'm not sure I really want to do them. You know, you want somebody that knows how to negotiate. But we'll probably have two or three." Meanwhile, the Trump administration also announced plans to impose tariffs on goods from smaller countries, including those in the Caribbean and Africa, which have not received tailored rates. "The Caribbean countries, African countries. You have a huge amount of countries that are small, and the president is just going to deal with them sort of the way he thinks is the right way to deal with them." Trump also mentioned that while some countries, such as South Korea, had shown a willingness to "open" trade following his threats, others, like Japan, had not. Moon Ji-young, Arirang News.

Number of people in jobs continues to rise, but struggles for young people remain

2025/07/16 19:34

Employment expanded in June on year for the sixth month in a row but the growth remained uneven by age and even sector. Our correspondent Kim Do-yeon explains. The employment rate in South Korea continues to grow but concerns remain. The number of people in employment last month was 29.091 million, an increase of 183,000 compared to the same month last year. That's according to the latest data from Statistics Korea released on Wednesday. Employment has been on the rise for six consecutive months since January, but June's increase was smaller than the 245,000 seen the month before. "By industry, the rise was led by health and social welfare, professional and scientific services, and educational services. By employment status, the increase was seen among regular and temporary workers, and by age group, it was most notable among those aged 60 and over, as well as those in their 30s." However, the situation for young adults has been getting harder. Looking at the employment rate, it rose 0.1 percentage points year-on-year to 63.6% across all age groups , but for young people, it fell 1 percentage point to 45.6%, the lowest June figure in four years. For 14 straight months the number of employed people under 30 has been falling. Compared to June last year the loss was 173,000. "This is because companies increasingly prefer experienced candidates when hiring, and rolling recruitment has also been on the rise — factors that tend to disadvantage the youth." On top of this, struggling industries continued a downward trend. Employment in manufacturing shrank by 83-thousand, extending a year-long slide, while construction jobs dropped by 97-thousand, now down for 14 months in a row amid a sluggish real estate development market. Those industries have been hit hard recently but the government has recently allocated funds from its supplementary budget to give them a boost. Kim Do-yeon, Arirang News.

183,000 jobs added on-year in June, construction and manufacturing sectors continue to struggle

2025/07/16 13:37

Korea's job market added just over 180-thousand positions in June compared to the previous year, marking the fourth straight month of on-year gains near the 200-thousand mark.. according to Statistics Korea on Wednesday. Despite the gains, there are some concerning signs as employment in manufacturing shrank by over 80-thousand, extending a year-long slide, while construction jobs dropped by nearly 100-thousand, now down for 14 months in a row amid a sluggish real estate market. Offsetting these losses, hiring surged in healthcare and social welfare, up by more than 210-thousand, reflecting growing demand in an aging society. Jobs in professional and tech services also climbed by over 100-thousand on-year.

Indonesian imports to U.S. to face 19% tariff: Trump

2025/07/16 13:36

Washington announced that it reached a trade agreement with Indonesia, saying it had agreed to a nineteen percent tariff rate on its exports to the United States. Meanwhile, as the European Union proposed its latest retaliatory tariff measure against the U.S., it says it will wait until August first to allow negotiations to continue. Lee Seung-jae has more. U.S. President Donald Trump announced a trade deal with Indonesia on Tuesday, where Washington will impose 19 percent tariffs on goods coming in from the Southeast Asian nation. American goods exported to Indonesia will face no tariffs or non-tariff barriers. "We will pay no tariffs. So they are giving us access into Indonesia, which we never had. That's probably the biggest part of the deal. And the other part is they are going to pay 19% and we are going to pay nothing." The announcement comes after Trump said he finalized the deal after speaking to his Indonesian counterpart President Prabowo Subianto. Trump previously said he would impose a 32 percent reciprocal tariff on Indonesian goods. Also as part of the latest trade deal with the U.S., Indonesia has committed to spending 15 billion dollars on U.S. energy, 4.5 billion dollars on American agricultural goods and 50 aircraft from Boeing. Indonesia becomes the second Asian country to make a deal with the U.S. after Vietnam. Meanwhile, the EU is preparing 83-point-5 billion U.S. dollars worth of retaliatory tariffs on American goods in response to Trump's tariff threats. According to Politico on Monday, the European bloc listed American goods subject to tariffs by the 27-member states. The newly added items include aircraft, industrial machinery and automobiles and auto parts. However,.. the EU expressed its willingness to continue negotiations with the Trump administration, stressing that no retaliatory tariffs will be in place until August 1st. "I can say to you that it is not our intention to come forward with any countermeasures before the 1st of August while negotiations continue." EU's retaliatory tariffs are in response to Trump's warning last week, that if negotiations fail between the U.S. and the European bloc, Washington would impose a 30 percent reciprocal tariff starting next month. Lee Seung-jae, Arirang News.

EU claims U.S. tariffs are 'absolutely unacceptable,' warns of countermeasures

2025/07/15 22:44

The EU is no exception when it comes to U.S. tariff threats. But the union says it won't be hesitant to take countermeasures against the U.S. if a mutual agreement isn't sealed by the August 1st deadline. Park Jun-han has the details. Beginning with South Korea and Japan, the United States' tariff letters have now been "sent" to 25 countries as of Tuesday, including major trading partners like the European Union and Mexico. Following U.S. President Donald Trump's announcement last Saturday that he would impose 30% tariffs on EU products, the European Union on Monday called the move "absolutely unacceptable and unjustified," warning that countermeasures will be taken against the U.S. if a mutual agreement is not reached by the new August 1st tariffs deadline. "Today we discussed the state of play and prospects for EU-US trade relations, including possible EU countermeasures, which, I must say, member states find absolutely unacceptable and unjustified." President Trump insisted that the letters he wrote on tariff rates constitute "the deals" with U.S. trading partners. Trump, however, left the door open for further trade discussions, despite the fact that the recently proposed tariffs are higher than most had anticipated. Also, when speaking at the White House on Monday during a meeting with NATO Secretary General Mark Rutte, Trump told reporters, "The deals are already made." "The letters are the deals. The deals are made. There are no deals to make. They would like to do a different kind of a deal, and we're always open to talk. We are open to talk, including to Europe." With a new deadline, a new phase of negotiations is expected to begin, possibly leading to a trade war involving retaliatory measures. And global markets are keeping a close eye on how the new negotiations are progressing. South Korea is under pressure to secure a deal, possibly weighing options of opening its agricultural markets to the U.S. In Germany, fears over new tariffs are growing, as trade with the U.S. plays a significant role in the export industry, while Italy's wine producers are seeking new markets in Asia and Africa. Park Jun-han, Arirang News.

STOCK&FX

2025/07/15 22:43

2025. 7. 15. KOREAN STOCK MARKET KOSPI : 3,215.28 ▲13.25 +0.41% KOSDAQ : 812.88 ▲13.51 +1.69% KOSPI200 : 434.78 ▲2.29 +0.53% ASIAN STOCK MARKET NIKKEI225 : 39,678.02 ▲218.40 +0.55% HANG SENG : 24,590.12 ▲386.80 +1.60% SHANGHAI : 3,505.00 ▼14.65 -0.42% WALL STREET (July 14) DOW JONES : 44,459.65 ▲88.14 (+0.20%) NASDAQ : 20,640.33 ▲54.80 (+0.27%) S&P500 : 6,268.56 ▲8.81 (+0.14%) EXCHANGE RATE USD : 1,380.20 (-1.00) JPY : 934.56 (-2.77) CNY : 192.33 (-0.32) EUR : 1,612.42 (+2.22)

Container shipping costs to U.S. jump over 20% in June

2025/07/15 22:39

Container shipping costs to the United States rose sharply last month dued to increased shipments to the country. According to the Korea Customs Service on Tuesday, the average shipping cost for a 40-foot container from South Korea to the U.S. east coast climbed about 23 percent in June from the previous month, reaching 6-point-7 million won or roughly 5 thousand U.S. dollars. Rates to the west coast also jumped more than 16 percent. A Korea Customs official said the surge in freight rates was driven by increased shipments to the U.S., but costs remain volatile due to ongoing tariff-related uncertainties.

Farmers concerned amid U.S. tariff negotiations, how can gov't keep all sectors happy?

2025/07/15 22:39

Now as for South Korea Following the Trade Minister's comments on the agricultural sector possibly feeling pain due to tariffs negotiations with U.S., the nation's farmers are striking back. But an expert says government can prevent farmers from suffering a direct impact. Our Kim Do-yeon reports. The prospect of a 25 percent reciprocal U.S. tariff on Korean goods starting August 1st is putting the pressure on Seoul. In a briefing earlier this week, Trade Minister Yeo Han-koo suggested "strategic decisions" may even be needed on agriculture always a sensitive topic when it comes to trade. He has said, "There's never been a trade negotiation where agriculture didn't come with pain. But through these processes, our industrial competitiveness has grown. We have areas where we can show flexibility." So far no specifics have been announced but according to reports the U.S. is demanding that Korea allow imports of beef over 30 months old, increase purchases of rice, permit imports of genetically modified crops such as potatoes, and ease quarantine measures on fruits such as apples. Yeo's comments led to farmers' striking back. The Korean successor Advanced Farmers Federation announced an emergency rally in front of the Presidential Office on Wednesday, accusing Seoul of planning to once again sacrifice agriculture for the sake of bigger industrial deals. The Korean Peasants League added "We cannot eat cars or semiconductors. If the government keeps caving to U.S. pressure, the people will respond — just like they did during the anti-FTA protests and the candlelight vigils." They also warned that with grain self-sufficiency below 20 percent, farm incomes stagnant, and over 70 percent of farm heads aged over 60, any deeper market opening could threaten Korea's food security and even national security. An expert says to ease the concerns existing food imports could be restructured. "The government needs to tell them that it's diversifying import routes. That means much of Australian and Canadian beef coming in will be from the U.S. Therefore, domestic agricultural and livestock industries won't be affected." In the end, the farmers will have to wait and see whether their voices were heard when the results of the trade negotiations are announced. Kim Doyeon, Arirang News.

S. Korea holds rates, braces for tariffs: What’s next for the economy?

2025/07/15 21:35

Welcome to Within The Frame where we bring the most pressing issues across the globe into focus, I'm Kim Mok-yeon. South Korea's economic policy is standing at a crossroads. The Bank of Korea's latest decision to hold its base rate at 2.5% — despite slowing domestic demand — reflects a growing tug-of-war between financial stability and the need to jumpstart growth. Household debt continues to climb, real estate markets are showing signs of overheating, and uncertainty from abroad is only adding fuel to the fire. At the center of those external risks is Washington's renewed tariff push. With an August 1 deadline looming, Korea now faces the prospect of sector-specific U.S. tariffs before a broader agreement is in place — a scenario that worries export-dependent industries. To explore these challenges further, we're joined by experts in the studio. is Kwak Jun-hee, Assistant Professor of Economics at Sogang University. Welcome. And to my is Sung Soo Eric Kim, CEO at Datacrunch Global and adjunct Professor at Yonsei Graduate School of Business. Good to see you. 1. (KWAK) Let's start with the Bank of Korea's latest policy move. What is your assessment of the decision to hold the base rate at 2.5% in July, despite previous easing moves? 2. (KWAK) Given the central bank's pause, what does this signal about the Bank of Korea's policy priorities — is it leaning toward financial stability rather than growth at this stage? What should the central bank prioritize going forward? 3. (KIM) With interest rates still high and debt levels rising, what risks do you see for Korea's financial system and for companies trying to borrow money? 4. (KIM) In light of this cautious macro environment, how are Korean firms responding to the Bank's rate stance and regulatory signals? 5. (KWAK) Zooming out to international dynamics, given the historic 2% interest rate gap with the U.S., how much room does Korea really have for further independent rate cuts without risking capital outflow? 6. (KWAK) Now turning to U.S. tariffs, the August 1 deadline is looming. What economic risks does Korea face if the U.S. imposes sector-specific tariffs before a full agreement is finalized? 7. (KIM) In order to resolve this, Seoul is now pushing for a so-called phased landing zone approach to negotiating security and economic issues with the U.S. How effective do you find this approach in mitigating business uncertainty? 8. (KIM) Building on that, could elements like digital services, AI collaboration, and regulatory flexibility realistically be used as leverage in a "package deal" with the U.S.? 9. (KWAK) Given the external uncertainty Korea faces from potential U.S. tariffs, can tools like supplementary budgets or consumer coupons genuinely help cushion Korea from looming external economic shocks? 10. (KIM) And finally, how can Korean companies strategically position themselves during this volatile negotiation period to minimize tariff exposure and maintain U.S. market access?

Trump calls tariff letters "the deals" but remains open to tariff talks

2025/07/15 19:59

And the U.S. says the tariff letters it recently sent to its trade partners are in effect the "deals" that it has been seeking but added it remains open to related talks. Shin Ha-young reports. U.S. President Donald Trump left the door open to further trade talks, even as he maintained that the letters he sent regarding tariff rates are "the deals" with U.S. trading partners. Speaking at the White House on Monday during a meeting with NATO Secretary General Mark Rutte, Trump told reporters, "The deals are already made." "The letters are the deals. The deals are made. There are no deals to make. They would like to do a different kind of a deal and we're always open to talk. We are open to talk, including to Europe." This comes after Trump sent letters to 25 countries, notifying them of their blanket tariff rates --starting with South Korea and Japan on July 7 with a 25 percent rate, followed by the EU and Mexico with a 30 percent rate. The letters also noted the extension of the effective date for reciprocal tariffs to August 1, pushing back the previous July 9 deadline. Meanwhile, Trump said the U.S. has been taken advantage of in trade and military matters. He posted on his social media Truth Social, on Monday, saying that for decades the country has been "ripped off on trade and military," adding, "it has come at a cost of trillions of dollars." However, he did not name any specific country in the post. With less than three weeks to go before sweeping U.S. tariffs take effect, South Korea's Trade Minister Yeo Han-gu says negotiations with Washington have entered what he calls "game time." Speaking to reporters Monday at the Sejong Government Complex, Yeo stressed, "With under 20 days left, it's now a time for choices and decisions." He added that Seoul is ramping up give-and-take talks to find a "landing zone," aiming to secure a broad package deal. And amid U.S. demands to lower trade barriers, Yeo also touched on a sensitive topic for the country. The agricultural industry. The trade minister said free trade talks, not just with the U.S. but with any other partners, are always "painful." Yeo, however, underscored the need for strategic judgment as despite the pain for the agro-sector, Korean industry as a whole has taken steps forward from trade deals made in the past. Shin Ha-young, Arirang News.

Trump calls tariff letters "the deals" but remains open to tariff talks

2025/07/15 11:46

U.S. President Donald Trump referred to the letters he sent about tariff rates as the "deals" with U.S. trading partners, but stressed that more trade talks could still happen. Meanwhile, South Korea's top trade negotiator faced the media on Monday, saying that negotiations have made progress. Lee Soo-jin starts us off. U.S. President Donald Trump left the door open to further trade talks, even as he maintained that the letters he sent regarding tariff rates are "the deals" with U.S. trading partners. Speaking at the White House on Monday during a meeting with NATO Secretary General Mark Rutte, Trump told reporters, "The deals are already made." "The letters are the deals. The deals are made. There are no deals to make. They would like to do a different kind of a deal and we're always open to talk. We are open to talk, including to Europe." This comes after Trump sent letters to 25 countries, notifying them of their blanket tariff rates --starting with South Korea and Japan on July 7 with a 25 percent rate, followed by the EU and Mexico with a 30 percent rate. The letters also noted the extension of the effective date for reciprocal tariffs to August 1, pushing back the previous July 9 deadline. Meanwhile, Trump said the U.S. has been taken advantage of in trade and military matters. He posted on his social media Truth Social, on Monday, saying that for decades the country has been "ripped off on trade and military," adding, "it has come at a cost of trillions of dollars." However, he did not name any specific country in the post. With less than three weeks to go before sweeping U.S. tariffs take effect, South Korea's Trade Minister Yeo Han-gu says negotiations with Washington have entered what he calls "game time." Speaking to reporters Monday at the Sejong Government Complex, Yeo stressed, "With under 20 days left, it's now a time for choices and decisions." He added that Seoul is ramping up give-and-take talks to find a "landing zone," aiming to secure a broad package deal. And amid U.S. demands to lower trade barriers, Yeo also touched on a sensitive topic for the country. The agricultural industry. The trade minister said free trade talks, not just with the U.S. but with any other trade partners, are always "painful." Yeo, however, underscored the need for strategic judgment as despite the pain for the agro-sector, Korean industry as a whole has taken steps forward from trade deals made in the past. Lee Soo-jin, Arirang News.

[On-point] How much impact will 25% reciprocal tariffs have on Korean economy?

2025/07/15 11:38

As the Trump administration continues to pressure Seoul and other trading partners, South Korean goods will be hit with 25 percent tariffs starting August 1st if the government fails to reach a trade deal. For more on what to expect, we're joined by Professor Lee Yoonsoo, Professor of Economics at Sogang University. Professor Lee, thanks for joining us this morning. 1. How much impact will the 25-percent reciprocal tariffs have on the Korean economy? 2. It seems the auto and steel industries will likely be the hardest hit, and major steel producers in Korea already saw a decline in revenue in the second quarter. How should these challenges be addressed? 3. What might a possible trade deal look like? What's the minimum Korea must secure in the trade agreement to minimize the impact of tariffs? 4. Unseasonably high temperatures are pushing up food prices, especially for fruits and vegetables. The price of a single watermelon is almost 30,000 Korean won — that's more than 20 dollars. What measures do you think the government will have to take to tame inflation? 5. Starting next week, the Korean government will begin issuing cash voucher handouts. Will this help boost consumer spending and revive the country's economy? Alright, Professor Lee, thank you so much for your insight today. We appreciate it.

Drivers behind S. Korea’s record-breaking used car exports

2025/07/14 23:37

It's not just K-pop or Korean food that have been at high demand globally so are vehicles used here in the country. What are the drivers behind South Korea's record-breaking used car exports? Park Jun-han tells us. What some in Korea see as outdated or no longer needed can become a brand new start on the other side of the world. Such as used cars. South Korea's used car export market is gaining momentum, with shipments this year projected to exceed 10 trillion won—approximately 7.25 billion U.S. dollars—for the first time on record. With rising popularity in the Middle East, exports in June 2025 alone jumped nearly 68 percent year-on-year, extending the strong growth trend that began in the early 2020s. I'm sitting in a used Korean car that is ready to be shipped overseas. In fact, thousands of cars like this leave this lot every day to welcome new owners around the world. Still runs perfectly. Industry insiders claim that the vehicles made in Korea are well-known for their affordability, reliability, and accessibility. “Korean used cars are exported to around 160 countries. Not only are they high in quality and equipped with many features, but they're also competitively priced. On top of that, Korea has a well-established parts supply system and after-sales services around the world.” Used car exports involve complex but streamlined processes, including vehicle collection, inspection, repairs, deregistration, and coordination with customs brokers and freight forwarders. Once loaded onto ships, vehicles begin their second life overseas. Despite the positive outlook, there are looming risks. Local exporters shared concern over rising shipping costs and tightening import regulations abroad, especially in light of the U.S. government's recent tariff actions that could impact the price of overseas car shipping. “Our biggest concern right now, especially with the hike in U.S. tariffs, is the spike in freight rates. A couple of months ago, the cost nearly tripled, and it's been fluctuating ever since. That's become one of the biggest challenges for dealers like us.” Supported by continued demand for used vehicles, coupled with government support to deal with regulatory challenges in global trade, South Korea's used vehicle exports are expected to grow steadily. Park Jun-han, Arirang News.

Seoul says it's 'game time' with less than 3 weeks for U.S. tariff negotiations

2025/07/14 23:35

The clock is winding down with U.S. tariffs set to kick in on August 1st. South Korea's top trade negotiator faced the media earlier, saying that negotiations have made progress. Meanwhile, the U.S. says all this is not a bluff, while touting the measures so far. Our Kim Do-yeon reports. With less than three weeks to go before sweeping U.S. tariffs take effect, South Korea's Trade Minister Yeo Han-gu says negotiations with Washington have entered what he calls "game time." Speaking to reporters Monday at the Sejong Government Complex, Yeo stressed, "With under 20 days left, it's now a time for choices and decisions." He added that Seoul is ramping up give-and-take talks to find a "landing zone," aiming to secure a broad package deal. Yeo also touched on a sensitive topic for the country. The agricultural industry. Free trade talks, not just with the U.S. but with any other partners, he said is always "painful." This is expected as the U.S. is demanding the lowering of trade barriers. Yeo, however, underscored the need for strategic judgment as despite the pain for the agro-sector, Korea's industry as a whole has taken steps forward so far from trade deals made in the past. Meanwhile, Seoul continues to call out what it sees as unfair U.S. tariffs already hitting Korean exports — including 50 percent duties on steel and 25 percent on cars. But this all comes as U.S. President Donald Trump ramps up pressure on trade partners after he touted the effects of tariffs so far on Sunday, local time. "We have tariffs pouring in at levels that we have never seen before — and they've only just started." Over the past week, Trump sent letters to 25 countries, notifying them of blanket tariff rates ---Korea, Japan and Malaysia at 25-percent; 30 percent for Mexico and the European Union; and 50 percent for Brazil ---reportedly due to stalled negotiations. "These are countries that have been shut to us, but we've been open to them. In other words, they wouldn't let us do business there, but they would do business in our country. Not a fair deal." In an interview with ABC News, White House economic chief Kevin Hassett warned the tariffs are "not just a negotiating tactic." He said if Trump doesn't get the deals he considers strong enough, "the tariffs will be real," adding that the president was dissatisfied with some of the "sketches of deals" his own team had put forward. Kim Do-yeon, Arirang News.