News

Wall Street stumbles as Trump bashes Fed chair Powell again

2025/04/22 10:00

Wall Street saw a rough start to the week, with U.S. stocks sliding for a fourth consecutive session on Monday. The major losses come as U.S. President Donald Trump picked on Fed Chair Jerome Powell yet again for not lowering interest rates. Lee Seung-jae reports. Wall Street stumbled to a close on the week's first trading session on Monday. The Dow Jones Industrial Average fell 971-point-8-2 points, or 2-point-4-8 percent, to close at 38-thousand-170-point-4-1. The S&P 500 shed 2-point-3-6 percent, while the tech-heavy Nasdaq fell 2-point-5-5 percent to settle at 15-thousand-870-point-9-0. The so-called 'Magnificent Seven' tech giants all dragged the major indexes lower, with Tesla losing 5-point-8 percent, while Nvidia shed more than 4 percent. Wall Street saw U.S. stocks tumble and bonds sold off as U.S. President Donald Trump threw fresh criticism towards U.S. Fed Chair Jerome Powell on Monday,.. pressuring him to cut interest rates. Taking to social media, Trump said the economy would slow unless Powell, who he called "Mr. Too Late, a major loser," lowers interest rates immediately. Trump had previously called for the U.S. Fed to lower rates, even hinting at Powell's possible "termination." The lack of progress on global trade after Trump announced his reciprocal tariffs earlier this month has also dented investor confidence. Since Trump's announcement on April 2nd, the S&P 500 is down 9 percent, and both the Nasdaq and Dow Jones fell nearly 10 percent. Lee Seung-jae, Arirang News.

Stock

2025/04/21 20:00

2025. 4. 21. KOREAN STOCK MARKET KOSPI : 2,488.42 ▲5.00 +0.20% KOSDAQ : 715.45 ▼2.32 -0.32% KOSPI200 : 329.31 ▲0.96 +0.29% ASIAN STOCK MARKET NIKKEI225 : 34,279.92 ▼450.36 -1.30% HANG SENG : closed SHANGHAI : 3,291.43 ▲14.70 +0.45% WALL STREET (April 18) DOW JONES : CLOSED NASDAQ : CLOSED S&P500 : CLOSED EXCHANGE RATE USD : 1,419.10 (-4.20) JPY : 1,007.70 (+7.66) CNY : 194.66 (-0.28) EUR : 1,633.03 (+14.31)

How Trump's tariffs will impact S. Korea's exports after 90-day pause ends

2025/04/21 20:00

Against this backdrop, exports to the U.S. showed a notable drop of over 14-percent from a year ago during the first 20 days of April. Our Lee Soo-jin explains what the trade war means for Korea's outbound shipments. South Korea's exports declined during the first 20 days of April, reflecting an early impact of the U.S. administration's tariffs on global trade. According to the Korea Customs Service on Monday, outbound shipments stood at 33-point-9 billion U.S. dollars during this period, down 5-point-2 percent from the previous year. This, despite the number of working days during the period being the same as last year. The drop in exports comes as shipments to the U.S. showed a notable drop of 14-point-3 percent year-on-year, which the agency attributed to the tariffs. The U.S. set a 25 percent "reciprocal tariff" rate on South Korea, but President Donald Trump announced a 90-day pause on its implementation earlier this month for most nations. This means that as of now for Korea, a base tariff rate of 10 percent is in place, along with 25 percent tariffs on specific items, namely automobiles, steel and aluminum. But with these tariffs already contributing to a more than 5 percent year-on-year decline in exports during the first 20 days of April, concern is growing over a sharper downturn once the 90-day pause expires. "During the 90-day pause, there's uncertainty on two fronts, how the U.S. will proceed, and what kind of negotiations with South Korea will take place. But with base tariffs of 10 percent already in effect since April 6th, export figures aren't expected to improve anytime soon." Shipments of nine of the country's top ten export items, including automobiles and oil products, all saw declines, while only chip exports rose. But it's unclear whether shipments of semiconductors will remain strong with Trump expected to announce chip tariffs sometime this week. "But the tariffs will be in place in the not distant future because, as you know, like we did with steel, like we did with the automobiles, like we did with aluminum, we'll be doing that with semiconductors, with chips, " The same expert said that because uncertainty is a key factor, in the upcoming trade talks with the U.S., South Korea should not rush to conclude negotiations, but instead focus on understanding Washington's intentions and demands. Lee Soo-jin, Arirang News.

S. Korea "will not fight" U.S. over tariffs but will put nat'l interests first as top officials meet in D.C. on Thursday

2025/04/21 17:00

Top finance and trade officials are sitting down with their U.S. counterparts in Washington D.C. later this week for tariff talks and acting President Han Duck-soo says the strategy is dialogue not dispute. Our correspondent Oh Soo-young explains. South Korea will not fight the United States over Donald Trump's tariffs But it will also seek national interest first, as top trade officials meet in Washington this Thursday. That's according to Acting President Han Duck-soo, who on Monday confirmed South Korea's finance and trade ministers will meet their U.S. counterparts for a "2+2" consultation. On Thursday, 8 AM local time or 9 PM in South Korea Choi Sang-mok and Ahn Duk-geun will sit down with Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer on the sidelines of the IMF–World Bank Spring Meetings. This will be followed by separate one-on-one meetings between the ministers. The bilateral was first proposed by the U.S., after the Trump Administration decided to delay its reciprocal tariffs, including a 25-percent duty on South Korean goods. The wide-ranging tariffs were paused for 90 days, after panic in U.S markets, wiped out five-point-four trillion dollars in just 48 hours. Shortly before implementing the pause on April 9th, the U.S. President held a half-hour phone call with Acting President Han Duck-soo, and ordered officials to prioritize deals with allied countries like South Korea and Japan, projecting optimism that a "great deal" could be made. Han told government officials Monday that the talks "won't be easy," but he expects it will mark the beginning of cooperation. "With the principle of putting our national interests first, the government will approach the consultations with the U.S. calmly and earnestly, doing our utmost to find a mutually beneficial win-win solution. We will specifically confirm each side's interests regarding the three key areas mentioned during my phone call with President Trump: trade balance, 무역 균형, shipbuilding, 조선, and LNG, 그리고 LNG, and seek mutually reciprocal points of agreement. In interviews with foreign media, Han has said Seoul would not fight the U.S., but hinted there could be concessions, for a win-win deal between the long-term allies. He suggested South Korea could increase purchases of U.S. liquefied natural gas and commercial aircraft. Korean shipyards could also help America maintain its naval shipbuilding capacity. Seoul could further discuss non-tariff barriers, addressing existing U.S. concerns about auto emissions regulations, pharmaceutical pricing, beef imports, and network fees imposed on platforms like Netflix. It's unclear whether the cost of keeping U.S. soldiers in South Korea will be raised during the session. While Trump has indicated he'd like a "one-stop shopping" deal combining trade and defense issues into a single package, Seoul officials are prioritizing trade talks to tackle tariffs, keeping security matters separate. The government has described the meeting as a "consultation," not a "negotiation," signaling a measured approach. On whether the U.S. leader might appear at the meeting in person, as he did unexpectedly during talks with Japan last week, South Korea's trade minister said Sunday that Seoul is preparing for such a scenario. Oh Soo-young, Arirang News.

S. Korea's exports of dried seaweed, or gim, hit record high in 2025 Q1

2025/04/21 17:00

Exports of gim, Korea's dried seaweed rose remarkably during the first quarter of this year with shipments to the U.S. soaring. Lee Eun-hee has details. The exports of Korean staple gim, or dried seaweed, hit a record high in the first quarter of this year, driven by strong demand from U.S. and China. According to the Korea Agro-Fisheries & Food Trade Corporation on Monday, Korea's seaweed export value in the first quarter of this year reached 281-million U.S. dollars, or around 402-billion Korean won. That is more than 20-percent increase from the same period last year. Export volume for the first quarter also rose to 10-thousand-161 tons, up more than 7-percent from last year. Compared to the same period in 2015, this marks a massive 844-percent increase over the past decade. Monthly export growth rates compared to the same period last year stood at more than 7-percent for January, over 52-percent for February, and over ten-percent in March according to the Korea Maritime Institute's Fisheries Outlook Center. With the demand from major overseas markets remaining high, the center is expecting to see the exports for this month to also exceed those of both last year and historical average for the same month. By country, the United States was the largest importer of Korean seaweed in the first quarter, followed by China, Japan, and Thailand. The type of seaweed each country prefers is a bit different though. Most of Korea's seaweed exports to China were in the form of dried seaweed, with 2-thousand-258 tons shipped, a whopping 97-percent increase from the previous year. Meanwhile, the U.S. remains the top destination for seasoned seaweed, with exports reaching 1-thousand-367 tons in the first quarter, accounting for more than 30-percent of total seasoned seaweed exports. The Oceans and Fisheries Ministry attributed such growing demand in China, to the popularity of Korean dramas and films, which have sparked a gimbap trend and a surge in dried seaweed consumption. In the U.S., the popularity of seaweed snacks has pushed up demand. With both export volume and value on the rise, the government is expecting gim exports to hit its annual goal of one-billion U.S. dollars this year, two years before the original target date of 2027. Kim Bo-kyoung, Arirang News.

Exports for first 20 days of April drop as shipments to U.S. fall

2025/04/21 17:00

And while we await that upcoming bilateral consultation the TOLL of U.S. tariffs on Korea's trade numbers has become clear. Exports lost ground during the first 20 days of this month. According to the Korea Customs Service outbound shipments stood at 33-point-9 billion U.S. dollars during this period down 5-point-2 percent on year. In fact findings show Korea's exports to the U.S. market tumbled over 14 percent in the face of the Trump administration's tariffs. Among Korea's top ten export items nine including cars noted declines while chips climbed.

S. Korea's exports of dried seaweed, or gim, hit record high in 2025 Q1

2025/04/21 10:00

South Korean dried seaweed, also known as 'gim' in Korean, has proven its global popularity, with its outbound shipments seeing a record high in the first quarter of the year. It was especially popular in the U.S. and China. Our Moon Hye-ryeon has more. The exports of Korean staple gim, or dried seaweed, hit a record high in the first quarter of this year, driven by strong demand from U.S. and China. According to the Korea Agro-Fisheries & Food Trade Corporation on Monday, Korea's seaweed export value in the first quarter of this year reached 281-million U.S. dollars, or around 402-billion Korean won. That is more than 20-percent increase from the same period last year. Export volume for the first quarter also rose to 10-thousand-161 tons, up more than 7-percent from last year. Compared to the same period in 2015, this marks a massive 844-percent increase over the past decade. Monthly export growth rates compared to the same period last year stood at more than 7-percent for January, over 52-percent for February, and over ten-percent in March according to the Korea Maritime Institute's Fisheries Outlook Center. With the demand from major overseas markets remaining high, the center is expecting to see the exports for this month to also exceed those of both last year and historical average for the same month. By country, the United States was the largest importer of Korean seaweed in the first quarter, followed by China, Japan, and Thailand. The type of seaweed each country prefers is a bit different though. Most of Korea's seaweed exports to China were in the form of dried seaweed, with 2-thousand-258 tons shipped, a whopping 97-percent increase from the previous year. Meanwhile, the U.S. remains the top destination for seasoned seaweed, with exports reaching 1-thousand-367 tons in the first quarter, accounting for more than 30-percent of total seasoned seaweed exports. The Oceans and Fisheries Ministry attributed such growing demand in China, to the popularity of Korean dramas and films, which have sparked a gimbap trend and a surge in dried seaweed consumption. In the U.S., the popularity of seaweed snacks has pushed up demand. With both export volume and value on the rise, the government is expecting gim exports to hit its annual goal of one-billion U.S. dollars this year, two years before the original target date of 2027. Kim Bo-kyoung, Arirang News.

S. Korea "will not fight" but aim for deal with Washington, as top trade officials meet in D.C. this week

2025/04/21 10:00

South Korea's finance and trade officials are sitting down with their U.S. counterparts this week to hold the country's first tariff talks since Washington put its wide range of levies against its trading partners on hold. Acting President Han Duck-soo has made it clear South Korea will not be fighting but aiming for a 'win-win' arrangement. Oh Soo-young reports. South Korea will not fight but try to make a deal with the United States over Donald Trump's tariffs, as top trade officials meet in Washington this week. Seoul officials confirmed on Sunday that high-level consultations will take place., with Finance Minister Choi Sang-mok and Trade Minister Ahn Duk-geun flying out to D.C. for a so-called "2+2" consultation. They will meet with their U.S. counterparts Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer on the sidelines of the IMF–World Bank Spring Meetings. The bilateral was first proposed by the U.S., after the Trump Administration decided to delay its reciprocal tariffs, including a 25 percent duty on South Korean goods. The wide-ranging tariffs were paused for 90 days, after panic in U.S markets, wiped out five-point-four trillion dollars in just 48 hours. Shortly before implementing the pause, the U.S. President held a half-hour phone call with Acting President Han Duck-soo, and ordered officials to prioritize deals with allied countries like South Korea and Japan, projecting optimism that a "great deal" could be made. In an interview with the Financial Times published Sunday, Han said Seoul would not fight the U.S. over its tariffs, but hinted there could be concessions, for a win-win deal between the long-term allies. He suggested South Korea could increase purchases of U.S. liquefied natural gas and commercial aircraft, and that cooperation in naval shipbuilding could help America in strengthening alliances. Han further said Seoul could discuss non-tariff barriers, pointing to existing U.S. concerns about auto emissions regulations, pharma pricing, beef imports, and network fees imposed on platforms like Netflix. It's unclear whether the cost of keeping U.S. soldiers in South Korea will be raised during the session. While Trump has indicated he'd like a "one-stop shopping" deal combining trade and defense issues into a single package, Seoul officials are prioritizing trade talks to tackle tariffs,.. keeping security matters separate. The government has described the meeting as a "consultation," not a "negotiation," signaling a measured approach. The agenda and the schedule of this week's meeting are still being finalized. On whether the U.S. leader might appear at the meeting in person, as he did unexpectedly during talks with Japan last week, South Korea's trade minister said Sunday that Seoul is preparing for such a scenario. Oh Soo-young, Arirang News.

[WEEKLY FOCUS] BOK holds interest rate steady at 2.75% despite U.S. tariff shock amid "high uncertainty"

2025/04/19 12:00

South Korea's central bank on Thursday decided to leave its benchmark interest rate as it is at 2.75% — a decision that comes amid growing economic headwinds both at home and abroad, including volatile exchange rates for the Korean won against the greenback due to trade uncertainties. For more, we're joined in the studio by our economic correspondent, Moon Hye-ryeon. Welcome, Hye-ryeon. Thank you for having me. Hye-ryeon, let's begin with the decision itself. Yes, the Bank of Korea held its base rate steady at 2-point-7-5 percent during its third Monetary Policy Committee meeting of the year. This follows a quarter-point cut in February, and while the BOK has signaled a general easing stance, it opted to take a wait-and-see approach this time. "Considering the overall uncertain conditions, we decided to maintain our policy stance toward rate cuts, but judged that it would be appropriate to keep the base rate at its current level this time and observe further how domestic and external policy conditions evolve." So rather than moving forward with another rate cut right away, the bank is choosing to pause and reassess, especially in light of volatility in the global economy and capital markets. Why has the BOK decided to hold off on another rate cut, despite its earlier signals? There are several reasons, and a key one is the Korean won. The exchange rate against the U.S. dollar has been on a rollercoaster — surging to a 16-year high earlier this month, then plummeting to its lowest for the year. Right now, the interest rate gap between the U.S. and South Korea is 1-point-7-5 percentage points. A further widening could spark more capital outflows, putting even more pressure on the won. At the same time, global factors are weighing heavily. Trade conflicts, especially involving the U.S., have increased market volatility. The BOK is watching how U.S. tariff policy unfolds, since changes there could ripple across financial markets, impacting Korea's exports and investor sentiment. Domestically, household loans are ticking up again due to a rebound in housing transactions. That also gives the BOK a reason to hold, at least for now, to avoid overheating financial risk. Let's turn to the economy. What's the BOK's assessment of South Korea's current economic conditions? Frankly, the outlook is cloudy. The BOK acknowledged that economic growth was slower than expected in the first quarter. Both domestic demand and exports have taken a hit due to ongoing political uncertainty and deteriorating trade conditions. As a result, the central bank now expects full-year growth to come in below its earlier forecast of 1-point-5 percent. And they stress that the trajectory is "highly uncertain" — especially with trade negotiations still in flux. On inflation, things are more stable. March's consumer price index rose 2-point-1 percent on-year, while core inflation, which excludes volatile food and energy prices, climbed 1-point-9 percent. Those figures are more or less aligned with projections, which gives the BOK a bit more leeway to focus on growth rather than tightening to rein in prices. Still, a high exchange rate could push some prices up, so it's a balancing act. So, where does this leave the BOK's policy path moving forward? What are analysts expecting? That's where it gets interesting. Until the end of last year, many predicted two rate cuts this year — one in February and another in May. But now, after this hold, the most widely discussed scenario is three or more cuts before the end of the year. The BOK is signaling openness to further easing, but with caution. Any future cuts will depend heavily on data, and that data includes what the U.S. Federal Reserve decides to do. Let's hear what one expert had to say about that. "Tariffs are a major issue, but they are not the only one. One key factor is the U.S. Federal Reserve. Fed Chair Jerome Powell has made it clear that the Fed is in no rush to cut rates. If the Fed keeps rates high, that means the BOK has less room to maneuver without triggering capital outflows." Finally, what about the longer-term direction? Is the BOK shifting its focus? Yes, some experts believe we're seeing a subtle pivot. While the BOK has historically paid close attention to the exchange rate, especially in times of heightened dollar strength, there are signs it's beginning to prioritize the domestic economy more actively. Another expert told us this. "Korea's exchange rate against the dollar is also affected by the dollar index, the Japanese yen, and the Chinese yuan. So, rather than making decisions based solely on the exchange rate, the outlook is that the Bank of Korea will start focusing more on the domestic economy." And that's in line with the BOK's latest statement. They said they'll continue to monitor growth, inflation, household debt, and external conditions, and adjust policy accordingly to strike a balance between stability and support. So, while the easing bias remains intact, the pace and timing of future rate cuts will be highly dependent on how things evolve, both in Seoul and globally. We'll be keeping a close eye on how that plays out. Hye-ryeon, thank you for your report. Thank you for having me.

Steel exports to U.S. fall 18.9% y/y in first month of tariffs

2025/04/18 17:00

Meanwhile findings for March show a slump in South Korean steel shipments to the U.S. According to the Korea International Trade Association Korea's steel exports to the American market in March plunged almost 19 percent on year. In fact shipments of steel sheets for cars fell some 33 percent. Back in March the Trump administration imposed 25 percent tariffs on steel and aluminum imports into the U.S. market. The imposition nullified South Korea's annual DUTY-FREE steel export quota of some 2-point-6 million tons which had been signed in 2018 under the first Trump administration.

Fed chair warns of economic risks from Trump's tariffs

2025/04/17 20:00

In related news. The U.S. Federal Reserve has acknowledged the likelihood of higher consumer prices and lower growth prospects in the face of rampant U.S. tariffs on its trade partners. Park Kun-woo has this report. Federal Reserve Chair Jerome Powell has warned that the Trump administration's recent tariff policies could pose risks to the U.S. economy. "The level of tariff increases announced so far is significantly larger than anticipated, and the same is likely to be true of the economic effects, which will include higher inflation and slower growth." Speaking at the Economic Club of Chicago on Wednesday, Powell said the tariffs are highly likely to cause "at least a temporary rise" in inflation, adding the impact could be more persistent. While the Fed aims to find a balance between keeping inflation at around 2 percent and maximizing employment, Powell said tariffs are leading the Fed to move away from those goals. "We will balance our maximum employment and price stability mandates, keeping in mind that without price stability, we cannot achieve the long periods of strong labor market conditions that benefit all Americans." However, Powell also said the central bank will remain patient, holding off on any policy changes until it has a better understanding of how the current trade policies play out. Following Powell's remarks, U.S. stocks tumbled on Wednesday. The tech-heavy Nasdaq dropped more than three percent, while the S&P 500 and Dow Jones Industrial Average also fell. Also on Wednesday, gold prices soared, once even hitting an all-time-high of just over 3-thousand-3-hundred-57 dollars per ounce. Park Kun-woo, Arirang News.

BOK holds interest rate steady at 2.75% in April amid "high uncertainty"

2025/04/17 17:00

The Bank of Korea is holding its interest rate steady opting for a wait and see approach amid trade policy uncertainty. Our correspondent Moon Hye-ryeon covers the central bank's latest decision. South Korea's central bank has held its benchmark interest rate steady at 2-point-7-5 percent as widely expected. It announced the decision on Thursday following the third Monetary Policy Committee meeting of the year, taking a break after a quarter-point cut in February. "Considering the overall uncertain conditions, we decided to maintain our policy stance toward rate cuts, but judged that it would be appropriate to keep the base rate at its current level this time and observe further how domestic and external policy conditions evolve. Unstable exchange rates for the Korean won against the greenback amid trade and political uncertainties had fueled expectations of a rate freeze. Earlier this month, the exchange rate between the won and the U.S. dollar peaked at its highest in 16 years, before plummeting to its lowest for the year. Currently, the interest rate gap between the U.S. and South Korea stands at 1-point-7-5 percentage points. A further widening of the gap could drive more capital outflows, placing additional downward pressure on the won. In its policy statement, the Bank of Korea highlighted increasing downside risks to growth, citing weak first-quarter economic performance and worsening global trade. While domestic inflation remained stable at 2-point-1 percent year-on-year in March, the BOK noted that weak internal demand and persistent export market uncertainty significantly pressure the outlook. It projected this year's economic growth rate to fall below its previous forecast of 1-point-5 percent, emphasizing the "highly uncertain" trajectory contingent on global trade negotiation outcomes. Going forward, experts say that while concerns over the Korean won remain, the central bank is likely to look at other factors for future monetary policy decisions. "Korea's exchange rate against the dollar is also affected by the dollar index, the Japanese yen, and the Chinese yuan. So, rather than making decisions based solely on the exchange rate, the outlook is that the Bank of Korea will start focusing more on the domestic economy." "Looking ahead, the Bank of Korea said it would continue to monitor changes in both domestic and global conditions, signaling that further rate cuts remain on the table — but with a cautious approach. Moon Hye-ryeon, Arirang News."

Fed chair warns of economic risks from Trump's tariffs

2025/04/17 17:00

Meanwhile in the U.S. The Federal Reserve has acknowledged the likelihood of higher consumer prices and lower growth prospects in the face of rampant U.S. tariffs on its trade partners. Park Kun-woo reports. Federal Reserve Chair Jerome Powell has warned that the Trump administration's recent tariff policies could pose risks to the U.S. economy. "The level of tariff increases announced so far is significantly larger than anticipated, and the same is likely to be true of the economic effects, which will include higher inflation and slower growth." Speaking at the Economic Club of Chicago on Wednesday, Powell said the tariffs are highly likely to cause "at least a temporary rise" in inflation, adding the impact could be more persistent. While the Fed aims to find a balance between keeping inflation at around 2 percent and maximizing employment, Powell said tariffs are leading the Fed to move away from those goals. "We will balance our maximum employment and price stability mandates, keeping in mind that without price stability, we cannot achieve the long periods of strong labor market conditions that benefit all Americans." However, Powell also said the central bank will remain patient, holding off on any policy changes until it has a better understanding of how the current trade policies play out. Following Powell's remarks, U.S. stocks tumbled on Wednesday. The tech-heavy Nasdaq dropped more than three percent, while the S&P 500 and Dow Jones Industrial Average also fell. Also on Wednesday, gold prices soared, once even hitting an all-time-high of just over 3-thousand-3-hundred-57 dollars per ounce. Park Kun-woo, Arirang News.

S. Korea's foreign aid rose to record high in 2024

2025/04/17 17:00

Korea's official development assistance has hit a record high. New OECD figures show Korea provided 3-point-9-4 billion U.S. dollars in ODA last year UP almost 25 percent on year. The ratio of its contribution as compared to its Gross National Income also rose to an all-time high of 0-point-2 percent the highest since Korea became a donor country in 2010. Seoul boosted its aid in key areas such as humanitarian relief clean water and sanitation as well as transport and infrastructure. This assistance from Korea comes at a time when most advanced economies are cutting back. ODA from countries like Germany Japan and the UK saw notable declines bringing the total aid from 32 donor nations down by over 5 percent.

BOK holds interest rate steady at 2.75% in Apr.

2025/04/17 10:00

South Korea's central bank held its benchmark interest rate steady at 2-point-7-5 percent as widely expected. It announced the decision on Thursday following the third Monetary Policy Committee meeting of the year, taking a break from a rate-cutting cycle after a 25 basis points cut in February. Unstable exchange rates for the Korean won against the greenback amid trade and political uncertainties had fueled expectations for the rate freeze. Earlier this month, the exchange rate between the won and the U.S. dollar peaked at its highest in 16 years, before plummetting to its lowest for the year.

Fed chair warns of economic risks from Trump's tariffs

2025/04/17 10:00

The Fed chief has voiced concerns and warnings of higher prices and weaker growth because of U.S. President Donald Trump's tariffs. But he did note the central bank will wait and see about future policy moves. Park Kun-woo has our top story. Federal Reserve Chair Jerome Powell has warned that the Trump administration's recent tariff policies could pose risks to the U.S. economy. "The level of tariff increases announced so far is significantly larger than anticipated, and the same is likely to be true of the economic effects, which will include higher inflation and slower growth." Speaking at the Economic Club of Chicago on Wednesday, Powell said the tariffs are highly likely to cause "at least a temporary rise" in inflation, adding the impact could be more persistent. While the Fed aims to find a balance between keeping inflation at around 2 percent and maximizing employment, Powell said tariffs are leading the Fed to move away from those goals. "We will balance our maximum employment and price stability mandates, keeping in mind that without price stability, we cannot achieve the long periods of strong labor market conditions that benefit all Americans." However, Powell also said the central bank will remain patient, holding off on any policy changes until it has a better understanding of how the current trade policies play out. Following Powell's remarks, U.S. stocks tumbled on Wednesday. The tech-heavy Nasdaq dropped more than three percent, while the S&P 500 and Dow Jones Industrial Average also fell by several hundred points. Also on Wednesday, gold prices soared, once even hitting an all-time-high of 3-thousand-3-hundred-50 dollars per ounce. Park Kun-woo, Arirang News.

Stock

2025/04/16 20:00

2025. 4. 16. KOREAN STOCK MARKET KOSPI : 2,447.43 ▼29.98 -1.21% KOSDAQ : 699.11 ▼12.81 -1.80% KOSPI200 : 323.53 ▼4.61 -1.40% ASIAN STOCK MARKET NIKKEI225 : 33,920.40 ▼347.14 -1.01% HANG SENG : 21,056.98 ▼409.29 -1.91% SHANGHAI : 3,276.00 ▲8.34 +0.26% WALL STREET (April 15) DOW JONES : 40,368.96 ▼155.83 -0.38% NASDAQ : 16,823.17 ▼8.31 -0.05% S&P500 : 5,396.63 ▼9.34 -0.17% EXCHANGE RATE USD : 1,426.70 (+1.20) JPY : 1,002.11 (+5.12) CNY : 194.64 (-0.26) EUR : 1,622.94 (+5.64)

S. Korean FM to meet U.S. treasury chief next week for trade talks

2025/04/16 20:00

Thank you for joining us. I'm Yoon Jung-min. Finance Minister Choi Sang-mok will meet with U.S. Treasury Secretary Scott Bessent in Washington next week for trade talks. This comes at the invitation of the U.S. Treasury Department, as the Trump administration looks to be speeding up negotiations with certain trading partners. Our Shin Se-byuck has the latest. South Korean Finance Minister Choi Sang-mok is set to visit the U.S. next week for trade talks with Treasury Secretary Scott Bessent. Seoul's Finance Ministry said on Wednesday that Choi's trip comes in response to a meeting proposal from Washington's treasury chief. The meeting is expected to take place on the sidelines of Choi's visit to Washington, D.C., next week for the G20 Finance Ministers' Meeting. Key agenda items for the meeting will include trade issues, which have emerged as a key point of contention between the two allies, as well as monetary and foreign exchange matters. Seoul said the final schedule and list of participants for the meeting are still under review. The report follows Bessent's interview with Bloomberg TV on Monday, where he said Washington would hold trade negotiations with South Korea next week. The Wall Street Journal also reported earlier this week that the Trump administration is prioritizing negotiations with five countries, namely South Korea, the U.K., Australia, Japan, and India. An expert says the White House is looking to secure early deals with countries more open to dialogue, before moving on to more difficult trading partners. "South Korea is one of the five countries included because, aside from Mexico and Canada, it's the most eager among major trade-surplus nations to reach a deal with the U.S." Seoul is reportedly preparing a proposal for Washington that outlines efforts to balance trade and reduce non-tariff barriers as part of its strategy to minimize tariff burdens on key export sectors like automobiles, steel, and semiconductors. The plan is expected to include a two-track approach: boosting imports of U.S. goods such as natural gas, crude oil, and agricultural products while increasing production of major South Korean exports like cars and chips in the U.S. Meanwhile, Seoul's Trade Minister Ahn Duk-geun is also expected to visit the U.S. as early as next week for negotiations with Washington. The trip follows Acting President Han Duck-soo's announcement on Monday that a delegation, led by Ahn, will be dispatched to initiate trade talks with the U.S. Minister Ahn previously traveled to the U.S. in February and March, shortly after the launch of the Trump administration, to deliver Seoul's position on Washington's proposed tariff plans. Shin Se-byuck, Arirang News.

U.S. limits selling of Nvidia's H20 chips, weighs up delisting stocks of Chinese firms

2025/04/16 20:00

The U.S. has put a restriction on the export of Nvidia's H20 chips to China amid their trade tensions. After the news, the chip giant saw its stocks fall sharply. Moon Ji-young reports. The Trump administration is seemingly enhancing its curbs on China amid escalating trade tensions. One significant action taken is restricting Nvidia from selling its H20 chips, which have been among its most popular products, to China. Nvidia stated on Tuesday that the Trump administration privately informed them last week that selling the H20 to China would require a license "for the indefinite future." According to Nvidia, the new regulation addresses Washington's concerns that "the covered products may be used in, or diverted to, a supercomputer in China." The AI chip giant warned that it expects to report about five and a half billion dollars in writedowns due to inventory issues, and the new rule will also hinder a product line specifically designed for China to comply with previous U.S. restrictions. Following this announcement, Nvidia's stock fell by 6-point-3 percent in after-hours trading, despite having gained 1-point-3 percent during regular trading hours on the New York Stock Exchange. Meanwhile, the announcement follows Nvidia's commitment made on Monday to invest 5-hundred billion dollars in AI infrastructure in the U.S. over the next four years. "I believe the U.S. intends to convey that if we allow China's manufacturing capabilities to grow without significant obstacles, we risk losing our own manufacturing base. This situation seems to evoke a sense of crisis among us." Additionally, the trade showdown is spilling over to Chinese stocks listed in the U.S. According to Politico, U.S. administration officials are considering actions to delist nearly 300 Chinese firms trading on U.S. exchanges. When asked about this potential during an interview with Fox Business last week, Treasury Secretary Scott Bessent stated, "Everything is on the table." Moon Ji-young, Arirang News.

S. Korean FM to meet U.S. treasury chief next week for trade talks

2025/04/16 17:00

Finance Minister Choi Sang-mok will meet with U.S. Treasury Secretary Scott Bessent in Washington next week for trade talks. According to the Ministry here the meeting comes at the invitation of the U.S. Treasury Department. Our Shin Se-byuck has the latest. South Korean Finance Minister Choi Sang-mok is set to visit the U.S. next week for trade talks with Treasury Secretary Scott Bessent. Seoul's Finance Ministry said on Wednesday that Choi's trip comes in response to a meeting proposal from Washington's treasury chief. The meeting is expected to take place on the sidelines of Choi's visit to Washington, D.C., next week for the G20 Finance Ministers' Meeting. Key agenda items for the meeting will include trade issues, which have emerged as a key point of contention between the two allies, as well as monetary and foreign exchange matters. Seoul said the final schedule and list of participants for the meeting are still under review. The report follows Bessent's interview with Bloomberg TV on Monday, where he said Washington would hold trade negotiations with South Korea next week. The Wall Street Journal also reported earlier this week that the Trump administration is prioritizing negotiations with five countries, namely South Korea, the U.K., Australia, Japan, and India. An expert says the White House is looking to secure early deals with countries more open to dialogue, before moving on to more difficult trading partners. "South Korea is one of the five countries included because, aside from Mexico and Canada, it's the most eager among major trade-surplus nations to reach a deal with the U.S." Seoul is reportedly preparing a proposal for Washington that outlines efforts to balance trade and reduce non-tariff barriers as part of its strategy to minimize tariff burdens on key export sectors like automobiles, steel, and semiconductors. The plan is expected to include a two-track approach: boosting imports of U.S. goods such as natural gas, crude oil, and agricultural products while increasing production of major South Korean exports like cars and chips in the U.S. Meanwhile, Seoul's Trade Minister Ahn Duk-geun is also expected to visit the U.S. as early as next week for negotiations with Washington. The trip follows Acting President Han Duck-soo's announcement on Monday that a delegation, led by Ahn, will be dispatched to initiate trade talks with the U.S. Minister Ahn previously traveled to the U.S. in February and March, shortly after the launch of the Trump administration, to deliver Seoul's position on Washington's proposed tariff plans. Shin Se-byuck, Arirang News.