News

[NEWs GEN] Frugal Living: Behind the latest saving trends among young people

2025/07/10 13:33

[NEWs GEN] Frugal Living: Behind the latest saving trends among young people

Bitcoin hits new all-time high

2025/07/10 11:38

The world's largest cryptocurrency by market cap, Bitcoin, hit a new all-time high on Wednesday. According to U.S.-based virtual currency exchange Coinbase, the price of a single Bitcoin was trading at 112-thousand-55 U.S. dollars at 3.55 PM Eastern Standard Time, up over three percent from 24 hours prior. It marks the first time the cryptocurrency surpassed the 112-thousand mark, shattering the previous high of 111-thousand-900 dollars set on May 22nd.

[On-point] S. Korea's central bank holds interest rate steady: What's behind the decision?

2025/07/10 11:37

The Bank of Korea has announced that it will hold its interest rate steady. For more on what's behind this decision, we're joined by Professor Shin Se Don, Professor at Division of Business Economics at Sookmyung Women's University. Professor Shin, thanks for joining us this morning. 1. The Bank of Korea has decided to keep its benchmark interest rate at 2.5%. What's behind this decision, and how will this affect the South Korean housing market? 2. Some have been saying that the central bank needs to lower the rate, when can we expect that to happen? 3. With the Trump administration threatening to impose 25% tariffs on South Korean goods starting August 1st, this is expected to significantly impact Korean companies and the economy, right? 4. The U.S. dollar fell more than 10 percent in the first half of this year --its worst start to a year in over 50 years while the Korean won is slowly strengthening against the dollar. What's behind this trend, and what does this mean for South Korea? 5. Talks on next year's minimum wage are underway, and look like being finalized today. How is this likely to affect the domestic economy? Alright Professor Shin. Thank you so much for your insight today. We appreciate it.

BOK holds key rate steady at 2.5% in July

2025/07/10 11:34

As widely expected, South Korea's central bank has held its benchmark interest rate steady at two-point-five percent. The Bank of Korea announced the decision on Thursday following the fifth Monetary Policy Committee meeting of the year, taking a break from a rate-cutting cycle after a cut of 25 basis points in May. The decision comes amid Seoul's soaring housing prices and an increase in household loans. Late last month, the government introduced stricter mortgage rules to try to cool down the overheated prices of homes in the capital region. The record high interest rate gap between South Korea and the U.S., which currently stands at 2 percentage points, also fueled expectations of a rate freeze.

Stock

2025/07/09 22:43

2025. 7. 9. KOREAN STOCK MARKET KOSPI : 3,133.74 ▲18.79 +0.60% KOSDAQ : 790.36 ▲6.12 +0.78% KOSPI200 : 422.02 ▲0.80 +0.19% ASIAN STOCK MARKET NIKKEI225 : 39,821.28 ▲132.47 +0.33% HANG SENG : 23,892.32 ▼255.75 -1.06% SHANGHAI : 3,493.05 ▼4.42 -0.13% WALL STREET (July 8) DOW JONES : 44,240.76 ▼165.60 -0.37% NASDAQ : 20,418.46 ▲5.94 +0.03% S&P500 : 6,225.52 ▼4.46 -0.07% EXCHANGE RATE USD : 1,375.00 (+7.10) JPY : 935.37 (-0.81) CNY : 191.41 (+0.72) EUR : 1,610.68 (+5.18)

Financial Authorities: no second chances on unfair stock trading --HYBE chairman eyed as first major case

2025/07/09 22:36

Since President Lee Jae-myung's inauguration, the government has been making strong messages to warn anyone trying to cheat in the stock market. Today, authorities announced specific measures with a new task force. Our Kim Do-yeon explains. No second chances — that's the message from Korea's financial watchdogs on unfair trading, illegal short selling, and false disclosures. On Wednesday, the Financial Services Commission, the Financial Supervisory Service, and the Korea Exchange unveiled measures to fight market abuses, launching a joint task force to track and investigate violations. "Accounts linked to illegal gains will be frozen during investigations. Fines of up to twice the profits will be imposed, along with restrictions on trading and executive appointments. Through these measures, we aim to ensure that stock manipulators are immediately expelled from the capital market under a strict one-strike-out policy." When the joint task force begins operations later this month officials from the three entities will work in the same office and make sure investigations are finished within six months. This is in line of the new administration's agenda as President Lee Jae-myung early last month chose the Korea Exchange for his first public event since inauguration and emphasized a fair stock market. Under this tougher stance, HYBE chairman and BTS creator Bang Si-hyuk could become the first high-profile case. The Securities and Futures Commission is set to refer him to prosecutors for alleged fraudulent transactions under the Capital Markets Act. He is accused of telling early investors in HYBE that he had no plans to go public and leading them to sell their shares at low prices to private equity funds set up by his acquaintances. A year later, the company did go public and Bang allegedly shared the proceeds from the later stock sales, taking around 200 billion won or around 150 million U.S. dollars. Financial authorities have reportedly secured evidence that Bang was preparing for an IPO while telling the early investors otherwise. Separately, the Seoul Metropolitan Police Agency's financial crimes unit, which has been conducting its own investigation, is also expected to hand over the case to prosecutors soon. To this, HYBE explained that the IPO process was done according to the law and that it has been cooperating with the authorities to confirm the facts. Kim Do-yeon, Arirang News.

Trump shocks market again, with 50% tariff on copper; pharmaceuticals, chips maybe next

2025/07/09 22:34

Countries including South Korea have a little more than 3 weeks to reach tariff deals with the U.S. Meanwhile, the Trump administration is seeking to dump more tariffs on items like copper and pharmaceuticals. Park Jun-han has the details. On Tuesday, U.S. President Donald Trump announced a plan to impose a 50% tariff on copper imports, prompting markets to push copper prices to a record high. "We did steel, as you know, they're 50%, we did aluminum 50%, lumber just came out. And we did cars and now today we're doing copper. I believe the tariff on copper, we're going to make it 50%." After Trump's announcement, copper prices jumped to a record high, ending the trading day up 13-point-12 percent — the largest one-day gain since 1989 — at approximately 5-point-69 U.S. dollars per pound. According to the U.S. Geological Survey, the U.S. imports about 50% of the refined copper it uses each year. Over 90% of copper imports, roughly 1 million tons, come from Chile, Canada and Peru. While the Trump administration aims to revive domestic copper production, the new tariffs are likely to raise costs for American manufacturers. On the same day, Trump hinted at tariffs of up to 200% on pharmaceuticals, along with possible duties on semiconductors that could take effect by late July. A market analyst noted that while the market currently views the impact as limited, it could come under pressure if the proposed chip tariffs exceed expectations. "The impact of the tariffs has not yet been significant, as South Korea has already built — or is in the process of building — semiconductor factories in the U.S., and the specific tariff rate has yet to be announced. However, if a high rate is imposed, it will inevitably affect the Korean semiconductor industry and the stock market." Trump's sector-specific tariff plan, based on Section 232 of the Trade Expansion Act, which allows the president to restrict imports that threaten national security, came a day after he sent tariff letters to 14 trading partners, including South Korea, outlining new tariff rates effective August 1. Trump is set to send letters to 15 to 20 more countries in the coming days. Park Jun-han, Arirang News.

TRUMP ANNOUNCES 25% TARIFF ON S. KOREA STARTING AUGUST

2025/07/09 19:45

Welcome to Wednesday's edition of Press Perspective. It's July 9th here in Seoul. I'm Min Sunhee. The July 9th deadline of the pause on country-specific U.S. tariffs ENDS today BUT the Trump administration has extended THAT pause to August first. It has also sent its ally South Korea a letter unilaterally informing it of a 25-percent tariff even as senior officials of the Lee Jae Myung administration were engaged in related talks with their American counterparts in Washington. For more I have Ruy Valdes with Spanish news agency EFE Spain. Ruy welcome. I also have Professor Oh Joon-seok at Sookmyung Women's University joining our talk virtually. Professor Oh it's a pleasure. Ruy, let's begin with the latest regarding U.S. tariffs. The pause on country-specific tariffs comes to an end on this Wednesday, and the Trump administration has spoken of two options: letters informing American trade partners of their respective tariffs or trade deals. South Korea has received a letter, informing the country of a 25-percent tariff. Do tell us more. Ruy, how many tariff deals has the U.S. sealed thus far? Professor Oh, some believe this latest move by the Trump administration is a negotiation strategy. Do you agree? And simply speaking, what appears to be his negotiation strategy? Professor Oh, what countermeasures has the South Korean government shared to offset U.S. tariff repercussions, and what are your thoughts? Are there any structural policies that you believe should be prioritized? Ruy, South Korean delegates have been flying into the U.S. in recent days for related talks. What are some of the issues on the table as seen by Reuters? Professor Oh, are FTAs losing their protective edge amid the presence of U.S. tariffs? I mean, what is the fate of South Korea's FTA with the U.S. given Mr. Trump's pursuit of tariffs? Ruy, how is the South Korean media framing these tariff talks between the U.S. and South Korea as well as the U.S. and the rest of its trade partners? I mean, how is public sentiment being shaped around future engagement with the U.S.? Professor Oh, Korea's exports rebounded in June amid sales of chips and cars to markets in Europe and Asia. What is your outlook as U.S. tariffs kick in? Also, could export market diversification serve to ease the fallout from U.S. tariffs? All right.

Trump shocks market again, with 50% tariff on copper; pharmaceuticals, chips maybe next

2025/07/09 19:35

Staying with news out of the White House. The Trump administration's SECTOR-specific tariffs are looking to INCLUDE a 50-percent tariff on copper imports into the American market and a 200-percent tariff on pharmaceutical imports. Our economic correspondent Park Jun-han has more. On Tuesday, U.S. President Donald Trump announced a plan to impose a 50% tariff on copper imports, prompting markets to push copper prices to a record high. "We did steel, as you know, they're 50%, we did aluminum 50%, lumber just came out. And we did cars and now today we're doing copper. I believe the tariff on copper, we're going to make it 50%." After Trump's announcement, copper prices jumped to a record high, ending the trading day up 13-point-12 percent — the largest one-day gain since 1989 — at approximately 5-point-69 U.S. dollars per pound. According to the U.S. Geological Survey, the U.S. imports about 50% of the refined copper it uses each year. Over 90% of copper imports, roughly 1 million tons, come from Chile, Canada and Peru. While the Trump administration aims to revive domestic copper production, the new tariffs are likely to raise costs for American manufacturers. On the same day, Trump hinted at tariffs of up to 200% on pharmaceuticals, along with possible duties on semiconductors that could take effect by late July. A market analyst noted that while the market currently views the impact as limited, it could come under pressure if the proposed chip tariffs exceed expectations. "The impact of the tariffs has not yet been significant, as South Korea has already built — or is in the process of building — semiconductor factories in the U.S., and the specific tariff rate has yet to be announced. However, if a high rate is imposed, it will inevitably affect the Korean semiconductor industry and the stock market." Trump's sector-specific tariff plan, based on Section 232 of the Trade Expansion Act, which allows the president to restrict imports that threaten national security, came a day after he sent tariff letters to 14 trading partners, including South Korea, outlining new tariff rates effective August 1. Trump is set to send letters to 15 to 20 more countries in the coming days. Park Jun-han, Arirang News.

South Korea's economy faces challenges amid trade uncertainty

2025/07/08 23:34

A state-run think tank says South Korea's economy remains at a similarly subdued level as in June, due to continued weakness in the construction sector and worsening external conditions. Park Jun-han has more. The Korea Development Institute reported on Tuesday that South Korea's economy remained subdued, grappling with persistent weaknesses in construction and manufacturing, alongside rising trade uncertainties stemming from U.S. tariff pressure. This assessment was according to the monthly economic trends report released by the state-run think tank. Notably, production in May was hampered by a prolonged contraction in the construction sector, specifically a 20-point-8 percent year-on-year decline. The construction industry is considered a key pillar of domestic demand in South Korea, with a slowdown in the sector potentially weighing heavily on the broader economy. "Construction is closely tied to domestic demand, as it creates jobs and stimulates demand for building materials and nearby restaurants. So when the construction industry slows, that weakness ripples through the broader domestic economy." Despite the domestic downturn, semiconductor production grew by 18-point-1 percent in May. Also, investment in related equipment sustained high growth of 7-point-5 percent. However, overall exports to the U.S. underperformed, growing only 1-point-9 percent, primarily due to a 16-point-1 percent drop in motor vehicle exports, driven by steep U.S. tariffs on automobiles. Given that the United States is one of South Korea's largest export destinations, an economic expert notes that rising tariff tensions may hurt the Korean economy. "I believe the impact of tariff uncertainty on the Korean economy is significant. If the 25% tariff is implemented, it will become more difficult for Korean businesses to export to the U.S. market. As exports decline, wage earners in export-related industries could face job insecurity." However, the KDI pointed to signs of improved stability in the credit market and domestic consumption. It cited the benchmark KOSPI's notable rise in June, a slight dollar depreciation, and policy expectations under the new president as factors behind improved investor sentiment. The institute also emphasized that a gradual easing of high interest rates and stimulus measures in the second supplementary budget aimed at boosting domestic consumption are likely to support a recovery in spending. Park Jun-han, Arirang News.

Stock

2025/07/08 22:54

2025. 7. 8. KOREAN STOCK MARKET KOSPI : 3,114.95 ▲55.48 +1.81% KOSDAQ : 784.24 ▲5.78 +0.74% KOSPI200 : 421.22 ▲8.20 +1.99% ASIAN STOCK MARKET NIKKEI225 : 39,724.90 ▲137.22 +0.35% HANG SENG : 24,148.07 ▲260.24 +1.09% SHANGHAI : 3,497.48 ▲24.34 +0.70% WALL STREET (July 7) DOW JONES : 44,406.36 ▼422.17 -0.94% NASDAQ : 20,412.52 ▼188.58 -0.92% S&P500 : 6,229.98 ▼49.37 -0.79% EXCHANGE RATE USD : 1,367.90 (+0.10) JPY : 936.18 (-6.71) CNY : 190.69 (0.00) EUR : 1,605.50 (-3.51)

U.S. extends reciprocal tariff deadline to August 1

2025/07/08 19:58

The relief is that the July deadline of the pause on country-specific U.S. tariffs has been extended to August First. The regret is that South Korea is among the American trade partners to have received a letter unilaterally informing it of a 25-percent tariff. Our Moon Ji-young has details. U.S. President Donald Trump signed an executive order on Monday, extending the effective date for reciprocal tariffs to August 1, pushing back the previous July 9 deadline. Trump outlined the rates in letters to the leaders of countries including South Korea and Japan via Truth Social earlier on Monday, with rates ranging from 25 percent to 40 percent. Trump originally unveiled the tariffs in April but granted a 90-day reprieve so that countries could strike trade agreements. "I have the signed letters that went out to both South Korea and Japan today, and there will be approximately 12 other countries that will receive notifications and letters directly from the President of the United States" In the letter, Trump threatened to impose 25 percent duties on South Korea, with higher duties for items deemed to have been transshipped through Korea from other countries. Trump stated that the relationship between Seoul and Washington has been quote "far from reciprocal." He warned that any retaliatory tariffs from Seoul would result in an additional surcharge on top of the 25 percent. However, Trump did leave open the possibility of an adjustment to the tariff rate for South Korea. The South Korean government views Trump's letter as an effective extension of the pause on new duties for Korean products. Seoul has been actively working to avoid or minimize the impact of these steep levies, as well as other tariffs on products such as automobiles, steel, and aluminum. According to Reuters, these reciprocal tariffs are separate from the sector-specific levies. In a press release, Seoul's Trade Ministry stated that South Korea will seek to address the trade deficit issue -a major concern of the U.S. -by improving domestic rules and regulations. It also affirmed its commitment to creating opportunities in core industries through the two countries' "partnership for manufacturing renaissance." Moon Ji-young, Arirang News.

South Korea's economy faces challenges amid trade uncertainty

2025/07/08 19:38

A state-run think tank finds economic prospects for South Korea continue to appear challenging as the construction industry remains in the doldrums while external trade risks persist. Park Jun-han covers the latest findings. The Korea Development Institute reported on Tuesday that South Korea's economy remained subdued, grappling with persistent weaknesses in construction and manufacturing, alongside rising trade uncertainties stemming from U.S. tariff pressure. This assessment was according to the monthly economic trends report released by the state-run think tank. Notably, production in May was hampered by a prolonged contraction in the construction sector, specifically a 20-point-8 percent year-on-year decline. The construction industry is considered a key pillar of domestic demand in South Korea, with a slowdown in the sector potentially weighing heavily on the broader economy. "Construction is closely tied to domestic demand, as it creates jobs and stimulates demand for building materials and nearby restaurants. So when the construction industry slows, that weakness ripples through the broader domestic economy." Despite the domestic downturn, semiconductor production grew by 18-point-1 percent in May. Also, investment in related equipment sustained high growth of 7-point-5 percent. However, overall exports to the U.S. underperformed, growing only 1-point-9 percent, primarily due to a 16-point-1 percent drop in motor vehicle exports, driven by steep U.S. tariffs on automobiles. Given that the United States is one of South Korea's largest export destinations, an economic expert notes that rising tariff tensions may hurt the Korean economy. "I believe the impact of tariff uncertainty on the Korean economy is significant. If the 25% tariff is implemented, it will become more difficult for Korean businesses to export to the U.S. market. As exports decline, wage earners in export-related industries could face job insecurity." However, the KDI pointed to signs of improved stability in the credit market and domestic consumption. It cited the benchmark KOSPI's notable rise in June, a slight dollar depreciation, and policy expectations under the new president as factors behind improved investor sentiment. The institute also emphasized that a gradual easing of high interest rates and stimulus measures in the second supplementary budget aimed at boosting domestic consumption are likely to support a recovery in spending. Park Jun-han, Arirang News.

Gov't, retailers to offer up to 50% food discount during summer vacation season

2025/07/08 13:36

In collaboration with South Korea's agriculture ministry and food companies, prices on food such as ramyeon, 라면, bread and coffee are being discounted up to 50 percent to help curb inflation and support consumers during the summer vacation season. Park Jun-han has the details. The government and food industry announced that they will provide up to a 50 percent discount on staple food items to alleviate the burden of rising prices during the summer vacation season. The announcement was reported five days after the release of June's inflation data, which indicated a year-on-year increase of 4.6 percent for processed foods — the highest in 19 months since November 2023. In June, 62 out of 73 processed food items saw price hikes. To tackle the inflationary impact of this, the Ministry of Agriculture, Food and Rural Affairs held discussions with major food and retail companies last Friday to outline plans to stabilize food prices. The discounted items will include products with high consumer price sensitivity, such as ramyeon and bread, and products with slightly reduced raw material costs, such as ice cream and 아이스크림, and juice, which are often consumed during the summer. Participating companies include Nongshim , Otoki , SPC Group and CJ CheilJedang . The agriculture ministry noted that rising costs of key ingredients, labor, and energy have increased the financial burden on food companies. To ease high cost pressure, the ministry has already applied tariff quotas to 21 imported raw materials and extended value-added-tax exemptions for cocoa and coffee imports through 2025, as since 2023, the two have seen price increases of over 190 percent and 68 percent, respectively. The ministry pledged to expand funding support for raw material purchases to ease the industry burden and agreed to continue discussions on issues such as overseas expansion and food ingredient supply. It will monitor processed food prices over the next month and will continue to discuss discounts with industry representatives. Park Jun-han, Arirang News.

U.S. extends reciprocal tariff deadline to August 1

2025/07/08 11:34

The United States has delayed the imposition of reciprocal tariffs from this week until August 1st, allowing tariff negotiations to continue. Trump still threatened to impose 25 percent tariffs on South Korea while also leaving open the possibility of an adjustment to the tariff rate. Our Moon Ji-young starts us off. U.S. President Donald Trump signed an executive order on Monday, extending the effective date for reciprocal tariffs to August 1, pushing back the previous July 9 deadline. Trump outlined the rates in letters to the leaders of countries including South Korea and Japan via Truth Social earlier on Monday, with rates ranging from 25 percent to 40 percent. Trump originally unveiled the tariffs in April but granted a 90-day reprieve so that countries could strike trade agreements. "I have the signed letters that went out to both South Korea and Japan today, and there will be approximately 12 other countries that will receive notifications and letters directly from the President of the United States" In the letter, Trump threatened to impose 25 percent duties on South Korea, with higher duties for items deemed to have been transshipped through Korea from other countries. Trump stated that the relationship between Seoul and Washington has been quote "far from reciprocal." He warned that any retaliatory tariffs from Seoul would result in an additional surcharge on top of the 25 percent. However, Trump did leave open the possibility of an adjustment to the tariff rate for South Korea. The South Korean government views Trump's letter as an effective extension of the pause on new duties for Korean products. Seoul has been actively working to avoid or minimize the impact of these steep levies, as well as other tariffs on products such as automobiles, steel, and aluminum. According to Reuters, these reciprocal tariffs are separate from the sector-specific levies. In a press release, Seoul's Trade Ministry stated that South Korea will seek to address the trade deficit issue -a major concern of the U.S. -by improving domestic rules and regulations. It also affirmed its commitment to creating opportunities in core industries through the two countries' "partnership for manufacturing renaissance." Moon Ji-young, Arirang News.

Stock

2025/07/07 22:41

2025. 7. 7. KOREAN STOCK MARKET KOSPI : 3,059.47 ▲5.19 +0.17% KOSDAQ : 778.46 ▲2.66 +0.34% KOSPI200 : 413.02 ▲0.28 +0.07% ASIAN STOCK MARKET NIKKEI225 : 39,540.25 ▼270.63 -0.68% HANG SENG : 23,887.83 ▼28.23 -0.12% SHANGHAI : 3,473.13 ▲0.80 +0.02% WALL STREET (July 4) DOW JONES : CLOSED NASDAQ : CLOSED S&P500 : CLOSED EXCHANGE RATE USD : 1,367.80 (+5.50) JPY : 942.89 (-1.35) CNY : 190.69 (+0.49) EUR : 1,609.01 (+4.36)

Gov't, retailers to offer up to 50% food discount during summer vacation season

2025/07/07 22:34

In collaboration with South Korea's agriculture ministry and food companies, prices on essential food such as ramyeon, 라면, bread and coffee are being discounted up to 50 percent to help curb inflation and to support consumers during the summer vacation season. Park Jun-han has the details. The government and food industry announced that they will provide up to a 50 percent discount on staple food items to alleviate the burden of rising prices during the summer vacation season. The announcement was reported five days after the release of June's inflation data, which indicated a year-on-year increase of 4.6 percent for processed foods — the highest in 19 months since November 2023. In June, 62 out of 73 processed food items saw price hikes. To tackle the inflationary impact of this, the Ministry of Agriculture, Food and Rural Affairs held discussions with major food and retail companies last Friday to outline plans to stabilize food prices. The discounted items will include products with high consumer price sensitivity, such as ramyeon and bread, and products with slightly reduced raw material costs, such as ice cream and 아이스크림, and juice, which are often consumed during the summer. Participating companies include Nongshim , Otoki , SPC Group and CJ CheilJedang . The agriculture ministry noted that rising costs of key ingredients, labor, and energy have increased the financial burden on food companies. To ease high cost pressure, the ministry has already applied tariff quotas to 21 imported raw materials and extended value-added-tax exemptions for cocoa and coffee imports through 2025, as since 2023, the two have seen price increases of over 190 percent and 68 percent, respectively. The ministry pledged to expand funding support for raw material purchases to ease the industry burden and agreed to continue discussions on issues such as overseas expansion and food ingredient supply. It will monitor processed food prices over the next month and will continue to discuss discounts with industry representatives. Park Jun-han, Arirang News.

OECD: Korea’s potential growth rate dips below 2% for first time

2025/07/07 22:33

The OECD projects South Korea's potential growth rate for 2025 at 1.9 percent, marking the first time the projection has fallen below 2 percent ---a point-1 percentage point drop from the 2 percent forecast last December. A potential economic growth rate of under 2 percent means that even if the factors of production, such as labor and capital, are operating as efficiently as possible, returning to the 2 percent level is not possible without inflation risks. The Lee Jae Myung administration has pledged to bring the country up to a 3 percent potential growth rate. Lee's policies focus on addressing structural issues such as low birth rates, an aging society, and weak innovation, in the hope of boosting long-term growth.

OECD: Korea’s potential growth rate dips below 2% for first time

2025/07/07 19:35

South Korea's potential growth rate for this year is predicted to stand at 1-point-9 percent. Now this is according to the OECD and is the lowest prediction since 2001 and the first time that the figure has fallen below two percent. Also this rate has been steadily retreating since 2011. The potential growth rate refers to the highest sustainable growth of an economy without sparking inflation under the assumption that all aspects of production like capital and labor are in operation. The Lee administration has pledged to bolster Korea's potential growth rate back to three percent.

Seoul asks Washington to impose U.S. port entry fees on China, exclude S. Korea

2025/07/07 19:33

South Korea has reportedly asked to be excluded from U.S. plans to impose fees on foreign-built car carriers docking at American ports. According to the Office of the U.S. Trade Representative South Korea's Ministries of Trade and Oceans submitted a request to this end last week. Back in April the Trump administration announced plans for the new port fees on vessels particularly those built or operated by Chinese entities to address concerns over China's dominance in the global shipping arena.