News

Tackling Korea Discount: DP wants to add 'shareholders' for directors' duties in writing, PPP objects

2025/03/13 20:00

At the National Assembly. The opposition party passed revisions to the Commercial Act mandating corporate directors' duty to shareholders, not just to companies. The ruling party protested, saying it would get businesses by ankles. Our Kim Do-yeon explains. In efforts to tackle the so-called "Korea Discount" the Democratic Party of Korea unilaterally on Thursday passed revisions to the Commercial Act. However, the ruling People Power Party has already warned that it will request Acting President Choi Sang-mok to veto the bill. The revision aims to add the word "shareholders" to the wording for the "Duty of Loyalty by Directors" now saying, "perform their duties in good faith for the interest of the company AND the shareholders." In addition to changing the wording the revision aims to make it mandatory for listed companies to hold virtual shareholder meetings. The essence of this statement is simple: South Korea is a democratic republic and must represent the interests of its people. Likewise, company directors must act faithfully for the company and its rightful owners—the shareholders. This is the core principle. The PPP said this will lead to lawsuits and make it hard for companies to make decisions saying small investors are not contractually bound to the companies with different types of investors aiming for different results. "If passed, companies will be shackled with enormous restraints as they compete on the global stage. Instead of moving forward toward the world and the future through challenge and innovation, South Korean companies will be preoccupied with appeasing all shareholders, merely striving to maintain the status quo." While the ruling PPP is looking to make sure this bill is not passed the Governor of the Financial Supervisory Service Lee Bok-hyun said he will put his job on the line to stop the Acting President from vetoing it. He said the bill may have side effects, but vetoing would only bring the improving shareholders' values discussion back to square one. Considering the FSS Governor is a President Yoon Suk Yeol appointee this sends a strong message to the public. To this, the floor leader of PPP Kweon Seong-dong said the Party has a consensus of rejecting the bill, and that Lee's actions were inappropriate considering that he's not even a Cabinet member who has jurisdiction over this law. Meanwhile, the Federation of Korean Industries also released a statement requesting a veto saying the revision comes with severe side effects and has aspects that are unconstitutional. Kim Do-yeon, Arirang News.

Court dismisses four impeachment motions by National Assembly ahead of Pres. Yoon verdict

2025/03/13 20:00

Thank you for joining us. I'm Yoon Jung-min. The impeachments of key public officials in charge of the nation's auditing and investigations were rejected today by the Constitutional Court. These rulings come ahead of the verdict on the president's own political fate. Oh Soo-young has our top story. The Constitutional Court dismissed the National Assembly's motions to impeach four state officials, ahead of President Yoon Suk Yeol's impeachment verdict. The Court on Thursday announced its decision not to uphold the dismissal of chief state auditor Choe Jae-hae, on allegations he broke the neutrality of the Board of Audit and Inspection, by acting in the interests of the Yoon administration, and conducting a weak audit of the relocating of the Presidential Office in 2022. That move by President Yoon was criticized by his political opponents, who make up an overwhelming majority at the National Assembly. The judicial bench, however, cited a lack of evidence that Choe had acted illegally or unconstitutionally, and asserted the independence of the auditing authority. The bench also ruled on the impeachment of three prosecutors, including Seoul Central District Chief Prosecutor Lee Chang-soo, and Prosecutors Cho Sang-won and Choi Jae-hun, who had been accused of conducting a lenient investigation into First Lady Kim Keon Hee's alleged involvement in a stock manipulation case. The Justices said it was difficult to conclude the prosecutors had violated the law or constitutional principles. The Court has been working on nine impeachment cases, eight of which were pushed through by the Assembly, after President Yoon's martial law on December third last year. Yoon's legal team claim Thursday's rulings "confirm" the opposition abused its legislative power with a series of impeachments, and called for the the President's case to also be dismissed "immediately." "As political and public pressure both for and against Yoon's impeachment become more fervent by the day, particularly after his release from detention, the judicial bench appears to be moving more cautiously to deliver a broadly acceptable decision to a highly polarized society. More than 2-point-6 million petitions, both supporting and opposing Yoon's impeachment, have been submitted to the Court." With Yoon's impeachment ruling unlikely to take place this week as initially expected, this is set to become the longest impeachment trial for a South Korean leader, marking 91 days this coming Saturday. Former President Park Geun-hye's impeachment ruling took 91 days after the motion was passed, while Roh Moo-hyun's took 64 days. "They know that this is going to be in the history books. Especially on Yoon's side they would be scrutinizing it with a magnifying glass to find any fault possible. So I think they really want to make sure that all the reasoning is absolutely water tight. I think they are really trying to do their utmost to avoid having a split judgment or even a minority judgment." Observers also say the ruling on whether or not to uphold Prime Minister Han Duck-soo's impeachment is also likely to precede the presidential impeachment verdict, given that it is a strongly related matter that affects the nation's governance. In any case, a decision on Yoon's impeachment is widely expected before two justices retire from the bench on April 18th. Oh Soo-young, Arirang News.

U.S. and Russia security officials discuss 30-day ceasefire after Ukraine accepts proposal

2025/03/13 20:00

In the hopes of a 30-day ceasefire between Ukraine and Russia, U.S. and Russian officials have started discussions. Against this backdrop, Russian President Vladimir Putin has visited Kursk to order a recovery of the area. Kim Jung-sil reports. In a significant development, the U.S. and Russia reportedly held a critical phone conversation on Wednesday, marking the first communication between their top security officials since discussions began over a 30-day ceasefire in Russia's war with Ukraine. Talks have accelerated since U.S. and Ukrainian officials met in Jeddah, Saudi Arabia, earlier this week to discuss the proposal, which Ukraine has already accepted. "Ukraine is ready to stop shooting and start talking. And now it'll be up to them to say yes or no. I hope they're going to say yes, and if they do, then I think we've made great progress. If they say no, then we'll unfortunately know what the impediment is to peace here." Russia is carefully assessing the situation. "We are carefully studying the statements that were made following the results, and we are reviewing the text of the joint statement adopted in Jeddah." Meanwhile, Russian President Vladimir Putin visited the Kursk region in military uniform and ordered a swift recovery of the area, with Moscow reporting it has reclaimed around 86% of the region. Experts say it's likely Russia will impose certain conditions for a ceasefire at this stage of the war. "Russia currently has the upper hand, and agreeing to the ceasefire just because the U.S. demands it is difficult for 러시아 to accept. If Russia agrees to a ceasefire, it will likely come with conditions." Experts caution that even if Kyiv and Moscow reach a ceasefire, a full resolution could take time, as Ukraine has endured significant losses. Meanwhile, the U.S. has reportedly resumed military aid and intelligence sharing, with Kyiv agreeing to the potential ceasefire. As U.S. representatives head to Moscow for talks this week, the future of the ceasefire hinges on Russian acceptance. Kim Jung-sil, Arirang News.

Tackling Korea Discount: DP wants to add 'shareholders' for directors' duties in writing, PPP objects

2025/03/13 17:00

A fresh feud is taking shape at the parliament over unilateral revisions to the Commercial Act by the opposition party to tackle the so-called "Korea Discount" a phenomenon that sees Korean stocks valued lower or assigned higher risk premiums than their global counterparts. Our correspondent Kim Do-yeon explains. In efforts to tackle the so-called "Korea Discount" the Democratic Party of Korea unilaterally on Thursday passed revisions to the Commercial Act. However, the ruling People Power Party has already warned that it will request Acting President Choi Sang-mok to veto the bill. The revision aims to add the word "shareholders" to the wording for the "Duty of Loyalty by Directors" now saying, "perform their duties in good faith for the interest of the company AND the shareholders." In addition to changing the wording the revision aims to make it mandatory for listed companies to hold virtual shareholder meetings. The essence of this statement is simple: South Korea is a democratic republic and must represent the interests of its people. Likewise, company directors must act faithfully for the company and its rightful owners—the shareholders. This is the core principle. The PPP said this will lead to lawsuits and make it hard for companies to make decisions saying small investors are not contractually bound to the companies with different types of investors aiming for different results. "If passed, companies will be shackled with enormous restraints as they compete on the global stage. Instead of moving forward toward the world and the future through challenge and innovation, South Korean companies will be preoccupied with appeasing all shareholders, merely striving to maintain the status quo." While the ruling PPP is looking to make sure this bill is not passed the Governor of the Financial Supervisory Service Lee Bok-hyun said he will put his job on the line to stop the Acting President from vetoing it. He said the bill may have side effects, but vetoing would only bring the improving shareholders' values discussion back to square one. Considering the FSS Governor is a President Yoon Suk Yeol appointee this sends a strong message to the public. To this, the floor leader of PPP Kweon Seong-dong said the Party has a consensus of rejecting the bill, and that Lee's actions were inappropriate considering that he's not even a Cabinet member who has jurisdiction over this law. Meanwhile, the Federation of Korean Industries also released a statement requesting a veto saying the revision comes with severe side effects and has aspects that are unconstitutional. Kim Do-yeon, Arirang News.

Court dismisses four impeachment motions by National Assembly ahead of Pres. Yoon verdict

2025/03/13 17:00

The Constitutional Court has ruled AGAINST the impeachments of four public officials including the head of the nation's audit agency and the head of the CENTRAL District Prosecutors' Office here in Seoul. These rulings come ahead of the much-anticipated verdict on the president's own political fate. Oh Soo-young has our top story. The Constitutional Court dismissed the National Assembly's motions to impeach four state officials, ahead of President Yoon Suk Yeol's impeachment verdict. The Court on Thursday announced its decision not to uphold the dismissal of chief state auditor Choe Jae-hae, on allegations he broke the neutrality of the Board of Audit and Inspection, by acting in the interests of the Yoon administration, and conducting a weak audit of the relocating of the Presidential Office in 2022. That move by President Yoon was criticized by his political opponents, who make up an overwhelming majority at the National Assembly. The judicial bench, however, cited a lack of evidence that Choe had acted illegally or unconstitutionally, and asserted the independence of the auditing authority. The bench also ruled on the impeachment of three prosecutors, including Seoul Central District Chief Prosecutor Lee Chang-soo, and Prosecutors Cho Sang-won and Choi Jae-hun, who had been accused of conducting a lenient investigation into First Lady Kim Keon Hee's alleged involvement in a stock manipulation case. The Justices said it was difficult to conclude the prosecutors had violated the law or constitutional principles. The Court has been working on nine impeachment cases, eight of which were pushed through by the Assembly, after President Yoon's martial law on December third last year. Yoon's legal team claim Thursday's rulings "confirm" the opposition abused its legislative power with a series of impeachments, and called for the the President's case to also be dismissed "immediately." "As political and public pressure both for and against Yoon's impeachment become more fervent by the day, particularly after his release from detention, the judicial bench appears to be moving more cautiously to deliver a broadly acceptable decision to a highly polarized society. More than 2-point-6 million petitions, both supporting and opposing Yoon's impeachment, have been submitted to the Court." With Yoon's impeachment ruling unlikely to take place this week as initially expected, this is set to become the longest impeachment trial for a South Korean leader, marking 91 days this coming Saturday. Former President Park Geun-hye's impeachment ruling took 91 days after the motion was passed, while Roh Moo-hyun's took 64 days. "They know that this is going to be in the history books. Especially on Yoon's side they would be scrutinizing it with a magnifying glass to find any fault possible. So I think they really want to make sure that all the reasoning is absolutely water tight. I think they are really trying to do their utmost to avoid having a split judgment or even a minority judgment." Observers also say the ruling on whether or not to uphold Prime Minister Han Duck-soo's impeachment is also likely to precede the presidential impeachment verdict, given that it is a strongly related matter that affects the nation's governance. In any case, a decision on Yoon's impeachment is widely expected before two justices retire from the bench on April 18th. Oh Soo-young, Arirang News.

World News: Pakistan military ends train standoff, says 21 hostages and four troops killed

2025/03/13 17:00

This is the World Now, bringing you the latest stories from around the globe. In Pakistan's Balochistan province, a military operation took place to rescue hostages on a hijacked train, killing all 33 militants. But during the day-long standoff, 21 hostages and four security personnel also lost their lives. On Wednesday local time, the Pakistani military initiated a comprehensive rescue operation on a train that had been ambushed by militants from the separatist Baloch Liberation Army the day before. The Jaffar Express, carrying over 440 passengers from Quetta to Peshawar had been hijacked by the separatist BLA. The militants detonated explosives on the railway track and launched rockets at the train, forcing it to a halt before seizing control of the train and taking hundreds hostage. The BLA had been demanding the release of Baloch political prisoners. Defense ministers from five European nations convened in Paris on Wednesday local time, to discuss bolstering regional security and defense cooperation in the aftermath of the Ukraine war. The meeting comes amid Washington's efforts to pursue a peace deal with Moscow. Defense ministers from the United Kingdom, France, Germany, Italy, and Poland discussed strengthening European defense mechanisms and providing security assurances to Ukraine amidst ongoing geopolitical shifts. Ukrainian Defense Minister Rustem Umerov also participated. A key point of the discussions was the potential establishment of a European reassurance force, aimed at deterring future aggression and ensuring Ukraine's sovereignty. The deliberations also addressed the proposed ReArm Europe plan, which seeks to mobilize up to 800 billion Euros to boost Europe's defense infrastructure. Japan began the 11th release of contaminated water from the Fukushima Daiichi Nuclear Power Plant into the Pacific Ocean on Wednesday. The operation is part of an ongoing process to manage and dispose of water used to cool the reactors following the 2011 disaster. The International Atomic Energy Agency has confirmed that the tritium concentration in the discharged water is below Japan's regulatory standards, aligning with international safety guidelines. Tokyo Electric Power Company recently announced plans for the 11th batch of wastewater discharge from March 12 to 17. In London, climate activists have protested against Tesla, targeting the company's robots to highlight environmental concerns. On Wednesday local time, two activists in west London poured orange liquid latex over a life-sized humanoid robot at a Tesla store. Following political activities by Elon Musk, CEO of the carmaker, a number of Tesla outlets in the U.S. and parts of Europe have also faced protests recently. Choi Chi-hee, Arirang News.

U.S. and Russia hold talks following U.S.-Ukraine agreement on 30-day ceasefire

2025/03/13 17:00

Efforts to ensure a thirty-day truce between Ukraine and Russia continue with U.S. officials now actively seeking interaction with their counterparts at the Kremlin. Our Park Kun-woo has the latest. According to the White House press secretary on Wednesday, U.S. National Security Advisor Mike Waltz spoke with his Russian counterpart to pursue ending the war and to strike a peace deal between Russia and Ukraine. That marked the first discussion between senior security advisors from the U.S. and Russia following an agreement on a 30-day ceasefire proposal made between the U.S. and Ukraine in Saudi Arabia the day before. Also on Wednesday, U.S. President Donald Trump expressed his hopes that Russia would accept the proposal. "It's up to Russia now. Hopefully we can get a ceasefire from Russia. And if we do, I think that would be 80% of the way to getting this horrible bloodbath (ended)." Trump also warned that Russia could face sanctions if it doesn't accept the deal but added he doesn't want that to happen as he wants peace. He also said officials would be in Russia for further talks, with the White House confirming that Trump's special envoy Steve Witkoff is set to visit Moscow this week. A Kremlin spokesperson said on Wednesday that Moscow is waiting for "detailed information" from the U.S. before taking a stance on the peace deal. And following the deal between the U.S. and Ukraine, Russian President Vladimir Putin, in military uniform, visited the Kursk region on Wednesday for the first time since Ukraine invaded the Kursk region in August of last year. During the visit, Putin ordered the "complete" liberation of the Kursk region. "Our task in the near future is to completely defeat the enemy who has dug in on the territory of the Kursk region and is still conducting military operations here." He also spoke about the need to consider creating a buffer zone inside Ukraine's Sumy region, which borders Kursk to prevent any further incursions by Ukraine. Park Kun-woo, Arirang News.

President Trump says he has 'flexibility' on tariffs, rejects claims of inconsistency

2025/03/13 17:00

U.S. President Donald Trump is challenging claims of inconsistency with regard to his tariff campaign calling his approach thus far "flexible" but pledging "very little flexibility" after reciprocal tariffs take effect in early April. Lee Seung-jae reports. U.S. President Donald Trump on Wednesday stressed that April 2nd will be a "very big day" for the United States. as his reciprocal tariffs go into effect. Trump slammed the previous administration for America's losses in trade., but said the U.S. will "take back a lot of what was stolen from it by other countries." However, Trump also noted that he has shown "flexibility" on his tariff policy, rejecting claims that his policy implementation has been inconsistent, as seen through his on-and-off tariff impositions on Canada and Mexico. The U.S. leader also warned that once the tariffs go into effect, "there will be very little flexibility." Meanwhile,.. U.S. Trade Representative Jamieson Greer said on Wednesday, that the European Union's new retaliatory tariffs against the U.S. came "too little too late." According to Greer, the EU's latest tariff on U.S. imports "completely disregards" the national security imperatives of the United States, adding that the bloc's trade and economic policies are "out of step with reality." The comments come as the EU announced it will respond to Trump's 25-percent tariffs on steel and aluminum imports, by imposing its own tariffs on U.S. goods worth over 28 billion U.S. dollars, set to take effect on April 13. Canada also announced its own retaliatory tariffs on nearly 30 billion dollars worth of U.S. imports,.. after the 25 percent steel and aluminum tariffs went into effect on Wednesday. Canada says it will follow a "dollar-by-dollar" approach, and impose 25-percent tariffs on U.S. imports, including steel, computers, and sports equipment. Meanwhile, Mexican President Claudia Sheinbaum says her country will wait until April 2nd to decide whether to respond to the steel and aluminum tariffs. Lee Seung-jae, Arirang News.

Impeachment verdict date for President Yoon pushed back as Court rules on other cases Thursday

2025/03/13 10:00

The Constitutional Court is delivering its ruling on the impeachment trial of Auditor General Choe Jae-hae and three prosecutors. While no ruling schedules have been set for President Yoon, the court has decided to first rule on cases unrelated to martial law. Our Oh Soo-young reports. Before issuing President Yoon Suk Yeol's impeachment verdict, the Constitutional Court is ruling on the impeachment of four state officials accused of acting in line with the Yoon Administration's interests. On Thursday, the Court is deciding whether or not to uphold the National Assembly's motion last year to impeach chief state auditor Choe Jae-hae, on allegations he acted in the interests of the Yoon administration, and conducted a weak audit of the relocating of the Presidential Office and residence in 2022. That move by President Yoon was criticized by his political opponents. Choe has claimed the charges presented by the opposition-led National Assembly are inaccurate and distorted. The Constitutional Court will also rule on the impeachment of three prosecutors, including Seoul Central District Chief Prosecutor Lee Chang-soo, and members of his staff, Cho Sang-won and Choi Jae-hun, who have been accused of conducting a lenient investigation into First Lady Kim Keon Hee's alleged involvement in a stock manipulation case. The Court has been working on 9 impeachment cases, 8 of which were pushed through by the Assembly, after President Yoon's martial law on December third last year. As it has pledged to prioritize President Yoon's impeachment case above all others, Thursday's ruling on other officials has drawn further attention to the timing of Yoon's verdict,.. which was initially expected this Friday. Typically, the Court notifies both parties of the ruling date two days in advance. However, there has been no such notification so far. As political and public pressure both for and against Yoon's impeachment grow more fervent by the day, particularly after his release from detention, experts say the judicial bench is likely moving more cautiously, to deliver a broadly acceptable decision to a highly polarized society. More than 2-point-6 million petitions, both supporting and opposing Yoon's impeachment, have been submitted to the Court. Observers also say the ruling on whether or not to uphold Prime Minister Han Duck-soo's impeachment from office as well as Acting President in Yoon's place, is also likely to precede the Presidential impeachment verdict, given that it is a strongly related matter that affects the nation's governance. In any case, a decision within the next few weeks is widely expected as two justices are due to retire from the bench on April 18th. Oh Soo-young, Arirang News.

Japan starts 11th ocean discharge of Fukushima wastewater

2025/03/13 10:00

Japan began the 11th release of contaminated water from the Fukushima Daiichi Nuclear Power Plant into the Pacific Ocean on Wednesday. The operation is part of an ongoing process to manage and dispose of water used to cool the reactors following the 2011 disaster. The International Atomic Energy Agency has confirmed that the tritium concentration in the discharged water is below Japan's regulatory standards, aligning with international safety guidelines. Tokyo Electric Power Company recently announced plans for the 11th batch of wastewater discharge from March 12 to 17.

French, German, Italian, British and Polish defense ministers meet in Paris

2025/03/13 10:00

Defense ministers from five European nations convened in Paris on Wednesday local time, to discuss bolstering regional security and defense cooperation in the aftermath of the Ukraine war. The meeting comes amid Washington's efforts to pursue a peace deal with Moscow. Defense ministers from the United Kingdom, France, Germany, Italy, and Poland discussed strengthening European defense mechanisms and providing security assurances to Ukraine amidst ongoing geopolitical shifts. Ukrainian Defense Minister Rustem Umerov also participated. A key point of the discussions was the potential establishment of a European reassurance force, aimed at deterring future aggression and ensuring Ukraine's sovereignty. The deliberations also addressed the proposed ReArm Europe plan, which seeks to mobilize up to 800 billion Euros to boost Europe's defense infrastructure.

Pakistan military ends train standoff, says 21 hostages and four troops killed

2025/03/13 10:00

Let's start with updates on the train hijacking in Pakistan by separatist militants, which ended after a day-long standoff. Right. In Pakistan's Balochistan province, a military operation took place to rescue hostages on the hijacked train, killing all 33 militants. But during the standoff, 21 hostages and four security personnel also lost their lives. On Wednesday local time, the Pakistani military initiated a comprehensive rescue operation on a train that had been ambushed by militants from the separatist Baloch Liberation Army the day before. The Jaffar Express, carrying over 440 passengers from Quetta to Peshawar had been hijacked by the separatist BLA. The militants detonated explosives on the railway track and launched rockets at the train, forcing it to a halt before seizing control of the train and taking hundreds hostage. The BLA had been demanding the release of Baloch political prisoners.

U.S. and Russia hold talks following U.S.-Ukraine agreement on 30-day ceasefire

2025/03/13 10:00

A day after Ukraine accepted a 30-day ceasefire deal, the White House says talks between the U.S. and Russia have taken place, while Trump ramps up pressure on Russia to accept the ceasefire proposal. Our Park Kun-woo reports. According to the White House press secretary on Wednesday, U.S. National Security Advisor Mike Waltz spoke with his Russian counterpart to pursue ending the war and to strike a peace deal between Russia and Ukraine. That marked the first discussion between senior security advisors from the U.S. and Russia following an agreement on a 30-day ceasefire proposal made between the U.S. and Ukraine in Saudi Arabia the day before. Also on Wednesday, U.S. President Donald Trump expressed his hopes that Russia would accept the proposal. "It's up to Russia now. Hopefully we can get a ceasefire from Russia. And if we do, I think that would be 80% of the way to getting this horrible bloodbath (ended)." Trump also warned that Russia could face sanctions if it doesn't accept the deal but added he doesn't want that to happen as he wants peace. He also said officials would be in Russia for further talks, with the White House confirming that Trump's special envoy Steve Witkoff is set to visit Moscow this week. A Kremlin spokesperson said on Wednesday that Moscow is waiting for "detailed information" from the U.S. before taking a stance on the peace deal. And following the deal between the U.S. and Ukraine, Russian President Vladimir Putin, in military uniform, visited the Kursk region on Wednesday for the first time since Ukraine invaded the Kursk region in August of last year. During the visit, Putin ordered the "complete" liberation of the Kursk region. "Our task in the near future is to completely defeat the enemy who has dug in on the territory of the Kursk region and is still conducting military operations here." He also spoke about the need to consider creating a buffer zone inside Ukraine's Sumy region, which borders Kursk to prevent any further incursions by Ukraine. Park Kun-woo, Arirang News.

Acting President says "more balanced and mutually beneficial" relationship with U.S. on trade possible

2025/03/13 10:00

Acting President Choi Sang-mok said Seoul and Washington can strive to reach "more balanced and mutually beneficial" ties on trade and economics, which would ultimately upgrade their bilateral alliance. In an interview with the Wall Street Journal published on Wednesday, Choi said that the South Korean government, along with the private sector, is fully prepared to improve trade with the U.S. The acting president also noted that the trade surplus with the U.S. is temporary, adding that South Korea's shipbuilding could help the U.S. revive its naval shipbuilding industry. Choi's interview was published on the same day that the Trump administration implemented the 25-percent tariff on steel and aluminum imports, including from South Korea.

President Trump says he has 'flexibility' on tariffs, rejects claims of inconsistency

2025/03/13 10:00

U.S. President Donald Trump's tariff threat continues, with the American leader now shedding light on reciprocal tariffs. Lee Seung-jae has more. U.S. President Donald Trump on Wednesday stressed that April 2nd will be a "very big day" for the United States. as his reciprocal tariffs go into effect. Trump slammed the previous administration for America's losses in trade., but said the U.S. will "take back a lot of what was stolen from it by other countries." However, Trump also noted that he has shown "flexibility" on his tariff policy, rejecting claims that his policy implementation has been inconsistent, as seen through his on-and-off tariff impositions on Canada and Mexico. The U.S. leader also warned that once the tariffs go into effect, "there will be very little flexibility." Meanwhile,.. U.S. Trade Representative Jamieson Greer said on Wednesday, that the European Union's new retaliatory tariffs against the U.S. came "too little too late." According to Greer, the EU's latest tariff on U.S. imports "completely disregards" the national security imperatives of the United States, adding that the bloc's trade and economic policies are "out of step with reality." The comments come as the EU announced it will respond to Trump's 25-percent tariffs on steel and aluminum imports, by imposing its own tariffs on U.S. goods worth over 28 billion U.S. dollars, set to take effect on April 13. Canada also announced its own retaliatory tariffs on nearly 30 billion dollars worth of U.S. imports,.. after the 25 percent steel and aluminum tariffs went into effect on Wednesday. Canada says it will follow a "dollar-by-dollar" approach, and impose 25-percent tariffs on U.S. imports, including steel, computers, and sports equipment. Meanwhile, Mexican President Claudia Sheinbaum says her country will wait until April 2nd to decide whether to respond to the steel and aluminum tariffs. Lee Seung-jae, Arirang News.

U.S. imposes 25% steel and aluminum import tariff on Wednesday

2025/03/12 20:00

Thank you for joining us. I'm Yoon Jung-min. Starting today, the Trump administration's 25-percent levy on steel and aluminum products that America imports from countries around the world went into effect. With this, the yearly tariff-free quota applied on Korean steel products has been scrapped. The authorities and businesses here are closely watching the move. Our Choi Soo-hyung has the latest. Starting Wednesday, a 25-percent tariff has been imposed on steel and aluminum exported to the United States. The new tariffs have been applied worldwide without exceptions. For steel, the tariffs affect countries including South Korea, Canada, Brazil, Mexico, European Union member states, Japan and the UK. For aluminum, previous exemptions for certain countries and products have been removed, and the tariff has been raised from 10 percent to 25 percent. However, 166 derivative products,.. including bolts, nuts, and springs are subject to tariffs, whereas 87 derivative items, including automobile and aircraft parts, are exempt until further notice. As a result, Canada, which is the largest supplier of steel and aluminum to the U.S., is expected to face the biggest impact. According to the U.S. Census Bureau, in 2024, Canada accounted for 23 percent of total U.S. steel imports and about 60 percent of aluminum imports, while South Korea ranked 4th in both categories. South Korea's duty-free quota system for 2-point-63 million tons of steel products, which began in 2018, has now been ended, and the tariff on aluminum has been increased from 10 percent to 25 percent. The removal of the export volume limit under the "quota system" could provide an opportunity to expand exports to the U.S. However, there are concerns about the country's weakened competitiveness due to China's low-priced products and a decrease in international demand. The "reciprocal tariffs" that the Trump administration has announced to begin on April 2nd are expected to accelerate the ongoing trade crisis. In particular, the planned tariffs on key South Korean exports, such as semiconductors and automobiles, are increasing uncertainty for its market in the U.S. Moreover, the U.S. livestock industry has called South Korea's ban on beef from cattle over 30 months and its agricultural quarantine system unfair, urging the Trump administration to take action. Amid the growing crisis, the South Korean Ministry of Trade, Industry and Energy will strengthen the public-private emergency system in response to U.S. tariff measures and prepare strategies to address reciprocal tariffs on items such as automobiles in early April. Choi Soo-hyung, Arirang News.

Trump nominates former ambassador to Thailand as Assistant Secretary of State for East Asia

2025/03/12 20:00

The Trump administration has nominated a former ambassador to Thailand as the next U.S. Assistant Secretary of State for East Asia and the Pacific. U.S. President Donald Trump announced the nomination of Michael George DeSombre on Tuesday, saying that he will "work incredibly hard" for the country. DeSombre served as Ambassador to Thailand during Trump's first term, and is currently a partner at Sullivan and Cromwell, a New York law firm, where he leads mergers and acquisitions in Asia, including South Korea. The Assistant Secretary of State for East Asia and the Pacific oversees diplomatic affairs related to South Korea and other East Asian countries and must be confirmed by the Senate before officially assuming the role.

Freedom Shield S. Korea-U.S. joint exercise underway with air assault drills, port defense exercises

2025/03/12 20:00

On the defense front. South Korean and U.S. forces are holding their annual training session which is also the first major joint exercise since the return of the Trump administration to the White House. Our defense correspondent Kim Bo-kyoung has more. Troops aboard KUH-1 Surion utility helicopters, approach the landing zone. While the U.S. soldiers keep watch Korean soldiers conduct air assaults. About four-hundred troops from the ROK Army's 1st Infantry Division and the U.S. 2nd Infantry Division/ROK-US Combined Division's Stryker Brigade, held joint exercises on Tuesday. The drill at a training facility in Paju-city, is part of the allies' computer-simulated Freedom Shield exercise, that began its 11-day run on Monday. It aimed to strengthen South Korean-led combined operations capabilities, with an ROK army battalion commander directing U.S. company operations. "Through thorough war games, from helicopter boarding to capturing the objective, South Korean and U.S. troops were able to move as one. In particular, by sharing combat expertise between the two countries' forces, we were able to further enhance our combat capabilities." "We are very fortunate that we can conduct this training, this combined training with the ROK army. It was a great learning opportunity for my soldiers and myself increase interoperability with ROK Army and to strengthen the alliance." In connection to Freedom Shield, the Navy's Second Fleet, also led an integrated port defense drill at the western port of Pyeongtaek-Dangjin. Responsible for guarding the west coast, the Korean Navy aimed to boost response procedures for aerial, chemical, biological and radiological threats against the port, and many other critical national infrastructure sites. along with the army, police and coast guard. "We will continue to protect key facilities in the West Sea with a strong and close-knit coordination system with relevant agencies." The on-field drills are to continue until March 20th. Kim Bo-kyoung, Arirang News.

Ukraine agrees to accept 30-day ceasefire proposal, as U.S. resumes military assistance

2025/03/12 20:00

Ukraine is prepared to accept a U.S.-proposed 30-day ceasefire with Russia, recently having gone through a rough patch with Washington. The U.S. has resumed military and intelligence assistance to Ukraine. Now, it remains to be seen how the Kremlin will respond. Our correspondent Bae Eun-ji covers this prospect and more. Talks between senior officials from the U.S. and Ukraine that took place in Saudi Arabia appear to have been fruitful, as Kyiv agreed to a proposal for an initial 30-day ceasefire with Russia. In a joint statement on Tuesday, the U.S. agreed to resume military aid and intelligence sharing with Ukraine, immediately after Kyiv said it was ready to accept the peace deal proposed by Washington. The two sides also said they will conclude an agreement for developing Ukraine's critical mineral resources, as soon as possible. U.S. Secretary of State Marco Rubio who led the U.S. delegation to the talks said Washington would present the ceasefire offer to the Kremlin, noting that it's now up to Russia to end the fighting. "Now hopefully we'll take this offer now to the Russians. And we hope that they'll say yes. That they'll say yes to peace. The ball's now in their court." But,.. how Moscow might respond is far from certain. U.S. President Donald Trump also said he hopes Russia agrees to the ceasefire proposal, hinting that he may talk to Russian President Vladimir Putin about it possibly this week. He added that he is willing to invite Ukrainian President Volodymyr Zelenskyy back to the White House. "Yeah, I'll talk to Vladimir Putin, yeah, I want to. Look, that's the other. It takes two to tango, as they say, right? So hopefully he'll also agree." Zelenskyy, who was in Saudi Arabia but did not participate in the talks, said the ceasefire was a "positive proposal," but stressed that Washington must convince Moscow to agree to it as well. "Ukraine accepts this proposal, we consider it positive. We are ready to take such a step, and the United States of America must convince Russia to do the same." European leaders welcomed the 30-day ceasefire proposal,.. saying the EU is ready to play its full part in the upcoming peace negotiations

[Politics & Diplomacy] Live from Constitutional Court: Is ruling on Pres. Yoon's impeachment trial unlikely to come this week?

2025/03/12 20:00

We turn now to the Constitutional Court as speculation abounds over the date of the ruling on President Yoon Suk Yeol's impeachment. For more, our political correspondent Shin Ha-young is standing by live at the court. Ha-young , when can we expect to hear the court's verdict on the president's political fate? Well, Jung-min, today was the expected day for the announcement of the ruling date, based on the initial expectation that the verdict would be delivered this Friday. This means that considering previous presidential impeachment trials, when the dates came out two to three days in advance, the chances of a ruling this week now seem less likely. I see. Well, the general consensus in the legal circle is that it won't have much impact. However, as a Seoul court ruling on Yoon's detention also highlighted procedural flaws in the investigative process, some say it could put some pressure on the Constitutional Court. Following the detention cancellation, there were calls from the ruling party for hearings in the impeachment trial to resume. And I hear protests for and against the president remain intense. Jung-min, I can definitely say that both the size and volume of rallies are growing in front of the court ahead of the verdict. The main opposition Democratic Party marched from the Assembly to Gwanghwamun this afternoon, calling for Yoon's impeachment. Meanwhile, police are considering issuing the highest emergency level on the day of the ruling, which would allow them to mobilize up to one hundred percent of available police officers. All right Ha-young thank you for that coverage.