News

Musk announces forming of 'America Party' in further break from Trump

2025/07/07 11:37

Tesla and SpaceX founder Elon Musk has announced the formation of the "America Party" marking a further break from former ally U.S. President Donald Trump. Musk made the announcement on social media on Saturday, after posting a poll that showed two-to-one support from 1.2 million respondents. He pledged to oppose Trump-supported legislation and shake up U.S. politics ahead of 2026. Musk branded the current political system a "one-party" structure and not a democracy, and vowed to give people back their freedom, as well as showing his outrage over what Trump called his "Big Beautiful Bill" that Musk said would "bankrupt the country." Trump on Sunday called Musk's plans "ridiculous" but said that Musk "can have fun with it." Musk was once a major Trump campaign financier and head of the "Department of Government Efficiency."

BRICS summit opens in Brazil overshadowed by Trump’s tariff policies and Middle East tensions

2025/07/07 11:37

Good morning. I'm Choi Chi-hee, and this is the World Now. Leaders of the ten-member BRICS group gathered in Rio de Janeiro on Sunday for the bloc's 17th summit under the slogan "Strengthening Global South Cooperation for More Inclusive and Sustainable Governance." Leaders from Brazil, India, China, South Africa, and newer members such as Egypt, Indonesia, Iran, UAE, and Ethiopia gathered for the two-day summit. Despite the absence of Chinese President Xi Jinping and Russian President Vladimir Putin, who attended virtually, BRICS leaders achieved a rare consensus, approving a 31-page declaration. Key points included criticizing "indiscriminate" U.S. tariff hikes and condemning increased NATO defense spending. Host President Luiz Inacio Lula da Silva urged the bloc to act as defenders of multilateralism. BRICS nations represent more than half the world's population and 40% of its economic output. The gathering comes amid growing calls for a united front to counterbalance the U.S.-led G7.

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

2025/07/07 11:35

The South Korean government has asked Washington to impose U.S. port entry fees on foreign-built car carriers from China, and exclude South Korea. According to the Office of the U.S. Trade Representative on Sunday,.. South Korea's Ministry of Trade, Industry and Energy and the Ministry of Oceans and Fisheries submitted an opinion containing their official position last week. The U.S. announced in April that it plans to implement new port entry fees on vessels, particularly those built or operated by Chinese entities, to help boost the U.S. shipbuilding industry and address concerns about China's dominance in global shipping. Seoul also called on Washington to exclude South Korea from paying a port entry fee, as it would run counter to the mutually beneficial trade relationship between Korea and the United States.

Gov’t and ruling party agree to tackle inflation, swiftly implement supplementary budget

2025/07/07 11:34

The first high-level consultation between government officials and the ruling party under the Lee Jae Myung administration took place over the weekend. Key topics included the efforts to stabilize prices and swift implementation of the extra budget. Our political correspondent Shin Ha-young reports. As consumer prices in South Korea rose 2-point-2 percent on-year in June --the fastest increase in five months -- the government and ruling Democratic Party agreed to review measures to stabilize prices, including efforts to minimize processed food price hikes. This came during the first high-level consultation meeting between government officials and the ruling party under the Lee Jae Myung administration. At the meeting, held on Sunday at Prime Minister Kim Min-seok's residence, Kim urged the government and the DP to work as one and do their best to serve the country and its people. "The high-level consultation between the government and the ruling party will function as a platform to coordinate key policy tasks and produce tangible outcomes under the President's leadership." The DP called on the government to quickly implement the supplementary budget for economic recovery. The Cabinet on Saturday approved an extra budget bill worth 31-point-8 trillion Korean won or around 23-point-3 billion U.S. dollars. "To help boost spending and support incomes, consumption vouchers should be rolled out before the peak summer vacation season. We once again request swift implementation of the extra budget." In response, the government said it plans to execute 85 percent of the budget by the end of September and work with related ministries to closely monitor its impact. Meanwhile, safety measures for potential disasters during the summer season were also part of discussions. The government promised to take thorough steps to prepare for natural disasters like floods and storms, and both sides agreed to strengthen their response to heat waves. They also agreed to communicate more closely and hold regular high-level consultation meetings. Shin Ha-young, Arirang News.

[Weekly Focus] What S. Korean leader's 'pragmatic diplomacy' means for U.S., Japan, China: 1 month in office

2025/07/05 12:34

It's been one month since President Lee Jae Myung took office. It's still early days but we review the past 30-something days of his foreign affairs and security policies, which he has defined as "pragmatic diplomacy." For this, we have our Oh Soo-young in studio. 1. First, how would you summarize the first month of Lee's pragmatic diplomacy? From my perspective, there has been an interesting mix of both continuity and change from the previous administration. In being pragmatic, the Lee government is clearly keeping Seoul's global diplomacy intact based on the president's first multilateral summit at the G7. Holding at least ten individual summits with world leaders, his focus there was reinforcing South Korea's position in the international community as a vibrant democratic partner, after six months of leadership vacuum following President Yoon Suk Yeol's martial law crisis last year. There's continuity in South Korea's strategic relationships, too. His first phone calls with world leaders were made in order of: the U.S., Japan, and then China. That mirrors the previous Yoon administration's priorities, emphasising the S. Korea–U.S. alliance and a future-oriented partnership with Tokyo. That's been surprising given how past progressive leaders have shown more affinity towards China than Japan, emphasizing historical disputes with the latter. However, there has been some recalibration when it comes to working with China and Russia. The former Yoon administration endorsed liberal democratic values as the basis for cooperation but the new Lee administration has indicated it will focus on what serves Korean interests, not necessarily values. "The Yoon government's "value diplomacy" used values as the standard for all foreign policy decisions. As a result, relations between Seoul and its neighbors, especially China, Russia, and North Korea, rapidly deteriorated. This directly affected Korea's economic and security situation. Thus, the need for pragmatic diplomacy emerged from understanding that value diplomacy alone could not guarantee peace, development, or stability on the Korean Peninsula." On North Korea, Lee's strategy is clearly geared towards lowering tensions. Even in the first month of his presidency, he decided to withhold psychological warfare tactics like loudspeaker broadcasts, while cracking down on South Korean groups sending anti-North Korea flyers over the border. It's a sharp contrast to the tit-for-tat escalation under the previous administration. Q2. And what does his selection of ministers for diplomacy and security tell us about his pragmatic diplomacy? The president's Cabinet picks represent a decisive pivot toward multilateral cooperation, and peace rather than deterrence, towards North Korea. Foreign Minister nominee Cho Hyun is a career diplomat with decades of experience in multilateral diplomacy. He emphasised the importance of diversifying Korea's diplomatic interests. Speaking during a door-stepping interview, Cho said it was time to move beyond what he called "the stereotype that diplomacy begins and ends with the United States. At the same time, he acknowledged America's centrality in building peace with North Korea. The nominee for Unification Minister, Chung Dong-young, is also no stranger to the inter-Korean agenda. He held the same position under President Roh Moo-hyun and played a central role in organizing the 2007 inter-Korean summit. He said he supports U.S.–North Korea talks, noting that "they help ease tensions on the Korean Peninsula and contribute to peace and stability." The appointment of Ahn Gyu-baek as Defense Minister is also noteworthy. He'll be the first civilian to hold the post in more than six decades, representing democratic oversight of the military, particularly after the martial law crisis last year. Rather than a strong alliance-based message, Ahn's also emphasised the need for a peaceful overture between the South and North, such as the 2018 Pyeongchang Winter Olympics, to create the mood for military tensions to be eased. Q3. Is the Korea–U.S. summit still expected in late July, and what are the stakes? Well, until early this week, officials from both governments confirmed that a Lee-Trump meeting in Washington is being arranged, likely set for around July 21st. But over the past few days, there's been some uncertainty after Secretary of State Marco Rubio's two-day visit mid-month was cancelled. His visit presumably would have finalized crucial details ahead of the bilateral summit. Amid speculation that Rubio will have to prioritize the U.S. leader's summit with his Israeli counterpart first, the foreign ministry said there was sufficient explanation for the cancellation, and that the two sides are still communicating closely to make the leaders' summit happen. The clock's ticking ahead of the July 9th deadline imposed by Trump on renegotiating America's tariffs on South Korea's foremost industrial goods. That will likely top the summit agenda. Many also expect the U.S. will demand Seoul pay more towards security, to cover areas outside their existing cost-sharing agreement, such as the deployment of U.S. strategic assets. Another issue could possibly be North Korea, as Lee moves to lower tensions and Trump signals interest in resuming engagement with the North. Q4. And now there's also a question mark over whether President Lee will accept an invitation by the Chinese government to attend a major military parade. That's right. That's going to be a massive military parade in Beijing's Tiananmen Square, and the numerical significance of 80 years a new decade will make the event itself all the more meaningful. The 70th-anniversary event in 2015 was attended by then-South Korean President Park Geun-hye. But of course, this may raise eyebrows in Washington, amid its strategic rivalry with Beijing so as a presidential official said Wednesday, it is a difficult decision. But with the Lee Administration seeking pragmatism, and as South Korea will host both the U.S. and China this year at the APEC Summit in Gyeongju, some experts say Seoul should show courtesy to all sides. "It's ideal if Trump goes too; if both attend, so much the better. But if Trump declines, then Korea has to decide. There's still time, so we need careful thought. This celebration only happens once in about ten years. Personally, I believe Korea should take a bold approach and take up that opportunity to improve Korea–China relations in preparation for APEC." If Lee is able to hold a summit with Trump first, and possibly with Japanese Prime Minister Ishiba, this could clear the path for him to travel to Beijing afterwards. According to my sources, talks are ongoing with Japan to resume the so-called shuttle of leaders between Seoul and Tokyo soon. Let's see what happens later this month. Thanks Soo-young for coming in today.

Extra budget bill vote continues to face delays amid bipartisan debate

2025/07/04 22:40

We start at the National Assembly where a crucial vote for the government's proposed extra budget continues to be delayed amid continued debate between lawmakers. For more on the fate of this bill, we connect with our correspondent Moon Hye-ryeon on the line. Hye-ryeon , what's the latest there? The National Assembly's plenary session to vote on the new administration's first supplementary budget bill has been repeatedly delayed, with disagreements continuing to cloud the process. Lawmakers were scheduled to vote on the bill on Friday afternoon at 2 PM, but the session was pushed back following last-minute talks to finalize the bill at the Special Committee on Budget and Accounts meeting and internal divisions within the ruling Democratic Party. Initially proposed at 30-point-5 trillion Korean won, or roughly 22 billion U.S. dollars, the supplementary budget ballooned during committee deliberations at the National Assembly. The version passed by the budget committee now totals just over 23 billion dollars, with the increase largely driven by two contentious items: a consumer voucher program and the restoration of special activity funds for four government agencies, including the presidential office. The inclusion of the prosecution in these special activity funds is what has sparked opposition within the DP, with one lawmaker calling it "not appropriate" on social media. What have been the main points of contention between the ruling and main opposition parties? Leading up to the vote, the two parties have been clashing over the bill's key provisions, particularly around how and where the additional spending should be directed. At the heart of the bill is the ruling party's push for "livelihood recovery" through direct support for households in the form of vouchers that can be used like a gift certificate at small, local businesses. Depending on income, Korean citizens in the capital region will receive between 150 thousand and 500 thousand won, while those living outside the capital region will receive more. The DP emphasized the urgency of passing and executing this in order to boost domestic consumption and help people's livelihoods. Another major point of contention was the reallocation of special activity funds for the presidential office. The DP proposed restoring the funds, which are typically used for confidential or discretionary purposes — a move that drew sharp criticism from the PPP. Opposition lawmakers called this move hypocritical, given that the DP had previously slashed the same budget when in opposition. But the DP holds a majority in the National Assembly and can push the bill through on its own without the opposition People Power Party's backing — which is what is expected to happen after the PPP declared earlier today that it would be abstaining from voting. That's all for now, back to you, Dami. All right, Hye-ryeon, thank you for your report.

S. Korea tests border waters amid claims of N. Korean radioactive leak

2025/07/04 22:36

South Korea is testing waters near the inter-Korean border amid claims that waste from a North Korean uranium plant could have reached the West Sea. Inspectors collected samples Friday from six sites around Ganghwa-do Island in the West Sea. Scientists will spend two weeks analyzing them for uranium, cesium, and heavy metals before releasing their results. Officials say monitoring will also expand to other estuaries close to North Korea. The tests follow reports from a satellite analyst claiming waste from the Pyongsan uranium plant may have leaked downstream. Similar concerns surfaced in 2019, but tests showed no major contamination.

S. Korea's chief trade negotiator heads to Washington amid looming tariff deadline

2025/07/04 22:35

The Trump administration continues with its tariff threats to countries around the world, this time by planning to send out tariff letters starting Friday. South Korea's trade minister is heading back to the U.S. for the last-minute tariff negotiations over the weekend. Moon Ji-young reports. With just days left before the temporary halt on tariffs expires, South Korea's chief trade negotiator, Yeo Han-koo , is making his second visit to the United States within a week for high-level trade negotiations. He is set to meet with U.S. officials, including U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick, in Washington this weekend. This marks a swift follow-up to his previous talks last week, during which he emphasized Seoul's commitment to "good-faith" trade discussions with the Trump administration. Speaking at a plenary session of the National Assembly on Friday, Yeo indicated that he would actively consider requesting an extension from the U.S. side, depending on the progress of the negotiations. He further articulated South Korea's negotiating stance: "We will conduct negotiations pragmatically, prioritizing national interests, with the aim of reaching a mutually beneficial agreement between South Korea and the U.S. Our goal is to pursue a complete exemption from reciprocal tariffs and all product-specific tariffs, ensuring that we are at least not disadvantaged compared to competitor nations. Furthermore, in the industrial and energy sectors, we will establish a strategic cooperative relationship between our two countries." This comes amid growing tariff pressure from the U.S. "We're going to start sending letters out to various countries, starting tomorrow. We'll probably have 10 or 12 go out tomorrow. And over the next few days, I think by the ninth, they'll be fully covered and they'll range in value from maybe 60 or 70% tariffs to 10 and 20% tariffs." Yeo stated that high-level and working-level negotiations would be conducted intensively to swiftly conclude the talks, thereby leaving open the possibility of additional negotiations. Moon Ji-young, Arirang News.

President Lee highlights debt relief, science investment in Daejeon town hall meeting

2025/07/04 22:34

President Lee Jae Myung is stepping up efforts to engage with the public, holding a town hall in South Korea's central region after last week's stop in Gwangju. Our Presidential Office correspondent Song Yoo-jin reports. The second stop of President Lee Jae Myung's town hall series was the central city of Daejeon on Friday, often called the nation's "science capital." Going well past the scheduled hour, President Lee listened to residents share their concerns about debt relief and science and technology policy. Small business owners and the self-employed talked about ways to recover after years of hardship brought on by the pandemic and a sluggish economy. "One of the most important parts of helping people get back on their feet is supporting small business owners and the self-employed. We need a strong foundation so they don't get trapped in a cycle of heavy debt. We should set up a one-stop system that covers everything from debt restructuring to business restart support." President Lee took the time to outline his administration's plan to cancel long-overdue debts for low-income earners and small businesses, which has been raising eyebrows over fairness. "When someone falls into debt, they end up being blacklisted. And if you look at it from a broader perspective, it basically stops them from taking part in the economy altogether. That's a loss for the country, too. So is it really right to leave it as it is?" The discussion then turned to revitalizing science and technology, areas the government sees as critical to national competitiveness. "For researchers, it takes a long time to even start a career. Most jobs are temporary contracts, and honestly, the salaries are much lower than people think." Taking note of each speaker's comments, President Lee stressed the need to foster meaningful research. "Let's focus on research that actually matters. Let's stop the research that's done just to fill out government reports. We shouldn't be making researchers waste so much energy on paperwork, and we shouldn't be obsessed with whether everything has a high success rate." After listening to stakeholders, President Lee directed officials to develop policies centered on the needs of people on the ground. Wrapping up, he pledged to speed up the relocation of the presidential office to nearby Sejong City as part of his vision for balanced regional growth. Song Yoo-jin, Arirang News.

Extra budget bill vote continues to face delays amid bipartisan debate

2025/07/04 19:41

We start at the National Assembly today where lawmakers across the aisle continue to LOCK HORNS over the government-proposed extra budget. For more on the fate of this bill I have our correspondent Moon Hye-ryeon standing by live. Hye-ryeon it's good to have you on. So what's the latest there? The National Assembly's plenary session to vote on the new administration's first supplementary budget bill has been delayed with disagreements between the ruling and opposition parties clouding the process. Lawmakers were scheduled to vote on the bill on Friday afternoon at 2 PM, but the session was pushed back amid last-minute talks to finalize the bill at the Special Committee on Budget and Accounts meeting just prior to the plenary session. The budget was initially proposed at 30-point-5 trillion Korean won — or around 22 billion U.S. dollars — and saw an expansion to just over 23 billion dollars after committee-level reviews and adjustments. The session is expected to begin after the special budget committee meeting concludes, which could be any minute now. The Democratic Party holds a majority in the National Assembly and can push the bill through on its own without the opposition People Power Party's backing — which is what is expected to happen after the PPP declared earlier today that it would be abstaining from voting. So what have been the main points of contention between the ruling and main opposition parties? Leading up to the vote, the two parties have been clashing over the bill's key provisions, particularly around how and where the additional spending should be directed. At the heart of this new budget are "consumption vouchers" that the ruling Democratic Party said were a point of contention with the main opposition People Power Party in the lead-up to the vote. Depending on income, Korean citizens in the capital region will receive between 150 thousand and 500 thousand won in spending vouchers that can be used like a gift certificate at small, local businesses. The DP emphasized the urgency of passing and executing this in order to boost domestic consumption and help people's livelihoods, and said that the PPP took issue with the scope of recipients eligible for the program. Another major point of contention was the reallocation of special activity funds for the presidential office. The DP proposed restoring the funds, which are typically used for confidential or discretionary purposes — a move that drew sharp criticism from the PPP. Opposition lawmakers called this move hypocritical, given that the DP had previously slashed the same budget when in opposition. That's all for now, back to you, Sun-hee. All right Hye-ryeon thank you for now. And do keep us posted.

N. Korean crosses land border, taken into custody by S. Korean military: JCS

2025/07/04 19:37

The South Korean military has taken into custody a North Korean who crossed the Military Demarcation Line Thursday night. According to South Korea's Joint Chiefs of Staff the individual crossed the line in the western part of the border and was tracked and apprehended. A thorough investigation into the details of the person's defection is expected to take place. Meanwhile authorities also say there have been no signs of any unusual activity across the border.

Trump includes North Korea in cybersecurity threat list

2025/07/04 19:37

The U.S. has added North Korea to its black list of cyber security. According to the White House website on Thursday President Donald Trump issued an executive order to include North Korea Russia and Iran to the current list. His order acknowledged that China posed "the most active threat" to the U.S. but added that Pyongyang Moscow and Tehran were emerging as tangible concerns as well. Under the former Biden administration only China was on the list.

Putin tells Trump that Russia will not give up aims in Ukraine

2025/07/04 19:36

On the diplomatic front. An end to Russian aggression against Ukraine is looking unlikely in the near future as the latest talks between the leaders of the U.S. and Russia on the phone failed to narrow their differences. Lee Seung-jae covers the talks that took place on Thursday. U.S. President Donald Trump and his Russian counterpart, Vladimir Putin, held phone talks on Thursday. According to the Kremlin, Putin, while referring to the war in Ukraine, stressed that Russia "will achieve the aims it set," which is to eliminate the "root causes that led to the current state of affairs." Putin's message to Trump was also reported by Russia's state television. "Of course, during this call, the situation in Ukraine was discussed. So, Vladimir Putin informed Trump that Russia will not step back from its goal of removing the root causes that led to the confrontation in Ukraine." Moscow has long demanded that Kyiv give up its NATO membership ambitions. Still, during the almost one-hour-long talks, Putin expressed his readiness to continue negotiations, adding that Moscow is looking for a political, negotiated solution to the conflict. Meanwhile, President Trump expressed frustration over the lack of progress in the peace talks that the U.S. is trying to broker. "And we also talked about, as you know, the war with Ukraine. And I'm not happy about that. I'm not happy. No, I didn't make any progress with that today at all." Ukrainian President Volodymyr Zelenskyy expressed his hopes, also on Thursday, that he would have the opportunity to speak with Trump on Friday, or in the coming days. He said that he wishes to discuss their bilateral relations, as well as U.S. support amid the ongoing war with Russia. Zelenskyy also expressed hopes for continued support from the U.S. and Europe, stressing that strengthening cooperation and coordination through the U.S., the EU and NATO is crucial. Lee Seung-jae, Arirang News.

President Lee holds second town hall meeting with public in Daejeon

2025/07/04 19:33

President Lee Jae Myung held his second town hall meeting on this Friday in the central city of Daejeon. There he took head of potential ways to ease the debt burden as proposed by small business owners and the self-employed. Talks also touched upon ways to enhance science and technology policies as the new administration seeks active investment in related advancements to sharpen the country's competitive edge. The meeting ended with the president calling for policies that focus on the needs of those on the ground. The first town hall gathering took place in the southern city of Gwangju last week.

KIPO awarded special award for independence activists who had contributed to Korea's independence

2025/07/04 16:34

What do inventions have to do with independence activists? This year marks the 60th anniversary of National Inventors' Day in Korea. A special achievement award has been made for independence activists who raised funds for Korea's independence movement through inventions during the Japanese colonial era. Cha Yun-kyung tells us what they are. The Korean Intellectual Property Office held a memorial ceremony to honor Mr. Kwon Do-in, a patriotic independence activist based in the U.S. who was also an inventor. Kwon is remembered for his contributions to both Korea's independence movement and the advancement of invention. He was also the first Korean to apply for a patent in the U.S., with an apparatus that prevented damage to the body of a sewing machine. Mr. Kwon also applied for a patent for a curtain made from bamboo, which had become quite popular in the U.S. Mr. Jeong In-ho, the first Korean to apply for a patent in Korea, invented a horsehair hat in 1909, to raise funds for the independence movement. Marking the 60th anniversary of Inventors' Day, the KIPO has come up with special achievement awards for independence activists who contributed to Korea's independence movement through invention during the Japanese colonial era. This year's award for great inventor went to a company that developed an electric semiconductor module for electric cars and robots. Cha Yun-kyung, Arirang News.

Trump includes North Korea in cybersecurity threat list

2025/07/04 12:35

The U.S. has added North Korea to a U.S. cybersecurity threat list. According to the White House website on Thursday, President Donald Trump issued an executive order to add North Korea, Russia and Iran to the existing list of threats. Trump's order noted that while China poses "the most active and persistent cybersecurity threat to the U.S. government," significant threats are also arising from Russia, Iran, North Korea and other countries. The previous Biden administration had issued an executive order, only identifying China as a threat.

Putin tells Trump that Russia will not give up aims in Ukraine

2025/07/04 12:35

U.S. President Donald Trump also spoke to Russian President Vladimir Putin for nearly an hour. This was their sixth phone call this year, but little progress was made on efforts to end the war, as the Russian leader stressed that his country will not give up its aims in Ukraine. Lee Seung-jae has more. U.S. President Donald Trump and his Russian counterpart, Vladimir Putin, held phone talks on Thursday. According to the Kremlin, Putin, while referring to the war in Ukraine, stressed that Russia "will achieve the aims it set," which is to eliminate the "root causes that led to the current state of affairs." Putin's message to Trump was also reported by Russia's state television. "Of course, during this call, the situation in Ukraine was discussed. So, Vladimir Putin informed Trump that Russia will not step back from its goal of removing the root causes that led to the confrontation in Ukraine." Moscow has long demanded that Kyiv give up its NATO membership ambitions. Still, during the almost one-hour-long talks, Putin expressed his readiness to continue negotiations, adding that Moscow is looking for a political, negotiated solution to the conflict. Meanwhile, President Trump expressed frustration over the lack of progress in the peace talks that the U.S. is trying to broker. "And we also talked about, as you know, the war with Ukraine. And I'm not happy about that. I'm not happy. No, I didn't make any progress with that today at all." Ukrainian President Volodymyr Zelenskyy expressed his hopes, also on Thursday, that he would have the opportunity to speak with Trump on Friday, or in the coming days. He said that he wishes to discuss their bilateral relations, as well as U.S. support amid the ongoing war with Russia. Zelenskyy also expressed hopes for continued support from the U.S. and Europe, stressing that strengthening cooperation and coordination through the U.S., the EU and NATO is crucial. Lee Seung-jae, Arirang News.

[On-point] July 9 tariff deadline looms: What happens when it expires?

2025/07/04 12:34

With less than a week before a 90-day pause on Trump's so-called reciprocal tariffs is set to expire, eyes are now on whether the South Korean government will be able to reach a trade deal. For more on what to expect, we're joined by Professor Kim Yong-Jin, Professor at Sogang Business School. Thanks for joining us this morning. The UK and Vietnam have struck trade deals with the United States, while Trump specifically cast doubt on the possibility of a trade deal with Japan. What do you think will be the case for South Korea? South Korea's top trade negotiator is set to visit Washington again this weekend, just days before the deadline. What will be the number one priority for Korean officials as they work to reach a deal and minimize the impact of potential tariffs? South Korea's proposed regulations on U.S. e-commerce firms doing business in South Korea are reportedly complicating negotiations. The issue of digital trade seems to be a major sticking point in the talks, right? What cards does South Korea hold in tariff negotiations with the U.S.? South Korea faces 25% reciprocal tariffs. What's likely to happen after the pause expires on July 9? Which South Korean industries will be the hardest hit once the tariffs go into effect? Alright Professor Kim, thank you so much for your insight today. We appreciate it.

Tariff countdown: Trump to send tariff letters this week

2025/07/04 11:38

We begin in the U.S., where President Donald Trump says he'll begin sending letters about tariff rates to countries starting this week. With just days left before a temporary halt on tariffs expires, countries are scrambling to meet the deadline. Our Park Kun-woo starts us off. U.S. President Donald Trump is preparing to send out letters this week notifying countries of the tariffs they will have to pay. "We have, you know, far more than 170 countries. And how many deals can you make? And you can make good deals, but they're very much more complicated. I'd rather send out a letter saying this is what you're going to pay." He added that roughly 10 countries will receive these letters each day, starting Friday. U.S. Treasury Secretary Scott Bessent said Thursday that Trump will be the one to judge whether negotiating countries are acting in "good faith." But he also warned that tariff rates set in early April could "boomerang" back if talks fall through with discussions ongoing. "Negotiations with the United States are ongoing as we speak. We are ready for a deal. We want a negotiated solution. But we're preparing for the possibility that no satisfactory agreement is reached. All the instruments are on the table." South Korea, with a 25 percent tariff rate set in April, is also working to meet the deadline, amid some uncertainty. "I'm not sure if I can say it could be done by July 8. I'm doing my best. We need to yield mutually reciprocal results that help both sides, but it is still not clear what exactly both sides want." South Korea's trade ministry said Chief Trade Negotiator Yeo Han-koo is making plans to visit the U.S. for talks this weekend for a second round of trade talks, with the aim of reaching an agreement before the deadline. Park Kun-woo, Arirang News.

Nat'l Assembly passes motion to confirm Kim Min-seok as new PM amid PPP boycott

2025/07/04 11:35

The parliament approved Kim Min-seok as the new prime minister, with the ruling party unilaterally pushing through the motion amid a boycott by the main opposition. Our political correspondent Shin Ha-young reports. Four-term lawmaker Kim Min-seok has finally been given the green light to take the post of prime minister, 29 days after being nominated by President Lee Jae Myung. "I'll respect the will of the people, put the president's vision into action, and bring together the wisdom of lawmakers across party lines in managing state affairs. My top priority is overcoming the economic crisis caused by the forces of tyranny." This comes after the National Assembly approved his appointment, on Thursday, to the only Cabinet post in South Korea that requires parliamentary approval. Of the 179 votes cast, 173 lawmakers voted in favor, three voted against, and three ballots were invalid. The ruling Democratic Party, which holds a majority in the 22nd National Assembly, pushed the motion through unilaterally amid a boycott by the main opposition People Power Party. "Given the current crisis, it's a shame that the PPP continues to obstruct the process. If the confirmation of the prime minister, who is supposed to lead the Cabinet, is delayed any further, the public won't stand for it." Ahead of the plenary session, the PPP demanded Kim's withdrawal, calling him an unqualified nominee, citing his failure to submit key documents, particularly those related to his wealth. "There hasn't been a prime minister nominee with this many issues before. Once again, we urge President Lee Jae Myung --it's not too late. Withdraw Kim Min-seok's nomination." The Presidential Office welcomed the approval, saying that it paves the way for Prime Minister Kim to work closely with President Lee and help him run state affairs smoothly. Meanwhile, despite the standoff over Kim's appointment, the parliament passed a revision of the Commercial Act during Thursday's plenary session, following an agreement reached the previous day. Among 272 lawmakers present, 220 voted in favor, 29 voted against, and 23 abstained. This was one of the contentious bills the two sides had been clashing over. The DP had pushed a revision to the act back in March, but it was vetoed by the previous administration. The revision aims to add the word "shareholders" to the director's duties from just "company." It also introduces the so-called "Three Percent Rule," which caps the voting rights of the largest shareholder and related parties at 3 percent when appointing audit committee members at listed companies. The rule is intended to prevent undue influence and abuse of control by majority shareholders. This marks the first passage of a bill related to the people's livelihoods and the first time the rival parties have reached a bipartisan agreement on legislation since President Lee took office. Shin Ha-young, Arirang News.