News

Top Korean, U.S. diplomats hold first meeting, begin preparing Lee-Trump summit

2025/08/01 19:37

In Washington D.C. Foreign Minister Cho Hyun and his American counterpart Marco Rubio have reaffirmed their commitment.. to North Korea's denuclearization. Our foreign affairs correspondent Oh Soo-young reports. Seoul and Washington's top diplomats reaffirmed their cooperation on handling a nuclear North Korea, and began planning a top-level summit expected within two weeks. On Thursday local time, Foreign Minister Cho Hyun and U.S. Secretary of State Marco Rubio met in Washington, D.C, marking their first official talks since the Lee Jae Myung administration took office in early June. According to their respective offices, the two officials discussed the South Korea-U.S. alliance and broader security issues in the region. Seoul's Foreign Ministry says they exchanged views on North Korea, agreed on its complete denuclearization, with the two officials deeming it "necessary to strengthen cooperation" on Pyongyang. They also agreed to enhance trilateral relations with Japan, based on the Seoul-Washington alliance. The U.S. State Department's readout further expressed "serious concern" over North Korea's growing military ties with Russia, and said Cho and Rubio both committed to the full implementation of international sanctions against Pyongyang. The statement also positioned trilateral cooperation with Tokyo as deterrence against "regional threats," as well as noting the importance of peace and stability across the Taiwan Strait. Cho and Rubio welcomed the sudden conclusion of trade negotiations by finance and trade officials the day before, and pledged to cooperate on supply chains and emerging technologies. In particular, Seoul emphasized a third pillar of the partnership in advanced technologies alongside security and trade cooperation. Given that security issues were not substantively addressed in the trade negotiations, as a so-called "package deal," continued discussions are expected on "alliance modernization." The term refers to adjusting the role and scope of the Korea-U.S. alliance in line with changing strategic conditions and as Washington presses allies to contribute more towards their own security. The summit between Presidents Lee and Trump could serve as a starting point, with a potential 2+2 ministerial meeting to follow. Speaking with reporters after their meeting, the Korean foreign minister said he and Rubio held constructive talks, and have started coordinating for the leaders' summit. Trump declared the previous day that a meeting would be held within two weeks. Separately, Cho requested Washington's support and cooperation for South Korea's hosting of this year's Asia Pacific Economic Cooperation Forum in October, having sent an invitation to President Trump to attend the Leaders' Meeting. Rubio responded that he was well aware of this and would actively consider the request. Oh Soo-young, Arirang News.

Exports grow in July on strong chip demand despite tariff uncertainties

2025/08/01 19:36

Findings show Korea's exports expanded for the second month in a row in July gaining 5-point-9 percent on year driven by cars chips and ships. Our correspondent Moon Ji-young covers the latest trade numbers. South Korea's exports rose for the second consecutive month in July thanks to robust demand for chips, automobiles, and ships, despite the impact of U.S. tariffs. According to the Ministry of Trade, Industry and Energy on Friday, the value of exports last month amounted to over 60-point-8 billion U.S. dollars, up nearly 6 percent compared to the previous year. This marked the highest-ever for any July, setting record figures for the second consecutive month. The main contributor to this growth was semiconductors, the country's top export engine. Outbound shipments of chips rose more than 31 percent year-on-year, setting a record high for any July, backed by an increase in fixed prices of memory chips and strong demand for high-value products such as HBM and DDR5. "It seems true that there were movements to pre-secure inventory in areas like semiconductors and bio products before tariff impositions. Even if the increase in chip exports was initially due to advance purchases, the current trend appears to be driven by robust demand, and we expect exports will not suddenly drop." He added that the sector is expected to deliver a strong performance throughout the year on the growth of the AI market, since Korean companies manufacture high-value chips that U.S. firms cannot make. In terms of automobiles, outbound shipments rose nearly 9 percent, thanks to strong performances in the EU, Latin America, and the CIS. But auto exports to the U.S. dropped more than 1 percent, with shipments of EVs plummeting nearly 98 percent, due to U.S. tariffs. The trade ministry says the Korean auto industry avoided the worst-case scenario with Thursday's trade deal between Seoul and Washington, which reduced U.S. tariffs on Korean cars to 15 percent from 25 percent, the same rate for cars from Japan and Europe. Ship exports spiked, marking the fifth consecutive month of year-on-year increases, driven by robust demand for high-value ships, such as LNG tankers. On the other hand, machinery exports plunged more than 17 percent, and steel exports dropped nearly 3 percent, due to U.S. tariffs. Regionally, exports to the U.S. went up more than 1 percent, but it marked the first time, at least since the start of last year, that the country came in third place after China and ASEAN. While exports to the EU, India, and CIS nations rose, those to China dropped 3 percent on sluggish demand for petrochemical products and wireless communications equipment. Imports grew nought-point-7 percent to 54-point-2 billion dollars, resulting in a trade surplus of 6-point-6-1 billion dollars. Moon Ji-young. Arirang News.

Trump says new trade deals in place with some countries

2025/08/01 19:34

And Mr. Trump has touted his tariffs deals with a number of other U.S. trade partners as well. Lee Seung-jae has details. Just hours before reciprocal tariffs were set to take effect, U.S. President Donald Trump announced on Thursday, that Washington had made some more trade deals. Speaking at an executive order signing ceremony at the White House, Trump told reporters that his trade deals are "making trillions of dollars" for his country, highlighting what he described as significant economic wins. Trump later announced a 25 percent tariff for India, 20 percent for Taiwan and a 30 percent rate for South Africa. Meanwhile,.. when asked about failure to reach a trade deal with Canada, Trump addressed speculation linking the breakdown to Canada's push for recognition of Palestinian statehood. "No, I didn't like what they said, but, you know, that's their opinion. I didn't like that. Not a deal breaker, but we haven't spoken to Canada today." However, shortly afterwards, the White House announced that Canada's tariff rate will be raised from 25 percent to 35 percent. The White House said the higher tariffs are in response to "continued inaction and retaliation," adding that Trump found it necessary to increase the duties to "effectively address the exisiting emergency." The Brazilian government on Thursday slammed the Trump administration's decision to impose a 50 percent tariff on its imports, calling it an unfair measure, and warned of possible retaliation if no resolution is reached. However, Brazil's Finance Minister Fernando Haddad told reporters that the tariff plan is "not as bad as expected," adding that the tariffs will also do harm to the American people, as it will drive up prices in the U.S. Meanwhile, the Brazilian government cited data from the American Chamber of Commerce in Brazil, noting that 694 Brazilian products exported to the U.S., making up 45 percent of total exports, are exempt from the tariffs. The new 50 percent tariffs are expected to impact roughly 35-point-9 percent of Brazil's exports to the U.S. Meanwhile, Mexican President Claudia Sheinbaum said on Thursday that her government had secured a 90-day extension to work on a trade deal, which will pause new tariffs. "We remain as we are, and it's 90 days to keep talking, holding dialogue and building a long-term agreement." Sheinbaum says the extension averted the 30 percent tariffs that were scheduled to take effect on Friday. She added that the new extension will also allow for Mexico to be exempt from the 25 percent tariffs imposed by President Trump earlier this year in response to the fentanyl crisis. Lee Seung-jae, Arirang News.

[Features reporter] Korean Modern and Contemporary Art I & II: A century of art on display

2025/08/01 15:40

Ye-young, I heard you're taking us on a trip through time today. That's right, Soa. It's a journey through 100 years of Korean modern art, from the early 1900s all the way to the 1990s, which people can experience at The National Museum of Modern and Contemporary Art in Gwacheon. So, that's two exhibitions running at the same time? Exactly, in one single building. When you see them together, it really feels like walking through a century of Korean art. Let's take a look. 100 years of modern and contemporary Korean art ---now in one place. The National Museum of Modern and Contemporary Art in Gwacheon is offering a rare panoramic look at a century of Korean art in an exhibition so large that the museum has separated it into two parts: Korean Modern and Contemporary Art I and II. Part I covers the early 20th century, a period marked by Korea's rapid modernization, colonial occupation, and national division. Part II picks up after the Korean War and traces the evolution of Korean art through postwar reconstruction, industrialization, and democratization. Togther, they feature more than 250 key works by over 100 artists, offering a rare panoramic look at a century of Korean art. Visitors say the opportunity to view both exhibitions together is a rewarding experience. "I've been waiting for Part 2 because I love modern and contemporary art. I actually saw Part I of the exhibition before, and I really liked how it was divided by time period. It made things easy to follow. Personally, I love the transition from figurative to abstract art during this era, so it was great to see works by artists like Yoo Young-kuk and Lee Ung-no all in one place." Both exhibitions have sections called "The Artists' Rooms," dedicated to showcasing works by renowned artists such as Kim Whanki and Yun Hyong-keun. Another highlight is a section that re-examines underrecognized figures. "This section focuses on female modernist artists. These women weren't tied to major art groups or ideologies, but rather, they explored their own unique styles. Their works add a rich new layer to the male-dominated history of Korean abstract art." The exhibition closes with the debut of Sternbau No. 23 (2009), a major installation by contemporary artist Lee Bul. Suspended in air with steel, mirror, and film components, the futuristic piece explores themes of technology, the human body, and utopia. "There's growing interest in Korean culture both at home and abroad, but not many chances to explore the history of Korean art. We hope this exhibition gives visitors a clear, step-by-step look at how Korean art has evolved over the past century." By presenting Parts I and II side by side, MMCA Gwacheon allows visitors to follow a full arc of Korea's modern artistic transformation, from the days of colonization to modern global expression. The museum says it plans to keep the dual exhibitions running for at least two years.

[K-enter] "My Daughter is a Zombie" tops box office with record opening

2025/08/01 15:38

Time for some K-entertainment news with Bella Kim. Bella, I know you are not so good with thriller or zombie movies, but there is a new film that caught your attention as it's doing amazing? "My Daughter is a Zombie" has set a new opening-day box office record for this year. According to the Korean Film Council, the new film, which was released this Wednesday, sold over 430-thousand tickets on its first day, taking up 48.6 percent of the total box office. The tally surpassed this year's previous record held by "Mission : Impossible -The Final Reckoning," which opened with about 423-thousand ticket sales. As of Thursday, "My Daughter is a Zombie" surpassed 700-thousand tickets and still stands at No.1 in the box office. Based on a webtoon, the film centers on Jung-hwan, a zookeeper, who applies his animal-taming skills to his daughter, Soo-ah, who has turned into a zombie, to protect her from zombie hunters. The film stars Jo Jung-suk, Choi Yu-ri, Lee Jeong-eun, and Yoon Kyung-ho. Right, and because this is categorized as a comedy, I feel like there's lots to laugh about in this one, especially when we think of movies like "EXIT," and "Pilot" starring Jo Jung-suk. Next, let's talk about a film of a different genre that's not out yet. Two big names in the film industry, actor Lee Byung-hun and director Park Chan-wook, teamed up for the upcoming film "NO OTHER CHOICE." The film tells the story of Mansu, an office worker who was satisfied with his life until he suddenly got laid off. To protect his wife and two children, and to save the home he worked hard to acquire, Mansoo prepares for his own battle to re-enter the workforce. Director Park has proven his global reputation with four Cannes competition entries and three major awards. Now, he returns to the screen after a gap of three years. "NO OTHER CHOICE" is gaining global attention even before its release as it has officially been selected in the institutional sector for this year's Venice International Film Festival. Along with Lee Byung-hun, actress Son Ye-jin will star in the film as Mansoo's wife, Miri. She returns to the screen after a break of seven years. "NO OTHER CHOICE" is set to be released in September. Excited to see the two actors' chemistry in the film. And we will end today's K-enter with a festival that will kick off this weekend. The 2025 Pentaport Rock Festival will kick off today at the Songdo Moonlight Festival Park in Incheon. The Incheon Pentaport Rock Festival is one of the major music festivals here in Korea. This year, the festival is celebrating its 20th anniversary with a dynamic lineup of 58 international and domestic artists. The headliners include Brit-pop legends Pulp, alternative rock icon Beck, and Japanese rock band Asian Kung-Fu Generation. Korean artists will also perform at the festival, including JAURIM, CRYING NUT, and QWER. The 2025 Pentaport Rock Festival will run throughout this weekend, from Friday to Sunday. A rock festival sounds perfect for people to enjoy in summer. Thank you Bella for today's stories. Time to go over to our AI anchor Ari. Ari, what do you have for us today?

K-wave AI News

2025/08/01 15:35

Hello and welcome to your AI guide to the latest cultural updates from Korea. Here's our top story. Former NHN Corporation CEO Chae Hwi-young has taken office as Korea's new Culture Minister. With extensive experience in journalism, online platforms, and travel tech entrepreneurship, Chae becomes the first private-sector expert to lead the Ministry of Culture, Sports and Tourism. At his inauguration ceremony on Thursday, Chae pledged to usher in an era where the K-culture market will reach 300 trillion won, or around 215 billion U.S. dollars, in value by driving a "second leap" in Korea's content industry. He vowed to boost K-content growth through expanded policy financing, tax incentives, and innovation in cultural technology, especially through the use of AI. He also promised to transform Korea into a major tourism hub, with a goal of attracting 30 million international visitors. More than 8.8 million foreign tourists visited Korea in the first half of this year, marking a 15% increase from the same period last year. The figure represents around 105% of the 2019 level before the COVID-19 pandemic. According to the Korea Tourism Organization, Chinese tourists accounted for the largest share, with over 2.5 million visitors, followed by those from Japan, Taiwan, and the United States. The Ulleungdo Squid Festival, a signature summer event representing Ulleungdo Island in Gyeongsangbuk-do Province, will be held from Monday to Wednesday next week. This year's festivities will be held across the entire island, centering on Jeodong, Cheonbu, and Namyang Ports. The program focuses on immersive experiences that combine Ulleungdo Island's traditional culture with its unique maritime heritage. Highlights include bare-hand squid-catching, scenic walks along the 'Hedam-gil trail,' squid dish tastings, and a market featuring local specialties. A variety of live performances and an electronic music party are also planned, with a drone light show and large-scale fireworks set to light up the island's night sky. That's all from me. Stay tuned to the Kulture Wave.

[Kulture Issue] The rise of Korean original musicals

2025/08/01 15:34

The Korean original musical "Maybe Happy Ending," which made its debut on Broadway last year and this year won six Tony Awards, has raised the global recognition of Korean musicals. Following that, this summer, a number of other Korean original productions are notable in the musical scene. Let's talk about those with culture critic, Professor Chie Hye-won at Kyung Hee University. Welcome back Professor Chie! Q1. We hear a lot about Korean original musicals, especially following the latest achievement of "Maybe Happy Ending", but let's start with a definition of what "original musicals" actually are. Q2. So, which Korean original musicals are currently generating positive word of mouth? Q3. These are all revivals. Works that have already been proven successful. Do you see any commonalities among recent original musicals? Q4. So, we're consistently seeing original musicals featuring prominent female characters. based on real-life figures and as we see in the case of Marie Curie and Frida, works that reinterpret foreign women from a Korean perspective. How do you explain this trend? Q5. Marie Curie has been staged in London's West End, and there is talk of Frida being staged overseas as well. What is most important for original musicals to be successful abroad? Q6. In the past, there was a bigger focus on licensed musicals from abroad, but now Korean original musicals created by Koreans from the story to the lyrics and composition. are making up a major part of the musical industry. What do you think is the appeal of Korean original musicals? Q7. As the variety of materials increases, the colors of music also seem to become much more varied. What do you think are the prominent trends or characteristics in the music of original musicals? Q8. Finally Professor Chie, do you see chances of a success as big as "Maybe Happy Ending" on the global stage? Thank you Professor Chie for your insights, have a wonderful weekend. Thank you Bella, have a great weekend and see you next week.

White House confirms reciprocal tariffs will be effective of Aug. 1

2025/08/01 13:34

U.S. President Donald Trump has now signed an executive order, setting tariffs for trading partners, including South Korea. The White House also officially confirmed that South Korea will face a 15% tariff rate, with the deal providing market access to American goods, including autos and rice. Park Jun-han has more. U.S. President Donald Trump on Thursday local time signed an executive order for the new reciprocal tariffs that take effect on August 1st. "But I do know that the trade team has been working around the clock to try to be in correspondence with as many countries as possible. But if they haven't heard from us yet, they will in the form of a letter or an executive order by midnight tonight." South Korea on Wednesday secured a last-minute deal to lower the reciprocal tariff from 25 percent to 15 percent. White House press secretary Karoline Leavitt said the agreement allows significant investment for the U.S. and historic market access to American goods. "And South Korea will pay a 15% tariff rate, including 15% on autos, while providing historic market access to American goods like autos and rice. Korea will purchase $100 billion in American energy by 2028, and the centerpiece of this deal is that South Korea has agreed to invest $350 billion at the president's direction to revitalize American industry." U.S. Treasury Secretary Scott Bessent, speaking on CNBC, described the agreement between South Korea and the U.S. as a "very good" one. Bessent said, "South Korea was a special case because they had an election, a new government. So they were not in the position to fully negotiate." "They presented a very good offer. President Trump moved the offer up a bit, and we reached a very good agreement." On the same day, the White House posted a photo of President Trump with the South Korean–U.S. trade delegation to social media, where it called the deal "historic." Trump also took to social media to say details on South Korea's investments will be formalized during a visit to the White House by President Lee Jae Myung, set to take place in the next two weeks. Park Jun-han, Arirang News.

[NEWs GEN] Garbage Gamechanger: How Korea's waste management is going global

2025/08/01 13:33

종량제 도입 30년, 경제적 가치 45조.. 선진화된 한국의 쓰레기 관리 시스템 #쓰레기 #종량제 #봉투 #처리 #폐기 #환경 #엠제코 #trash #payasyouthrow #bags #disposal #waste #environment #mzeco <div><br></div>

Trump says new trade deals in place with some countries

2025/08/01 11:41

Hours before reciprocal tariffs were set to take effect, U.S. President Donald Trump said Washington had made more trade deals. Meanwhile,.. the White House announced that Washington will up its tariffs for Canadian goods from 25 percent to 35 percent, while another 90-day extension will be in place for Mexico. Lee Seung-jae starts us off. Just hours before reciprocal tariffs were set to take effect, U.S. President Donald Trump announced on Thursday, that Washington had made some more trade deals. Speaking at an executive order signing ceremony at the White House, Trump told reporters that his trade deals are "making trillions of dollars" for his country, highlighting what he described as significant economic wins. Trump later announced a 25 percent tariff for India, 20 percent for Taiwan and a 30 percent rate for South Africa. Meanwhile,.. when asked about failure to reach a trade deal with Canada, Trump addressed speculation linking the breakdown to Canada's push for recognition of Palestinian statehood. "No, I didn't like what they said, but, you know, that's their opinion. I didn't like that. Not a deal breaker, but we haven't spoken to Canada today." However, shortly afterwards, the White House announced that Canada's tariff rate will be raised from 25 percent to 35 percent. The White House said the higher tariffs are in response to "continued inaction and retaliation," adding that Trump found it necessary to increase the duties to "effectively address the exisiting emergency." The Brazilian government on Thursday slammed the Trump administration's decision to impose a 50 percent tariff on its imports, calling it an unfair measure, and warned of possible retaliation if no resolution is reached. However, Brazil's Finance Minister Fernando Haddad told reporters that the tariff plan is "not as bad as expected," adding that the tariffs will also do harm to the American people, as it will drive up prices in the U.S. Meanwhile, the Brazilian government cited data from the American Chamber of Commerce in Brazil, noting that 694 Brazilian products exported to the U.S., making up 45 percent of total exports, are exempt from the tariffs. The new 50 percent tariffs are expected to impact roughly 35-point-9 percent of Brazil's exports to the U.S. Meanwhile, Mexican President Claudia Sheinbaum said on Thursday that her government had secured a 90-day extension to work on a trade deal, which will pause new tariffs. "We remain as we are, and it's 90 days to keep talking, holding dialogue and building a long-term agreement." Sheinbaum says the extension averted the 30 percent tariffs that were scheduled to take effect on Friday. She added that the new extension will also allow for Mexico to be exempt from the 25 percent tariffs imposed by President Trump earlier this year in response to the fentanyl crisis. Lee Seung-jae, Arirang News.

[Weather] Relentless heat continues, welcome relief on the way next week

2025/08/01 11:40

We're in the midst of a record-breaking heatwave. Seoul has now experienced a tropical night for 13 consecutive days, while Seogwipo on Jeju Island has had 17 straight. Heatwave warnings remain in effect across most of the country. Today seems to be a repeat of yesterday's conditions. A bit of cloud coverage was welcome in the capital area yesterday, but blazing sunshine will shine down nationwide today, boosting UV levels to very high levels. By the afternoon, Seoul and Daegu will climb to 36 degrees Celsius, Gwangju and Chuncheon getting up to 35 degrees. Some welcome news! A change is on the way. Rain next week will bring daytime temperatures to the low thirties in the capital area. Until then, if you're feeling drained from the ongoing heat, I mean who isn't take it easy, slow down your pace, and don't forget to drink plenty of water.

New world record announced for length of single flash of lightning

2025/08/01 11:39

Also in the U.S., the World Meteorological Organization officially certified on Thursday a new world record for the longest lightning flash. The bolt during a storm on October 22, 2017 stretched 829 kilometers from eastern Texas to near Kansas City, Missouri. Such a "megaflash" occurs in very large storm complexes, or mesoscale convective systems, that can span hundreds of kilometers and last for hours. It was measured using the National Oceanic and Atmospheric Administration's newest Geostationary Operational Environmental Satellite, combined with ground-based lightning networks. This flash surpasses the previous record of 768 kilometers, logged in April 2020, also over the southern U.S. plains.

White House unveils plans for new US$ 200 mil. ballroom

2025/08/01 11:39

In the U.S., the White House unveiled on Thursday plans to construct a 200-million-U.S.-dollar State Ballroom, marking the first structural addition to the main building since the Truman Balcony was added in 1948. The proposed ballroom, also known as "The People's House," will be approximately 8,360 square meters in size and accommodate up to 650 seated guests, far exceeding the current 200-person capacity of the East Room. Press Secretary Karoline Leavitt said construction is scheduled to begin this September and is expected to be completed before the end of President Trump's term in early 2029. Funding will come from Trump and other donors.

Ukraine parliament votes to restore anticorruption agencies after protests

2025/08/01 11:38

Over in Ukraine, the parliament voted unanimously to restore the independence of two key anti-corruption bodies, following mass protests. The bill was passed on Thursday, during a livestream broadcast of a parliamentary session, with a vote of 331 to 0, reinstating full independence for the National Anti-Corruption Bureau and the Specialized Anti-Corruption Prosecutor's Office. The decision nullified amendments passed on July 22 that had placed both agencies under the authority of the prosecutor-general. The decision led to some of the most significant protests since Russia's 2022 invasion, with thousands of young Ukrainians taking to the streets of Kyiv and other cities demanding retention of democratic norms. President Volodymyr Zelenskyy signed the bill into law just hours after the vote, calling the new legislation a guarantee of "normal, independent work for anti-corruption bodies and all law enforcement agencies in our state."

U.S. to deny visas to Palestinian officials

2025/08/01 11:38

Good morning, I'm Choi Chi-hee, and this is The World Now. The United States says it will deny visas for officials of the Palestinian Authority and members of the Palestine Liberation Organization. The U.S. State Department announced the sanctions on Thursday, under the Middle East Peace Commitments Act and the PLO Commitments Compliance Act. The measures formally deny visas to unspecified members of both the PA and PLO for their alleged efforts to "internationalize" the conflict with Israel, such as bringing cases to the International Criminal Court. They also coincide with moves by European and North American allies, including Canada, the United Kingdom, and France, to recognize Palestinian statehood at the September U.N. General Assembly. The White House, on the same day, made clear that President Trump "expressed his dissatisfaction and disagreement" with the three allied leaders, and views any recognition of Palestinian statehood as "rewarding Hamas."

Top Korean, U.S. diplomats reaffirm "resolute" commitment to N. Korea denuclearization, trilateral cooperation with Japan

2025/08/01 11:37

South Korea’s Foreign Minister Cho Hyun met with U.S. Secretary of State Marco Rubio in Washington on Thursday local time. This was the first foreign ministerial meeting since the launch of the Lee Jae Myung Administration. For more on what was talked about and what comes next, we have our correspondent Oh Soo-young on the line. Q1. Sooyoung. The top diplomats of Seoul and Washington held their first-ever discussion at their meeting in D.C.. Tell us more. Good morning. Foreign Minister Cho Hyun and his counterpart Marco Rubio met Thursday afternoon, very early in the morning here in Seoul. The two officials appear to have discussed the South Korea-U.S. alliance and broader security issues in the region. Seoul's Foreign Ministry says they exchanged views on North Korea, deeming it "necessary to strengthen cooperation" on Pyongyang, and agreed to an enhanced whole-of-government approach. They also agreed to strengthen trilateral cooperation between South Korea, the U.S., and Japan, based on the Seoul-Washington alliance. Washington's readout focused more on deterrence against North Korea, saying the two officials reaffirmed "resolute" commitment to the complete denuclearization of North Korea. The statement also expressed serious concern over North Korea’s growing military cooperation with Russia, and said Cho and Rubio both committed to the full implementation of international sanctions against Pyongyang. It also positioned Seoul and Washington's three-way cooperation with Tokyo as an effort to strengthen deterrence against "regional threats" while emphasizing the importance of peace and stability across the Taiwan Strait. Their talks followed the sudden conclusion of trade negotiations by finance and trade officials the day before, Cho and Rubio welcomed the bilateral trade agreement and pledged cooperation on supply chains and critical and emerging technologies. Seoul further emphasised a third pillar of partnership in advanced technologies, such as artificial intelligence, nuclear energy, and quantum technology, alongside security and trade cooperation. Q2. There's also talk of "alliance modernization" following the tariff agreement. What’s the latest on that? Right. Security issues were not substantively addressed in the recent trade negotiations. Initially, a so-called "package deal" covering both tariffs and security matters was touted. However, discussions on "alliance modernization" are now expected. The term refers to adjusting the role and scope of the Korea-U.S. alliance in line with changing strategic conditions and as Washington presses allies to contribute more towards their own security. Both the Foreign Minister and Defence Minister Ahn Gyu-back, who held a phone call with U.S. Secretary of Defense Pete Hegseth, have reportedly discussed alliance modernization. No specific outcomes have been announced yet. However, it is expected that the summit between Presidents Lee and Trump could serve as a starting point, with a potential 2+2 ministerial meeting to follow for detailed discussions. Trump has stated his meeting with Lee will take place within the next two weeks, and reportedly instructed Secretary Rubio to make arrangements without delay. So we can expect him to coordinate with Seoul, including with Foreign Minister Cho Hyun. Speaking with reporters after their meeting, the Korean foreign minister said the talks with Rubio were good and constructive, and that talks to prepare for the leaders' summit have now begun. Back to you Eunji. Thanks for that Sooyoung.

[On-point] South Korea reaches deal before the trade deadline — but is it a win?

2025/08/01 11:35

We're just a couple of hours away from the reciprocal tariffs taking effect. South Korea and the United States reached a trade deal yesterday, allowing Washington to impose a 15% tariff on Korean imports. For more on this, we're joined by Professor Greg Buchak, Professor of Finance at Stanford Graduate School of Business, Stanford University. High tariffs are set to take effect just after midnight on Friday, and U.S. trading partners that have yet to strike a deal are now engaged in frantic, last-minute talks. What's your overall assessment of the Trump administration's tariff policy? Do you think pressuring countries has been effective in what he wanted to achieve --such as countering China? South Korea and the U.S. have agreed to lower the tariff rate to 15%, with Seoul promising to invest 350 billion dollars in the United States. The Korean government says the deal puts South Korea on an equal, or even better footing than other countries and that it has helped remove trade uncertainties. What are your thoughts on the agreement compared to the deals Washington reached with other countries? South Korean officials claim that Seoul's offer to help revitalize the U.S. shipbuilding industry was a key factor in securing the tariff deal. What's your view on the significance of that contribution? Once the reciprocal tariffs take effect, how do you expect them to impact the U.S. economy and the broader global economic landscape? Alright Professor Buchak, thank you so much for your insight today. We appreciate it.

Public access to Cheong Wa Dae to be suspended starting Friday

2025/08/01 11:35

In line with President Lee Jae-myung's decision to move the presidential office back to the Cheong Wa Dae from Yongsan, public access to the compound will be completely suspended starting Friday. This marks the end of a 1-thousand-179-day period,.. during which the Cheong Wa Dae was open to the public, after former President Yoon Suk Yeol opened its gates to the public on May 10, 2022. During that time, nearly seven million people have visited the historic site. Interest surged in recent months after President Lee won the snap election in June, with the number of visitors in June more than tripling compared to the same period last year. Also, in the 40 days since the election,.. foot traffic to the Cheong Wa Dae jumped over 240 percent compared to a year ago.

S. Korea unveils sweeping tax reforms targeting fiscal sustainability

2025/08/01 11:34

The government unveiled its tax reform plan, to address a substantial shortfall in tax revenue.. and support economic growth. Our finance correspondent Moon Ji-young explains more. The 2025 tax reform bill introduces a mix of targeted tax credits for strategic industries and welfare, alongside adjustments to corporate and capital gains taxes. "Over the past three years, our tax revenue base has weakened rapidly, leading to a significant drop in the tax burden ratio. Therefore, this year's tax reform bill prioritizes reinforcing the weakened tax revenue base for fiscal sustainability, while also supporting economic strength and stabilizing people's livelihoods" The reform package aims to enhance tax credits for R&D and investment in future strategic industries, including AI. Furthermore, to enhance K-content competitiveness, tax credits for webtoons will be newly introduced, and tax support for video content creation will be expanded. Beyond these targeted incentives, the framework includes tax cuts designed to encourage corporate payouts and boost the stock market. Specifically, to encourage high dividends, a separate taxation system for dividend income from high-dividend companies is being introduced. This approach excludes these dividends from the comprehensive financial income tax base, allowing earnings from stock dividends to be taxed independently, rather than combined with other income. Despite the debate over tax cuts for the super-rich, a 35 percent tax rate is expected to be applied to the highest dividend income bracket. On the other hand, the bill aims to restore tax equity and rebuild the nation's revenue base based on the principle of ability to pay. The country's corporate tax rate will be raised by one percentage point across the board, with the top corporate rate increasing to 25 percent, effectively reversing a cut introduced by the previous administration. The bill also tightens capital gains tax rules by lowering the threshold for major shareholders. While currently only those holding 5 billion won, or roughly 3-point-6 million U.S. dollars, in a single listed stock are taxed, that threshold will be reduced to 1 billion won, or just under 720 thousand dollars. Tax support will be expanded for low-and middle-income households, with measures such as an increase in the income deduction limit for credit card use by up to 500,000 won, or roughly 360 dollars, depending on the number of children for families. The tax burden on self-employed individuals and small business owners is also expected to be alleviated. The bill will first go through Cabinet meetings before being submitted to the National Assembly for final approval. Moon Ji-young. Arirang News.

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2025/07/31 22:43

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