JEJU, South Korea, May 16 (Korea Bizwire) — South Korea has again asked the United States to exempt the country from all tariffs, Seoul’s Industry Minister Ahn Duk-geun said Friday, after meeting with U.S. Trade Representative Jamieson Greer on the sidelines of a trade ministers’ meeting of the Asia-Pacific Economic Cooperation (APEC) member economies. In [...]
SEOUL, May 2 (Korea Bizwire) — Inflation remains generally stable, but uncertainties surrounding consumer prices remain high due to U.S. President Donald Trump’s administration’s new tariff scheme, the central bank said Friday. Bank of Korea (BOK) Deputy Gov. Kim Woong made the assessment during a meeting to review price trends, following government data that showed [...]
WASHINGTON, April 25, (Korea Bizwire) — The International Monetary Fund has halved its 2025 growth outlook for South Korea, citing the combined effects of escalating U.S. tariffs and domestic political instability. It marks the steepest downgrade among major economic forecasts for the country to date. Rahul Anand, head of the IMF’s Korea mission, explained the [...]
SEOUL, April 24 (Korea Bizwire) — South Korea’s top central banker has said global trade tensions sparked by the United States’ sweeping tariff policy are a major headwind for the country’s export-driven economy, and the issue will likely accelerate its efforts to diversify supply chains. Bank of Korea (BOK) Gov. Rhee Chang-yong made the assessment [...]
SEOUL, April 17 (Korea Bizwire) — Hyundai Motor will temporarily suspend domestic production of its flagship electric vehicles, the Ioniq 5 and Kona EV, as weakening overseas demand and shifting global subsidy policies weigh heavily on exports. According to industry sources on April 17, Hyundai plans to shut down Line 12 at its Ulsan Plant 1 [...]
SEOUL, April 7 (Korea Bizwire) — Samsung Electronics Co. said Monday it plans to leverage its global production network to navigate new U.S. tariff policies, including reciprocal duties that target goods from nearly all countries, including South Korea. “We sell TVs, monitors and sound bars in the United States, with TVs making up the majority,” [...]
SEOUL, April 4 (Korea Bizwire) — The government will hold a series of emergency meetings with representatives from major South Korean industries expected to suffer damage from the United States’ hefty tariffs, the industry ministry said Friday. The Ministry of Trade, Industry and Energy held a meeting with officials from the home appliances, display and [...]