White House: No Trump-Kim Meeting Planned During Mid-May China Trip President Donald Trump has no meeting planned with North Korean leader Kim Jong Un during his mid-May trip to China, the White House said May 4 local time. A White House official, responding to a question, said, “There is no such meeting on the schedule at this time,” Yonhap News Agency reported. The White House said Trump’s China visit is set for May 14-15, with a U.S.-China summit planned with Chinese President Xi Jinping. The White House’s use of the qualifier “at this time” indicates a North Korea-U.S. summit is not part of the official itinerary, though it does not completely rule out a separate meeting if the two sides later coordinate one. Earlier, Prime Minister Kim Min-seok said he held a roughly 20-minute surprise meeting with Trump at the White House during a U.S. visit on April 13. Kim told a meeting with South Korean correspondents that Trump said, “It would be great to meet (Kim Jong Un). But it could be when I go to China this time, or it might not be, or it could be after that,” Kim recounted. * This article has been translated by AI. 2026-05-05 15:33:13

Korean court orders matchmaking client to pay marriage fee and penalty despite quitting A Seoul court has ruled that a matchmaking service member must pay a contracted marriage “success fee” even after quitting over alleged personal data exposure. The court also said the member owed a penalty for failing to notify the company of the marriage. According to legal officials on May 5, Judge Bang Chang-hyeon of the Seoul Central District Court, sitting alone in Civil Division 83, ordered B to pay matchmaking company A a success fee of 11.88 million won and a penalty of 35.64 million won, for a total of 47.52 million won, in a lawsuit seeking payment under the contract. B signed a membership contract on Sept. 14, 2022, to receive five introductions over one year and to pay 11.88 million won within two weeks once a marriage was confirmed. The contract also said the fee was due even if the marriage resulted from meetings after the contract period or after the five introductions, and that failure to report a marriage would trigger payment of three times the success fee. B met C, a member of an A affiliate, in January 2023 and married in June that year, but did not inform A. A then sued for the success fee and the penalty. B argued the contract had been mutually terminated by agreement in May 2023, but the court rejected the claim. The judge said it was acknowledged that B’s father protested what he said was disclosure of B’s personal information and, acting as B’s representative, expressed an intent to withdraw, and that A said it would process the withdrawal. However, the court said there was no evidence to treat that as a legal mutual termination of the contract. The court found B had made an ordinary “membership withdrawal,” but said that did not eliminate the duty to pay the success fee. It cited the one-year service period, the time it typically takes for a couple to marry after first meeting, and B’s agreement at signing to pay even if the marriage occurred after the contract period. On the penalty, the court treated the clause as a contractual punitive provision and said B owed it because the success fee was not paid. The judge said the success fee functioned as a deferred payment for services and that the company needed a way to indirectly enforce payment, especially because it would be difficult to learn of a member’s marriage without notification. The court also dismissed B’s claims that A unlawfully leaked personal information and that, contrary to the financial information provided at signup, A supplied false or exaggerated details about salary and assets, leading to serious conflict with C’s family during the formal meeting between families. The judge said there was no evidence to support those assertions. The court said it was recognized that in June 2019 B completed a personality test on A’s website and agreed to the collection and use of personal information, including arranging meetings with affiliate members. It added that A provided information about B’s salary and assets based on what B entered at signup. Even if B’s claims were true, the court said, A did not provide B’s information to unrelated parties or profit-seeking companies, but to C’s side, a potential marriage partner. The judge added that the marriage was not broken off due to the information provided and that because B and C ultimately married, B could not belatedly raise alleged data exposure or false or exaggerated information to resist A’s claims. * This article has been translated by AI. 2026-05-05 15:31:25

Trump Warns Iran Over Strait of Hormuz Attacks, Urges South Korea to Join Maritime Operation The monthlong ceasefire between the United States and Iran is showing signs of strain as the two sides fail to narrow differences despite behind-the-scenes talks. With reports that a South Korean ship in the Strait of Hormuz was hit in an Iranian attack, President Donald Trump publicly urged South Korea to join a U.S.-led maritime operation in the waterway. On May 4 (local time), The Guardian and other outlets reported that Trump, in an interview with Fox News, warned Iran over “Project Freedom,” an operation to help merchant ships trapped in the Strait of Hormuz escape. “If they’re going to target U.S. ships, Iran’s military will disappear from the face of the Earth,” he said. Trump called the U.S. maritime blockade of Iran “one of the greatest military operations ever carried out,” and said Iran had recently become far more flexible in negotiations. He said the outlook was either reaching an agreement through “good-faith negotiations” or resuming military operations, stressing that both diplomatic and military options remain on the table. The U.S. military said that day it intercepted Iranian cruise missiles, drones and attacks by armed small boats while supporting the passage of two U.S.-flagged vessels through the strait. Trump also wrote on his social media platform, Truth Social, that U.S. forces sank seven Iranian small boats. Trump directly mentioned South Korea, saying Iran had fired several times at “unrelated countries,” including a South Korean cargo ship, in connection with ship movements tied to Project Freedom. He said no other ships transiting the strait had suffered damage at this point, aside from the South Korean vessel. “It seems like it’s time for South Korea to join this operation,” he said. The remarks appeared to refer to the HMM Namu, a ship that was in the Strait of Hormuz when a fire broke out. Trump reiterated a similar stance in an interview with ABC News. According to a call transcript posted on X by reporter Jonathan Karl, Trump said there had been multiple shots fired at a South Korean ship and that South Korea “needs to take action in some way.” He added that the South Korean ship had been sailing alone and was not under escort. South Korea’s government, however, has continued to take a cautious approach to dispatching forces to the Strait of Hormuz or joining a U.S.-led coalition. Iran’s Mehr News Agency said on April 29 that South Korea had been seeking a careful balance among U.S. pressure, energy security, humanitarian considerations and the need to keep communication channels with Tehran open. Iran resumes attacks on UAE after 1 month Iran also carried out its first attack against the United Arab Emirates since the May 8 ceasefire with the United States, heightening regional трев. The UAE Defense Ministry said it detected four cruise missiles launched from Iran, intercepted three over its territorial waters and said the fourth fell into the sea. Fujairah’s media office said in a statement that civil defense teams were immediately deployed to extinguish a fire in the Fujairah Oil Industry Zone, and that three Indian nationals suffered serious injuries and were taken to a hospital. The developments fueled speculation that Iran resumed attacks on the UAE in response to the U.S. launch of Project Freedom to help ships leave the Gulf. The UAE has recently moved closer to the United States after declaring it would withdraw from the Organization of the Petroleum Exporting Countries, or OPEC. Bloomberg Economics researcher Beca Wasser said the episode showed the U.S.-Iran ceasefire is “very fragile,” and that the most likely scenario is a prolonged period of sustained tension with intermittent clashes. Inside Iran, reports said hard-liners and moderates differ over how to respond to the United States. Foreign Minister Abbas Araghchi, who is leading Iran’s negotiating team with Washington, urged both sides to halt armed conflict. In a post on X, he said events in Hormuz “clearly show there is no military solution to a political crisis,” and warned the United States not to be pulled back into a quagmire by “malicious forces,” adding that the UAE should also be cautious. He also criticized the U.S. operation, saying “Project Freedom is nothing but Project Deadlock.” 2026-05-05 15:25:29

Seoul’s ‘Ap-Ye-Mok-Seong’ rebuild zones set off fierce contractor battles Seoul’s top redevelopment districts — Apgujeong, Yeouido, Mok-dong and Seongsu — are moving into full-scale contractor selection. Known collectively as “Ap-Ye-Mok-Seong,” the areas sit along the Han River and major residential corridors, making them a focal point for builders’ brand competition. As of May 5, the industry said 12 key projects in these districts have either selected a builder this year or are preparing to do so: Apgujeong Districts 3, 4 and 5; Yeouido’s Sibeom Apartments; Mok-dong Complexes 5, 6, 10 and 14; and Seongsu Strategic Redevelopment Zones 1, 2, 3 and 4. Combined, the projects are estimated at about 26 trillion won and more than 35,000 households. In Apgujeong, the contests for Districts 3, 4 and 5 are reaching a May turning point. Hyundai Engineering & Construction has been named preferred bidder for Apgujeong District 3, a project to rebuild 3,934 existing households into 5,175. The construction cost proposed by the association alone totals 5.561 trillion won. Hyundai secured preferred-bidder status after two solo bids led to a shift toward a negotiated contract, though the final builder must still be approved at a members’ meeting. Apgujeong District 4 is increasingly likely to move to a negotiated contract after Samsung C&T submitted the only bid. The project, covering the area around 481 Apgujeong-dong in Gangnam-gu, carries construction costs in the 2.1 trillion won range. Samsung C&T is highlighting cooperation with British design firm Foster + Partners and a financing partnership framework. Apgujeong District 5 has shaped up as a head-to-head between Hyundai Engineering & Construction and DL E&C, with the project cited at about 1.5 trillion won. Hyundai is emphasizing its “The H” brand and the symbolic status of Apgujeong Hyundai Apartments. DL E&C is promoting its “Acro” brand and terms it says would reduce members’ burden, including a fixed construction price, lower financing costs and higher revenue from general sales. A contractor-selection meeting is expected later this month. In Yeouido, Sibeom Apartments is drawing the most attention. The project would rebuild 1,584 households into 2,493 units in towers up to 65 stories, with total costs estimated at around 1.5 trillion won. Samsung C&T, Hyundai Engineering & Construction and Daewoo E&C are said to be interested. In earlier Yeouido deals, Samsung C&T won Daegyo Apartments, Daewoo E&C won Gongjak Apartments and Hyundai Engineering & Construction won Hanyang Apartments. The Sibeom outcome is widely seen as a key factor in who leads Yeouido’s redevelopment drive. In Mok-dong, the first contractor selection for the 14 Sinshigaji complexes is coming into view, led by Mok-dong Complex 6. DL E&C submitted a bid proposal aimed at a negotiated contract, moving closer to securing the job. The plan would rebuild the site into 14 buildings ranging from two basement levels to 49 stories above ground, totaling 2,173 households. The project is valued at 1.2129 trillion won. The association plans to hold a contractor-selection meeting on June 27. Seongsu Strategic Redevelopment Zone is also in focus as a potential high-rise residential belt along the Han River. Zone 1 has selected GS E&C as builder. The project covers 194,398 square meters in Seongsu-dong 1-ga, with plans for 17 buildings from four basement levels to 69 stories above ground and 3,014 households. The planned construction cost is 2.154 trillion won, the largest among the four Seongsu zones. GS E&C proposed the new complex name “Rivenic Xi.” For Seongsu Zone 3, a solo bid by Samsung C&T has been discussed as a possibility. The project would build 2,213 households in Seongsu 2-ga 1-dong. It slowed for a time over the selection of a designer but has resumed procedures after a re-tender. Seongsu Zone 4 had been a contest between Daewoo E&C and Lotte E&C, but uncertainty has grown after an earlier bid was invalidated and the process moved to re-bidding. Zone 4’s construction cost is valued at 1.3628 trillion won. Industry officials said the decisive factors in this year’s Ap-Ye-Mok-Seong contests are likely to be brand, design and financing terms. With construction costs rising to around 10 million won per 3.3 square meters, proposals are increasingly judged on how much they can reduce the burden on association members. In major projects in Apgujeong, Seongsu and Yeouido, key criteria now include not only high-end branding but also guaranteed completion, project financing, relocation-loan terms and plans to maximize revenue from general sales. A representative of a major construction company said, “Ap-Ye-Mok-Seong is a market where the issue goes beyond winning a single project — it’s about whether a builder can create a branded town in Seoul’s core locations,” adding, “With construction-cost burdens rising, members have no choice but to weigh financial stability and project terms along with the brand.” 2026-05-05 15:05:50

South Korea's annual labor hours drop to 1,739 by 2030: data SEOUL, May 05 (AJP) - South Korea is projected to reduce its annual labor hours to 1,739 by 2030, a shift that signals the nation's gradual departure from a culture of long-duration work toward global standards, data released by the Ministry of Employment and Labor showed Tuesday. The trajectory, identified in a report by the Korean Association of Industrial Relations, meets the objective of the lbor ministry to align with the average of the Organisation for Economic Co-operation and Development. It marks a significant move for a country that has historically maintained one of the most grueling work schedules in the developed world. Progress has already been substantial, according to recent data. Annual work hours dropped from 1,996 in 2017 to 1,859 in 2024, representing a reduction of 137 hours over a seven-year period. This decline stems primarily from legal reforms, including the implementation of the 52-hour maximum work week and the wider adoption of the five-day system. These measures successfully targeted long-duration labor by reducing the number of employees working far beyond the standard 40-hour limit. Despite the improvement, the report warns that the current pace may be difficult to maintain. South Korea still ranks sixth for the longest working hours among 37 OECD member states, trailing only nations such as Mexico, Colombia, and Costa Rica. A primary obstacle remains the structural rigidity of the South Korean labor market. Over 53 percent of the workforce is concentrated in a strict 40-hour weekly schedule, a lack of diversity that researchers say prevents further natural reductions. In contrast, only 12.5 percent of French workers and 30.9 percent of German workers follow such a uniform pattern. Within the European Union, only Luxembourg and Portugal show a similar concentration of 40-hour work weeks, at 55.4 percent and 57.3 percent, respectively. Cultural norms regarding leisure further complicate the transition. While nearly 50 percent of the workforce in major European nations takes leave during the summer, only 3 percent of South Korean workers do the same. The disparity is often attributed to office environments where employees feel pressured to avoid taking consecutive days off. To address this, the report suggests the government must expand the range of available work arrangements and foster a culture where workers can fully utilize their annual leave. Researchers also emphasized the need to protect industrial output during this shift. The report argued that a simple cap on hours is insufficient and that the government must ensure shorter hours are paired with increased efficiency to prevent a drop in national productivity. The Ministry of Employment and Labor established a dedicated task force for reducing actual working hours in September last year. It followed this with a joint declaration and a specific policy roadmap in December. 2026-05-05 15:05:17

Top 5 South Korean Banks’ Corporate Loans Jump Over 5 Trillion Won for Second Month Corporate loan balances at major commercial banks rose by more than 6 trillion won in April, marking a second straight month of increases exceeding 5 trillion won. The rise suggests companies are leaning more on bank borrowing as higher government bond yields spill over into the corporate bond market. As of the end of last month, corporate loans at the country’s five largest banks — KB, Shinhan, Hana, Woori and NH NongHyup — totaled 866.0646 trillion won, up 6.2909 trillion won from a month earlier, according to the banking industry on Monday. The increase followed a 5.4449 trillion won gain in March. Market watchers attributed the jump to a sharp cooling in corporate bond issuance after the war in the Middle East. With rates rising and funding costs climbing, companies have increasingly turned to bank loans, they said. Data from the Korea Financial Investment Association showed domestic companies repaid 13.1125 trillion won in corporate bonds in April while issuing 10.6248 trillion won, resulting in net repayments of 2.4877 trillion won. With market volatility rising and interest rates climbing steeply, more firms are seeking funding through loans, analysts said. Loan demand is expected to keep growing. In the Bank of Korea’s survey on financial institutions’ lending practices released on April 21, both large companies (11→14) and small and midsize firms (22→28) were projected to increase loan demand to secure liquidity amid greater domestic and external uncertainty. Concerns are rising that the high-rate environment could persist. Bank of Korea Deputy Gov. Yoo Sang-dae said at a recent briefing that “prices are rising more than expected, so we could move into a tightening cycle,” signaling the possibility of rate hikes. Small and midsize firms and so-called marginal companies are particularly vulnerable because they rely more on bank loans and have weaker credit. If funding costs such as interest rates surge, the risk of corporate distress is likely to grow. Higher oil prices and increased costs for imported raw materials tied to the Middle East situation are already adding to the burden, the report said. The strain is also showing up in indicators. The average corporate delinquency rate at the five banks in the first quarter rose to 0.46% from 0.37% the previous quarter, up 0.09 percentage points. Delinquencies among large companies increased to 0.13% from 0.03%, while the rate for small and midsize firms rose to 0.57% from 0.49%. A financial industry official said that if rates keep rising as lending expands, companies’ funding burdens could grow and credit problems could spread. The official warned that corporate distress could weigh on the broader economy and called for preemptive steps to respond. * This article has been translated by AI. 2026-05-05 15:04:32

Merrill Lynch Adds $250 Million to Seoul Branch, Doubling Capital Base Merrill Lynch, a foreign investment bank, is expanding its business in South Korea after injecting several hundred billion won in additional funds into its Seoul branch, an unusual move among foreign securities firms that typically keep local capital relatively flat. According to the financial investment industry on May 5, Merrill Lynch’s Seoul branch recently received a $250 million remittance (about 370 billion won) from its headquarters to bolster operating funds. As a result, its equity capital is expected to rise from about 360 billion won at the end of last year to the 700 billion won range, more than doubling. The increase would place Merrill Lynch among the top tier by equity capital among the 12 foreign securities firms with branches in South Korea. As of the end of last year, the largest was Morgan Stanley’s Seoul branch at 655.5 billion won. Foreign securities firms generally remit most profits to their headquarters as dividends, limiting growth in local equity capital. JPMorgan’s Seoul branch, for example, sent 133 billion won of last year’s profit to its headquarters. Against that backdrop, Merrill Lynch’s capital expansion is seen as atypical. Over the past five years, cases in which major foreign securities branches more than doubled equity capital have been rare. Goldman Sachs’ Seoul branch increased capital from 396 billion won at the end of 2021 to 604.6 billion won at the end of 2025, up about 52%, while Morgan Stanley’s Seoul branch rose about 32% from 497.4 billion won to 655.5 billion won. Other firms posted only modest gains of around 10% or saw declines over the period. The latest funding appears tied to improving results and a strong domestic stock market. Merrill Lynch’s Seoul branch posted net profit of 76.1 billion won last year, up from 38.8 billion won in 2024. The broader outlook for foreign securities firms has also improved: combined net profit for the 12 foreign branches operating in South Korea rose from 256 billion won in 2023 to 322.9 billion won in 2024 and 427.4 billion won last year. Industry officials view the move as a signal of expanded operations, as rising corporate valuations in a buoyant market lift revenue opportunities such as mergers and acquisitions and advisory work. “With the recent market rally, demand for IB, M&A and advisory services is increasing at the same time,” a financial investment industry official said. “The larger the equity capital, the more a firm can participate in big deals or expand trading, so it appears they moved early to strengthen capital.”* This article has been translated by AI. 2026-05-05 15:03:14

Jin Seong-jun: Housing Policy Failed From Lack of Consistency, Not Taxes Politics is ultimately about choices. But those choices are not simply for or against something. They decide who bears the burden and where resources go. Jin Seong-jun, a lawmaker from the Democratic Party and chair of the National Assembly’s Special Committee on Budget and Accounts, operates at the center of those decisions. In an interview, he did not frame fiscal policy as a matter of numbers. He repeatedly returned to “philosophy,” arguing that budgets reflect value judgments and that politics is the process of persuading the public. Across topics — housing policy, pensions, low birthrates and an AI industry strategy — his answers converged on one standard: “Does it help the public, and is it affordable?” ■ Housing is not a tax issue, but a consistency issue Asked to assess past governments’ housing policies, Jin said debate has largely centered on taxation — claims that holding taxes were excessive or regulations too strict. He said the bigger problem was the outcome: “They failed to bring down home prices.” “Policy takes time to show results,” he said. “But before those effects appeared, the direction changed, and the market stopped trusting the signal.” He argued that markets respond less to the details of a policy than to confidence it will be sustained. He called the failure a political problem. “In a structure where policy changes every time the administration changes, the market cannot stabilize,” he said. “In the end, politics has to bear that burden.” ■ Politics is not a technique for abandoning principles On the difficulty of sticking to principles, Jin said politics constantly forces choices between principle and reality, and that politicians have often leaned toward short-term considerations. “Ahead of elections, policies that feel burdensome get postponed, and policies that draw an immediate positive reaction get chosen,” he said. He warned that when politics becomes consumed by short-term reactions, long-term balance breaks down. “Politics is a process of persuasion,” he said. “Even if people feel uncomfortable in the short term, if a policy is necessary, you have to explain it to the end and ask for understanding.” ■ Fiscal policy is not about equal division, but judgment Asked what standard he applies to budgets, Jin said fiscal policy is not about distributing resources evenly across all areas, but deciding where limited resources should go first. “Some areas are more urgent, and some are less urgent,” he said. He described budgeting as a matter of fairness in decision-making, not simple equality, and said politics must make those choices and take responsibility for them. ■ Fiscal policy is about future generations Jin said the most important standard in fiscal policy is to look to the future. “Fiscal policy is for the present, but the results carry into the future,” he said. “Today’s choices become the next generation’s burden.” He cited pensions as a representative case, arguing that cutting benefits to reduce today’s burden can return as a larger burden later. ■ On low birthrates: Change the structure, don’t cut welfare Asked how to address low birthrates and an aging population, Jin said reducing welfare is not a solution. “Everyone reaches a point where they have to rely on welfare,” he said. “So an approach that says to cut welfare is not realistic.” He called for redesigning burdens — increasing contributions when society can afford it, expanding productive activity and adjusting institutions. He said the issue requires social consensus and cannot be solved by politics alone. “This is a matter that needs a social agreement,” he said. “Even if it takes time, we have to build that agreement.” ■ “Now is the time for fiscal policy to move first” On assessments that the state’s role is growing, Jin said the economic environment is changing sharply, with stronger protectionism, intensified technology competition and an energy transition unfolding at the same time. He said the role of fiscal policy should shift from mainly indirect support to direct investment. “In areas where the private sector finds it hard to invest, the state has to step in first,” he said. “Fiscal policy has to serve as seed money.” ■ On AI: “If you fall behind, the gap gets bigger” Jin said AI is not just one industry but the foundation for all industries. He argued that being a latecomer does not eliminate opportunity, and said competitiveness remains possible, especially in manufacturing and applications. He stressed speed, warning that gaps can widen over time. “That’s why the state has to invest first,” he said. “If you follow from behind, it’s hard to compete.” ■ “Politics that won’t talk about tax hikes is avoiding responsibility” Asked about expanding fiscal spending and raising taxes, Jin said the issue cannot be avoided. “If you expand fiscal policy, you ultimately need revenue,” he said. “But politics tries to avoid talking about taxes.” He criticized that stance and said politicians must persuade the public by explaining why it is needed and showing how the money will be used. ■ What is politics? Asked to define politics, Jin said it does not end with a single decision. “As Max Weber said, it is like drilling holes through a hard board,” he said. “Slowly, but pushing through to the end.” He said politics is less about speed than persistence, and that persistence ultimately depends on trust. The interview was less a tour of policy details than a statement of political standards. While the topics ranged from housing and budgets to pensions and industrial policy, Jin returned to one test: Does it help the public, and can the country afford it? : Jin Seong-jun : A Democratic Party lawmaker who serves as chair of the National Assembly’s Special Committee on Budget and Accounts and is described as a fiscal and policy expert. He has worked in the presidential office, including in the senior secretary’s office for political affairs and the office handling national affairs, and in the National Assembly he has focused on the Strategy and Finance Committee and the budget panel, building expertise in tax and fiscal policy. He has emphasized fair taxation and the role of fiscal policy, presenting “a balance between the public’s burden and the state’s responsibility” as a key standard across housing, pensions and industrial policy. He has consistently argued that fiscal policy is not just numbers but a national choice and philosophy, and that politics should prioritize long-term sustainability over short-term popularity. * This article has been translated by AI. 2026-05-05 14:57:16

Hanwha Aerospace increases Korea Aerospace Industries stake to pursue management role SEOUL, May 05 (AJP) - South Korea's defense powerhouse Hanwha Aerospace has increased its stake in Korea Aerospace Industries to 5.09 percent and changed its investment status to management participation, signaling a drive to consolidate South Korea's defense and space sectors. The company plans to invest a total of 500 billion won to reach an 8.03 percent stake by the end of the year. This shift positions Hanwha to influence the decision-making processes of South Korea's sole indigenous aircraft manufacturer as it seeks to build a vertically integrated aerospace powerhouse. Hanwha Aerospace disclosed on the fourth of the month that it acquired an additional 100,000 shares, representing 0.1 percent of the company. The purchase brought the combined holdings of Hanwha Aerospace and its affiliates past the five percent threshold. The firm officially reclassified its holding from a simple investment to management participation in a recent regulatory filing. While specific methods of involvement are still under review, the company stated it would participate in decision-making through legal procedures to meet management objectives. Hanwha Aerospace noted it would consider the interests of shareholders and stakeholders during this process. The company currently maintains domestic competitiveness in aircraft engines, avionics, radar, and space launch vehicles. The expansion is interpreted as the final piece of Hanwha Group's defense strategy to create a South Korean version of SpaceX. By combining its engine expertise with the airframe and satellite capabilities of Korea Aerospace Industries (KAI), the group aims to secure an end-to-end aerospace value chain. Market analysts suggest the increased stake and change in investment purpose serve as a foundation for an eventual takeover of the aircraft manufacturer. KAI remains the only domestic firm capable of developing and producing complete aircraft and advanced aerial combat systems. 2026-05-05 14:52:54

USTR to Hold Section 301 Hearings on Overcapacity With South Korea, 15 Others The Donald Trump administration, seeking new tariffs to replace reciprocal tariffs that were struck down, has launched a Section 301 investigation and will hold public hearings with major trading partners including South Korea. The Office of the U.S. Trade Representative said in a statement on May 4 (local time) that it will hold hearings May 5-8 at the U.S. International Trade Commission in Washington on economic policies and trade practices related to overcapacity involving 16 countries, including South Korea and China. On May 5, Lee Seung-heon, director of the Americas Trade Division at South Korea’s Ministry of Trade, Industry and Energy, is expected to appear on a panel to explain Seoul’s position. In an official written submission to USTR on April 16 tied to the Section 301 probe, the South Korean government said it is pursuing voluntary, preemptive restructuring efforts in sectors facing global overcapacity, including petrochemicals and steel. On forced labor, it said it is working to eradicate the practice based on International Labour Organization conventions. The hearings follow USTR’s launch in March of a Section 301 investigation into overcapacity-related practices covering 16 countries, including South Korea, China and Japan. Separately, USTR has opened a Section 301 investigation into forced labor involving about 60 countries, including South Korea and Japan. Section 301 authorizes the United States to take action against foreign policies and practices deemed unfair and affecting U.S. trade. After the U.S. Supreme Court in February invalidated reciprocal tariffs imposed under the International Emergency Economic Powers Act, the Trump administration imposed a new 10% global tariff under Section 122 and has been exploring additional tariffs under Section 301. USTR is expected to complete the Section 301 investigation by July 24 and then impose tariffs based on the findings.* This article has been translated by AI. 2026-05-05 14:50:25