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US tariff revenue hits record high as trade war escalates SEOUL, July 12 (AJP) - The United States recorded its highest-ever monthly tariff revenue in June, collecting $27.2 billion as the Trump administration's aggressive trade policies continue to reshape federal finances. The figure represents a nearly four-fold increase from the same period last year, according to Treasury Department data released Friday. The surge in tariff income helped push total federal revenue to a record monthly high of $526 billion, up 13 percent from June 2024. Federal spending fell 7 percent to $499 billion, resulting in a monthly budget surplus of $27 billion. However, the Treasury noted that accounting for welfare payment timing adjustments, the government would have faced about a $70 billion deficit. Treasury Secretary Scott Bessent hailed the results as vindication of President Donald Trump's trade strategy. "As President Trump works hard to take back our nation’s economic sovereignty, today’s monthly Treasury Statement is demonstrating record customs duties – and with no inflation," Bessent wrote on X (formerly Twitter). Tariffs have rapidly emerged as a major revenue source for the federal government, with their share of total tax collection doubling from 2 percent to 5 percent in about four months. The levies now rank as the government's fourth-largest income source, trailing only withheld income taxes, non-withheld income taxes, and corporate taxes. For the fiscal year beginning October 1, 2024, tariff revenue reached $113.3 billion over nine months, marking the first time such collections exceeded $100 billion in a fiscal year. The previous record underscored the dramatic shift in U.S. trade policy under the current administration. Trump has signaled further escalation, promising that "big money coming in" when higher reciprocal tariffs take effect from August 1. Bessent predicted during a Cabinet meeting last week that tariff revenue could exceed $300 billion this year. The revenue windfall comes as interest payments on the national debt continue climbing, reaching $921 billion over nine months of the fiscal year, representing a 6 percent increase from the previous year. 2025-07-12 10:59:58 -
YouTubers shape K-beauty retail in Leferi's latest Select Store pop-up SEOUL, July 11 (AJP) - South Korean beauty content company Leferi has launched its fourth Select Store pop-up event, showcasing a curated lineup of Korean cosmetics selected through a sweeping analysis of YouTube beauty content. Running through July 13 at Starfield COEX Mall, Hanam, and Suwon, the Select Store – THE KYEA SELECTION features 21 standout products from 13 brands, including Jung Saem Mool, AHC, and TOKO. What sets this edition apart is its methodology: rather than relying solely on star creators, Leferi utilized its proprietary Beauty Brand Power Index to mine data from more than 15,000 unsponsored YouTube review videos by 929 Korean beauty creators, amassing insights from 553 million views between November 2024 and April 2025. The result, according to Leferi, is a new kind of curation — one based not on paid partnerships or influencer popularity, but on algorithmically assessed product performance across skincare, color cosmetics, and inner beauty supplements. “This is not just another influencer event,” said a Leferi spokesperson. “It’s a retail experience backed by big data and actual viewer engagement.” Leferi has previously hosted similar events featuring star YouTubers like Leo J and Minsko at luxury retail destinations such as The Hyundai Seoul. But this iteration marks a shift toward platform-based authority, blending beauty tech with consumer trust. Still, creators remain central to the experience. Beauty YouTuber Bitnal Young, serving as the event’s "muse," underscored the influence and responsibility that come with her role during a fan meet-and-greet held on Friday. “I have to be very careful because I can’t just recommend any product,” she said in an interview. “When subscribers say that the products I recommended worked well for them, it feels like I’m really having an influence.” Her audience, she added, is primarily women aged 25 to 35 — a key demographic in Korea’s competitive beauty market. The pop-up has also drawn international attention, highlighting the global reach of Korean beauty content. Danya, a 20-year-old visitor from Chicago, browsed the selection after learning about K-beauty through Korean influencers. “I bought a few AHC eye creams — they felt very hydrating and nice,” she said. “Korean brands are huge in the U.S. now.” Positioned as a hybrid between a high-concept retail store and an industry showcase, the Select Store aims to do for beauty what Apple Stores did for tech — or what CES does for product innovation. The event includes creator-led festivals and talk shows designed to foster deeper community engagement. Founded in 2013, Leferi manages a roster of about 800 creators globally and launched the Korea YouTuber’s Excellence Awards to recognize standout content in the beauty space. The company’s touring platform model aims to serve as a new kind of distribution channel — connecting influencers, brands, and consumers in real time and across geographies. 2025-07-11 17:12:59 -
Lee names picks for remaining two ministerial posts SEOUL, July 11 (AJP) - President Lee Jae-myung on Friday tapped candidates to fill the remaining two ministerial posts, completing the nominations for his 19-strong first cabinet. Kim Yun-duk, a three-term lawmaker from the ruling Democratic Party (DP), was named to head the Ministry of Land, Infrastructure and Transport, while Chae Hwi-young, CEO of travel platform Nol Universe, was nominated to lead the Ministry of Culture, Sports and Tourism, presidential chief of staff Kang Hoon-sik told reporters in a press briefing. Kang explained that Kim, a close aide to Lee, is expected to "offer a vision for balanced regional development" while tackling various other issues through his expertise in legislation and policymaking and Chae will be also able to contribute to enhancing the country's soft power "based on his extensive experience leading an online portal and founding a travel platform." With the latest nominations, of the 19 ministerial posts, almost half or nine are now filled with incumbent lawmakers from the DP including Prime Minister Kim Min-seok who was officially appointed early this week. Hearings for each ministerial candidate are scheduled for next week, with several nominees already facing criticism over various controversies. These include Lee Jin-sook, nominee for the Ministry of Education; Jeong Eun-kyeong, nominee for the Ministry of Health and Welfare; and Kang Sun-woo, nominee for the Ministry of Gender Equality and Family. Their allegations range from thesis plagiarism and stock transactions involving potential conflicts of interest to abuse of power such as assigning personal errands and other inappropriate conduct. Unlike the post of prime minister, cabinet appointments do not require parliamentary approval, though nominees are still subject to confirmation hearings in the National Assembly. 2025-07-11 17:04:38 -
Korea's top yards post triple-digit profit growth SEOUL, July 11 (AJP) - South Korea’s top three shipbuilders — HD Korea Shipbuilding & Offshore Engineering (HD KSOE), Hanwha Ocean, and Samsung Heavy Industries — are projected to post a combined operating profit of more than 2.57 trillion won ($1.86 billion) for the first half of 2025, more than triple the earnings from a year earlier, as the industry rides a wave of high-margin vessel deliveries and growing defense contracts. The projected total marks a 226 percent increase from the 788.5 billion won reported during the same period in 2024, according to estimates compiled by financial data provider FnGuide and industry analysts. For the second quarter alone, the shipbuilders are forecast to earn 1.33 trillion won in operating profit, up 167 percent from the year-earlier quarter. HD KSOE, the intermediate holding company that controls Hyundai Heavy Industries' shipbuilding units, is expected to lead the surge with an estimated 900 billion won in second-quarter profit, a 139 percent jump from a year earlier. For the first half, its operating profit is forecast to reach 1.76 trillion won, up 228 percent. Much of the gain stems from improved margins at HD Hyundai Heavy Industries, which posted an operating margin of 11.3 percent in the first quarter and is projected to sustain margins near 12 percent in the second. Industry analysts attribute the rise in profitability to a waning impact from low-margin contracts signed during the industry downturn of 2020–21, which now account for just 2 percent of revenue. Hanwha Ocean, which returned to the black last year after four consecutive years of losses, is poised to post a dramatic turnaround. The company is projected to report an operating profit in the mid-250 billion won range for the second quarter, compared to a loss in the same period last year. Its first-half profit is expected to total about 510 billion won — an increase of more than 1,000 percent year-over-year. Hanwha's recovery is being powered by a portfolio shift toward high-value contracts, including submarine construction and maintenance and overhaul (MRO) work for the U.S. Navy. The company’s operating margin hit 8.2 percent in the first quarter and is expected to remain in the 7-percent range. Samsung Heavy Industries is also expected to show solid results, with a projected first-half operating profit of 298.8 billion won, up 43 percent from a year earlier. The company’s focus on floating liquefied natural gas (FLNG) platforms — a segment where it commands a dominant share of the global market — has provided a steady stream of high-margin work. Much of the industry’s recent momentum is rooted in the delivery of high-value vessels, particularly LNG carriers and container ships. HD Hyundai’s current backlog consists of gas carriers making up about 70 percent of its total orders. LNG-related contracts account for more than 60 percent of Hanwha Ocean’s order book. Samsung, for its part, continues to bet heavily on FLNG infrastructure, with demand remaining strong amid a global push for energy security. Korean shipbuilders are also diversifying into defense and offshore energy platforms, adding stability to what has long been a cyclical industry. With the Trump administration preparing to invest in revitalizing the U.S. shipbuilding sector, analysts say South Korean firms could see new opportunities emerge in the American commercial and naval markets in the latter half of the year — a development that could open a lucrative new export channel. 2025-07-11 17:01:38 -
South Korea, Japan and US conduct aerial drill as defense chiefs meet SEOUL, July 11 (AJP) - South Korea conducted a large-scale joint aerial drill with Japan and the United States, the Defense Ministry said on Friday. In a show of readiness against North Korea's nuclear and missile threats, the exercise was held over waters off the southern resort island of Jeju, involving a U.S. B-52 strategic bomber as well as South Korea's KF-16 and Japan's F-2 fighter jets, according to the ministry. "Through close cooperation, the three countries will continue conducting joint training to deter and respond to threats from North Korea," the ministry said in a press release. Friday's exercise, which came less than a month after a similar drill, coincided with an annual meeting where the top military officers of the three countries gathered in Seoul to discuss ways to strengthen trilateral security cooperation. Earlier in the day, South Korea's Adm. Kim Myung-soo met with his U.S. and Japanese counterparts, Gen. Dan Caine and Gen. Yoshihide Yoshida, at the Trilateral Chiefs of Defense (Tri-CHOD) meeting, which rotates among the three countries and was held in Seoul this year following the previous gathering in Tokyo last July. In the meeting, Kim emphasized the importance of strong trilateral cooperation in the face of "North Korea's growing nuclear and missile threats," which pose significant security challenges on the Korean Peninsula. Expressing his agreement, Caine said, "Our focus in the United States remains on reestablishing deterrence, and doing so needs and requires the trilateral cooperation between our three countries." He then added, "and China are undergoing an unprecedented military buildup with a clear and unambiguous intent to move forward with their own agendas. We need to be mindful of that." Recalling the inaugural Tri-CHOD meeting in Hawaii in July 2014, when the primary agenda was solely focused on North Korean threats, Caine also said that trilateral cooperation should now "address broader regional issues," suggesting China's growing influence in the region. 2025-07-11 15:53:01 -
Korea to dispatch veterinary medicine trade mission to Chile, Mexico SEOUL, July 11 (AJP) - South Korea is sending a trade delegation to Chile and Mexico next week in a bid to expand exports of veterinary medicines and deepen agricultural ties. The Ministry of Agriculture, Food and Rural Affairs announced it will lead a mission from July 12 to 21 aimed at opening new export channels for South Korean veterinary drugs, including antibiotics and vaccines used in livestock, pet care, and aquaculture. Representatives from the Korea Animal Health Products Association and four major pharmaceutical manufacturers — Green Cross Veterinary Products, Dae Sung Microbiological Labs, Median Diagnostics, and Woogene B&G — will join the delegation. “We will promote the excellence of South Korean veterinary medicines in Latin America and strengthen information exchange and cooperation to expand new export markets,” said Kim Jung-wook, Director-General of the ministry's agricultural innovation policy bureau. The trip comes amid a sharp rise in South Korea’s veterinary pharmaceutical exports, which grew 51 percent year-on-year to $167.2 million in the first five months of 2025, buoyed in part by growing demand in Latin American markets. Chile’s veterinary medicine sector reached $220 million in 2024 and is projected to grow at an annual rate of 8.5 percent through 2034, according to industry data. Mexico, with a market valued at $1.65 billion, is expected to expand at a similar pace, growing 8.4 percent annually through 2030. The delegation is scheduled to hold one-on-one business meetings with 28 local buyers — on July 15 in Santiago and July 17 in Mexico City — in an effort to connect Korean firms directly with regional distributors and importers. In addition to commercial talks, ministry officials will visit regulatory bodies on July 14 and 18 to gain insight into local drug registration systems and veterinary policies. The group will also conduct field visits to veterinary supply chains. 2025-07-11 15:18:20 -
PHOTOS: Pictorial album of Mount Baekdu's landscapes SEOUL, July 11 (AJP) - North Korea’s Foreign Languages Publishing House released a new pictorial album in June showcasing the natural landscapes of Mount Baekdu and Lake Chon. Mount Baekdu, which stands at 2,744 meters, is the highest peak on the Korean Peninsula. Its summit features Lake Chon, a caldera lake. The lake has a circumference of 14 kilometers, an average depth of 213 meters, and a maximum depth of 384 meters. From mid-October to mid-May, Lake Chon is typically covered in ice and snow. 2025-07-11 14:43:33 -
North Korea hails historic treaty in bid to mend ties with China SEOUL, July 11 (AJP) - North Korea will continue to strengthen its ties with China, the state-run Rodong Sinmun reported on Friday, as two countries marked the anniversary of a treaty signed decades ago. Coinciding with the 64th anniversary of the treaty signed on July 11, 1961, by North Korean regime founder Kim Il-sung and then-Chinese Premier Zhou Enlai, the daily hailed the treaty for laying the groundwork to strengthen "strategic cooperation" between Pyongyang and Beijing and to protect them from "hostile forces' reckless military adventurism," which it claimed "threatens global peace and security." Like North Korea's recent military pact with Russia signed during Russian President Vladimir Putin's visit to Pyongyang in June last year, the treaty also includes a similar clause pledging both countries to provide each other with immediate military assistance in the event of an armed attack. Friday's news coverage fuels speculation that Pyongyang may be attempting to mend ties with its traditional ally after a recent rift, especially given that state media from both sides remained silent about the anniversary last year. 2025-07-11 14:26:33 -
KOSPI surges above 3,200 for first time since 2021 SEOUL, July 11 (AJP) - South Korea’s benchmark KOSPI index climbed above the 3,200 level for the first time in nearly four years on Friday, buoyed by a global rally in semiconductor stocks, before paring gains as foreign investors turned net sellers. The index surged as high as 3,216.69 in morning trading, its highest intraday level since September 7, 2021, when it reached 3,201.76. By early afternoon, however, the index had trimmed its advance, standing at 3,186.14 — up 2.98 points, or 0.1 percent, as of 1:48 p.m. The brief breach of the 3,200 threshold continued a recent run of record-setting sessions for the Korean stock market. On Thursday, the KOSPI notched a record close of 3,183.23, underscoring renewed investor optimism, particularly in the semiconductor sector. The gains followed an overnight rally in U.S. equities, even as trade tensions flared between Washington and Brasil. President Donald Trump threatened to impose 50 percent tariffs on Brazilian imports beginning August 1, prompting reciprocal warnings from the Brazilian government. Still, investor sentiment remained buoyant, helped by chipmaker Nvidia, whose shares rose 0.75 percent for a third straight session. The company’s market capitalization surpassed $4 trillion on a closing basis for the first time, reinforcing bullish expectations for semiconductor demand. Further fueling optimism was TSMC's record second-quarter revenue, powered by soaring demand for artificial intelligence applications. 2025-07-11 14:03:11 -
Korean exporters brace for weaker second half as tariff uncertainty looms SEOUL, July 11 (AJP) - South Korea’s export momentum is expected to falter in the second half of 2025, weighed down by rising uncertainty over U.S. trade policy and softening global demand, according to a new industry survey. The Federation of Korean Industries (FKI), in partnership with research firm Mono Research, surveyed 150 companies among Korea’s top 1,000 exporters across ten key sectors. The findings paint a cautious picture: overall export volume is projected to decline by 1.6 percent year-over-year, reversing gains seen earlier in the year. The export outlook varies sharply by industry. Bio-health products are expected to lead the few gainers, with shipments projected to rise 1.6 percent, followed by electronic components (1.3 percent), automotive parts (0.8 percent), and computers (0.4 percent). In contrast, steel exports are forecast to fall 5.0 percent, shipbuilding by 2.5 percent, and both petrochemicals and general machinery by 2.2 percent. Automobile and semiconductor exports are also expected to contract, though more modestly. The most pressing concern among exporters is the potential for escalating U.S. tariffs. More than half of respondents identified American trade policy as the top risk to their businesses, ahead of broader worries about a global economic slowdown and the intensifying U.S.–China rivalry. Industry anxiety has grown since Washington announced on July 7 that new retaliatory tariffs — reaching as high as 25 percent — could take effect on August 1. If implemented, they would pose a severe burden for Korean exporters, the survey found. A full 92 percent of respondents said their businesses would struggle to absorb tariffs above 15 percent. Notably, 42 percent indicated that even a single-digit increase would be difficult to manage. In response, companies are exploring a range of mitigation strategies. About one-third said they plan to reduce costs, while a similar share are preparing to adjust export prices. Roughly 15 percent are considering shifting production overseas. Still, 14.2 percent of firms acknowledged having no concrete plan in place. Profit margins are expected to remain under pressure. Nearly 39 percent of companies forecast deteriorating profitability in the second half of 2025, citing rising tariff-related costs (44.8 percent), tougher price competition (34.5 percent), and increasing labor and operational expenses (13.8 percent). Only 14 percent expect an improvement. Sectors such as auto parts, automobiles, general machinery, petrochemicals, and steel were more likely to report projected margin declines. Only the semiconductor and shipbuilding industries had more companies forecasting improved profitability than those expecting deterioration. To bolster resilience, exporters are urging the government to prioritize trade pacts aimed at reducing tariff exposure and to expand financial support. Policy recommendations include enhanced corporate tax incentives, investment credits, and initiatives to help firms access new export markets. “With U.S. tariff policy and sluggish global growth likely to persist, cost-cutting alone is not a sustainable strategy,” said Lee Sang-ho, head of economic and industrial policy at FKI. “What’s needed are trade agreements that reflect Korea’s strengths, regional diversification of exports, and broader institutional support to secure long-term competitiveness.” 2025-07-11 13:57:48