Tariffs take toll as Korea's steel exports to US drop sharply in May

SEOUL, June 23 (AJP) - South Korea’s steel exports to the United States fell sharply in May, marking the first significant contraction since Washington imposed new tariffs earlier this year, trade data released Monday showed. According to the Korea International Trade Association, shipments to the U.S. declined 16.3 percent year-on-year to $327 million, down from $390 million in May 2024. The slump comes as the full effects of the 25 percent tariffs on steel and aluminum, enac

June 23, 2025

Closure of Hormuz Strait likely to imperil South Korea's energy lifeline

SEOUL, June 23 (AJP) - Iran’s parliament has approved a measure to close the Strait of Hormuz, raising the specter of a severe energy crisis in South Korea. The move, seen as retaliation for recent U.S. military strikes on Iranian nuclear facilities, threatens to sever a critical artery through which nearly 70 percent of South Korea’s crude oil imports flow. The narrow waterway, wedged between Iran and Oman, is one of the world’s most strategic maritime chokepoi

June 23, 2025

SK Group to build hyperscale AI data center

SEOUL, June 23 (AJP) - SK Group is investing in a hyperscale data center that seeks to reduce the nation’s reliance on foreign technology providers in a move aimed at advancing South Korea’s pursuit of sovereign artificial intelligence capabilities. Through a strategic partnership with Amazon Web Services, SK plans to build a 100-megawatt AI-specialized facility in the southern industrial city of Ulsan. Slated to begin operations in 2027, the project marks one of the c

June 23, 2025

Lee meets ruling and opposition leaders at his residence

SEOUL, June 22 (AJP) - President Lee Jae Myung met with leaders of the ruling Democratic Party (DP) and the main opposition People Power Party (PPP) to discuss state affairs and various other issues. The luncheon meeting was held at his temporary residence in Hannam-dong, central Seoul, bringing together Kim Byung-kee, the DP's acting leader and floor leader, Kim Yong-tae, the PPP's interim leader, and Song Eon-seok, the PPP's floor leader. Following Lee

June 22, 2025

Security officials hold emergency meeting after US airstrikes on Iranian nuclear sites

SEOUL, June 22 (AJP) - An emergency meeting, chaired by National Security Adviser Wi Sung-lac, was convened on Sunday shortly after the U.S. struck nuclear facilities in Iran. In the meeting, key security officials assessed the situation in the Middle East and discussed the potential impact on South Korea's security and economy. Earlier, the U.S. carried out airstrikes on three Iranian nuclear sites including a secret underground uranium enrichment facility located in a remot

June 22, 2025

Trade officials from South Korea and US to sit down for talks ahead of July tariff deadline

SEOUL, June 22 (AJP) - The first working-level trade talks between Korea and the U.S. since President Lee Jae-myung took office earlier this month will take place in Washington early this week. Trade Minister Yeo Han-koo left for Washington on Sunday to hold bilateral trade talks with his U.S. counterparts. During his visit, he is expected to meet with U.S. Trade Representative Jamieson Greer, as well as other high-ranking U.S. government officials, to discuss tariff-related and

June 22, 2025

Yoga enthusiasts in Seoul gather to celebrate international day

SEOUL, June 21 (AJP) - An event celebrating the International Day of Yoga was held at Gwanghwamun Square in central Seoul on Saturday, bringing together hundreds of participants from both the Korean and Indian communities. Co-hosted by the Korean Yoga Association and the Embassy of India in Seoul, the event featured a series of yoga sessions, performances, and speeches aimed at deepening public understanding of yoga. Attendees included yoga practitioners, instructors, embassy offici

June 21, 2025

Police charge 15 more officials over December Jeju Air crash

SEOUL, June 21 (AJP) - South Korean police have filed criminal charges against 15 additional officials for their alleged roles in failing to prevent the Dec. 29 Jeju Air passenger jet crash, investigators announced on Saturday. The South Jeolla Provincial Police's investigation unit charged the officials with professional negligence resulting in death and injury, bringing the total number of suspects under investigation to 24 people including those previously charged following co

June 21, 2025

Samsung and SK hynix on edge as US considers restricting equipment shipments to China facilities

SEOUL, June 21 (AJP) - Samsung Electronics and SK hynix are closely monitoring developments after US officials reportedly notified the South Korean chipmakers this week about potential restrictions on American semiconductor equipment shipments to their China-based facilities, according to a report on Friday. The Wall Street Journal reported that Jeffrey Kessler, assistant secretary for export administration at the US Commerce Department, informed both companies along with Taiwan'

June 21, 2025

South Korean fuel prices rise for first time in six weeks amid Middle East tensions

SEOUL, June 21 (AJP) - Gasoline and diesel prices at South Korean gas stations posted their first weekly increase in six weeks, reflecting rising international oil prices driven by Middle Eastern geopolitical risks. According to the Korea National Oil Corporation's price information system Opinet on Saturday, the national average gasoline price for the third week of June (June 15-19) rose 7.8 won per liter to 1,635.5 won ($4.54) compared to the previous week. Diesel prices simila

June 21, 2025