KORUS FTA now a blank sheet as Trump imposes 'reciprocal' tariffs on Korean imports

SEOUL, April 3 (AJP) - The United States announced on Thursday that it will impose a 25 percent "reciprocal" tariff on all imports from South Korea, effectively nullifying the Korea-U.S. Free Trade Agreement. The sweeping measure marks a dramatic shift in economic relations between the two longtime allies. President Donald Trump signed an executive order enacting the tariff policy, which targets several major U.S. trading partners. China faces the highest levy at 34 per

April 3, 2025

Mirae Asset expands global reach with strategic investments, innovation

Editor's Note: This article is the 13th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, April 2 (AJP) - South Korea’s largest financial services conglomerate, Mirae Asset Financial Group, is further solidifying its international presence, and its continued expansion underscores its ambitions to become a dominant force in global finance. Long be

April 3, 2025

Tensions heighten ahead of Constitutional Court's verdict on Yoon's fate

SEOUL, April 2 (AJP) - As the Constitutional Court of Korea is set to deliver its ruling on the fate of President Yoon Suk Yeol in his impeachment trial later this week, tensions are escalating between his supporters and opponents. With the court's ruling just two days away, protests from both sides are intensifying and turning violent at times, accompanied by overnight vigils and rallies near the courthouse, raising concerns about potential clashes if either side refuses to acc

April 2, 2025

Satellite images suggest North Korea bolstering drone infrastructure

SEOUL, April 2 (AJP) - North Korea appears to be expanding its drone infrastructure and may be establishing a separate military unit, according to a report released by a U.S. think tank on Tuesday. The Center for Strategic and International Studies (CSIS) in Washington said satellite images taken last Friday show seven newly built hangars for unmanned aerial vehicles (UAVs) at multiple sites in North Pyongan Province on the outskirts of Pyongyang, offering a glimpse into the country

April 2, 2025

Household debt per borrower hits record high

SEOUL, April 2 (AJP) - South Korea's household debt burden has reached a record high, with the average per capita debt climbing to nearly 96 million won ($65,500). According to data released Wednesday by the Bank of Korea, the average household debt per borrower stood at 95.5 million won at the end of the fourth quarter of last year, the highest level since records began in 2012. While the total number of borrowers declined by 110,000 to 19.68 million — its lowest level

April 2, 2025

10 percent of patients wait average of 17.5 days to be hospitalized: Survey

SEOUL, April 02 (AJP) - A government survey showed Monday that one in ten patients in South Korea waited an average of 17.5 days to be admitted to a hospital last year, marking a nearly four-day increase compared to the year before. The spike in wait times comes amid a shortage of doctors at major university hospitals, where medical residents and interns have collectively resigned in protest of the government’s plan to increase the medical school admission quota significantl

April 2, 2025

Energy storage setback deepens woes for South Korean battery makers

SEOUL, April 2 (AJP) - South Korean battery manufacturers are confronting a sharp downturn in their energy storage system (ESS) divisions, compounding the challenges of an electric vehicle market slowdown, industry analysts said Wednesday. LG Energy Solution is projected to see ESS revenue fall by more than 40 percent from the previous quarter, with estimates placing the figure between 353 billion and 363 billion won ($240 million to $247 million), according to multiple securities f

April 2, 2025

Voters go to polls in local by-elections

SEOUL, April 2 (AJP) - Voters cast their ballots in by-elections on Wednesday to fill vacant posts in several cities and local provinces on Wednesday at some 1,500 polling stations across the country. The low-key elections come just two days before the Constitutional Court of Korea's decision on the fate of President Yoon Suk Yeol's impeachment trial later this week over his botched Dec. 3 declaration of martial law, drawing attention as they could serve as a gauge of public

April 2, 2025

Leadership void leaves Korea vulnerable to Trump's tariff offensive

SEOUL, April 2 (AJP) - U.S. President Donald Trump is poised to unveil a sweeping set of reciprocal tariffs on Thursday in a White House ceremony he has branded "Liberation Day," a move that could have profound economic repercussions for export-driven nations like South Korea. The policy, scheduled for announcement at 3 a.m. in the Rose Garden, would impose duties on foreign imports equivalent to those levied by other nations on American goods. The measure could deliver

April 2, 2025

Justice Ministry considers long-term residency for Indonesian fisherman who rescued elderly from wildfire

SEOUL, April 02 (AJP) - South Korea’s Ministry of Justice announced Monday that it is reviewing the possibility of granting long-term residency to Sugianto, a 31-year-old Indonesian national who helped rescue elderly residents during a deadly wildfire in North Gyeongsang Province in late March. The ministry said it is considering offering Sugianto an F-2 visa, a long-term residency status that can be granted to individuals who have made special contributions to South Korea.

April 2, 2025