Korea's C/A surplus with U.S. falls and US stockholdings doubles SEOUL, June 19 (AJP) - South Korea’s current account surplus with the United States fell for the first time in six years in 2025 amid rising cost of intellectual property and artificial intelligence services, central bank data showed Friday. The data showed that Korea’s goods surplus with the United States remained strong, but was increasingly offset by a wider services deficit and weaker income receipts. According to preliminary regional balance of payments data from June 19, 2026

Lee pitches phased North Korean nuclear plan to Trump SEOUL, June 19 (AJP) - Aiming to lower immediate geopolitical pressure on Pyongyang and prevent Washington from enforcing a rigid, all-or-nothing diplomatic denuclearization campaign, President Lee Jae Myung proposed a flexible, phased diplomatic framework to United States President Donald Trump at the Group of Seven summit to manage the North Korean nuclear threat, the South Korean president said during a press briefing on Friday. The proposal comes as North Korea continues to pr June 19, 2026

Korea's producer prices spike at fastest pace since pandemic SEOUL, June 19 (AJP) -Korea's producer price spiked 8.5 percent from a year earlier in May, the fastest annual increase since the pandemic peak in the summer of 2022, as oil shocks from the Gulf crisis hit the energy-dependent economy in full force and flagged upside risks for consumer inflation ahead, central bank data showed Friday. The figures underscore that supply-driven inflation is no longer just an oil story. The spring energy shock has cooled on a monthly basis, but June 19, 2026

Nat'l Assembly passes motion for probe into June 3 elections SEOUL, June 18 (AJP) - An investigation into disruptions and alleged irregularities during local elections earlier this month began on Thursday. The National Assembly passed a motion for the investigation earlier in the day by a vote of 250–1, setting up a committee of ruling and opposition lawmakers to look into why ballot papers ran short at about 26 polling stations in Seoul and other areas during the June 3 local elections. Chaired by lawmaker Yoon Sang-hyun of the main June 18, 2026

War may be ending, but the inflation bill is yet to arrive SEOUL, June 18 (AJP) - The United States and Iran have signed a memorandum of understanding to end the Gulf conflict, but the war bill has yet to arrive. The inflation shock unleashed by the monthslong Strait of Hormuz blockade is still working its way through central bank decisions, reviving upward pressure on interest rates and the U.S. dollar across Asian financial markets. The Bank of Japan and the European Central Bank have already tightened policy. The Bank of Korea may be June 18, 2026

No change in stance toward North Korea in upcoming white paper, Defense Ministry says SEOUL, June 18 (AJP) - The Ministry of National Defense on Thursday quelled speculation about any change in its stance toward North Korea, saying the reclusive country will remain South Korea's enemy in its annual defense white paper, due out at the end of this year. The ministry said it is "not true" that it is reviewing whether to change its stance in line with the Lee Jae Myung administration's efforts to engage the North. The defense white paper, pub June 18, 2026

Lee to brief on outcomes of his recent trip to Europe SEOUL, June 18 (AJP) - President Lee Jae Myung will brief on the outcomes of his recent trip to Europe, Cheong Wa Dae said on Thursday. Presidential spokesperson Kang Yu-jung said Lee, who has just returned from the trip, will provide reporters with explanations at a press briefing scheduled for 2 p.m. on Friday. He is expected to highlight several key achievements from the trip including his meeting with Pope Leo XIV at the Vatican, during which he sought the pope's supp June 18, 2026

Seoul waives gas tariffs, extends diesel subsidies SEOUL, June 18 (AJP) - South Korea will cut tariffs on liquefied natural gas and liquefied petroleum gas to zero, extend diesel subsidies for transport operators and broaden tariff relief on food imports as the government moves to contain cost-of-living pressure from higher energy and commodity prices. Deputy Prime Minister and Finance Minister Koo Yun-cheol chaired the 11th ministerial task force meeting on consumer price stabilization at the Government Complex Seoul on Thursday. June 18, 2026

Lee builds strong bond with Trump at G7 summit SEOUL, June 18 (AJP) - President Lee Jae Myung discussed a range of issues including North Korea with U.S. President Donald Trump during an official dinner concluding the Group of Seven (G7) summit in France on Tuesday, according to Cheong Wa Dae. Lee, who sat next to Trump during the dinner in Évian-les-Bains, which lasted about 90 minutes, was able to engage in more intimate talks with him. Lee expressed hope that Trump would play a constructive role and take an active p June 18, 2026

BOK chief spells it out: inflation is here to stay and rate hike is coming SEOUL, June 17 (AJP) - The new Bank of Korea governor left little room for doubt: inflation is heading higher and will not come down anytime soon, whether or not the monthslong Gulf war ends this week. The central bank said Wednesday that inflation would remain elevated for a "considerable period," with price pressure gradually shifting from oil and currency shocks to wages and domestic demand. It projected consumer inflation to hover around 3 percent through much of the s June 17, 2026