Korean legislative finally moves on FX support as won levels breach crisis levels SEOUL, Mar. 17 (AJP) - South Korea’s National Assembly is scrambling to fast-track a package of exchange-rate support bills after sitting on them for months as the won comes under renewed pressure from the widening Gulf war. The urgency reflects not just broad dollar strength but a sharper loss of confidence in the won itself. According to the Financial Supervisory Service, the won weakened 4.12 percent against the dollar as of Monday from end-February, before the war e March 17, 2026

Cabinet approves bill to implement investment pledges under trade deal with US SEOUL, March 17 (AJP) - A special bill outlining South Korea's massive investment pledges to the U.S. was approved at a cabinet meeting chaired by President Lee Jae Myung at the government complex in the administrative city of Sejong on Tuesday. The approval comes about a week after the bill was passed at a plenary session in the National Assembly and roughly two months after U.S. President Donald Trump threatened in January to raise reciprocal tariffs on South Korea from 15 March 17, 2026

FM tight-lipped over possible warship dispatch to Middle East SEOUL, March 17 (AJP) - There has been growing speculation about a possible deployment of South Korean troops to the Middle East, after U.S. President Donald Trump urged allies to dispatch warships to the Strait of Hormuz earlier this week. In a parliamentary session at the National Assembly in Seoul on Tuesday, when asked whether the U.S. formally asked Seoul to deploy warships to the strategically important waterway, he declined to elaborate, ambiguously saying "It may or may March 17, 2026

Seoul readies "wartime" contingency plans including export curb option and extra budget SEOUL, March 17 (AJP) - South Korean President Lee Jae Myung on Tuesday ordered the government to prepare for worst-case scenarios, including "wartime" extra budget, export curbs, and nationwide energy-saving measures, as the Middle East conflict threatens to disrupt global oil supplies. “The Middle East situation is expanding beyond expectations,” Lee said in a cabinet meeting. “At this rate, gasoline prices — which have stabilized under price co March 17, 2026

US mounts more pressure on allies for maritime coalition in Strait of Hormuz SEOUL, March 17 (AJP) -South Korea and Japan — both heavily dependent on Middle Eastern energy supplies passing through the Strait of Hormuz — have been repeatedly singled out by U.S. President Donald Trump as Washington seeks international support for reopening the vital shipping lane amid the ongoing U.S.–Israeli war with Iran. Speaking at the White House on Monday during a meeting with trustees of the John F. Kennedy Center for the Performing Arts, Trump renewed March 17, 2026

GULF CRISIS: South Korea to release 22.46 million barrels from strategic reserve SEOUL, March 16 (AJP) -South Korea will release 22.46 million barrels of crude oil from its strategic reserves over the next three months as part of coordinated international efforts to stabilize global energy markets following supply disruptions caused by Iran’s blockade of the Strait of Hormuz. The decision was announced Monday after a meeting between the government and the ruling party, which agreed to gradually release the oil stockpile in line with a collective action pla March 16, 2026

Seoul 'in close talks' with Washington over sending warships to Strait of Hormuz SEOUL, March 15 (AJP) - The government is closely consulting with Washington and carefully weighing options after U.S. President Donald Trump pressed allies, including South Korea, to send warships to the Strait of Hormuz, Cheong Wa Dae said on Sunday. Urging countries "affected" by the closure of the strategically vital waterway, a critical chokepoint for roughly one-fifth of the world's oil supply, Trump wrote on his social media platform the previous day, "Ho March 15, 2026

PM Kim says Trump asked if Kim Jong-un wants talks with U.S. SEOUL, March 14 (AJP) - South Korean Prime Minister Kim Min-seok said Saturday that U.S. President Donald Trump asked him whether North Korean leader Kim Jong-un is interested in resuming dialogue with the United States. Kim said he spoke with Trump for about 20 minutes on Friday about North Korea and other issues during a meeting at the White House. He added that much of the conversation involved Trump asking for his views on the North Korean issue. According to Kim, he told Tru March 14, 2026

Fuel prices decline a day after government price cap begins SEOUL, March 14 (AJP) - Average fuel prices at gas stations across South Korea continued to fall on Saturday, a day after the government’s oil price cap took effect. According to the Korea National Oil Corp.’s price information system Opinet, the nationwide average price of gasoline stood at 1,851.9 won ($1.24) per liter as of 9 a.m., down 12.2 won from the previous day. Diesel prices fell more sharply to 1,856.1 won per liter, down 16.6 won. Diesel remained slightly March 14, 2026

PM Kim holds surprise meeting with Trump at White House SEOUL, March 14 (AJP) - South Korean Prime Minister Kim Min-seok held a brief, surprise meeting with U.S. President Donald Trump at the White House on Friday, the Prime Minister’s Office said. Kim, who is visiting Washington, met Trump briefly and exchanged remarks after holding talks the previous day with U.S. Vice President JD Vance, according to the office. Details of the conversation were not disclosed. Observers believe the two may have discussed pending Korea-U.S. March 14, 2026