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  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
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  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
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  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
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  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
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  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
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  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
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  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
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  Washington slaps another Section 301 probe on South Korea SEOUL, March 13 (AJP) -South Korea has been drawn into another U.S. trade investigation as Washington launched a new probe under Section 301 of the Trade Act of 1974 targeting forced-labor imports, only a day after opening a sweeping investigation into global manufacturing overcapacity. The back-to-back actions suggest the United States is assembling multiple Section 301 cases in an effort to rebuild the legal basis for tariffs after the U.S. Supreme Court recently struck down a key March 13, 2026
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  Nat'l Assembly passes bill to implement investment pledges under trade deal with US SEOUL, March 12 (AJP) - A bill outlining South Korea's massive investment pledges to the U.S. was passed at a plenary session in the National Assembly on Thursday. Of the 242 lawmakers present, 226 voted in favor, eight against and another eight abstained, clearing the way for South Korea's pledges to invest US$350 billion in the U.S. as part of a broader trade deal reached between the two countries last fall. The bill would provide a legal framework to establish a fund March 12, 2026
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  PM heads to US, Switzerland to bid for UN AI hub SEOUL, March 12 (AJP) - Prime Minister Kim Min-seok left for the U.S. on Thursday to promote South Korea's bid to host an artificial intelligence (AI)-related hub for the U.N. and its agencies. During his weeklong visit, Kim is scheduled to meet with U.N. Secretary-General António Guterres and other officials in New York, where he will promote South Korea's initiative for global cooperation on AI-related projects. He is also expected to hold a meeting with seni March 12, 2026