Budget shoppers crowd market
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
an hour ago
- Korea Herald
Govt. to monitor financial volatility after Trump's tariff letters
The government will closely monitor domestic and offshore financial markets for any increased volatility as US President Donald Trump's letters to major trading partners on his tariff plans may have exacerbated market uncertainties, Seoul's vice finance minister said Tuesday. "Under close cooperation with relevant agencies, we will closely monitor developments related to US tariffs and their impact on financial markets and the real economy," First Vice Finance Minister Lee Hyoung-il said in an emergency meeting held to assess the impact of Washington's latest move. Lee is currently serving as the acting finance minister. "If the market shows excessive volatility that deviates from our economic fundamentals, we plan to take an immediate and bold action in accordance with our contingency plans tailored to various scenarios," it added. The ministry said global financial markets showed increased volatility after Trump began sending tariff letters to 14 countries, including South Korea and Japan, while extending the deadline for tariff negotiations to Aug. 1. A 90-day suspension of the US' reciprocal tariffs was originally set to expire Tuesday. In his letter to South Korean President Lee Jae Myung, Trump said his country will impose 25 percent reciprocal tariffs on Korean products starting on Aug. 1, but that an adjustment may be possible if Seoul eliminates its tariff and non-tariff policies and trade barriers. Overnight, Wall Street closed lower and the US dollar gained ground against other currencies, reflecting uncertainties surrounding US tariff policies. (Yonhap)
Korea Herald
an hour ago
- Korea Herald
Presidential office to hold response meeting as Trump unveils tariffs, extends deadline
The presidential office said it will hold a response meeting with relevant ministries Tuesday to discuss measures for tariff negotiations with the United States, as US President Donald Trump said Washington will impose 25 percent tariffs on South Korean goods but extended a deadline for the talks. Kim Yong-beom, presidential chief of staff for policy, will preside over the meeting at 1:30 p.m., which will be attended by senior aides, the minister of government policy coordination and senior officials from the ministries of industry, finance and foreign affairs. Participants are expected to review recent developments in the tariff talks and coordinate response strategies. In a letter addressed to President Lee Jae Myung, US President Donald Trump said 25 percent "reciprocal" tariffs will take effect on Aug. 1, weeks later than the initial deadline set for this week. National Security Adviser Wi Sung-lac and Trade Minister Yeo Han-koo are currently in Washington as part of coordinated efforts to address tariffs and other alliance issues. (Yonhap)
Korea Herald
2 hours ago
- Korea Herald
Lee's top adviser tells Rubio to hold S. Korea-US summit at early date
South Korea's National Security Adviser Wi Sung-lac told US Secretary of State Marco Rubio that Seoul hopes to hold a summit between President Lee Jae Myung and US President Donald Trump at an early date, the presidential office said Tuesday. The talks between Wi and Rubio in Washington came as Trump shared a letter with Lee saying that the US will begin 25 percent tariffs on all South Korean products on Aug. 1, granting another three-week pause that allowed more time for Seoul to reach a tariff deal with his administration. During the talks, the South Korean side hoped to hold a summit between Lee and Trump at an early date "to advance a mutually beneficial outcome in all pending issues," Lee's office said in a statement. In return, the US side shared understanding, according to the statement. During the meeting, Wi emphasized the need to advance tariff negotiations in a way that strengthens the bilateral alliance and expressed hope for continued cooperation between the two sides, the presidential office said. Rubio shared the consensus and expressed hope that the two countries would remain in close communication to reach a trade agreement until the actual imposition of tariffs on Aug. 1, according to the office. (Yonhap)
