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Korea says copper tariffs risk jobs, investments in US battery sector
South Korea has urged the US to refrain from imposing tariffs on Korean copper products, raising concerns that such measures could undermine Korean companies’ investments in the US. According to the US Federal Register on Sunday, Korea’s Ministry of Trade, Industry and Energy submitted a formal opinion to the US Department of Commerce on April 1, emphasizing that Korean copper imports pose no threat to US national security. In its submission, the ministry highlighted that Korean copper accounts
April 14, 2025 -
Posco mulls stake in Hyundai Steel’s US plant to offset tariffs
South Korean steel giants may soon forge a rare alliance overseas, as industry leader Posco weighs a stake in Hyundai Steel’s planned US plant in a calculated effort to break through trade barriers under the second Donald Trump administration. According to industry sources on Monday, Posco is in talks to join Hyundai Steel’s $5.8 billion electric arc furnace project in Louisiana, where Hyundai plans to fund half the cost through equity participation from affiliates and outside investors. Posco h
April 14, 2025 -
MetLife's Asia president visits Seoul
MetLife Asia Regional President Lyndon Oliver visited Seoul last week to engage with employees and reaffirm the company's commitment to the South Korean market. According to the company on Monday, Oliver found the Seoul headquarters of the New York-based insurer, located in Gangnam-gu, where he took part in the “CEO Server’s Morning” event. Joined by MetLife Korea CEO Song Young-rok and other executives, Oliver helped serve breakfast to employees in a gesture meant to foster unity and boost mora
April 14, 2025 -
Lee Jae-myung calls for state-led AI investment in 1st campaign outing
Rep. Lee Jae-myung of the main opposition Democratic Party of Korea, the leading presidential contender, emphasized the need for government-led investment in the artificial intelligence industry during a Monday visit to FuriosaAI. The visit to the local AI chipmaker marked Lee's first public appearance since declaring his candidacy last week. “For me, my biggest concern is how can we make it so that many people can live better lives in better circumstances? And when it comes to jobs, artificial
April 14, 2025 -
Pushed by Trump's tariffs, East Asian rivals revisit free trade pact
The unpredictable tariff policies of US President Donald Trump are bringing an unlikely trio in East Asia together -- South Korea, Japan and China -- as long-stalled free trade talks between the regional rivals have gained steam once again. Last month, just days before Trump's so-called “Liberation Day" on Wednesday, the start of his self-proclaimed "reciprocal" tariffs on most countries, amounting to the most sweeping tariff hikes since 1930, the three neighboring countries –- all hit with espe
April 14, 2025 -
Samyang CEO visits Coachella in global push for Buldak brand
Samyang Foods, the maker of the globally popular Buldak ramyeon, announced Monday that Vice Chairman and CEO Kim Jung-soo visited the Coachella Valley Music and Arts Festival in California, where the company’s Buldak booth officially opened last Friday as part of the brand's global engagement efforts. The booth was established through the Korean firm’s first official partnership with Coachella and is expected to serve as a key platform for promoting the Buldak brand to global consumers. “This vi
April 14, 2025 -
S. Korean smartphone makers remain cautious over unpredictable US tariff policies
South Korean smartphone and personal computer makers are staying cautious as unpredictable tariff policies increase uncertainty around their future production strategies. On Friday, US President Donald Trump's administration exempted smartphones, computers and some other electronic devices from country-specific reciprocal tariffs, including the 125 percent levies imposed on Chinese imports. The move was seen as a temporary relief for US tech giants like Apple Inc., which relies heavily on Chines
April 14, 2025 -
Celltrion gets interchangeability approval for biosimilar of Humira in US
Celltrion Inc., a major South Korean biopharmaceutical firm, said Monday it has obtained an interchangeability approval for its biosimilar drug for autoimmune disease treatment in the United States. The US Food and Drug Administration designated Celltrion's biosimilar Yuflyma as interchangeable medicine for its original drug Humira in the US, the company said in a press release. Interchangeability approval is a designation given to drugs that can be substituted for another drug at pharmacies wit
April 14, 2025 -
KB Kookmin Bank, KAI sign W1tr MOU for aerospace growth
KB Kookmin Bank has signed a memorandum of understanding with Korea Aerospace Industries, Korea’s sole integrated aircraft manufacturer, to strengthen the competitiveness of Korea’s strategic aerospace sector and support KAI’s global expansion efforts, the lender said Sunday. The signing ceremony took place Friday at KB Kookmin’s headquarters in Seoul with KB Kookmin CEO Lee Hwan-ju and KAI CEO Kang Goo-young in attendence. Under the agreement, KB Kookmin will provide up to 1 trillion won ($703
April 13, 2025 -
Trump’s imminent drug tariffs spark alarm in Korean pharma
US President Donald Trump announced Tuesday that his administration will soon impose tariffs on imported pharmaceuticals, which had previously been exempt from major "reciprocal" tariff measures, raising alarm across Korea’s pharmaceuticals and biotech industries. According to multiple foreign news outlets, Trump made the statement during a dinner hosted by the National Republican Congressional Committee in Washington. There, he suggested that pharmaceuticals companies would likely "relocate ope
April 12, 2025 -
Ikea Korea launches first Seoul store, bolsters 'omnichannel' presence
Ikea Korea announced that it would open its first store in Seoul, Ikea Gangdong, on Thursday, while unveiling plans to ramp up investment to better meet the needs of Korean consumers. “Koreans have a strong interest in home furnishing products, and the country is one of the most active markets for online purchases of our products,” said Isabel Puig, CEO and chief sustainability officer of Ikea Korea, at a preopening press event Friday. “Next year, we plan to invest 30 billion won in automation s
April 11, 2025 -
US shows willingness to handle tariff talks smoothly with S. Korea: trade minister
The US has expressed a willingness to handle the tariff negotiations with South Korea and Japan as smoothly as possible, Seoul's Trade Minister Cheong In-kyo said Friday, describing the US' openness as a key outcome of his visit to Washington. "We held various discussions aimed at ensuring smooth trade relations with the Trump administration," Cheong told reporters at Incheon International Airport upon returning from his two-day visit to Washington. Cheong's trip marked the first of its kind by
April 11, 2025 -
Trump hints at outsourcing vessels from Korean shipbuilders
US President Donald Trump has once again indicated the intention to work with allies to build ships while rebuilding America’s shipbuilding sector, but this time, he hinted at the possibility of buying ships from other countries, raising the potential for collaboration with Korean shipbuilders. “We are going to be rebuilding our shipbuilding business,” said Trump during a White House Cabinet meeting in Washington on Thursday. “We may order ... (we) would have to go to Congress for this, but we m
April 11, 2025 -
‘The most humane is the most advanced’: Innovate Korea 2025 reimagines AI through a human lens
From Celltrion Chair Seo Jung-jin to K-pop star G-Dragon, "Squid Game" star Lee Jung-jae and Go legend Lee Se-dol — Innovate Korea 2025 brought together leaders from across industries, connecting them over a single theme: humanity in the age of artificial intelligence. The event unfolded into a festival of technology and the arts — a stage where innovation itself became a celebration of humanity and connection. “Ironically, the key to surviving in this world lies with humans. We need to come tog
April 11, 2025 -
LS Electric wins W36b energy storage deal in Japan
LS Electric, a Korean producer of power solutions, announced Friday that it has secured a 36 billion won ($20.7 million) energy storage project in Japan, reinforcing its position in the country’s clean energy market. As part of the project, LS Electric will build a 90-megawatt-hour energy storage facility in Miyagi prefecture in northeastern Japan. The company is part of a consortium that includes local construction firms. Scheduled for completion in April 2027, the facility will store electrici
April 11, 2025