S. Korea prepares for high-stakes tariff talks with US

SEOUL, April 15 (AJP) - South Korea is preparing for a critical round of trade negotiations with the United States next week, as Seoul seeks to mitigate the fallout from a sweeping tariff policy introduced by the Trump administration. The talks come amid heightened tensions after President Donald Trump earlier this month announced steep "reciprocal" tariffs on dozens of trading partners, including South Korea, Japan, and Vietnam. The administration has since paused impleme

April 15, 2025

BYD begins deliveries of Atto 3 electric cars in South Korea

SEOUL, April 14 (AJP) - BYD Korea has commenced customer deliveries of its compact electric SUV, the Atto 3, marking the brand's formal entry into South Korea's EV market, the company announced Monday. Originally launched on Jan. 16, deliveries of the Atto 3 had been delayed pending completion of a government subsidy evaluation by the Ministry of Environment. That review concluded in early April, clearing the way for sales to begin in earnest. The Atto 3 is available in

April 14, 2025

Hyundai E&C shortlisted for nuclear projects in Finland, Slovenia

SEOUL, April 14 (AJP) - Hyundai Engineering & Construction announced Monday that it has been shortlisted for nuclear power projects in Finland and Slovenia, marking a notable advance beyond its existing operations in Bulgaria. In Finland, a consortium led by Hyundai E&C and Westinghouse Electric Company of the United States was selected as one of three finalists for an Early Works Agreement (EWA) with Fortum, the state-owned Finnish energy firm. The agreement is part of Fo

April 14, 2025

US naval commander visits HJ shipyard

SEOUL, April 14 (AJP) - Rear Admiral Neil Koprowski, commander of U.S. Naval Forces Korea, visited the Yeongdo shipyard of HJ Shipbuilding and Construction last week, the company said in a statement Monday. During the visit, Admiral Koprowski toured the Busan-based shipyard with his staff, inspecting ongoing naval vessel construction and facilities capable of large-scale maintenance, repair, and overhaul (MRO) operations. He was greeted by Yoo Sang-cheol, the shipbuilder’s chi

April 14, 2025

Young adults face toughest job market in 12 years in South Korea

SEOUL, April 14 (AJP) - Employment among South Koreans in their late 20s dropped sharply in the first quarter of 2025, marking the steepest quarterly decline in more than a decade, according to government data released Monday. The number of employed individuals aged 25 to 29 fell by 98,000 compared with the same period last year, the Korean Statistical Information Service (KOSIS) reported. The last time employment in this age group declined so severely was in the third quarter of

April 14, 2025

Hyundai, Kia post record quarterly sales in India

SEOUL, April 14 (AJP) - Hyundai Motor and Kia Corp. posted their highest-ever quarterly sales in India, the world’s third-largest automobile market, during the first three months of 2025. According to data from the Society of Indian Automobile Manufacturers (SIAM), the two companies sold a combined 229,126 vehicles in the first quarter, a 1.5 percent increase from the 225,686 units sold during the same period last year. The growth reflects the companies’ sustained m

April 14, 2025

China halts rare earth exports; Korean industries brace for impact

SEOUL, April 14 (AJP) - China has suspended exports of rare earth minerals essential to a range of advanced technologies — including electric vehicles, semiconductors and robotics, the New York Times reported Monday. Analysts say China's move could reverberate across global supply chains and disrupt key sectors of South Korea’s manufacturing industry. According to the report, Beijing has halted shipments of rare earth elements and associated magnetic materials wid

April 14, 2025

Trump exempts smartphones from sweeping tariffs

SEOUL, April 13 (AJP) - The Trump administration has granted exemptions on a range of electronic devices, including smartphones and personal computers, from a broad package of reciprocal tariffs — a move that offers significant relief to major global tech firms such as Apple and South Korea’s Samsung Electronics. In a notice published April 12, U.S. Customs and Border Protection said that select categories of electronics — including smartphones, laptops, PCs, ser

April 13, 2025

U.S. sets 10 to 25 percent tariff range for negotiations with South Korea, shipbuilding to be key leverage point

SEOUL, April 11 (AJP) -The United States Trump administration has established guidelines for upcoming 90-day reciprocal tariff negotiations, setting a ceiling at country-specific rates announced on April 2 and a floor at the universal 10 percent basic tariff rate. South Korea, which led the global shipbuilding market in January 2025 with 62 percent of total compensated gross tons (CGTs) for 13 shipbuilding orders, now holds a bargaining chip as Trump recently signed an executive ord

April 11, 2025

Hyundai, Kia record highest-ever Q1 sales of 71 trillion won amid looming U.S. tariff challenges

SEOUL, April 11 (AJP) - Hyundai Motor and Kia are expected to report combined first-quarter sales of 71.03 trillion won ($48.5 billion) despite U.S. President Donald Trump's 25 percent tariff increase on automobiles, according to automotive and securities industry sources on Thursday. The sales figure represents a 4 percent increase from the same period last year, while operating profit is forecast to reach 6.89 trillion won, down 1.3 percent year-on-year. Hyundai Motor alone is

April 11, 2025