Business

Trump gov't announces adjustments to metal tariffs, 100% pharmaceutical duty

WASHINGTON — U.S. President Donald Trump's administration said Wednesday it will impose 50 percent tariffs on steel, aluminum and copper imports based on their "full value" paid by U.S. customers in America rather than "artificially low" foreign prices. It also plans to adjust tariffs on derivative metal products, under which no additional sectoral duties will be imposed on products containing less than 15 percent steel, aluminum or copper by weight, while a 25 percent tariff will apply to those exceeding that threshold, a senior U.S. official said in an online briefing. Trump signed a proclamation on the adjustments that are set to take effect at 12:01 a.m. on Monday (Washington time). The White House said that the changes are intended to strengthen the metal tariffs to "more effectively address the national security threat posed by such imports." "The proclamation defines the way that tariffs are assessed, ensuring that they reflect the full value of imported steel, aluminum, and copper products -- not an artificially low foreign price," the White House said in a fact sheet. It appea

Apr 3, 2026By Yonhap

Trump gov't announces adjustments to metal tariffs, 100% pharmaceutical duty

Banking & Finance

Insurers expand children's coverage as policy support fuels race for long-term customers

Insurers are expanding children’s coverage as they race to lock in long-term customers, buoyed by government efforts to tackle low birthrates and ease the cost of child rearing, industry officials said Thursday. In a market for people aged under 15 worth around 9.4 trillion won ($6.18 billion) per year, new products are evolving quickly. Some have introduced coverage that increases over time, while others extend protection beyond childhood, spanning from the prenatal stage through adulthood. The scope of coverage is also broadening. Once centered on cancer and critical illness payouts, policies are increasingly designed around a wider spectrum of risks, including mental health care, counseling and even school violence. Last month, Tongyang Life rolled out a policy where benefits grow with time. After 20 years, when the policyholder reaches adulthood, the payout can double. A 50 million won cancer benefit at signup, for instance, would rise to 100 million won. “Underage policyholders are a key long-term customer base. These policies tend to stay in force as they grow up and can later

Apr 3, 2026By Park Han-sol

Insurers expand children's coverage as policy support fuels race for long-term customers

Companies

EXPLAINER Why new US trade barrier report unconvincing from Korea’s perspective

The release of the 2026 National Trade Estimate (NTE) Report on Foreign Trade Barriers by the Office of the United States Trade Representative (USTR) on Tuesday did not appear to surprise the Korean government, given its subdued reaction to the annual publication. Although this year’s report includes three more pages describing Korea’s trade environment compared to last year’s, government officials said they do not take it seriously. The Ministry of Agriculture, Food and Rural Affairs regarded this year’s report as largely similar to previous editions in its references to agriculture-related issues. Once again, the U.S. questioned Korea’s imports of beef and horticultural products as well as its approval process for agricultural biotechnology products. Newly added to this year’s report were concerns over Korea’s tariff-rate quota administration for soybeans and the suspended auction of U.S. table rice since November 2023. The auction resumed in February after a two-year suspension that lasted through last December. “The NTE report is more like a customary collection of com

Apr 3, 2026By Park Jae-hyuk

[EXPLAINER] Why new US trade barrier report unconvincing from Korea’s perspective

Others

InterviewCanadian K-beauty explorer challenges brands to strive for inclusivity

Companies often face limits when promoting products in ways that effectively reach consumers, especially for items that require careful consideration. Cosmetics are one example. With products now capable of transforming a person’s appearance beyond expectations, choosing the right option has become increasingly challenging for consumers, considering the proliferation of brands, especially in the competitive K-beauty space. Darcei Giles, a Toronto-based beauty influencer on YouTube with over 4 million subscribers, stands tall between the suppliers and consumers, making an impact on the global beauty market. What has distinguished her from other beauty influencers is not only her skin color but her expertise in K-beauty brands and passion for Korean pop culture. Addressing her fame, she emphasizes the necessity of her role as a guide for people of color. “It’s been really positive but also important. I think a lot of people weren’t used to seeing K-beauty tested on deeper skin tones, so my content fills that gap. I’ve definitely attracted a more diverse audience because people w

Apr 3, 2026By Ko Dong-hwan

Canadian K-beauty explorer challenges brands to strive for inclusivity

Business

Qualcomm joins Korea’s AI push, targets startups

Qualcomm Technologies Inc. has joined a government-led artificial intelligence (AI) initiative in Korea, outlining plans to work directly with startups to speed up the commercialization of emerging technologies. The company said Thursday it is participating in the “Challenge AX for All” program organized by Korea’s Ministry of SMEs and Startups, marking the start of expanded collaboration with domestic AI startups. At a kickoff event held Wednesday at the Conrad Seoul hotel in Yeouido, Qualcomm outlined areas of cooperation including augmented reality glasses, robotics and locally deployed AI infrastructure. The event was attended by Han Seong-sook, minister of SMEs and startups, and Kim Sang-pyo, president of Qualcomm Korea, along with industry and startup officials. The program is designed to pair global companies with startups to combine products and technologies, support pilot projects and advance commercialization. Qualcomm and LG Electronics are participating as corporate partners in the vertical track. Qualcomm said it will pair startups directly with local partners to devel

Apr 2, 2026By Lee Kyung-min

Qualcomm joins Korea’s AI push, targets startups

Companies

'Half true' April Fool's joke: Toss CEO to cover 10 employees’ rent for 1 year

For Lee Seung-gun, founder of fintech platform Toss, this year’s April Fool’s Day joke turned out to be — at least in part — no joke at all. On Wednesday, Lee notified employees that he would sell his Seoul home and use the proceeds to cover the rent and loan interest of 100 Toss staff members for life. A day later, that over-the-top pledge became a half-reality. Lee said he would move forward with the sale and use part of the gains to cover the housing costs of 10 employees for one year, while pledging to return the rest to society. The 10 employees will be selected by lottery during the company’s monthly event on Friday. There will be no cap on the housing support, which will be funded out of Lee’s own pocket. “My April Fool’s message wasn’t entirely true, but the intent behind it was sincere,” the CEO wrote on a company bulletin board. “I believe profits made from real estate should ultimately belong to society. Going forward, I plan to use all such gains to help address housing issues in the community.” “To put this into action, I’m considering taking concre

Apr 2, 2026By Park Han-sol

'Half true' April Fool's joke: Toss CEO to cover 10 employees’ rent for 1 year

Companies

Refiners, heavy industries continue to suffer impact of Iran crisis

Korea’s refiners and chemical companies face a worsening supply crunch in crude oil and petrochemical feedstock following the latest warning from U.S. President Donald Trump that the country would strike Iran “extremely hard” for the next two or three weeks. Uncertainty has intensified as Iran's de facto closure of the Strait of Hormuz, a critical chokepoint accounting for roughly a fifth of global crude shipments, looks set to persist. Overseas media outlets are reporting that Iran is considering transit fees of about $1 per barrel, while the U.S. has told allies to handle their own oil shipments. Given Korea’s heavy dependence on Middle Eastern crude, the move would add to the cost burden for both refining and petrochemical industries here. Korean companies are scrambling to deploy all available countermeasures, but their options are limited due to their huge energy reliance on the region. The refining sector, which faces the most immediate impact, has begun short-term responses by utilizing reserves. They are exploring additional measures in anticipation of a prolonged conflic

Apr 2, 2026By Lee Min-hyung

Refiners, heavy industries continue to suffer impact of Iran crisis

Companies

Hanwha Solutions rights issue sparks shareholder backlash, regulatory scrutiny

Controversy is intensifying over Hanwha Solutions’ planned 2.4 trillion won ($1.6 billion) rights offering, as concerns mount over a potential breach of directors’ fiduciary duties under the revised Commercial Act, alongside coordinated resistance from minority shareholders and growing political criticism, market watchers said Thursday. The Financial Supervisory Service (FSS), the country's financial watchdog, has launched a priority review to assess the legitimacy and appropriateness of the capital increase. On March 26, Hanwha Solutions said its board approved a plan to issue 72 million new common shares, raising 2.4 trillion won. Some 1.5 trillion won of the proceeds will be used to repay short-term borrowings and corporate bonds, with the remainder allocated to facility investment. The scale of the issuance, equivalent to about 42 percent of existing shares, and the fact that more than 60 percent of the funds will be used for debt repayment have heightened concerns about share dilution and the transfer of financial strain to shareholders. Reflecting these concerns, the stock fel

Apr 2, 2026By Jun Ji-hye

Hanwha Solutions rights issue sparks shareholder backlash, regulatory scrutiny

Others

Protracted Iran war expected to lift consumer prices further

United States President Donald Trump’s speech on Wednesday (local time), in which he said Washington will continue to attack Iran over the next two to three weeks, is stoking fears that consumer prices in Korea will continue to climb as the chokehold in global supplies of crude oil raises logistics costs. According to the Ministry of Data and Statistics Thursday, Korea's overall consumer price index in March was 118.80, up 2.2 percent year-on-year. The increase was not sharper than in the months prior to the Middle East conflict, as the government’s policy measures on food products and fuel retail prices helped offset the drastic rise in crude oil prices. Four major oil imports all jumped by at least 8 percent from a year earlier. Diesel spiked 17 percent, while kerosene hiked 10.5 percent, petroleum 9.9 percent and gasoline 8 percent. Despite the government’s introduction of a fuel retail price cap, petroleum products pushed up overall consumer prices by 0.39 percentage points. This has canceled out the downtrend in food costs. Agricultural and livestock prices last month fell 0.6

Apr 2, 2026By Ko Dong-hwan

Protracted Iran war expected to lift consumer prices further

Business

Wavve taps media strategist as CEO to drive streaming shake-up

Content Wavve Corp., the operator of one of Korea’s leading streaming platforms, named a veteran media and finance strategist as its new CEO, signaling a sharper focus on deal-making as the domestic market undergoes broad restructuring. The company said Thursday that Lee Yang-ki, most recently the head of an OTT competitiveness enhancement task force at CJ ENM, was appointed CEO following a board meeting Tuesday. His appointment comes at a pivotal moment for Wavve as it navigates a long-delayed merger with rival platform TVING. Lee, a veteran of media finance, previously served as chief financial officer of TVING before joining Wavve in the same role in 2025. At CJ ENM and TVING, he played a leading role in expanding cooperation between the platforms, including arranging for CJ ENM films and tvN dramas to be supplied to Wavve, breaking years of platform exclusivity. Under his leadership, the two services introduced bundled subscription packages and ad-supported tiers to compete with Netflix and Coupang Play. He also helped broaden Wavve’s offerings in live sports, securing broadcast

Apr 2, 2026By Lee Kyung-min

Hefty fines loom for Baemin, Coupang Eats as FTC rejects self-correction bids

Hyundai Motor to build green hydrogen power system at Antarctic research station

AI-generated complaints create new headaches for insurers

SK hynix ships 12-high HBM4E samples to customers

Anthropic opens Seoul office to expand ties with Korean AI ecosystem

Business

Hefty fines loom for Baemin, Coupang Eats as FTC rejects self-correction bids

Hyundai Motor to build green hydrogen power system at Antarctic research station

AI-generated complaints create new headaches for insurers

SK hynix ships 12-high HBM4E samples to customers

Anthropic opens Seoul office to expand ties with Korean AI ecosystem

Read more

Trump gov't announces adjustments to metal tariffs, 100% pharmaceutical duty

Insurers expand children's coverage as policy support fuels race for long-term customers

EXPLAINER Why new US trade barrier report unconvincing from Korea’s perspective

InterviewCanadian K-beauty explorer challenges brands to strive for inclusivity

Qualcomm joins Korea’s AI push, targets startups

'Half true' April Fool's joke: Toss CEO to cover 10 employees’ rent for 1 year

Refiners, heavy industries continue to suffer impact of Iran crisis

Hanwha Solutions rights issue sparks shareholder backlash, regulatory scrutiny

Protracted Iran war expected to lift consumer prices further

Wavve taps media strategist as CEO to drive streaming shake-up

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