US expected to delay new excess capacity tariff announcement until after Trump-Xi summit: report

The Korea Times - Sep 18, 2026

WASHINGTON — U.S. President Donald Trump's administration is expected to postpone the announcement of new tariffs over trading partners' alleged excess capacity in manufacturing sectors until after the planned summit between Trump and Chinese President Xi Jinping next week, a report said Thursday. Citing people familiar with the matter, Bloomberg reported on the expected delay, noting that the reason for the delay is unclear, as Trump is expected to have a summit with Xi in Washington on Sept. 24, more than four months after their previous meeting in Beijing. Bloomberg previously reported that the Trump administration intended to issue a trade report on excess manufacturing capacity before next week's Trump-Xi summit, and that the report would recommend a 7.5 percent tariff on Chinese products. In March, the administration launched a trade investigation into South Korea, China, Japan and 13 other economies to uncover "unfair" trade practices related to "structural" excess capacity and production, a move that might result in tariffs. In the same month, it opened a separate investigation

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Seoul's Jongno 3-ga rises to world's coolest neighborhood

Seoul's Jongno 3-ga rises to world's coolest neighborhood

Seoul’s Jongno 3-ga has gone from cool to coolest, taking the No. 1 spot on Time Out’s list of the world’s coolest neighborhoods in 2026 after ranking third five years ago. The historic downtown neighborhood was praised for its mix of old Seoul and new energy, from late-night food stalls, or "pocha," to independent businesses and traditional Korean houses, or "hanok." Time Out said Jongno 3-ga has only grown cooler since its previous appearance, citing the rise of late-evening outdoor dining, independent businesses and shops. The neighborhood’s appeal increasingly stretches across generations. Today, younger crowds are flocking to the area, drawn by its affordable food and relaxed, open-air atmosphere. "Jongno 3-ga thrives as a social intersection," Time Out wrote, describing a neighborhood where different generations and communities have long crossed paths. Nearby Ikseon-dong has become a magnet for cafes and boutiques tucked into century-old hanok, while Seosulla-gil offers another side of the neighborhood, with craft workshops, jewelry studios and bars. The ranking has put Jongn

Gov't to closely monitor energy price volatility, vows diversification

Gov't to closely monitor energy price volatility, vows diversification

The finance minister on Friday vowed to make diplomatic efforts and diversify import sources to address recent energy price volatility amid geopolitical uncertainties in the Middle East. Finance Minister Koo Yun-cheol made the remarks during a meeting of economy-related ministers in the central city of Sejong, pointing out that global oil prices have recently risen sharply amid geopolitical tensions. "The government intends to remain vigilant and maintain an emergency response system to stably manage the supply of energy sources and their prices," Koo said during the meeting. Koo added that the energy supply is expected to remain stable for the time being due to the government's proactive diplomatic efforts, diversification of import sources and a strategic swap of oil reserves. "We will operate a monitoring team with the oil refining industry to check the supply of crude oil on a daily basis and take necessary measures promptly," the finance minister said. During the meeting, the government said the country will extend its fuel tax cut scheme by another two months through November to eas

Lee set for press conference amid falling approval ratings

Lee set for press conference amid falling approval ratings

President Lee Jae Myung was set to hold a press conference Friday to address pending issues in an apparent attempt to resuscitate his approval ratings that have fallen to their lowest level amid controversies surrounding government policies. The press conference, to be held under the slogan of "people's wishes and lives will be more closely heeded," is scheduled to run for 90 minutes from 10:30 a.m. It will mark the seventh press conference by the president since he took office in June 2025 but a rare one, given that most of his previous pressers were held in and around special occasions, such as the first year anniversary of his administration. The event, announced three days earlier, comes after Lee saw his approval ratings decline to the lowest levels in the mid-30 percent range in recent weeks, especially among young voters. During the conference, Lee is expected to face media questions about his and his ruling party's push for a constitutional revision, as well as issues involving his suspended trials. The president and the ruling Democratic Party have been calling for a constitution

Korea to extend fuel tax cut through November amid price burdens

Korea to extend fuel tax cut through November amid price burdens

Korea will extend its fuel tax cut scheme by another two months through November to ease price burdens on the public amid protracted tensions in the Middle East, the finance ministry said Friday. The Ministry of Finance and Economy said the decision was made during an economy-related ministers' meeting chaired by Finance Minister Koo Yun-cheol, citing the need to ease the public's burden from fuel costs. Under the measure, the current tax reductions of 15 percent for gasoline and 25 percent for diesel and butane, originally set to expire at the end of this month, will remain in place through the end of November. "We have decided to maintain the current tax cut scheme, considering the country's capacity to address a possible increase in oil price volatility," the finance ministry said in a release. The country has decided to maintain larger tax cuts for diesel, which is essential for industrial and logistics activities, and butane, which is widely used as fuel for small trucks, it added.

N. Korean vice FM to attend UN General Assembly next week: source

N. Korean vice FM to attend UN General Assembly next week: source

WASHINGTON — North Korean Vice Foreign Minister Kim Son-gyong plans to attend a high-level segment of the U.N. General Assembly set to begin in New York next week, a source at the international body said Thursday. Kim is scheduled to attend the General Assembly's high-level general debate, which is set to take place from Sept. 22 to Sept. 26, and on Sept. 28, according to the source. On the last day of the general debate, the vice minister plans to take the podium for a speech. He also attended last year's General Assembly, during which he reiterated that North Korea would never give up its nuclear program "under any circumstances." During his upcoming visit to New York, Kim is expected to meet with U.N. Secretary-General Antonio Guterres and officials from countries friendly to North Korea, such as Cuba and Venezuela. The vice minister's message during his planned attendance at the U.N. gathering is expected to be keenly watched by Washington as U.S. President Donald Trump has expressed his intention to meet with North Korean leader Kim Jong-un later this year. Pyongyang had not sent a

China may not block US-NK diplomacy, but unlikely to play central role: ex-US diplomat

China may not block US-NK diplomacy, but unlikely to play central role: ex-US diplomat

WASHINGTON — China may not block the resumption of diplomacy between the United States and North Korea but is unlikely to play a "central" role in their reengagement, a former senior U.S. diplomat said Thursday, ahead of the upcoming summit between U.S. President Donald Trump and Chinese President Xi Jinping. Daniel Kritenbrink, who served as assistant secretary of state for East Asia and Pacific Affairs from 2021-25, made the comment in response to written questions from Yonhap News Agency, noting that Beijing will be "suspicious" of any significant thaw in the Washington-Pyongyang relations. Trump and Xi are expected to have a summit in Washington, D.C., next Thursday, while Trump has expressed his intention to reengage with North Korean leader Kim Jong-un later this year. "I would not expect China to block U.S.-DPRK diplomacy, and it may take certain limited steps to support it," Kritenbrink, now a partner at The Asia Group, a strategic advisory firm, said. DPRK stands for North Korea's official name, the Democratic People's Republic of Korea. "But Beijing will also be suspicious of

NK leader's sister slams US-led maritime drill, vows nuclear build-up

NK leader's sister slams US-led maritime drill, vows nuclear build-up

Kim Yo-jong, the powerful sister of North Korean leader Kim Jong-un, on Friday condemned a U.S.-led multinational maritime exercise as a "war game" and vowed to "intensify the nuclear war deterrence." She made the remarks in a statement carried by the Korean Central News Agency (KCNA), days after the multilateral naval exercise Pacific Vanguard, involving U.S. allies, including South Korea and Japan, wrapped up its 13-day run last week. "During the war rehearsal, various naval training for U.S.-centered anti-warship, anti-air and anti-submarine warfare was staged intensively for more than ten days," Kim said. "This was another threatening 'war game' invented by the U.S. for inter-camp confrontation in the region." "This is a part of the U.S. political and military design to prolong its hegemony by relying on the military strength of the exclusive camp in the Asia-Pacific region where there are many big powers regarded as its major rivals," she added. Kim also criticized the participation of South Korea and Japan, framing it as evidence of a "tripartite military cooperation system" aimed

Lee says he has 'no intention whatsoever' of seeking reelection

Lee says he has 'no intention whatsoever' of seeking reelection

President Lee Jae Myung said Friday that he has “no intention whatsoever” of seeking reelection, drawing a clear line between his push for a constitutional amendment allowing presidents to serve consecutive terms and his own political future. “Under the Constitution, it is impossible for me to seek reelection through a constitutional amendment and I have repeatedly made clear through various channels that I have never even considered seeking reelection,” Lee said during a press conference. He described demands that he pledge not to seek another term as a “political offensive” aimed at creating the impression that he had considered reelection before abandoning the idea. “Nevertheless, I want to make it absolutely clear once again on this occasion,” Lee said. “I have no intention whatsoever of seeking reelection.” Lee has advocated constitutional revision to introduce a system allowing presidents to serve consecutive terms, saying it would help ensure policy continuity and stability in state affairs.

Lee's approval rating falls to new low of 37%: poll

Lee's approval rating falls to new low of 37%: poll

President Lee Jae Myung's approval rating dropped to 37 percent, hitting a new low for the fourth consecutive week since he took office in June last year, a poll showed Friday. The survey, conducted by Gallup Korea from Tuesday through Thursday on 1,002 people aged 18 and older, showed that the positive assessment of Lee's performance fell 1 percentage point from the previous week. His disapproval rating rose 5 percentage points to 56 percent, exceeding his approval rating by 19 percentage points and marking the highest level since his inauguration. Among those who negatively assessed Lee's performance, 20 percent cited his real estate policies, followed by personnel appointments at 16 percent, and economic and livelihood issues at 9 percent. The pollster noted that real estate issues have topped the list of reasons for negative assessments since late July, while personnel appointments came second following the recent Cabinet nominations. Lee's nominations for justice minister and gender equality minister have faced backlash in recent weeks, with both nominees embroiled in controversies o

Top court upholds 4-year prison term for ex-soldier for selling military secrets to China

Top court upholds 4-year prison term for ex-soldier for selling military secrets to China

The Supreme Court has upheld a lower court's four-year prison sentence for a former Army soldier who was indicted for leaking military secrets, including materials related to joint South Korea-U.S. military exercises, to China, judicial officials said Friday. The top court also confirmed a 20 million-won ($14,500) fine and the forfeiture of 19.07 million won for the former soldier, whose identity was withheld, in a ruling last month, saying there was no error in the lower court's ruling. The defendant allegedly met a Chinese national, whom he had gotten to know through social media, in Beijing in August 2024 while serving as an Army sergeant. The Chinese national, who claimed to be an official from a Chinese intelligence agency, asked him to provide classified military information, and the defendant accepted the request. The defendant then provided military secrets, including materials related to joint South Korea-U.S. exercises, the U.N. Command and South Korean military drills, on seven occasions through February 2025 in exchange for approximately 17.26 million won. Investigators foun

Court to hold arrest warrant hearings for 8 petrochemical executives over alleged price-fixing

Court to hold arrest warrant hearings for 8 petrochemical executives over alleged price-fixing

A Seoul court was set to hold hearings Friday to decide whether to issue arrest warrants for eight current and former executives of domestic petrochemical companies suspected of fixing prices of products for several years, resulting in massive illicit profits for their companies. The Seoul Central District Court was scheduled to hold the arrest warrant hearings for the eight individuals, including Kim Yoo-shin, CEO of OCI, and Jang Young-soo, former CEO of PKC, accused of violating the fair trade law. The court's decision is expected to be made as early as later in the day. Prosecutors suspect that seven companies — LG Chem, Hanwha Solutions, Aekyung Chemical, OCI, Lotte Fine Chemical, PKC and Unid — colluded for several years to raise prices for eight petrochemical products, including polyvinyl chloride (PVC), plasticizers, caustic soda and hydrochloric acid. The companies are suspected of making illicit profits totaling several trillions of won by taking advantage of supply disruptions in naphtha caused by the Middle East conflict. PVC, primarily made from naphtha, is a synthetic pl

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