The Minute to Read (Weekend) series provides a quick overview of significant events in Korea from the week, conveniently condensed into a one-minute read. Here’s a recap of what happened this week: Mar. 3-7.
Trump pressures South Korea on troops, trade, and energy
U.S. President Donald Trump intensified pressure on South Korea in a Mar. 4 congressional address, raising issues including U.S. troop presence, trade tariffs, Alaska’s energy development, and semiconductor subsidies. Since beginning his second term in January, Trump has been demanding greater financial contributions from U.S. allies, fueling concerns that South Korea could be next. While Japan and Taiwan have pledged major U.S. investments to secure their positions, Seoul has fewer options to push back against Washington’s demands.
Trump stated that South Korea and Japan had agreed to invest in Alaska’s liquefied natural gas (LNG) project, portraying it as a settled deal despite Seoul having yet to decide. He also criticized South Korea’s tariffs, claiming they are “four times higher” on U.S. products and signaling plans to extend tariff hikes, a key priority of his economic agenda.
Colby flags concerns over stability of U.S.-S. Korea-Japan security pact
Elbridge Colby, nominee for U.S. undersecretary of defense for policy, said on Mar. 4 that while U.S.-South Korea-Japan security ties are promising, South Korea’s political landscape in recent months raises questions about their stability. At his Senate confirmation hearing, Colby called the trilateral partnership “encouraging in some respects” but noted concerns about its sustainability. He also gave a positive assessment of South Korea’s financial contributions, stating the country is “doing its part.”
A Korea expert, Colby served as deputy assistant secretary of defense under former President Donald Trump. He visited South Korea last year for the Asian Leadership Conference and has advocated for shifting U.S. Forces Korea’s role beyond deterring North Korea to countering China.
S. Korea’s election watchdog exposed as officials and staff colluded in hiring scandals
A government audit has found that senior officials at South Korea’s National Election Commission (NEC) exploited personal and regional ties to secure jobs for their children and relatives. The Board of Audit and Inspection (BAI) said on Mar. 3 that NEC officials pressured subordinates to hire their family members, fostering a culture of complicity. Some manipulated files and destroyed documents to avoid scrutiny, even reassuring each other that they were “in the same boat.” The audit found that former NEC Secretary-General Park Chan-jin benefited from such practices. In Jan. 2022, while serving as deputy secretary-general, Park’s daughter applied for a recruitment program at the Jeollanam-do Election Commission. Officials allegedly distributed blank score sheets, allowing interviewers to adjust scores to ensure preselected candidates, including Park’s daughter, advanced. Other irregularities included the hiring of a former senior commissioner’s son in Seoul despite his ineligibility and the alleged rigging of interview scores in Gyeongsangnam-do to hire a high-ranking official’s daughter.
U.S.-Russia standoff could derail N. Korean POWs’ move to S. Korea
The South Korean government is working to secure the transfer of two North Korean soldiers captured by Ukrainian forces after being deployed to Russia’s Kursk region. However, reports from Mar. 5 suggest the U.S. and Russia may also become involved. Sources indicate that if North Korean leader Kim Jong-un’s regime urges Moscow to block their transfer to South Korea during ceasefire negotiations with Washington, the U.S. may consider taking them in. American intelligence agencies are reportedly exploring relocating the prisoners to the U.S. if Russia obstructs their transfer to Seoul.
Ri, 26, and Baek, 21, told a Chosunilbo journalist and Rep. Yoo Yong-won of the ruling People Power Party (PPP) at a Ukrainian POW camp last month that they wish to go to South Korea, but their fate may now be decided without regard for their wishes. A diplomatic source in Seoul said, “U.S. intelligence agencies are exploring the option of bringing the North Korean POWs to the U.S. Depending on the progress of ceasefire negotiations, the situation could shift rapidly.”
Homeplus files for rehabilitation as credit downgrade raises liquidity risks
Homeplus, a South Korean discount store chain operating 126 locations, filed for corporate rehabilitation with the Seoul Bankruptcy Court on Mar. 4, citing short-term liquidity concerns following a credit rating downgrade last week. The retailer said the decision was prompted by “short-term liquidity pressures that may arise after the downgrade.” On Feb. 28, Korean credit rating agencies lowered Homeplus’ corporate bond rating from A3 to A3-, with Korea Ratings attributing the downgrade to weakened profitability and increasing uncertainty over the company’s medium- to long-term business competitiveness. Homeplus emphasized that the filing is a “precautionary measure” and assured that all operations, including physical stores and online services, will continue without disruption. “The recent credit rating downgrade did not take into account our rising sales and improved debt-to-equity ratio,” the company said.
South Korean fighter jets misfire bombs on civilian town during joint drill
Two South Korean Air Force KF-16 fighter jets accidentally dropped eight MK-82 bombs on a civilian area in Pocheon during a ROK-U.S. joint military drill on Mar. 6, injuring 15 people. Authorities confirmed that all the misfired bombs detonated upon impact. The bombs struck near a house by Nangyu Bridge in Pocheon, about 40 kilometers north of Seoul, at approximately 10:05 a.m. By 2 p.m., officials confirmed that 15 people—13 civilians and two soldiers—had sustained injuries. All were transported to nearby hospitals for treatment. The unprecedented incident caused significant damage, destroying five houses, a warehouse, a military church, a greenhouse, and a cargo vehicle.
President Yoon set for release after court annuls arrest warrant
South Korean President Yoon Suk-yeol, who was arrested in mid-January on insurrection charges following his brief imposition of martial law in December, is set to be released after a court approved his request to nullify his arrest warrant on Mar. 7. Yoon petitioned the Seoul Central District Court early last month to revoke his detention, arguing that his indictment over the Dec. 3 martial law declaration was invalid. His legal team contended that his indictment was issued after his detention period had expired on Jan. 25, making his continued confinement unlawful. The court ruled in his favor on Mar. 7. Currently held at the Seoul Detention Center, Yoon is expected to be released shortly.
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