The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: Apr. 27.
Choi Sang-mok signals flexibility on supplementary budget
South Korea’s Deputy Prime Minister and Finance Minister Choi Sang-mok expressed flexibility in discussions about the government’s supplementary budget on April 26, amid calls from lawmakers to increase the initially proposed 12.2 trillion won. This comes after a 0.2% contraction in the country’s first-quarter growth. Choi, speaking from Washington, D.C., acknowledged the economic challenges and emphasized the government’s openness to expanding the budget to stimulate growth, though any increase must align with fiscal responsibility. South Korea’s economy has struggled with four consecutive quarters of minimal growth, reminiscent of past financial crises. Choi noted that the first-quarter slowdown was due to rising uncertainties and exceptional events, particularly impacting the construction sector, and assured that measures to revitalize it would be explored.
GM Korea could close Changwon plant over new US tariffs
General Motors' South Korean unit, GM Korea, is considering closing its Changwon plant and consolidating production at its Bupyeong facility due to concerns over new U.S. tariffs. The U.S. imposed a 25% tariff on all imported vehicles starting April 3, which threatens GM Korea’s competitiveness, as it exports most of its vehicles to the U.S. If the tariffs remain for more than six months, GM Korea plans to shift production to Bupyeong, which already handles a wider range of models. While GM Korea has tried to reassure workers and the public that it is not pulling out of South Korea, analysts warn that prolonged tariffs could hurt the company’s profitability, and restructuring is expected. The move would also align with GM’s broader strategy to consolidate operations, following a global restructuring.
Kim Jong-un touts family legacy at navy event
North Korean leader Kim Jong-un was accompanied by his daughter, Kim Ju-ae, at a launch ceremony for a new 5,000-ton destroyer, with state media highlighting their close bond and the presence of top officials with their children to emphasize generational loyalty to the regime. Footage showed Kim and Ju-ae traveling by armored train to the Nampo Shipyard, where they toured the warship together, and featured Ju-ae singing military songs and nodding during Kim’s speech criticizing U.S.-South Korea drills. The event concluded with the pair departing in a Russian-made Aurus limousine, underscoring growing ties between Pyongyang and Moscow.
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