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SEOUL: South Korea’s Ministry of Trade, Industry and Energy has announced its intention to actively engage with US counterparts to address the planned increase in steel tariffs, seeking to cushion the domestic industry from a potential 50% levy on exports to the United States. This response follows US President Donald Trump’s declaration on Friday to double tariffs on imported steel and aluminium—from 25% to 50%—effective Wednesday. The move intensifies global trade tensions and places additional strain on major steel-exporting nations. South Korea, ranked the fourth-largest steel exporter to the US in 2024 after Canada, Mexico, and Brazil, is particularly exposed to these tariff hikes. In an official statement, the ministry confirmed it convened an emergency session with executives from leading domestic steel manufacturers, including POSCO and Hyundai Steel, to formulate a coordinated response. Investor sentiment was immediately affected. On Monday, POSCO and Hyundai Steel shares each declined by 3%, while SeAH Steel Corp saw a sharper fall of 6.3% in early trading. An industry executive, speaking anonymously, noted that exporters have intentionally limited steel shipments to the US to avoid regulatory scrutiny despite favourable price dynamics. “If US steel prices do not rise further, these tariffs will become a substantial burden on Korean exporters,” the executive remarked. Despite the risks, South Korea’s steel exports to the US rose 12% year-on-year in April, reflecting continued demand amid elevated prices. Steel and aluminium tariffs were among the first trade measures reinstated by President Trump upon returning to office, with the initial 25% duties reimposed on 12 March. The US tariffs have driven up domestic steel prices, with downstream effects across sectors such as automotive manufacturing, home appliances, and construction. Trade Talk As a key strategic ally, South Korea has requested tariff exemptions on steel, automotive products, and other key exports during ongoing negotiations with Washington. In April, Seoul agreed to present a trade package before the conclusion of a 90-day tariff suspension in July. However, progress has been impeded by a lack of political leadership in Seoul. Amid these discussions, Hyundai Steel in late March announced plans to build a US$5.8 billion manufacturing facility in Louisiana, a move widely interpreted as an effort to mitigate tariff exposure. The plant is scheduled for completion in 2029. In April, rival firm POSCO entered into a preliminary agreement to take an equity stake in the same project. The South Korean government reiterated its commitment to protect national industrial interests and minimise trade disruption, stating that it will maintain close consultation with both domestic industry stakeholders and US officials in the coming weeks. -Reuters

Indonesia recorded a significant contraction in its trade surplus in April, registering just $160 million—the smallest monthly surplus since April 2020—according to data released by the national statistics bureau on Monday. This figure came in sharply below market expectations, with a Reuters poll of analysts forecasting a surplus of $3.04 billion. The downturn was primarily driven by a surge in imports, which rose 21.84% year-on-year to $20.59 billion. This increase, far exceeding the median estimate of 7.75%, was led predominantly by capital goods. Exports, meanwhile, rose 5.76% on an annual basis to $20.74 billion, aligning with consensus forecasts. However, the performance was weighed down by a more than 20% drop in mining product shipments, notably due to subdued coal prices. Indonesia, Southeast Asia’s largest economy, has maintained a monthly trade surplus for five consecutive years. April’s surplus, however, marks the narrowest in that timeframe, falling from $4.33 billion in March. Exports to the United States reached $2.08 billion in April, though partially impacted by a 10% tariff imposed by Washington earlier that month. Indonesia is currently in discussions with the United States to negotiate a reduction in the tariff, which is slated to increase further in July. Barra Kukuh Mamia, an economist at Bank Central Asia, attributed the higher-than-expected import figures to increased inflows from China and Singapore. “These figures reflect temporary disruptions linked to the Trump-era tariffs, which may normalise in May following the suspension of tariffs on Chinese goods,” he noted. In a separate development, the bureau reported that Indonesia’s annual inflation rate eased to 1.60% in May, down from 1.95% in April and below the Reuters poll forecast of 1.94%. Core inflation also moderated slightly, registering at 2.4% versus expectations of 2.5%. The May headline inflation rate is near the lower bound of Bank Indonesia’s 1.5%–3.5% target range. With inflationary pressures subdued, the central bank has taken the opportunity to reduce interest rates three times since September. A key factor behind the easing inflation is a notable increase in rice output. Production for the January–July period is projected to reach 21.76 million metric tonnes, reflecting a near 15% year-on-year rise, the bureau said. -Reuters

SEOUL: Hyundai Capital Services announced today that its Australian subsidiary Hyundai Capital Australia Pty. Ltd. (“HCAU” or the “Company”) launched Kia Finance and has commenced offering finance solutions for Kia customers in Australia. Last year, HCAU commenced operations in the Australian market with the launch of Genesis Finance in October, followed by Hyundai Finance in November. With the introductions of Kia Finance, HCAU now delivers comprehensive automotive finance across all three Hyundai Motor Group brands – Hyundai, Genesis, and Kia. The company is committed to supporting vehicle sales through a broad range of business initiatives, offering tailored financial solutions such as retail finance for personal and business customers, alongside stable and reliable commercial funding for dealer partners. A key offering from HCAU is the Guaranteed Future Value* (GFV) product, designed to make vehicle ownership more accessible through lower monthly repayments. HCAU secures the minimum resale value of the vehicle upfront, allowing the customer to defer this amount and make repayments based only on the balance. At the end of the loan term, customers have the flexibility to choose from the following options: 1. Trade-in: the vehicle’s value is used towards paying out the loan. If the trade-in value is higher than the GFV, the positive equity can be used towards a new vehicle. 2. Keep: pay the GFV amount to own the vehicle outright. 3. Return: return the vehicle with no further payments, provided the customer is not in default and the vehicle meets the agreed kilometre and fair wear and tear conditions. Furthermore, HCAU offers competitive interest rates to customers, leveraging the strong global credit rating of the Hyundai Motor Group. In March, the Company received an initial credit rating of ‘A-‘ with a stable outlook from S&P Global Ratings (“S&P”), a notable achievement for a relatively new entrant to the market. This rating strengthens HCAU’s funding capacity in Australia, enabling it to continue delivering highly competitive interest rates to customers while supporting sustainable growth. “With the launch of Kia Finance, HCAU is now able to offer a comprehensive range of automotive finance solutions for all Hyundai Motor Group vehicles in Australia,” said Donglim Shin, Chief Executive Officer of HCAU. He added, “HCAU will actively engage in a wide range of customer-centric marketing initiatives in partnership with Kia, Hyundai Motor and Genesis to ensure more customers can enjoy an exceptional ownership experience through our flexible finance options. *The Guaranteed Future Value (GFV) is the minimum future value of your in-stock new or approved demo Hyundai, Genesis or Kia set out in your contract. At the end of the term, you can sell your car to us, and we will pay the GFV which will be put against your final payment, provided you’re not in default under your contract and subject to fair wear and tear requirements and agreed kilometres being met. Finance is for approved applicants only. Terms, conditions, fees, charges and lending criteria applies. Hyundai Capital Australia Pty Ltd (ABN 42 611 226 316), Australian Credit Licence 554051. -PR Newswire

Legal proceedings have commenced against fugitive former Bangladeshi Prime Minister Sheikh Hasina, who stands accused of orchestrating a coordinated and systematic campaign against widespread protests during her administration’s final months in office. At the opening of the trial held by Bangladesh’s domestic International Crimes Tribunal (ICT) on Sunday, Chief Prosecutor Mohammad Tajul Islam alleged that Hasina, 77, directed a state-wide crackdown between July and August 2024 that led to the deaths of nearly 1,400 civilians. According to the United Nations, the fatalities occurred during a brutal campaign aimed at silencing anti-government dissent. “In reviewing the evidence, we determined it was a deliberate, widespread, and systematic attack,” stated Islam, outlining charges including abetment, incitement, complicity, facilitation, conspiracy, and failure to prevent mass murder. Islam claimed that Hasina deployed law enforcement and armed affiliates of her now-prohibited Awami League party to suppress the student-led uprising. Hasina, who fled to India via helicopter in August 2024 following the collapse of her 15-year tenure, has dismissed the allegations as politically motivated. She currently remains in self-imposed exile in New Delhi, defying an arrest warrant and formal extradition request from Dhaka. The ICT is also prosecuting key figures from Hasina’s former administration, including ex-Interior Minister Asaduzzaman Khan Kamal and former police chief Chowdhury Abdullah Al-Mamun. Both are implicated in the wider investigation into the suppression of protests. These prosecutions align with demands from several political factions contending for influence in Bangladesh’s transitional government, which has pledged to hold elections by June 2026. On 12 May, Prosecutor Islam confirmed that Hasina faces at least five charges related to the July 2024 events. The prosecution’s case includes extensive evidence such as video recordings, intercepted phone calls, drone and helicopter movement logs, and testimonies from victims and eyewitnesses. Formal charges are expected to be confirmed imminently, following the prosecution’s submission of the case dossier last month. The ICT opened its first trial related to the 2024 protests on 25 May, in which eight police officers face charges for crimes against humanity following the deaths of six protesters on 5 August—the same day Hasina fled the country. Four of the officers are in custody, while four are being tried in absentia. Ironically, the ICT was originally established in 2009 under Hasina’s leadership to investigate war crimes dating back to Bangladesh’s 1971 independence. The tribunal has since drawn criticism for allegedly being used to marginalise political opposition, with several high-profile convictions viewed by international observers as politically motivated. -Al Jazeera

Thailand’s Ministry of Transport has unveiled concrete measures under its “New Route–New Airline” initiative, aiming to stimulate aviation-led tourism in the nation’s secondary cities by offering financial incentives to carriers. Deputy Transport Minister Manaporn Charoensri recently confirmed that the policy forms part of broader infrastructure development goals set by the government. The initiative, led by the Department of Airports (DoA), is designed to attract increased airline traffic to lesser-known destinations, ultimately enhancing the accessibility and appeal of these regions to both tourists and investors. “The measure will incentivise carriers to introduce more routes to airports operated by the DoA in secondary cities,” said Ms Manaporn. She added that the policy is expected to increase travel options for passengers while boosting healthy competition among domestic airlines, both in terms of pricing and service quality. Ms Manaporn also noted that reducing route concentration and breaking the current service monopolies will benefit the sector at large by expanding market access to additional carriers. DoA Director-General Danai Raungsorn highlighted that a central element of the policy is a 50% reduction in landing fees and service charges for qualifying airlines. This discount will apply for one year to carriers introducing new routes to secondary destinations. Eligibility criteria require that the routes be either entirely new or reinstated within the past year following a suspension. Furthermore, airlines launching operations at designated DoA airports for the first time—or resuming service after a year-long hiatus—will receive a similar 50% discount on service charges for a period of three months. Carriers must formally apply for this approval through the DoA. Thai LionAir will be the first to pilot the scheme this month, with two new domestic routes. The U-Tapao–Udon Thani–U-Tapao service will commence on 11 June, followed by the Don Muang–Nakhon Phanom–Don Muang route on 19 June. The government expects that enhanced air connectivity will significantly increase tourism flows and investment interest in emerging urban centres across the country. -Bangkok Post