Yonhap News Summary

The following is the second summary of major stories moved by Yonhap News Agency on Wednesday.

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■ Trump's 'reciprocal' tariffs on S. Korea, other 'worst offenders' take effect

WASHINGTON -- The United States' "reciprocal" tariffs, including 25 percent duties for South Korea, went into effect Wednesday, as America's trading partners are seeking to negotiate a deal to reduce tariff rates and minimize the potential impact of President Donald Trump's trade policy on their economies.

The reciprocal tariffs on nearly 60 countries took effect despite lingering concerns that new U.S. duties could lead to higher inflation and slower economic growth. Trump has been using tariffs to increase federal government revenue, reduce the U.S.' trade deficits and boost domestic manufacturing.

https://en.yna.co.kr/view/AEN20250409001700315?section=national/diplomacy

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■ (2nd LD) Korean won dips to lowest level since 2008 financial crisis amid Trump tariff woes

SEOUL -- The South Korean currency sank to the lowest level in 16 years against the U.S. dollar Wednesday as investors fret about the impact of the U.S.' sweeping tariffs and a global trade war on its export-driven economy.

The Korean won was quoted at 1,484.1 won against the greenback at 3:30 p.m., down 10.9 won from the previous session.

https://en.yna.co.kr/view/AEN20250409002752320?section=economy-finance/economy

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■ Seoul Mayor Oh Se-hoon to declare presidential bid Sunday

SEOUL -- Seoul Mayor Oh Se-hoon will announce his presidential bid for the June 3 election this weekend, officials said Wednesday.

On Sunday, Oh will declare his bid for the upcoming presidential election, triggered by the ouster of former President Yoon Suk Yeol over his failed martial law bid in December.

https://en.yna.co.kr/view/AEN20250409007000315?section=national/politics

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■ Assembly speaker drops nat'l referendum proposal on presidential poll day

SEOUL -- National Assembly Speaker Woo Won-shik on Wednesday withdrew his earlier proposal to hold a national referendum on constitutional amendments concurrently with the June 3 presidential election.

Woo proposed on Sunday that the country should hold a national referendum on revising the Constitution on the same day as the early presidential election, emphasizing the need to further strengthen the pillars of the separation of powers to ensure popular sovereignty and national unity.

https://en.yna.co.kr/view/AEN20250409006900315?section=national/politics

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■ People Power Party to pick presidential candidate May 3

SEOUL -- The People Power Party (PPP) announced Wednesday it will hold a party convention next month to finalize its candidate for the June 3 presidential election.

The PPP's election committee confirmed the date during a meeting earlier in the day, according to PPP spokesperson Ho Jun-seok.

https://en.yna.co.kr/view/AEN20250409007600315?section=national/politics
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