The United States' recent adjustment of its metal tariffs will likely reduce the overall administrative burden on South Korean companies, though the impact may differ by item, Seoul's trade minister said on Thursday, vowing efforts to help companies minimise their burden.
The ongoing war in Iran is creating real economic pressures in Bangladesh, affecting fuel, fertiliser, freight, and foreign exchange, a report has said.
South Korea has secured around 50 million barrels of alternative oil supplies for this month to replace supplies from the Middle East blocked due to the effective closure of the Strait of Hormuz, government officials said on Thursday, vowing continued efforts to stably manage energy supplies.
The military escalation in the Middle East, now in its fifth week, may cost economies in the region from 3.7 to 6 per cent of their collective GDP, representing up to $194 billion in losses, according to a new report issued.
