South Korea’s economy contracted in the first quarter, with political turmoil hitting consumer sentiment in Asia’s fourth-largest economy while business concerns grew over President Donald Trump’s tariffs on exports to the US.
South Korean GDP fell 0.2 per cent quarter on quarter in the first three months of this year, according to data released by the Bank of Korea hours before senior ministers were set to launch trade talks with the Trump administration on Thursday. The economy contracted 0.1 per cent from a year earlier.
The contraction came as worries intensified during the first quarter about US tariffs and the Trump administration’s imposition in mid-March of a 25 per cent duty on steel imports from South Korea.
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