South Korea Plans $22 Billion Extra Budget as Tariffs Hit Growth
South Korea unveiled an extra budget worth billions of dollars, in a bid to support an economy struggling with sluggish consumption and mounting trade headwinds from Donald Trump's tariffs.
The 30.5 trillion won ($22.2 billion) proposal includes 15.2 trillion won for economic stimulus and 5 trillion won for supporting livelihoods like small businesses, the finance ministry said in a statement. Another 10.3 trillion won is set aside to cover revenue shortfall for this year's existing budget, as taxation income fell due to weaker corporate performance and consumer spending.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
San Francisco Chronicle
22 minutes ago
- San Francisco Chronicle
Iran's Arak heavy water reactor, hit by an Israeli airstrike, was part of Tehran's nuclear deal
DUBAI, United Arab Emirates (AP) — Much of the focus on Iran's nuclear program has been on Tehran's enrichment of uranium, but experts also keep a close watch on the Islamic Republic's Arak heavy water reactor. That's because the facility, some 250 kilometers (155 miles) southwest of Tehran, could produce plutonium, which can be used to make an atomic bomb. Israel pointed to just that concern when it launched airstrikes Thursday on the reactor, following its attacks on other Iranian nuclear sites, including the Nantanz enrichment facility, centrifuge workshops near Tehran, and laboratories in Isfahan. Iran acknowledged the strikes, saying at least two projectiles slammed into the compound, without giving any specifics about damage. Never online, the reactor had no uranium fuel and saw no nuclear release from the strike. However, the International Atomic Energy Agency, the United Nations' nuclear watchdog, has warned repeatedly that such sites — whether in Iran or Ukraine — should not be military targets. Arak grew out of Iran's onetime military nuclear program After Iran's devastating 1980s war with Iraq, it began a secret military program to seek a nuclear weapon and approached four nations to purchase a heavy water-moderated reactor. After getting turned down, Iran decided to build its own. Heavy water is water in which hydrogen is replaced by deuterium and is used as a coolant for heavy water reactors. The reactors can be used for scientific purposes, but plutonium is a byproduct of the process. Before the centrifuge technology that enriches uranium to levels high enough for use in weapons became widespread, many states used heavy water reactors to pursue plutonium-fueled bombs. India and Pakistan, both nuclear-armed states, have heavy water reactors, as does Israel, which has never acknowledged having atomic weapons but is widely believed to have them. Though Iran ultimately embraced uranium-enriching centrifuges as the main driver of its program, it built the reactor, which never went online. Iran has long maintained its program is for peaceful purposes. However, it also had been enriching uranium up to 60%, a short, technical step away from weapons-grade levels of 90%. Iran was the only non-nuclear-weapon state to enrich at that level. Arak was part of Iran's nuclear deal with world powers Iran agreed under its 2015 nuclear deal with world powers to redesign the facility to alleviate proliferation concerns. That included pouring concrete into part of it, though the overall work never was completed. The Arak reactor became a point of contention after U.S. President Donald Trump withdrew from the nuclear deal in 2018. Ali Akbar Salehi, a high-ranking nuclear official in Iran, claimed on Iranian state television in 2019 that Tehran bought extra parts to replace the portion of the reactor into which officials poured concrete. Due to restrictions Iran has imposed on inspectors, the IAEA has said it lost 'continuity of knowledge' about Iran's heavy water production — meaning it could not absolutely verify Tehran's production and stockpile. Israeli strike likely heavily damaged the inert reactor On Thursday morning, Israel carried out an airstrike on the reactor. Black-and-white footage of the strike it released showed a bomb dropping on its dome and sending up a massive plume of fire and smoke. The U.N. nuclear watchdog noted that since it was not in operation and contained no nuclear material, there was no danger to the public after the strike from any 'radiological effects.' The IAEA said it had no information on whether the facility nearby where heavy water is produced had been hit. 'The strike targeted the component intended for plutonium production, in order to prevent the reactor from being restored and used for nuclear weapons development,' the Israelis said. ___ ___
USA Today
31 minutes ago
- USA Today
Israel says Iran will pay for hospital airstrike; world awaits Trump decision: Live
Israel says Iran will pay for hospital airstrike; world awaits Trump decision: Live Israel bombed Iran's only working nuclear reactor, a power plant on the Persian Gulf coast. Show Caption Hide Caption Who is Ayatollah Ali Khamenei, Iran's supreme leader? As President Donald Trump and Iran's supreme leader Ayatollah Ali Khamenei trade threats, here's what to know about the Iranian official. Israeli Prime Minister Benjamin Netanyahu vowed revenge after a hospital was struck by an Iranian ballistic missile, as the world waited for news of whether President Donald Trump would commit U.S. forces to Israel's campaign against Iran's nuclear program. "This morning, Iran's terrorist tyrants launched missiles at Soroka Hospital in Beersheba and at a civilian population in the center of the country," Netanyahu said in a statement. "We will exact the full price from the tyrants in Tehran." The conflict has killed hundreds of Iranians and scores of Israelis since Israel launched a surprise attack on nuclear and military targets on June 13. Israeli warplanes struck three nuclear sites in Iran on June 18, while a military spokesman walked back an earlier Israeli claim to have bombed Iran's only functioning nuclear power plant. Follow along with USA TODAY for live updates. More: 40,000 reasons to worry: U.S. troops in Middle East could face Iran blowback Iran's state-owned IRNA news outlet said its ballistic missiles were aimed at Israeli Defense Forces and intelligence targets located in the same area. 'The claim of an attack on an intelligence base or the presence of military equipment under the hospital is another lie. We are not so despicable as to endanger civilians,' the IDF said in a Persian-language statement, the Times of Israel reported. 'Attacking hospitals is a crime. Fabricating a reason does not justify it.' No deaths were reported in the attack. Six people were seriously injured, emergency workers said. The 'vast majority' of President Donald Trump's MAGA movement 'will get on board' with strikes on Iran, if he goes ahead with military action, his former chief White House strategist Steve Bannon says. Should he decide there's no diplomatic solution to be had, Trump will need to walk the American people and MAGA through his thinking, Bannon told reporters at a June 18 breakfast hosted by Christian Science Monitor. But Trump is also likely to win ove most of his naysaying supporters. 'There will be some, but the vast majority of the MAGA movement will go, 'look, we trust your judgement, you've walked us through this, we don't like it, in fact maybe we hate it, but we'll get on board,'' Bannon said. -Francesca Chambers
Newsweek
32 minutes ago
- Newsweek
Social Security Makes Major Change to Payments: What to Know
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Paper Social Security checks will no longer be issued as of fall 2025. Why It Matters Nearly 500,000 recipients still receive their monthly benefits this way. The White House said the transition to all-digital payments follows large-scale mail theft and increasing fraud involving paper checks during the COVID-19 pandemic. The order outlines that Treasury Department checks "are 16 times more likely to be reported lost or stolen, returned undeliverable, or altered than an electronic funds transfer." This includes Social Security payments, a small number of which are still issued via paper checks. Critics of the policy have said it could have negative impacts on vulnerable recipients, while supporters have said the change is long overdue. What To Know The move to a fully digital payment system for all federal payments was announced in an executive order by President Donald Trump's administration—Modernizing Payments To and From America's Bank Account—on March 25. As mandated by the executive order "Modernizing Payments To and From America's Bank Account", all federal disbursements—including Social Security, Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), vendor payments, and tax refunds—will be distributed electronically after September 30, 2025. Acceptable digital methods include direct deposit, debit and prepaid cards, digital wallets, and real-time payment systems. Newsweek has contacted the Social Security Administration (SSA) via email outside of regular working hours for clarification on whether it will be meeting this deadline. According to the SSA, 493,775 remittances were and still are being made via physical check this month, across the 50 states and U.S. territories—some 8.7 percent of all payments. Certain individuals may continue to receive non-digital payments under specific circumstances, including a lack of access to banking or electronic services, emergencies creating undue hardship, or special law enforcement and national security needs. Requests for exceptions can be initiated with the Department of the Treasury or the SSA, which evaluates on a case-by-case basis. Qualified individuals will be provided with alternative options. "Digitizing Social Security and all government payments promises significant cost savings and efficiency gains," Brandon Spear, CEO of payment services firm TreviPay, told Newsweek. "However, the September timeline presents logistical challenges—this will not be a fast thing to do as government agencies must navigate this complex transition while ensuring security and accessibility." Spear said outreach to recipients is absolutely necessary to ensure Americans who have not yet adopted digital payments keep receiving their benefits. "The government will need to contact with each individual Social Security recipient, receive bank deposit information, confirm that information is collected securely to prevent fraud, as well as communicate this oncoming change effectively to a demographic who may be skeptical about providing banking information this way," he said. Stock image/file photo: A U.S. Treasury check being opened by a recipient. Stock image/file photo: A U.S. Treasury check being opened by a recipient. GETTY Funding Cuts It could also be a burden for recipients who may struggle with modern technology, particularly as recent funding opportunities to help Americans get to grips with the digital world have been axed. "This abrupt shift away from paper Social Security checks will disproportionately harm seniors who lack digital access or confidence navigating online banking," Matt Watkins, founder of Watkins Public Affairs, a firm that helps companies get federal and state grants, told Newsweek. "The timing is especially troubling given that the Trump administration is simultaneously cutting National Telecommunications and Information Administration (NTIA) digital equity funding. These resources directly support seniors, low-income households, and others facing barriers to digital adoption." Watkins said it is "deeply ironic to demand full digital compliance" while "dismantling the very infrastructure designed to make that transition possible," and could lead to beneficiaries missing out on payments and customer service issues, particularly for vulnerable Americans. "This isn't efficiency; it is exclusion. Without expanded navigator programs, multilingual outreach, and phased implementation, we will see a spike in missed payments, call center backlogs, and preventable financial crises for some of our most vulnerable citizens," he said. "Families can help, but not every senior has someone to rely on. This is a costly and avoidable policy failure." How Recipients Should Prepare There are several ways beneficiaries who still get physical checks can prepare for the change: Using My Social Security: Beneficiaries can enroll for direct deposit and check payment status online. advises keeping personal information up to date, including addresses and payment details. Beneficiaries can enroll for direct deposit and check payment status online. advises keeping personal information up to date, including addresses and payment details. Fraud Awareness: The SSA issued guidance urging Americans to remain alert for fraudulent communications about payment changes. Officials highlighted that neither the SSA nor the Treasury will ever request payment to set up or expedite benefits. The SSA issued guidance urging Americans to remain alert for fraudulent communications about payment changes. Officials highlighted that neither the SSA nor the Treasury will ever request payment to set up or expedite benefits. Reporting Hardship: Those facing undue barriers to digital payment can contact SSA or the Electronic Payment Solution Center to discuss alternatives or apply for an exemption. What Happens Next The SSA is scheduled to complete the digital payment transition for all federal benefit programs by September 30, 2025. Beneficiaries are encouraged to keep their information updated and to monitor official communications for further updates, guidance, and possible exceptions as the rollout progresses.
