Ministers Prioritize Rank Over Crisis Amid Economic Emergency [3-Minute Brief]

[At a Glance]
① "In reality, singles are already paying a single tax"
② Trump draws a line against preemptively cutting 'tariff bomb' on China
③ Ten ministers absent from economic ministers' meeting chaired by acting official Kim Bumseok

MARKET INDEX : Year to date

○ The U.S. reaches first trade agreement with the U.K. after announcing reciprocal tariffs
○ Tariffs on automobiles to be reduced, steel tariffs to be abolished
○ First negotiations with China scheduled for this week... Expectations for easing of tariff war

Top3 NEWS

■ "I didn't realize I was paying a single tax as a single person"... If your monthly salary is 3 million won, you pay 370,000 won more in taxes

○ According to the 'net average tax rate' measuring employee tax burden
○ Singles bear a tax burden 12 percentage points higher than households with two children
○ The average tax burden rate for single-person households is 16.3%, while it is 3.9% for single-income households raising two children

■ Trump: "I will not preemptively cut tariffs by 145% to negotiate with China"

○ Described the India-Pakistan conflict as "horrific"
○ "A decision will have to be made on the Ukraine war"
○ Hints at possible lifting of Middle East semiconductor export controls

■ "Minister, 10 people are not attending"... Despite Korea's economic emergency, skipping meetings over 'rank'

○ Ministers defer attendance because meetings are chaired by vice ministers
○ Even though the Korea Forest Service is a vice-ministerial agency, the head did not attend
○ Leadership vacuum becomes reality as urgent economic issues remain unresolved

Graphic News: Bank mid-term loan thresholds rise as loans decrease and collateral ratio increases

○ Increase from January to April is 2.7 trillion won... Down 80% from a year ago
○ As delinquency rates fall, banks reduce unsecured loans and increase collateralized loans
○ "Focus is on soundness management... Banks are expected to remain cautious for the time being"

the Chart: With end-of-quarter effect gone, foreign reserves decrease again in April

○ As of the end of April, foreign reserves stand at $404.67 billion... Down $4.99 billion
○ After the end of the quarter, foreign currency deposits at financial institutions declined again
○ National Pension Service's forex swap transactions and other factors also had an impact

Today's Key Schedule

○Domestic

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On the 9th, DalbaGlobal subscription on KOSDAQ, expected offering price 54,500~66,300 won

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08:00 Korea current account balance (March)

○Overseas

08:30 Japan household spending (YoY) (March)

18:00 China new loans (April)

21:00 Brazil consumer price index (YoY) (April)

21:30 Canada employment change (April)

◇Lunch & Evening Commute Weather

○Lowest temperature 15℃(▲5℃) ｜Highest temperature: 16℃(▼9℃)
○Precipitation probability: 80% in the morning｜80% in the afternoon
○Fine dust: Good in the morning｜Good in the afternoon

All the essential, time-saving, and cost-effective economic news in just 3 minutes. Published daily at 8:00 AM.