South Korea's manufacturers face significant challenges due to US tariffs and domestic economic uncertainty. The country agreed with the US to remove new tariffs in exchange for a pause on reciprocal duties, including a 25% duty on South Korean goods. This comes after former President Yoon Suk Yeol's failed attempt to impose martial law, which heightened political uncertainty. Manufacturers' outlook turned pessimistic, marking the worst sentiment since June 2020, with input purchases and backlogs falling by record margins in 31 months and 26 months, respectively.
https://channelnewsasia.com/business/south-korea-factory-activity-suffers-worst-slump-2-12-years-us-tariffs-pmi-shows-5103801The United Nations is considering a major overhaul, merging dozens of agencies into four primary departments: peace and security, humanitarian affairs, sustainable development, and human rights. The proposed changes aim to address "overlapping mandates," "inefficient use of resources" and "fragmentation and duplication." Under one option, the World Food Programme, UN children's agency, WHO, and refugee agency would be merged into a single humanitarian entity. The reform plan was prepared by a task force appointed by Secretary General António Guterres, who aims to make the body more cost-effective.
https://www.malaymail.com/news/world/2025/05/02/massive-un-shake-up-leaked-memo-reveals-plans-to-merge-major-agencies-amid-us-aid-cuts/175340The Karachi Stock Exchange (KSE-100) recovered from its decline due to statements by US Administration indicating they are working to prevent tensions between India and Pakistan from escalating into a broader regional conflict. The KSE-100 closed lower on Wednesday, but the market rebounded with contributions from UBL, EFERT, HUBC, LUCK, MEBL, and HBL, which collectively added 1,238 points to the index. US Secretary of State Marco Rubio urged India and Pakistan to work together to de-escalate tensions after a militant attack in IIOJK.
https://www.brecorder.com/news/40360632/pakistan-stocks-rebound-kse-100-index-closes-the-day-with-25-gainThe US is pushing to conclude tariff talks with South Korea as soon as possible, but the Korean government is trying to buy time until a new president takes office. Former Prime Minister Han Duck-soo stepped down to run for president and former Finance Minister Choi Sang-mok resigned after being impeached by the Democratic Party. The US is seeking a deal, while experts predict the Korean government will stall to gain an advantage in negotiations.
https://koreajoongangdaily.joins.com/news/2025-05-02/business/economy/None-at-the-helm-USKorea-trade-talks-adrift-after-key-leadership-resignations/2299169The US has reached an agreement with Ukraine to provide access to critical subsoil elements needed for cutting-edge technologies such as electric car batteries, smartphones, and computer chips. The deal includes a joint investment fund to help rebuild Ukraine once the Russian invasion ends. Ukraine will contribute 50% of revenues from mineral sales, oil, and gas projects, while retaining full ownership and control over its resources on land and in territorial waters.
https://www.rferl.org/a/ukraine-us-minerals-deal-rare-earths-russia-trump-putin/33403131.htmlUS Vice-President J D Vance has called Prime Minister Narendra Modi a "tough negotiator" during an interview with Fox News, predicting that India could be among the first countries to strike a trade deal to avoid reciprocal tariffs. Vance stated that the US wants to rebalance trade and open up the Indian market to American technology and farmers, which he believes will create more good American jobs. The negotiations between New Delhi and Washington aim to address tariff and market access issues, following President Donald Trump's announcement of sweeping tariffs on several countries in April.
https://www.ndtv.com/world-news/pm-modi-tough-negotiator-trade-deal-with-india-over-tariffs-soon-jd-vance-8312655US Vice President JD Vance has expressed hope that India will respond to the Pahalgam terrorist attack in a way that does not lead to a broader regional conflict, and expects Pakistan to cooperate with New Delhi to hunt down militants operating from their soil.
https://www.deccanchronicle.com/world/us-hopes-pakistan-cooperates-with-india-against-terrorists-vance-on-pahalgam-attack-1876425In northern Vietnam's city of Bac Ninh, Chinese-owned businesses like hardware store owner Shi Xinchuan are bracing for impact from US President Donald Trump's trade policies. Many have cancelled orders and scrapped expansion plans due to the threat of tariffs, which could lead to closure if they resume. Shi, who has made a living supplying goods such as adhesives and electronic components, is anxious about the future of Vietnam's export sector.
https://www.scmp.com/economy/china-economy/article/3308705/chinese-firms-vietnam-halt-new-investment-face-closure-if-trumps-tariffs-return?module=top_story&pgtype=sectionChina will host the fourth ministerial meeting of the China-CELAC Forum in Beijing, marking an important diplomatic effort to strengthen ties with Central and Eastern European countries. In a recent video address, Chinese President Xi Jinping discussed climate change and sustainable development during the Leaders Meeting on Climate and the Just Transition on April 23, highlighting China's commitment to global cooperation and environmental protection.
https://www.globaltimes.cn/page/202505/1333283.shtml