00:03Korea's finance ministry just issued a warning that should worry every taxpayer.
00:09Next year, interest on the national debt alone could top 40 trillion won.
00:15President Trump says U.S.-Korea military drills are being drastically scaled back.
00:20He's also praising his relationship with Kim Jong-un.
00:23And CJ Group just laid out a plan to build a 12 trillion won business in North America by 2028.
00:31It's Tuesday, August 18th.
00:33Let's get into one of Korea's top economic stories today.
00:38Korea's national debt burden has been climbing fast,
00:41with this year's interest payments already hitting 34.3 trillion won.
00:47That's roughly double what the government paid in 2020.
00:50At the same time, Seoul's relationship with Washington is shifting,
00:54from defense cooperation to trade ties with companies like CJ expanding overseas.
01:00Here's what the numbers show.
01:02The government paid 34.3 trillion won in debt interest this year,
01:07already double 2020's level.
01:09And that figure is projected to climb toward 42.21 trillion won by 2027.
01:16The finance ministry flagged that next year's interest burden could exceed 40 trillion won.
01:23President Trump told reporters the U.S. will drastically cut back joint military exercises with Korea.
01:29Trump's comments came alongside praise for his relationship with Kim Jong-un,
01:34tied to broader signals of reduced U.S. military engagement on the peninsula.
01:39CJ Group unveiled a North American expansion plan built around its K-Life lifestyle brand.
01:45CJ set a target of 12 trillion won in North American sales by 2028,
01:52more than double its current regional footprint.
01:56Citibank Korea is reviewing whether to convert its remaining branches,
01:59citing overlapping regulation that reduces the benefit of keeping a local corporate entity.
02:05That review comes despite Citibank's role supporting Korea through past financial crises,
02:11underscoring how regulation, not history, now drives the decision.
02:16So, what does this mean for readers following Korea's economy today?
02:20Earlier, we said interest on Korea's debt could top 40 trillion won next year.
02:26Here's what that actually means for you.
02:29Fiscal debates over taxes and spending will intensify.
02:32We'll see you next time.
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