Bank of Korea Signals Further Rate Cuts Amid US Tariff Concerns; Job Losses Mount Across Key Sectors

Asian markets experienced a downturn on Tuesday as renewed US tariffs on Chinese technology firms weighed on investor sentiment. The Hang Seng Index fell by over one per cent, with major tech companies such as Alibaba and JD.com declining by more than four per cent, while Tencent saw losses exceeding two per cent.

The Bank of Korea announced an interest rate cut aimed at stimulating domestic demand, with Governor Rhee Chang-yong indicating that further reductions were likely in the coming months. This move aligns with market expectations of at least two to three rate cuts this year, reflecting concerns over the economic impact of US trade policies.

Meanwhile, widespread layoffs continue to unfold across industries, with financial services, technology, media, and retail companies restructuring to navigate evolving market conditions.

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