South Korea's economy unexpectedly contracted in the first quarter of the year, the country's central bank said Thursday, amid political turmoil at home and global uncertainty around Trump's tariff scheme.

A South Korean delegation will meet U.S. counterparts on Thursday for an opening round of trade talks, with cooperation on shipbuilding and energy expected to be on the agenda, and possibly shared defence costs,

SEOUL: South Korea's economy unexpectedly contracted 0.1 per cent in the first three months of this year, the Bank of Korea said on Thursday (Apr 24), as the country reels from months of political chaos and heightened trade tensions.