South Korea is confronting a new kind of crisis: deflation. Consumer prices fell for the first time on record in September, declining 0.4% year-on-year. This came alongside a 12% fall in exports, the 10th straight monthly loss for the engine of gross domestic product.
The price decline is modest so far, but the trajectory is as unmistakable as it is worrisome. U.S. President Donald Trump may be attacking China with his tariffs and bluster, but Korea is taking some of the biggest hits.
