By Cynthia Kim

SEOUL (Reuters) – South Korea’s monetary policy board said the economy needs more policy interest rate cuts in the coming weeks to address the hit to growth from U.S. tariffs, minutes from the bank’s meeting showed, although household debt growth remains a concern.

The Bank of Korea’s monetary policy board voted at its August 28 meeting by 6-1 to keep its benchmark interest rate unchanged at 2.50%, in line with expectations.

“As the impact of tariff policies becomes more apparent towards the end of the year, growth is expected to gradually slow down,” said board member Shin Sung-hwan, who had voted for a 25 basis point cut, according to the minutes.

South Korea is currently weighing up painful trade concessions in a bid to finalise a U.S. trade deal that aims to cap tari

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