South Korea's central bank might need to accelerate or intensify interest rate cuts in response to the risk of recession due to the escalating U.S. trade war, according to analysts. Previously, the Bank of Korea was expected to lower interest rates twice this year but the current market conditions suggest that a rate cut might happen earlier and be more substantial to stimulate the struggling economy. Citigroup and ING have revised their forecasts, predicting a rate cut possibly as early as next week. Central banks in other Asian countries are also expected to ease monetary policies to boost economic activities rather than focusing on inflation or currency concerns. The recent imposition of a 25% tariff by the U.S. on South Korean exports has added to the economic challenges faced by the country, as it grapples with political instability and pressure to increase investments in the U.S. and shift production operations there. Finance Minister Choi Sang-mok has expressed concerns about the impact of U.S. tariffs on Korean exporters and the trade-reliant economy, which is already under strain from weakening global demand.