1. As the Office of the United States Trade Representative imposed forced labor tariffs of 10% to 12.5% on 60 countries under Section 301 of the Trade Act, South Korea, along with Japan and others, has effectively been subjected to a 12.5% tariff. Previously, after the U.S. Supreme Court ruled existing reciprocal tariffs illegal in February, the Trump administration had imposed a 10% global tariff utilizing Section 122 of the Trade Act. With the expiration deadline for Section 122 approaching tomorrow (July 25), the decision was made to apply new tariffs leveraging Section 301. A Cheong Wa Dae official stated that since both South Korea and the U.S. share a consensus that tariff agreements must be respected, they plan to consult closely with the U.S. side to ensure that the final 15% agreed upon by both countries is upheld, including the Section 301 tariffs currently under investigation.
2. Military clashes between the United States and Iran have entered their 13th day. U.S. President Trump emphasized that preparations are underway for a large-scale attack on Iran. Compounded by the risk of a Red Sea blockade, Brent crude surpassed $100 a barrel for the first time in two months. South Korea's stock market also failed to escape a weak trend, with the KOSPI plunging to the 6,600 range amid concerns over high oil prices driven by instability in the Middle East.
3. The remand appellate sentencing for the property division lawsuit between SK Group Chairman Chey Tae-won and Art Center Nabi Director Roh Soh-yeong will be held shortly at the Seoul High Court. The appellate court had previously ordered Chairman Chey to pay 1.3808 trillion won in property division to Director Roh, taking into account 30 billion won in slush funds from Director Roh's late father, former President Roh Tae-woo, that allegedly flowed into SK Group. However, the Supreme Court overturned the appellate ruling and remanded the case back to the High Court, stating that slush funds are illegal assets and cannot be viewed as a contribution by Director Roh. Today's sentencing is expected to deliver the court's judgment on key issues, including whether SK shares held by Chairman Chey are subject to division and, if so, what the division ratio should be. Many people are likely most interested in what the final amount will turn out to be.
4. President Lee Jae-myung departed today on an 11-day, 7-night overseas trip visiting the United States, three South American countries, and Germany. President Lee is scheduled to first arrive in San Francisco, U.S., to discuss new investments and cooperation plans through meetings with CEOs of big tech companies such as Nvidia and OpenAI. He will then attend an AI service event to announce the San Francisco AI Declaration and emphasize South Korea's commitment to fostering the AI industry, including three mega-projects. Afterward, President Lee is scheduled to visit Brazil, Chile, and Argentina respectively to hold summits with their leaders before returning home via Frankfurt, Germany.
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