The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: Feb. 3.
S. Korean firms face fallout as U.S. slaps 25% tariff on Mexico, Canada
U.S. President Donald Trump signed an executive order imposing a 25% tariff on imports from Mexico and Canada, disrupting South Korean companies that invested heavily in these countries to access the U.S. market tariff-free. Major firms like Samsung, LG, Kia, and LG Energy Solution face rising costs and potential supply chain disruptions, particularly in the automotive and battery sectors. Experts warn that the tariffs could trigger a broader trade conflict, impacting global supply chains and potentially reducing S. Korea’s exports by billions.
Samsung Chairman Lee Jae-yong cleared of all charges in 2015 merger case
Samsung Electronics Chairman Lee Jae-yong was acquitted in an appellate trial on Feb. 3, clearing him of all 19 charges, including stock manipulation and accounting fraud related to the 2015 merger of Cheil Industries and Samsung C&T. The Seoul High Court upheld the initial not-guilty verdict, ruling that while there were accounting issues at Samsung Biologics, criminal intent was not proven. Prosecutors had submitted additional evidence and revised charges, but the court dismissed claims that the merger was manipulated to secure Lee’s succession at Samsung Group.
South Korean stocks slide as Trump’s tariffs fuel trade war fears
South Korea’s KOSPI index fell nearly 3% on the morning of Feb. 3, approaching the 2,440 level, as global markets reacted negatively to U.S. President Donald Trump’s tariffs on Canada, Mexico, and China. The tariffs triggered widespread concerns, leading to a sharp market downturn.
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