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. 16.
Trump’s reciprocal tariffs take the world by storm
U.S. President Donald Trump signed a memorandum on Feb. 13, directing his top advisers to come up with new tariff levels that match the tax rates the country’s trading partners charge on American imports, otherwise known as “reciprocal” tariffs. South Korea, mired in political turmoil after President Yoon Suk-yeol’s martial law incident, is struggling to respond. The Trump administration said reciprocal tariffs could target non-tariff barriers such as subsidies, value-added taxes, and exchange rate policies. Although Korea’s Free Trade Agreement with the U.S. exempts most U.S. goods from tariffs, the Trump administration could target non-tariff barriers to impose higher tariffs on Korean imports. Additionally, Reuters reported that Trump may renegotiate semiconductor subsidies for Samsung Electronics and SK Hynix, which could lead to significant losses for Korea’s chip industry.
Harvard spotlights Olive Young’s K-beauty success
CJ Olive Young announced on Feb. 16 that Harvard Business School has included a case study on the company’s role in advancing K-beauty in its curriculum. Titled “Olive Young: Formulating Beauty Innovation,” the study was introduced in a second-year MBA class on Feb. 11. The study highlights Olive Young’s impact in discovering and supporting emerging beauty brands while evolving into a trend-setting industry leader. It credits the company’s collaborative model and strategic partnerships as key to K-beauty’s global rise. The company’s merchandise division (MD) strategy is a major success factor, which involves rigorous evaluation of new products based on differentiation, price competitiveness, and trend potential.
SK Chairman meets Vietnam’s top leader to strengthen energy ties
SK Group Chairman Chey Tae-won met with Vietnam’s top political leader, General Secretary Tô Lâm, in Hanoi on Feb. 16 to discuss strengthening cooperation in the energy sector and enhancing bilateral ties. SK has been expanding its renewable energy and resource recycling projects in the country, including a 131-megawatt solar power facility and an offshore wind farm. SK Earthon is also involved in Vietnam’s oil and gas exploration. Tô Lâm acknowledged South Korea as one of Vietnam’s key investment and trade partners. Vietnam was South Korea’s third-largest trading partner in 2022 and 2023. Over 8,800 Korean companies have operations in the country.
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