[Morning Briefing] U.S. Supreme Court begins oral arguments on 'Trump tariffs'…mild daytime temperatures today

◆The National Assembly's Steering Committee, today's 'Kim Hyun-ji audit without Kim Hyun-ji'…ruling and opposition clash expected

The National Assembly's Steering Committee will conduct a parliamentary audit on the 6th targeting the Presidential Office, the National Security Office, and the Presidential Security Service. The ruling and opposition parties are expected to engage in fierce clashes over Kim Hyun-ji, First Deputy Chief of the Presidential Office, during the first National Assembly audit of the Lee Jae-myung administration's Presidential Office. The People Power Party has raised suspicions that Kim has been involved in personnel matters within the Lee Jae-myung administration and in trials related to President Lee, highlighting the so-called 'mansahyeontong' issue and intensifying its offensive. In this context, the People Power Party demanded Kim's appearance at the Steering Committee audit, but the request failed due to opposition from the ruling Democratic Party of Korea. The Democratic Party is pressuring the People Power Party to stop the political attacks, saying they are unrelated to the audit.

◆U.S. Supreme Court begins oral arguments on 'Trump tariffs'…intense dispute over 'presidential emergency powers'

The U.S. Supreme Court heard oral arguments on the 5th local time at the Supreme Court building in Washington, D.C., to determine whether the tariffs imposed by President Donald Trump on various countries are lawful. The tariff imposition, a core tool of Trump's economic and foreign policy, is being examined to see if it falls within presidential authority. President Trump had planned to attend the oral arguments but, three days before the hearing, said he would not attend because "he did not want to cloud the gravity of this decision." The main issue was whether President Trump properly relied on the International Emergency Economic Powers Act (IEEPA) as the legal basis for imposing tariffs. Enacted in 1977, the IEEPA grants the president various powers to respond to a 'national emergency,' one of which is the authority to 'regulate' imports. On April 2, President Trump declared a national emergency, arguing that the chronic large U.S. trade deficit poses a major threat to national security and the economy, and announced that, based on the IEEPA, he would impose 'reciprocal tariffs' on more than 100 countries on a country-by-country basis. D. John Sauer, Deputy Attorney General representing the government's position, told the justices that President Trump's use of emergency powers was based on a judgment that the U.S. trade deficit was driving the country to the brink of an economic and national security disaster. Lower courts, including the U.S. Court of International Trade at first instance and the U.S. Court of Appeals for the D.C. Circuit on appeal, have previously ruled that the measures imposing tariffs worldwide under the president's emergency powers were unlawful.

◆Bottom-fishing amid high valuations…markets closed higher

All three major U.S. stock indices in New York rebounded overnight. Perceptions that the prior tech sell-off had been overdone led to bargain hunting and broadened gains. However, late-session selling erased nearly half of the gains, indicating that concerns about a tech-stock bubble remain. At the close on the 5th at the New York Stock Exchange, Eastern Time, the Dow Jones Industrial Average was up 0.48% from the previous session. The Standard & Poor's (S&P) 500 index rose 0.37%, and the Nasdaq Composite Index gained 0.65%.

◆Daytime temperatures 18–22°C, mild…dense fog and large diurnal range expected

Thursday the 6th will feature a chilly morning and a mild daytime weather typical of autumn. Temperatures will be similar to or slightly higher than normal for the time being. Daytime temperatures are forecast at 18–22°C. The temperature difference between day and night will be large, about 15 degrees, mainly inland. Dense fog should also be noted. Until the morning, dense fog with visibility below 200ｍ is expected mainly in inland Gyeonggi and Gangwon inland/mountain areas, the Chungcheong region, Jeonbuk, inland Jeonnam, inland Gyeongbuk, and inland western Gyeongnam. Airports located inland may experience flight disruptions due to dense fog, so travelers are advised to check flight information in advance. Fine dust concentrations will be at 'bad' levels in Seoul, Incheon, southern Gyeonggi, the Chungcheong region, Gwangju, and Jeonbuk. Concentrations are expected to rise further from the afternoon as pollutants flow in from abroad. Sea waves will be 0.5∼2.0m in the nearshore East and South Seas, and 0.5∼1.0m in the nearshore West Sea. In the offshore waters (offshore waters within about 200㎞ of the coastline), wave heights are expected to be 0.5∼2.0m in the East and West Seas and 1.0∼2.5m in the South Sea.

Choi Su-jin Hankyung.com reporter naive@hankyung.com