[Morning Briefing] Trump to Impose 25% Tariff on Imported Cars from Next Month 2nd... Nationwide Rain Around 5mm

◆Trump to Impose 25% Tariff on Foreign Cars from Next Month 2nd... Impact on South Korea

U.S. President Donald Trump officially announced on the 26th local time that a 25% tariff will be imposed on all imported cars starting from the 2nd of next month. President Trump stated, "If it's made in the USA, there will naturally be no tariff." Cars are the largest export item from South Korea to the U.S., and a significant impact on South Korea is expected. Last year, South Korea's car exports to the U.S. amounted to about 51 trillion won, accounting for almost half of the global car export volume at 49.1%.

◆ New York Stock Exchange Closes Lower on Tariff Concerns

Concerns over the Trump administration's tariff policy have led to a decline in the New York Stock Exchange. Overnight, the Dow Jones Industrial Average fell by 0.31%, the S&P 500 by 1.12%, and the Nasdaq Composite by 2.04%, respectively. The New York Stock Exchange, which started in a weak range, expanded its decline as news emerged that the White House planned to announce unexpected car tariffs that day. Before the close of the New York Stock Exchange, the scope and scale of the car tariffs were not known, with Tesla plummeting 5.6% and GM closing down 3.1%.

◆ "Impeachment Judgment Announcement"... KCTU General Strike for One Day

The Korean Confederation of Trade Unions (KCTU) is holding a one-day general strike on the 27th, urging the Constitutional Court to designate the impeachment judgment day for President Yoon Suk-yeol. Previously, the KCTU held a press conference on the 20th, protesting the delay in the impeachment judgment announcement and forewarning the general strike on that day. They also stated that if the judgment day is not designated continuously, they would hold a general strike every Thursday. The Metal Workers' Union issued a directive for a strike of more than two hours, and unions centered on special employment and self-employed workers who do not need the right to dispute are expected to actively participate in the strike. In response, the business community is opposing, stating that "the KCTU's general strike is an illegal political strike with 'political demands' that cannot be the purpose of a strike." The Ministry of Employment and Labor stated that this general strike is an illegal act that cannot be protected under the Trade Union Act as a 'political strike' and announced that they plan to take measures according to the law and principles for violations of laws and regulations.

◆ 'World Cultural Heritage' Andong Byeongsan Seowon Nearby Forest Fire in Calm State Overnight

The forest fire that reached near the World Cultural Heritage Andong Byeongsan Seowon remained in a calm state overnight. According to the fire authorities on the 27th, the flames that approached the hills of Ingeum-ri, Pungcheon-myeon, 3 km away in a straight line from the Seowon the previous night, did not spread significantly overnight and maintained a similar momentum. The authorities believe that there was no significant damage as the wind blew weakly at 1 to 2 m/s overnight and the direction was away from the Seowon. While the area around the Seowon and Hahoe Village is still filled with smoke, about 50 firefighters and 10 fire trucks are on standby in case of an emergency. The fire authorities plan to continue spraying water on the Hahoe Village and Byeongsan Seowon buildings and pine forests as soon as the day breaks. It is noteworthy whether the rain forecasted in the Hahoe Village area on this day will be able to curb the spreading flames.

◆ Nationwide Rain Around 5mm... Strong Winds and Dry Weather Continue

On Thursday the 27th, it will be mostly cloudy nationwide with rain. Rain will fall in most areas from morning to afternoon, and in the late afternoon in Chungbuk and Jeolla regions, until night in Gyeongsang regions, and until the morning of the 28th in Jeju Island. Some areas in Gyeongbuk and inland Gyeongnam will show a lull, and there will be places with gusts, thunder, and lightning on the southern coast. The expected precipitation is 5 to 10 mm in Seoul, Incheon, Gyeonggi, Gangwon Yeongseo, Jeonnam southern coast, Busan, and Gyeongnam southern coast, less than 5 mm in Gangwon Yeongdong, Daegu, Gyeongbuk, western inland Gyeongnam, Ulleungdo, and Dokdo, around 5 mm in Daejeon, Sejong, Chungnam, Chungbuk, Gwangju, Jeonnam (excluding Jeonnam southern coast), Jeonbuk, Ulsan, and Gyeongnam (excluding Gyeongnam southern coast and western inland), and 5 to 30 mm in Jeju Island. The atmosphere will be very dry in the areas where a dry weather advisory is in effect, such as the east coast of Gangwon, southern inland and mountainous areas of Gangwon, Chungbuk, eastern Jeolla, and Gyeongsang regions (excluding Busan and southern coast), and the atmosphere will be dry in other areas as well. Although the dry weather advisory may be partially lifted or eased as rain falls, the advisory is likely to be maintained in most areas due to the low precipitation. As the atmosphere is dry and the wind blows strongly, small sparks can turn into large fires, so special attention should be paid to preventing various fires. In most areas nationwide, the wind will blow strongly with an instantaneous wind speed of around 55 km/h for the time being.

Sujin Choi, Hankyung.com Reporter naive@hankyung.com