[Morning Briefing] "Successful Korea-US Trade Talks"... Colder Weather, Temperature Drops

◆ US Treasury: "Successful Trade Talks with Korea"

Scott Besant, the Secretary of the Treasury leading trade negotiations in the Donald Trump administration, stated on the 24th local time that trade talks between Korea and the United States are proceeding smoothly and faster than expected. Secretary Besant, who attended the US-Norway summit at the White House, said in response to President Trump's directive to "explain the status of tariff negotiations with other countries," "Today we had a very successful bilateral meeting with Korea." Besant added, "We can move faster than I thought. And we will discuss technical terms as early as next week, reaching an agreement on understanding as early as next week." He continued, "The Koreans came early (for negotiations). They brought their best offer, and we will see if they implement it." However, it was not confirmed what technical terms and agreements on understanding Besant mentioned.

◆ Choi Sang-mok: "Korea-US Agree on 'July Package' for Tariff Abolition"

After completing the 'Korea-US 2+2 Trade Talks' to discuss the 'Trump Tariffs' issue, Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok stated that he emphasized to the US side that "we conveyed our people's concerns and that Korea is a reliable partner for the US." Deputy Prime Minister Choi said at a government joint briefing held at the Korean Embassy in Washington D.C., "We proposed to seek mutually beneficial cooperation plans that benefit both countries," and added, "Considering Korea's situation and other circumstances, we explained to the US side that calm and orderly consultations are necessary." The government listened to the US's demands as conditions for the abolition or significant reduction of mutual tariffs. The government stated, "This meeting was the first official consultation conducted in a friendly atmosphere, and both countries agreed to continue working-level meetings and additional high-level discussions."

◆ New York Stock Market, Uncertainty Subsides... Closes Strong for Second Day

The three major indices of the New York Stock Exchange closed strong for the second consecutive day. On the 24th, Eastern Time, the Dow Jones Industrial Average closed at 40,093.40, up 486.83 points (1.23%) from the previous session. The S&P 500 index rose 108.91 points (2.03%) to 5,484.77, and the Nasdaq Composite Index surged 457.99 points (2.74%) to close at 17,166.04. There were no clear positive factors to drive the market up. The trade negotiations between the US and China have stalled, with conflicting explanations from both sides, raising doubts about the progress. However, despite the US-China trade negotiations faltering, investors drove buying due to expectations that tariff uncertainties would subside as the US entered tariff negotiations with major trading partners such as Korea, Japan, and India. Trump's decision to exempt some parts tariffs for automakers also supported optimism. Jim Reid, Global Head of Macro at Deutsche Bank, said, "We have to see, but investors seem optimistic that the Trump administration will make more concessions."

◆ Top Public Official in Assets Declares 11.9 Billion

The Government Public Officials Ethics Committee disclosed through the official gazette the assets held by 38 senior public officials whose status changed from January 2 to February 1 this year. The senior public official with the highest declared assets during this period was Lee Dong-woon, the head of the Busan Regional Tax Office, who declared assets in his and his family's names totaling 11.9 billion won. Lee declared buildings worth 10.4 billion won, including an apartment in Apgujeong-dong, Gangnam-gu, Seoul, jointly owned with his spouse, an apartment in Gaepo-dong, Gangnam-gu, and a building in Seocho-dong, Seocho-gu, owned by his spouse. Following him, Kim Sun-jo, Director of Planning and Coordination at the Anti-Corruption and Civil Rights Commission (unassigned in Daegu at the time of asset registration), and Bae Young-kwon, Vice President of Daegu National University of Education, held assets of 6.6 billion won and 3.1 billion won, respectively. Kim declared land worth 3.2 billion won in the names of his spouse, mother, and eldest daughter, buildings worth 1.5 billion won in his and his family's names, deposits of 1.2 billion won, and stocks worth 600 million won. Bae declared deposits of 2.4 billion won and buildings worth 600 million won in his and his family's names.

◆ "Bring Outerwear"... Morning Commute, Dropped Temperature

On Friday, cold air from the northwest will cause morning temperatures to drop to single digits, making it chilly in many places. Morning temperatures will record around 10 degrees, and the highest daytime temperatures will be slightly lower than usual at 16 to 20 degrees. The temperature difference between day and night will be around 15 degrees (around 20 degrees in eastern regions), so take care of your health. In some areas of northern and eastern Gyeonggi, inland Gangwon, Chungbuk, eastern Jeolla, and northern inland Gyeongbuk, morning temperatures will drop to around 0 degrees, causing frost, and some inland and mountainous areas of Gangwon may experience freezing. It will be mostly clear, but strong winds with speeds of over 15 m/s (over 20 m/s in mountainous areas) will blow across the country. The atmosphere will gradually dry out, especially in eastern regions, and strong winds will blow in mountainous areas, so be cautious of fire prevention. Fine dust levels are expected to be 'moderate' nationwide. However, due to the influence of residual fine dust from the previous day, ultrafine dust levels will temporarily be 'bad' in Chungcheong and Yeongnam regions. Fine dust will also be 'bad' in the morning in the metropolitan area, Gangwon, Chungcheong, and Yeongnam regions due to the influence of yellow dust.

Kim So-yeon, Hankyung.com Reporter sue123@hankyung.com