"US to Announce Tariffs on Semiconductors and Pharmaceuticals Soon"...Yoon's Warrant Hearing Today [Morning Briefing]

◆NVIDIA Hits All-Time High...Market Cap Nears $4 Trillion

Overnight, the New York stock market closed mixed amid ongoing tariff uncertainty. At the New York Stock Exchange early this morning, the Dow Jones Industrial Average and S&P 500 Index fell by 0.37% and 0.07%, respectively, while the NASDAQ Composite Index rose by 0.03%. The market experienced confusion due to President Donald Trump’s inconsistent messaging. President Trump initially announced yesterday that the date for country-specific tariffs would be pushed back to August 1, only to later say, "August 1 is not 100% confirmed," heightening uncertainty. However, once again on social media, he reiterated there would be "no changes, no extensions" and confirmed the August 1 implementation. By stock, NVIDIA climbed 1.11% to $160 per share, bringing its market capitalization to $3.902 trillion—just shy of $4 trillion.

◆"Semiconductor Tariffs to be Announced Soon...50% Tariff on Copper"

The Trump administration is expected to announce tariffs on semiconductors as soon as the end of this month. After a cabinet meeting at The White House today, President Trump told reporters, "We're going to announce pharmaceuticals, semiconductors, and some other things. Big things." While he did not specify the timing or rate of semiconductor tariffs, immediately after mentioning semiconductors he cited "50% tariffs on steel, 50% on aluminum" as examples. He later stated that a 50% tariff on imported copper would be announced late today. President Trump also addressed South Korea, saying it "must shoulder its own defense costs," and insisted that the annual expenses for United States Forces Korea (USFK) should be increased to $10 billion (about ₩13 trillion).

◆Yoon's Rearrest at Stake...Warrant Hearing Today

The decision on the rearrest of former President Yoon Seok-yeol, currently being investigated by Jo Eun-seok’s special prosecutor team in connection with the "12·3 Martial Law" incident, could come as soon as today. The pre-arrest interrogation (warrant review) will take place today at 2:15 p.m. at the Seoul Central District Court, presided over by Judge Nam Se-jin, who is in charge of warrants. Former President Yoon will also appear in court in person. The special prosecutor's team specified five major offenses in the arrest warrant, including charges such as abuse of power and obstruction of the exercise of rights. Yoon's side contends that these charges are completely unfounded and that the special prosecutor’s team is excessively pursuing the warrant. After the warrant review, former President Yoon will be transferred to the Seoul Detention Center to await the result, which may come late tonight or in the early hours of tomorrow.

◆Next Year's Minimum Wage Set Between ₩10,210 and ₩10,440

The minimum wage for next year will be set between ₩10,210 and ₩10,440. At the 11th plenary meeting of the Minimum Wage Commission, which ran into the early morning, the committee ended the session as the gap between labor and management could not be further narrowed. In the 8th amendment, labor and management reduced the difference to ₩720, but as it could go no lower, the public interest commissioners presented a range between ₩10,210 (a 1.8% increase) and ₩10,440 (a 4.1% increase). Both sides will later submit revised proposals within this range, and the commission will decide next year's minimum wage by agreement or by vote.

◆Scorching Heat Continues...Seoul's Daytime High to Reach 36°C

Today, Wednesday, is expected to bring another day of stifling heat. According to the Korea Meteorological Administration, today will be mostly clear across the country, with "feels-like" temperatures around 35°C, especially in western and inland regions. Seoul’s highest temperature is forecast to reach up to 36°C. Projected highs for major cities are: △Incheon 34°C △Chuncheon 34°C △Gangneung 28°C △Daejeon 35°C △Daegu 32°C △Jeonju 35°C △Gwangju 35°C △Busan 30°C △Jeju 31°C. Continued easterly winds will make temperatures in Seoul and the capital area higher than in Daegu and other regions to the west. Even at night, the heat will not abate, and nighttime lows are expected to exceed 25°C, resulting in tropical nights. Fine dust concentration nationwide is predicted to remain at 'good' to 'moderate' levels.

No Jeong-dong, Hankyung.com Reporter dong2@hankyung.com