[Morning Briefing] President Lee presides over the UN's first Security Council open debate… US applies 15% tariff on European cars

◆President Lee presides over Security Council open debate "AI, a turning point of great transformation"

President Lee Jae-myung, visiting New York, United States to attend the UN General Assembly, presided over an open debate of the United Nations Security Council at UN headquarters on the 24th (local time). It was the first time a Korean head of state sat in the presidential seat in the UN assembly hall and presided over an open debate, as Korea is this year's Security Council presidency. President Lee chose 'AI and international peace and security' as the topic that day. President Lee said, "Depending on how we handle AI, a completely different future will unfold." Regarding the role of the UN, he said, "In particular, the Security Council's responsibility has become weighty."

◆President Lee meets U.S. Treasury Secretary Scott Besent in New York

President Lee Jae-myung, visiting New York to attend the UN General Assembly, met with U.S. Treasury Secretary Scott Besent at the Republic of Korea's UN mission on the 24th (local time) to discuss tariff negotiations between Korea and the United States. According to a briefing by Kim Yong-beom, director of the presidential office's policy office, President Lee said at the meeting, "Korea-U.S. relations are very important as an alliance." He added, "Good consultations are needed in the trade sector as well." Secretary Besent said, "The Korea-U.S. alliance is solid, and there may be temporary and short-term difficulties, but they can be sufficiently overcome." He also explained, "I understand there has been much progress in the trade area regarding trade negotiations."

◆U.S. applies 15% tariff to European cars following Japan

The U.S. government on the 24th (local time) set the tariff rate on European cars and auto parts at 15%. This tariff rate will be applied retroactively from August 1, and companies that paid tariffs higher than 15% after that date are expected to be eligible for refunds. With Europe now subject to the 15% tariff rate following Japan, pressure on Korea — which currently faces a 25% tariff rate — to quickly conclude negotiations with the United States is expected to increase.

◆Ruling party to prioritize Government Organization Act in today's plenary session

The National Assembly will hold a plenary session on the 25th to handle the Government Organization Act and others. The Democratic Party of Korea plans to prioritize four major bills: the Government Organization Act, centered on the abolition of the Prosecutor's Office; the Act to establish the Broadcasting, Media and Communications Committee; the amendment to the National Assembly Act to rename standing committees in line with government ministry reorganization; and the amendment to the rules concerning the number of members of National Assembly standing committees. In response, the People Power Party plans to conduct a filibuster (legal obstruction of proceedings through unlimited debate) to block the passage of the bills.

◆Kim Geon-hee to appear before special prosecutor today…bribery suspect in 'Yoon collusion' case

Kim Geon-hee, who was indicted and detained on various allegations including Deutsche Motors stock manipulation, alleged election interference by Myeong Tae-gyun, and requests involving Geonjin Beopsa and the Unification Church, will be summoned to the special prosecutor team led by Min Joong-gi on the 25th. According to the legal community, Mrs. Kim is scheduled to appear at 10:00 a.m. that day at the special prosecutor's office in the West of the KT Gwanghwamun Building in Jongno-gu, Seoul, and will be investigated as a suspect of bribery under the Act on the Aggravated Punishment of Specific Crimes.

◆New York stocks: three major indexes close lower

All three major U.S. stock indexes closed lower for a second day. On the 24th Eastern Time at the New York Stock Exchange near the close, the Dow Jones Industrial Average finished at 46,121.28, down 0.37% from the previous session. The Standard & Poor's (S&P) 500 index closed at 6,637.97, down 0.28%, and the Nasdaq Composite closed at 22,497.86, down 0.33%. Weakness in AI-related stocks such as NVIDIA led the three major indexes to close lower together. In addition, Federal Reserve Chair Jerome Powell stirred concern by saying that the market "appears to be considerably overvalued."

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