Trade Policy
Trump signs 10% global tariff after supreme court ruling
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The US Supreme Court ruled that President Donald Trump's tariffs imposed under the 1977 IEEPA law were unlawful. Hours later, Trump signed an executive order imposing a 10% global tariff on all countries under Section 122 of the 1974 Trade Act. The tariff will take effect almost immediately and last for 150 days.
China has firmly rejected the European Union's designation of it as a high-risk country and its move to restrict funding for projects using Chinese inverters, calling the steps groundless and discriminatory.
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Trade Minister Yeo Han-koo will visit Mexico next week to broaden outreach for resuming free trade agreement negotiations with the country. The trip aims to address challenges facing Korean companies amid recent shifts in Mexican trade policy.
The United States is pressuring Taiwan to shift 50% of its semiconductor production to US soil or risk losing military protection. This demand accompanies proposals for tariffs to balance foreign chip reliance. The policies aim to bolster domestic manufacturing amid global tensions.
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The European Union has decided to delay the enforcement of its landmark anti-deforestation law by an additional year, pushing the start date to late 2025 or beyond. This announcement, made by EU Environment Commissioner Virginijus Sinkevicius, comes amid mounting pressure from global suppliers and concerns over supply chain disruptions. The move aims to provide more time for businesses to comply with the stringent regulations designed to curb deforestation linked to EU imports.