US Tariffs
Cheong Wa Dae to hold meeting on US tariff response
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In response to the US Supreme Court's ruling striking down President Donald Trump's reciprocal tariffs, Cheong Wa Dae will hold a policy coordination meeting with the ruling party and government officials. The meeting, led by presidential chief of staff for policy Kim Yong-beom and National Security Adviser Wi Sung-lac, will include key ministers and the Democratic Party floor leader. The Trump administration imposed a 10 percent global tariff hours after the ruling and raised it to 15 percent the next day.
Kia Corp. confirmed a 23.5% drop in first-quarter net profit to 1.83 trillion won ($1.2 billion), missing analyst estimates of 1.91 trillion won, due to US import tariffs and a weakening Korean won—issues flagged in pre-earnings forecasts. Sales still hit a record 29.5 trillion won amid 5.3% growth.
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The US Supreme Court has declared tariffs imposed on coffee imports by the Trump administration unconstitutional, potentially paving the way for refunds to affected roasters and importers. While the industry welcomes the decision for offering cost relief, questions remain over the process and timeline for reimbursements. The ruling highlights ongoing trade tensions that reshaped global coffee dynamics last year.