Trump Threatens Tariffs on South Korea Amidst Global Economic and Security Concerns

Washington D.C. - President Donald Trump threatened to increase tariffs on South Korean goods, citing the country's national assembly's delay in approving a trade framework announced last year, according to social media posts on Monday. Trump stated that import taxes would be raised on autos, lumber, and pharmaceutical drugs from South Korea, with the rate on other goods increasing from 15% to 25%.

Trump previously imposed the tariffs by declaring an economic emergency and bypassing Congress, while South Korea needed legislative approval for the framework announced in July and affirmed during Trump's October visit to the country. "Our Trade Deals are very important to America. In each of these Deals, we have acted swiftly to reduce our TARIFFS in line with the Transaction agreed to," Trump said.

The tariff threat comes amid broader concerns about European defense capabilities and the U.S. role in global security. NATO Secretary-General Mark Rutte stated on Monday that Europe is incapable of defending itself without U.S. military support. "If anyone thinks here that the European Union or Europe as a whole can defend itself without the U.S., keep on dreaming. You can't," Rutte told EU lawmakers in Brussels, insisting that Europe would have to more than double current military spending targets to be able to do so.

Meanwhile, in the business world, Pfizer CEO Albert Bourla reflected on leading the company through the COVID-19 pandemic. In an interview with Fortune Editor-in-Chief Alyson Shontell, Bourla, a veterinarian by training, discussed the company's efforts to combat the crisis, including its collaboration with BioNTech to bring the first FDA-approved COVID-19 vaccine to market and the introduction of Paxlovid.

The U.S. sneaker market continues to grow, with British retailer JD Sports Fashion aiming to expand its presence. JD Sports Fashion currently has nearly 400 stores in North America and plans to reach 800 by opening new stores and converting stores from the Finish Line chain it acquired. JD CEO Régis Schultz sees significant opportunity in the $24 billion sneaker market, which now represents about 60% of the U.S. footwear market.

In Minneapolis, tensions remain high as evidenced by a recent incident involving a reporter being mistaken for an ICE officer. The reporter, while waiting for a colleague, was scrutinized by a woman who suspected she might be an Immigration and Customs Enforcement agent.