U.S. Tariff Pressures Loom Over South Korea’s Tech Sector
Bilateral economic ties between Washington and Seoul face renewed hurdles as the U.S. prepares targeted import tariffs on semiconductors. U.S. Commerce Secretary Howard Lutnick signaled that foreign chipmakers must establish domestic production facilities to bypass heavy market entry tolls. A senior presidential official in Seoul acknowledged that while both nations are actively coordinating to prevent mutual economic friction—building on last year’s massive investment pact—ongoing negotiations regarding national security and trade terms remain exceptionally complex.
Volkswagen Approves Historic 100,000 Job Cuts Amid Deepening Industry Crisis
Europe’s largest carmaker has greenlit the most sweeping workforce reduction in the history of the global automotive sector. Management and labor representatives agreed to eliminate a cumulative 100,000 jobs by 2030, representing roughly 15 percent of the group’s worldwide staff. Squeezed by fierce Chinese competition, sluggish EV demand, and external trade barriers, the multi-brand giant is confronting structural realities that may force unprecedented domestic plant closures in Germany, bringing high-stakes labor tensions to a temporary compromise.
