Iran Proposes Strait of Hormuz Reopening Deal Amid Stalled U.S. Talks 
Nippon Express Stock Jumps as Elliott Investment Signals Strong Foreign Interest in Japan Logistics Sector 
U.S. Consumer Sentiment Hits Record Low as Iran Conflict Fuels Inflation Concerns 
Chinese Chip Stocks Surge on AI Boom and Domestic Tech Push 
U.S. and EU Strengthen Critical Minerals Partnership to Reduce China Dependence 
Toyota Global Vehicle Sales Decline in March Amid RAV4 Transition and Middle East Slowdown 
Dollar Holds Firm as Middle East Tensions and Central Bank Decisions Keep Markets on Edge 
Wall Street Futures Rise as Trump Discusses Iran’s Hormuz Strait Proposal and Tech Earnings Loom 
Oil Prices Rise Amid U.S.-Iran Tensions and Strait of Hormuz Deadlock 
China’s Ultra-Cheap EV Boom: Why Electric Cars Cost Far Less Than in the U.S. 
Asian Currencies Rise Ahead of BOJ and Fed Meetings as Dollar Softens 
DeepSeek V4 Launch Signals China’s Growing AI Independence with Huawei Chips 
U.S. Budget Airlines Seek $2.5 Billion Government Aid Amid Rising Jet Fuel Costs 
Trump Urges Iran to Call for Talks as War Stalemate Disrupts Oil Markets 
Micro Systemation Reports Q1 Loss Amid Strategic Investments and Revenue Growth 
South Korea's businesses complained that the EU’s carbon border tax would lead to unfair double taxation as the country has already adopted its cap-and-trade system.
The Federation of Korean Industries (FKI), which represents over 400 businesses, had requested the EU to exempt South Korea from its tariff plan, dubbed Carbon Border Adjustment Mechanism.
The FKI, which added that it could grow into a new type of trade protectionism, has yet to receive a response from the EU.
The organization had not sent a similar request to the US, which is still in the early stages of planning.
Last month, the EU put forward plans to levy on importations by economies with laxer climate rules from 2026. US lawmakers followed suit, floating plans of including the tariff as part of a $3.5 trillion budget reconciliation bill.
Cho Gyeong-lyeob, the chief economist at the Korea Economic Research Institute, noted that South Korea's energy-intensive industries, such as steel and cement, are set to suffer if the carbon border tax is levied in a coercive manner.
The Bank of Korea (BOK) pinpointed the country's autos and shipbuilding industry to be hit most by the tariffs, with the steel industry next.
Cho added that the pace of cutting back industrial carbon emissions has to be in line with the development of green technologies, which could reduce emissions costs.
If both the EU and the US levy carbon border taxes, South Korea’s outbound shipments would shed 1.1 percent, or $7.1 billion, every year, according to the BOK.
The EU’s charge of $50 per ton of carbon dioxide emissions would cost South Korea’s exports $3.2 billion annually. If the US adopts the same $50 rule, the tariff would cost an additional $3.9 billion every year.
The tax could also eliminate South Korea's cost advantage in manufacturing and affect its trade ties with China, which is expected to be heavily hit by the tax rules as the world’s largest greenhouse gas emitter.
The BOK noted that if the US and EU take into account the cap-and-trade system, which currently levies $15 for every ton of emissions, the tax would be cut by $35 per ton. That means South Korea’s annual exports would only shed 0.7 percent.
