Brazil to Phase Out Gasoline Subsidy First as Diesel Support Stays Longer 
Meta Stock Jumps as AI Cloud Expansion Challenges AWS, Microsoft, and Google 
Kioxia Bets on AI Memory Boom With Next-Gen NAND Production in Japan 
Suncorp Cuts 2026 Premium Growth Forecast as Australia, New Zealand Markets Weaken 
Anthropic Tightens AI Access Controls After Reports of China-Based Workarounds 
Oil Prices Steady as U.S.-Iran Talks Ease Supply Fears Ahead of Holiday Weekend 
Gold Price Holds Above $4,000 as Fed Rate Hike Expectations and U.S. Jobs Data Weigh on Market 
Apple Eyes Chinese Memory Chips as AI Shortage Pressures iPhone Supply Chain 
US Resumes Dollar Shipments to Iraq After Months-Long Suspension 
Texas Man Charged After Fatal Tesla Full Self-Driving Crash in Katy 
Super Micro Employees Detained in Taiwan AI Server Export Investigation 
Chinese Copper Foil Maker Londian Files U.S. IPO as EV Battery Demand Grows 
EU Chip Industry Faces Growing Risks From China Export Controls and U.S. Technology Dependence: Report 
Mary Daly Says AI Uncertainty Clouds Fed Rate Outlook Despite Restrictive Policy 
Goldman Sachs Says China Competition Weighs More on EU Growth Than Trade Deficit 
Northern Star Appoints New CEO as Activist Elliott Pushes for Leadership Overhaul 
Asian Stocks Rebound as Tech Shares Rally on Fed Rate Cut Hopes and Easing Iran Tensions 
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.
