U.S. President Donald Trump announced that the mutually applied tariffs went into effect at 12:01 a.m. on the 9th (local time; 1:01 p.m. on the 9th in Korea), causing fluctuations in the South Korean stock market.
According to the Korea Exchange, as of 1:06 p.m., the KOSPI index was trading at 2,302.65, down 31.58 points (1.35%) from the previous trading day. The KOSPI index dropped to 2,298.73 around the time the tariffs went into effect, falling below the 2,300 mark for the first time in about 1 year and 5 months.
At the same time, the KOSDAQ index recorded 644.40, down 14.05 points (2.13%) from the previous trading day. The KOSDAQ index was also widening its decline into the afternoon.
At 1:01 p.m. that day, the mutually applied tariffs announced by President Trump on the 2nd, which would apply to imports from 57 countries, went into effect. With the official implementation of the tariff, starting from this point, an additional tariff of 11% to 50% will be imposed on imports coming from the specific 57 countries as designated by the U.S. administration.
In South Korea, a rate of 25% will be applied, while Japan will see a 24% tariff. In response to the high mutual tariffs, China adjusted its tariff rate from the previous 34% to 84%, increasing it by 50 percentage points, thereby escalating the U.S.-China trade war.