Trump is once again wielding the tariff hammer.
This time, South Korea is under fire.
An increase in tariffs to 25% has been announced on a wide range of imports - from cars to farming. The formal reason is that Seoul is 'slowly fulfilling' the trade agreement made last year.
The nuance is that Korea claims it has not received any official notification. The agreement itself is still going through parliament and, according to local estimates, may only be approved in February.
So we have a classic situation:
political pressure before the procedure is completed.
Markets do not like this. Not because of the tariffs themselves, but because of the signal - the rules of the game may again change with tweets.
And this is yet another argument for why global capital is looking more closely at assets outside of political control.
The issue is not with Korea.
The issue is with predictability.