The South Korean won appreciated to around 1,383 per dollar on Thursday, recovering from recent losses as broad dollar weakness and strong domestic fundamentals supported sentiment. South Korea posted a record current account surplus of $14.27 billion in June, up from $10.14 billion in May. This marks the highest monthly surplus on record and the 26th consecutive surplus since May 2023. However, the recovery was tempered by renewed trade policy uncertainty after US President Donald Trump proposed a 100% tariff on imported semiconductors under Section 232 of the Trade Expansion Act, citing national security concerns. While this initiative could significantly impact the semiconductor sector, major South Korean chipmakers are expected to avoid the full tariffs. Trump specified that firms that produce, or are in the process of producing, chips in the US would be exempt from the levy.
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