A Week of Pivotal Decisions
South Korea’s Constitutional Court’s ruling on President Yoon’s impeachment will shape the nation’s political landscape, potentially ushering in a new era of governance. Meanwhile, former U.S. President Donald Trump’s fluctuating stance on tariffs continues to send shockwaves through global markets, keeping investors on edge. In sports, NASCAR enters a new chapter with Steve Phelps as its first-ever commissioner, marking a significant shift in leadership for the iconic motorsport.
South Korea’s Constitutional Court will rule Friday on Yoon's impeachment
SEOUL, South Korea — South Korea’s Constitutional Court will rule Friday on whether to formally dismiss or reinstate impeached President Yoon Suk Yeol — a decision that either way will likely deepen domestic divisions.
The court has been deliberating Yoon’s political fate after he was impeached in December over his brief imposition of martial law that has triggered a massive political crisis.
Millions of people have rallied around the country to support or denounce Yoon. Police said they’ll mobilize all available personnel to preserve order and respond to acts of vandalism, arson and assault.
The Constitutional Court said in a brief statement Tuesday that it would issue its ruling at 11 a.m. Friday and that it will be broadcast live.
The opposition-controlled liberal National Assembly voted to impeach Yoon soon after he imposed martial law Dec. 3. In addition to the Constitutional Court’s ruling on his impeachment, Yoon was indicted in January on criminal rebellion charges.If the Constitutional Court removes Yoon from office, South Korea must hold an election within two months for a new president. If the court overturns his impeachment, Yoon would immediately return to his presidential duties.
At the heart of the matter is Yoon’s decision to send hundreds of troops and police officers to the National Assembly after imposing martial law. Yoon has insisted that he aimed to maintain order, but some military and military officials testified Yoon ordered them to drag out lawmakers to frustrate a floor vote on his decree and detain his political opponents.
Yoon argues that he didn’t intend to maintain martial law for long, and he only wanted to highlight what he called the “wickedness” of the main liberal opposition Democratic Party, which obstructed his agenda, impeached senior officials and slashed his budget bill. During his martial law announcement, he called the assembly “a den of criminals” and “anti-state forces.”
By law, a president has the right to declare martial law in wartime or other emergency situations, but the Democratic Party and its supporters say South Korea wasn’t in such a situation.
The impeachment motion accused Yoon of suppressing National Assembly activities, attempting to detain politicians and others and undermining peace in violation of the constitution and other laws. Yoon has said he had no intention of disrupting National Assembly operations and detaining anyone.
By law, a president has the right to declare martial law in wartime or other emergency situations, but the Democratic Party and its supporters say South Korea wasn’t in such a situation.
Martial law lasted only six hours because lawmakers managed to enter the assembly and vote to strike down his decree unanimously. No violence erupted, but live TV footage showing armed soldiers arriving at the assembly invoked painful memories of past military-backed dictatorships. It was the first time for South Korea to be placed under martial law since 1980.
Earlier public surveys showed a majority of South Koreans supported Yoon’s impeachment. But after his impeachment, pro-Yoon rallies have grown sharply, with many conservatives fed up with what they call the Democratic Party’s excessive offensive on the already embattled Yoon administration.
Yoon was released from prison March 8, after a Seoul district court cancelled his arrest and allowed him to stand his criminal trial without being detained. Ten top military and police officials have also been arrested and indicted over their roles in the martial law enactment.If the court affirms Yoon’s impeachment, then a presidential election will be conducted within 60 days.
Otherwise, Yoon, who has been suspended since mid-December, will be reinstated immediately.
Yoon claimed he issued his short-lived martial law decree to raise alarm about what he claimed was the opposition Democratic Party’s obstructionism and sympathetic stance towards North Korea.
Trump says he’ll be ‘kind’ on tariffs amid rollercoaster for global stocks
United States President Donald Trump has said his long-awaited reciprocal tariffs will be lower than what other countries charge as uncertainty over his biggest trade announcement yet continues to roil global stocks. Speaking at the White House on Monday, Trump said the tariffs he is preparing to announce on Wednesday will be “nicer” than the trade policies of US trading partners.Relatively speaking, we’re going to be very kind,” Trump said.Repeating his regular talking point that the US has been taken advantage of by its trading partners, Trump said the measures would bring “tremendous wealth back to our country ““Just hours out from his big announcement, Trump and his team continue to give conflicting and inconsistent signals of what to expect,” Deborah Elms, the head of trade policy at the Hinrich Foundation in Singapore.
“I am taking this latest statement with a grain of salt,” Elms added.“I still expect that tariffs will be applied to almost everyone. With higher levels for those with higher trade deficit and other trump complaints “Trump’s April 2 tariff announcement, which he has dubbed “liberation day”, is just the latest in a flurry of trade salvoes launched by the US president in recent weeks.
US Treasury Secretary Scott Bessent said last month that the administration was particularly focused on what he termed the “Dirty 15” – the 15 percent of countries deemed to account for the trade bulk imbalances and other tariffs barriers.Republican Senator
Thom Tillis also said he was considering backing the resolution, adding: “We need to fight battles with our foes first and then try to figure out any inequalities with our friends second.”
Already, China, South Korea and Japan agreed on Sunday to strengthen free trade between themselves, ahead of Trump’s expected tariff announcement.
But Trump said on Monday he was not worried that his action would push allies toward Beijing, adding that a deal on TikTok could also be tied to China tariffs.
White House press secretary Karoline Leavitt told reporters that the goal on Wednesday would be to announce “country-based tariffs”, although Trump remained committed to imposing separate sector-specific charges.
The uncertainty has jolted markets, with key European and Asian indexes closing lower, although the Dow and broad-based S&P 500 eked out gains.
Market nervousness intensified after Trump said on Sunday his tariffs would include “all countries”.
The Wall Street Journal reported on Sunday that advisers have considered imposing global tariffs of up to 20%, to hit almost all US trading partners. Trump has remained vague, saying his tariffs would be “far more generous” than ones already levied against US products.
Trump’s fixation on tariffs is fanning US recession fears. Goldman Sachs analysts raised their 12-month recession probability from 20% to 35%.China and Canada have imposed counter-tariffs on US goods, while the EU unveiled its own measures to start mid-April. Other countermeasures could come after Wednesday.
For now, the IMF chief, Kristalina Georgieva, said at a Reuters event on Monday that US tariffs were causing anxiety, although their global economic impact should not be dramatic.
Ryan Sweet of Oxford Economics said to “expect the unexpected”, anticipating that
Trump would “take aim at some of the largest offenders”.
Besides reciprocal country tariffs, Trump could unveil additional sector-specific levies on the likes of pharmaceuticals and semiconductors. He earlier announced car tariffs to take effect on Thursday.
Economists have expected the upcoming salvo could target the 15% of partners that have persistent trade imbalances with the US, a group that the US treasury secretary, Scott Bessent, has dubbed a “Dirty 15”.
The US has some of its biggest goods deficits with China, the EU, Mexico, Vietnam, Taiwan, Japan, South Korea, Canada and India.The European Central Bank president, Christine Lagarde, said on Monday that Europe should move towards economic independence, telling France Inter radio that Europe faces an “existential moment”.
Separately, the British prime minister, Keir Starmer, spoke with Trump on “productive negotiations” towards a UK-US trade deal, while the German chancellor, Olaf Scholz, said the EU would respond firmly to Trump but was open to compromise.
It was “entirely possible” for fresh tariffs to be swiftly reduced or put on hold, said Greta Peisch, a partner at law firm Wiley Rein.
In February, Washington paused steep levies on Mexican and Canadian imports for a month as the North American neighbours pursued negotiations.The European Central Bank president, Christine Lagarde, said on Monday that Europe should move towards economic independence, telling France Inter radio that Europe faces an “existential moment”.
Separately, the British prime minister, Keir Starmer, spoke with Trump on “productive negotiations” towards a UK-US trade deal, while the German chancellor, Olaf Scholz, said the EU would respond firmly to Trump but was open to compromise.
It was “entirely possible” for fresh tariffs to be swiftly reduced or put on hold, said Greta Peisch, a partner at law firm Wiley Rein.
In February, Washington paused steep levies on Mexican and Canadian imports for a month as the North American neighbours pursued negotiations.
Steve Phelps named NASCAR's first commissioner
March 31 – Steve Phelps was named NASCAR’s first commissioner on Monday with a mission focused on “strategic growth and international expansion.”
Phelps, 62, had been serving as president of NASCAR since 2018. In the newly created role, he will oversee all aspects of the sport that include the International Motorsports Association (IMSA) and all 15 NASCAR-owned or operated tracks.
Steve O’Donnell was promoted from chief operating officer to succeed Phelps as president. O’Donnell is responsible for the day-to-day leadership of all three NASCAR national series (Cup Series, Xfinity and Trucks) and all commercial, media and track operations as well as four international series and multiple properties.We are thrilled to name Steve Phelps as NASCAR’s first Commissioner,” said NASCAR chairman and CEO Jim France. “His leadership, professionalism and well-earned respect from across the sports industry speak to his unique value for the sport. With more than 50 years of expertise between them, both Steve Phelps and Steve O’Donnell bring tremendous expertise, stability and a commitment to the bold racing innovations that will continue to serve fans, teams and stakeholders for many years to come. Phelps originally joined NASCAR in 2005.
“I’m honored to take this next step in helping to guide NASCAR, the sport I’ve loved since my father took me to my first race at 5 years old, to continue to grow and welcome new fans, competitors and partners that together create some of the most extraordinary moments in sports,” Phelps said. “I cannot thank the France family enough for their unwavering commitment to our fans, their steady leadership and, most importantly, their stewardship of stock-car racing since its inception nearly eight decades ago. This sport is truly one of the great American business stories and I’m privileged to continue as part of that legacy — and especially its bright future.In my 30 years in
NASCAR, I’ve been most inspired by the passion of race fans at tracks across the country. It has been a privilege to help bring our sport to those fans through incredible new venues and innovative engaging content that showcase the best racing in our storied history,” O’Donnell said.
“I believe we’re the best in the world at creating ‘Bucket List’ events that merge sports and entertainment with tailgating, camping and the most immersive fan experience in sports. I’m honored to continue that mission and build upon the collaboration and innovation with our teams and partners to deliver the best racing to sports fans everywhere.We are thrilled to name Steve Phelps as NASCAR’s first Commissioner.
His leadership, professionalism, and well-earned respect from across the sports industry speak to his unique value for the sport,” said NASCAR Chairman & CEO, Jim France. “With more than 50 years of expertise between them, both Steve Phelps and Steve O’Donnell bring tremendous expertise, stability, and a commitment to the bold racing innovations that will continue to serve fans, teams, and stakeholders for many years to come “
