Trump Vows to "Bomb Iran Back to Stone Age"; KOSPI Plunges 4.5%

*※ [Global Morning Briefing] summarizes global news delivered by the Seoul Economic Daily.* **No Ceasefire Declaration… Markets Panic** U.S. President Donald Trump said in a nationally televised address on the 1st (local time) that he would "hit Iran extremely hard for two to three weeks and bomb it back to the Stone Age." "If no deal is reached during this period, we will strike Iran's power plants very forcefully," Trump warned. Markets, which had anticipated a ceasefire, plunged immediately after Trump's remarks. The KOSPI fell 244.65 points (4.47%) to close at 5,234.05, while the KOSDAQ index dropped 59.84 points (5.36%) to end at 1,056.34. **Trump Declares "Maximum Strike on Iran for 2–3 Weeks"… Pressures Surrender Instead of Ceasefire Timetable [U.S.–Iran War]** President Trump, upending expectations of a ceasefire declaration, announced a full-scale offensive against Iran. Trump said the door to negotiations with Iran remains open and talks are ongoing, but threatened indiscriminate strikes on key facilities including energy infrastructure if no agreement is reached within the deadline. The move is interpreted as a pressure card against Iran amid stalled negotiations, but the choice of combat over ceasefire raised Middle East instability again within hours. Trump's decision to set a two-to-three-week deadline appears to be an unavoidable choice considering the congressional authorization process for military operations. Under the U.S. War Powers Resolution, military action requires congressional approval. The president can independently sustain military action without congressional approval for a maximum of 60 days. According to Iran's semi-official Tasnim News Agency, Ebrahim Jolfaghari, spokesperson for the Hatam al-Anbiya Central Headquarters that commands Iran's unified military forces, said in a statement, "We will continue the war until there is eternal regret and surrender," adding that "we are preparing more devastating, extensive, and destructive attacks against the enemies." **No. 2 LNG Exporter Australia Also Considers Export Controls… Energy Supply Chain Every-Nation-for-Itself** Australia, the world's second-largest liquefied natural gas (LNG) exporter, has begun reviewing measures to restrict gas exports amid the prolonged closure of the Strait of Hormuz. Australia is the country from which South Korea imports the most LNG, accounting for approximately 31% of imports. A resource nationalism trend of locking down energy exports is spreading rapidly amid the Middle East-driven energy crisis. Beyond Australia, a growing number of countries have moved to prioritize domestic supply of fuel and other resources as Middle Eastern energy supplies have been cut off. China imposed a ban on fuel oil exports last month following the outbreak of the war, and Kazakhstan extended its export restrictions on petroleum products including gasoline and diesel through May. Meanwhile, Iran's Islamic Revolutionary Guard Corps (IRGC) is moving to formalize a toll collection scheme for the Strait of Hormuz. According to a Bloomberg report, shipowners seeking to pass through the Strait of Hormuz must contact brokers linked to the IRGC and submit detailed information including ship ownership, nationality, cargo manifests, crew lists, and Automatic Identification System (AIS) data. **NATO Secretary General Heads to White House Next Week Amid Trump Withdrawal Threats** NATO Secretary General Mark Rutte will visit Washington, D.C. next week amid President Trump's threats to withdraw from the alliance. At an Easter luncheon at the White House, Trump expressed strong displeasure, saying, "We have had some very lousy allies within NATO," adding, "Hopefully we will never need them. I don't think we will need them," strongly signaling a NATO withdrawal. **U.S. to Impose Blanket 25% Tariff on Finished Products Containing Steel and Aluminum** The Trump administration is expected to unveil a plan to impose a 25% tariff on all finished products containing imported steel and aluminum. Industry officials have raised concerns that the tax burden could increase as the taxable base shifts from raw metal value to the price of the finished product. The Wall Street Journal reported on the 1st (local time), citing sources, that President Trump plans to issue a proclamation as early as this week changing the basis for steel and aluminum tariffs to the full price of finished products. This would replace the current system of assessing the value of steel or aluminum contained in each product and applying a 50% tariff accordingly. **Abandoning the Strait Closure and Pulling Out? America's 'Cut-Loss' Plan**

Trump Vows to "Bomb Iran Back to Stone Age"; KOSPI Plunges 4.5%

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