July 26, 2025

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South Korea Prepares U.S. Trade Package Ahead of August 1 Tariff Deadline

SEOUL, July 27, 2024 — South Korea’s presidential office announced that it will assemble a mutually agreeable trade package with the United States ahead of a looming August 1 tariff-pause deadline, when 25% levies on Korean goods are set to resume. The package will feature shipbuilding cooperation, a priority for U.S. Commerce Secretary Howard Lutnick, who met Industry Minister Kim Jung-kwan on Thursday and Friday to reaffirm both sides’ commitment to a deal.

Next week’s minister-level meetings in Washington will see Finance Minister Koo Yun-cheol and Foreign Minister Cho Hyun engage with Treasury Secretary Scott Bessent and State Secretary Marco Rubio, respectively, as Seoul races to secure terms no less favorable than Japan’s recent tariff reduction to 15%.

Intel Shakeup and AI‐Chip ETF Fuel Semiconductor Surge

Semiconductors in Spotlight: Intel’s new CEO Lip-Bu Tan has confirmed a spin-off of its Network and Edge Group after a $2.9 billion Q2 loss, part of a sweeping plan that includes cutting 15% of its workforce and abandoning its 18A foundry process. Meanwhile, the iShares Semiconductor ETF (SOXX), with top holdings in Nvidia (8.27%) and AMD (9.35%), has delivered a 24.1% compound annual return over the past decade.**

Key Points:

Intel to divest NEX unit, seek outside investors with Intel as anchor.

25,000 jobs to be cut by end-2025 and major global projects shelved.

SOXX’s concentration in AI chip suppliers has driven returns far above the S&P 500.

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US Home Prices Soar to Record Despite Slumping Sales and High Rates

Record Prices Amid a Sales Slump In June, the median price for an existing U.S. home climbed to $435,300—surpassing last year’s peak—even as seasonally adjusted sales dropped 2.7% to a nine-month low, the National Association of Realtors reports. High mortgage rates—with the average 30-year fixed above 6.7% through 2026, per the Mortgage Bankers Association—are keeping many buyers sidelined and locking in owners with existing low-rate loans.

Widening Divide The market’s strongest segment is the top end: homes priced over $1 million saw sales surge 14% year-over-year, and all-cash buyers accounted for 29% of transactions. Meanwhile, first-time buyers comprised just 30%, hampered by affordability constraints despite rising wages and record-high equity among existing homeowners.

NRC Greenlights Palisades Nuclear Plant Restart

On July 24, 2025, the U.S. Nuclear Regulatory Commission filed public notice to restore the operating license of Michigan’s Palisades Nuclear Power Plant, marking the first reactivation of a decommissioned U.S. reactor. The 800-megawatt facility near South Haven, shut down in May 2022 due to a control rod drive seal failure, is now owned by Holtec International.

The NRC determined the restart plan “poses no significant hazards,” said Holtec President Kelly Trice. Approximately 600 employees have returned, with hundreds of contractors conducting inspections and repairs. The move could set a precedent for reviving other retired nuclear plants amid rising demand for clean energy.

Albert Edwards Warns of Looming US ‘Everything Bubble’

Albert Edwards, Société Générale’s contrarian strategist, cautions that both US stock valuations and home prices are in an “everything bubble” ripe for a sharp correction. He highlights a Shiller cyclically adjusted P/E of 38—one of its highest readings ever—and historically elevated trailing and forward P/E ratios on the S&P 500, despite rising long-term government bond yields.

Stocks have surged 78% since October 2022 lows, yet future equity yields remain subdued.

US home price-to-income ratios have held steady post-pandemic, while markets in the UK and France have derated.

Edwards points to potential triggers in Japan—fiscal concerns after the ruling coalition lost its Upper House majority and unexpected Bank of Japan rate hikes—that could unwind the yen carry trade and ignite global market stress.

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Intel Spin-Off & AI Chip ETF Spark Semiconductor Surge