With the House Judiciary Committee subpoenaing Coupang Korea’s interim CEO for a deposition next week, I’m sharing a “Coupang Case Explainer” on Korea Tech & Trade Watch—key material from my first Coupang piece plus updates, including Korea's Science Ministry briefing on the data leak last week.

Having worked for the PyeongChang Winter Olympics myself, and knowing how geopolitically vulnerable the Olympics can be, this is just heartbreaking. Russian athletes linked to past doping cases have competed, while a Ukrainian athlete was disqualified for wearing a “helmet of remembrance.”

The agreement ends a disadvantage for Taiwan as the new US tariff of 15% puts it on a par with America's other important trading partners, like Japan and South Korea. By @aimewilliams.bsky.social www.ft.com/content/c7e1...

"Asked about the US pressure on South Korea, Akazawa said... 'We’ve reached the stage of forming specific projects,' ... 'We’re proceeding with the mindset that our country is leading other nations.'"

This WSJ story about a Chinese auto-glass plant in Ohio is interesting less as a China story than as a window into the challenges of U.S. industrial policy going forward. 1/ www.wsj.com/business/tar...

In my view, this is the crux: "As for Coupang’s claims that the South Korean government is attacking it because it is a foreign company, @anupamchander.bsky.social said, 'There’s something interesting in … trying to figure out whether Coupang is an American company or a Korean company.'”

Now who's finally ready for the constitutional revision?

🇰🇷🇰🇷🇰🇷

House Judiciary Republicans, Jordan and Fitzgerald, subpoenaed Coupang Korea interim head Rogers, seeking Feb 23 testimony and his communications with Korea’s presidential office, government and National Assembly, citing alleged targeting of U.S. tech firms by Korean authorities, including the KFTC.

The European Parliament has voted to "resume work" on ratifying the EU-US trade deal of last summer, which was paused over the Greenland storm. "A vote could therefore potentially take place at the next committee meeting on Tuesday 24 February"

SBS Exclusive: In two DC meetings, Washington urged Seoul to join US nuclear plant builds – prioritized over shipbuilding/LNG/grid – and floated splitting the nuclear projects with Japan. With Japanese PM Takaichi set to unveil US investments next month, US doubts Korea's follow-through amid delays.

"In any event, it appears that the law will not sit well with the US government, whose AI Action Plan is all about pushing the adoption of the US AI technology stack, while the two countries continue to negotiate the Trump tariffs."

After meeting twice in Washington with U.S. Commerce Secretary Lutnick, South Korea’s MOTIE Minister Kim told reporters that Seoul’s online platform regulations and the Coupang issue “did not come up even once,” adding, “It doesn’t seem to be viewed as something that would affect tariffs.”

Dr. Andrew Yeo from @brookings.edu "calls it 'quite rich' that Coupang’s defenders invoke violations of KORUS, given Mr Trump’s use of tariffs as a trade weapon against S Korea... S Korea risks bullying a big American-backed success story. America risks bullying a strong ally in Asia. No one wins."

U.S. Treasury Sec Bessent: "'The South Korean parliament has not passed the trade deal,' he said. 'So there is no trade deal until they ratify it.' Asked if S Korea will face 25 percent tariffs until the National Assembly ratifies it, Bessent said, 'I think it's helpful to get things moved along.'"

Seoul’s presidential office and foreign minister said Trump’s “back to 25 percent tariffs” move appears unrelated to Coupang or Korea’s digital regulations. USTR Greer told Fox News, “They [Korea] haven’t been able to get a bill through,” adding, “They have introduced new laws on digital services.”

Amid debate in Seoul over why President Trump abruptly vowed to return to 25 percent tariffs, U.S. House Judiciary Republicans have disclosed a rationale for the move: Coupang

As I noted earlier in my Korea Tech & Trade Watch piece, implementation is the ballgame, and the U.S. and South Korea are now back to square one.

Update on Coupang's data leak in Seoul: South Korean police said today that while it’s still unclear how much data was ultimately leaked, they believe the number of compromised accounts exceeds 30 million, directly at odds with Coupang’s claim that only about 3,000 account details were leaked.

South Korea’s PM Kim meets U.S. VP Vance, and discusses Coupang: "The South Korea–U.S. relationship, historically and under the Lee Jae-myung administration, has gone beyond a level where a specific corporations could sway it through lobbying."

Two major U.S. investors in Coupang, Greenoaks ‌and Altimeter, "have petitioned the U.S. government to investigate the South ​Korean government and potentially impose trade remedies over what they describe as discriminatory treatment of the e-commerce company."

NEW on Korea Tech & Trade Watch: I argue that S Korea – dominant in memory chipmaking – is next in Washington’s sights, and that the “no less favorable” treatment compared to Taiwan, which Washington promised Seoul earlier, may not be enough to shield Samsung and SK Hynix from the expected hit.

“The investment will have to wait until the current foreign-exchange situation stabilizes... Capital outflows by companies and retail investors have weighed on the currency, though it's expected to settle, the person said, without elaborating if the South Korean government has any levels in mind.”

Follow up: At a meeting with South Korea's trade minister Yeo, USTR's Greer reportedly raised the issue, asking, "Is the Korean government trying to bankrupt Coupang?" The USTR side was also said to have characterized the Korean government’s measures against Coupang as "close to harassment."

With U.S.-Taiwan semiconductor tariff exemptions tied to TSMC's U.S. production volume, Seoul needs to secure an explicit de facto MFN assurance on semiconductor tariffs from Washington, amid fears that Korean competitors may face penalties unless they additionally match TSMC’s investment scale.

While this move appears to circumvent UN sanctions on North Korea, one has to wonder: does the UN still have teeth?

Follow up: At today's Trade Subcommittee Hearing on Maintaining American Innovation and Technology Leadership, Chair Rep. Smith claimed, “Korean regulators already seem to be aggressively targeting U.S. technology leaders. One example would be Coupang through discriminatory regulatory actions.”

Update on South Korea’s trade minister Yeo Han-koo meeting U.S. Rep. Darrell Issa on American tech companies, including Coupang:

President Lee Jae-myung distanced South Korea from the China–Japan dispute sparked by Japanese Prime Minister Sanae Takaichi’s remarks hinting at intervention in a Taiwan contingency, saying, “It’s not an issue we should be deeply involved or intervene in.”

Follow up: South Korea’s trade minister, Yeo Han-koo, said of Coupang’s large-scale data leak that “it is necessary to respond by distinguishing it from trade or diplomatic issues.”

In my first New Year piece for Korea Tech & Trade Watch, I unpack what happened, how it’s unfolding, and why the dispute between the U.S. e-commerce giant and the Korean government raises questions about “American-in-name-only” tech companies and could reignite U.S.–Korea digital trade tensions.

And more!

And here comes more, ho ho ho...🎅

Christmas prelude to a U.S.–South Korea digital trade war in 2026... 🎄

I say the same goes for South Korea and Japan. They can regulate how they want as long as the rules are applied neutrally. #Sovereignright

"It was the first gathering of the committee since the two countries updated their trade deal... But 'the Administration believes Korea is not adhering to their digital commitments among other priorities,' according to one of the people who were all granted anonymity to candidly discuss the matter."

"Under the plan... Korea Zinc will sell new shares worth $1.9bn to a joint venture controlled by the US government and unnamed US-based strategic investors... The US Department of Defense will hold a 40 percent stake in the venture while Korea Zinc’s stake will be less than 10 percent..."

"Where US tech giants are vocally pushing back against Europe’s tech regulation, their Chinese counterparts are quietly negotiating deals to comply with the bloc’s rules — and avoid hefty fines."

"X is the first company to be fined under the European Union’s Digital Services Act, a sweeping law intended to force large internet companies to protect their platforms against manipulation and illicit content."

"At a Cabinet meeting held at the White House that day, Secretary Lutnick, regarding where to allocate the total cash investment of $750 billion pledged by Japan and South Korea ($550 billion from Japan, $200 billion from South Korea), said, 'For example, we will start with nuclear power.'"

"... when the European Commission made an outright retreat on its data and privacy rules and hit pause on its AI regulation... It sounded the death knell for what has long been described as the 'Brussels Effect'..."

This must hurt.

What being back home in Ulsan, South Korea 🇰🇷 looks like... 🚗🛻🚙🚢🛳️⛴️

"After the Europeans raised the steel tariffs on Mon, Lutnick responded by calling on the EU to 'analyze their digital rules, ... not put them away, but find a balanced approach ... then we will, together with them, handle the steel and aluminum issues and bring that on together,' he added."

It’s been almost two weeks since the U.S.–South Korea joint fact sheet and MOU were released, and here’s my analysis on Korea Tech & Trade Watch — how it compares with Japan’s deal, where Korea fell short, and how Seoul is pacing implementation of the promised investments. Hope you enjoy reading!

"The Trump administration has signaled in private talks that it could launch a Section 301 trade investigation if South Korea pursues legislation viewed as harmful to U.S. tech firms, even as the two nations move ahead with their new trade agreement."

A familiar play by China: "Chinese foreign ministry spokesperson said... 'I would also like to emphasise that due to [Japanese] PM Takaichi’s recent actions... and her erroneous remarks on major issues such as Taiwan... there would be no market for Japanese seafood in the current climate...'"

Meanwhile, in Florida...

Japan’s economy shrinks as US tariffs weigh on exports on.ft.com/49nN29D

So Chinese diplomats can call for a Japanese PM’s head to be cut off now? "On Saturday, Xue Jian, China's consul general in... Osaka, reshared a news article about Takaichi's parliamentary remarks on X. But he also added his own comment that 'the dirty head that sticks itself in must be cut off.'"