The S&P 500 is down about 2% on March 3 after South Korea's KOSPI Index fell by 7.2%. The drop is significant as the index includes major chipmaker and consumer electronics companies such as Samsung, SK Hynix, and Hyundai Motor. The decline is attributed to uncertainty surrounding President Donald Trump's tariff plans, which were thwarted by the Supreme Court's decision that he overstepped when he used the International Emergency Economic Powers Act (IEEPA) as a legal pathway to instituting many of the tariffs. The U.S. and Israel's attack on Iran, including the assassination of its Supreme Leader Ayatollah Khamenei, has also contributed to uncertainty over Middle East politics and global oil markets. The pressure on the economy from rising energy prices is significant, accounting for 6.3% of Consumer Price Index inflation and indirectly impacting inflation.