Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 61

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 61
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 relating to the Korean economy. As Korea’s economy is highly dependent on the health and direction of the global economy, and investors’ reactions to developments in one country can have adverse effects on the securities price of companies in other countries, we are also subject to the fluctuations of the global economy and financial markets.

Following the declaration of martial law by President Yoon Suk Yeol on December 3, 2024, the National Assembly voted on December 14, 2024 to impeach President Yoon Suk Yeol. On April 4, 2025, the Constitutional Court upheld the impeachment, and accordingly President Yoon Suk Yeol was removed from office. A snap presidential election will be held on June 3, 2025, in which the president-elect will take office immediately, without the usual two-month transition period. These events have the potential to disrupt the nation’s political and economic landscape, including leading to widespread protests, market volatility and temporary setbacks in various sectors of the economy, increasing uncertainty and potentially affecting businesses across the country. These events, as well as any events that may follow in the aftermath, may create a challenging environment for and could have an adverse effect on the our business, results of operations and financial condition businesses operating in Korea, including us, and could have an adverse effect on our business, results of operations and financial condition.

As part of its reciprocal tariffs policy, on April 2, 2025, the U.S. announced a 10% baseline tariff on all imports to the U.S., effective from April 5, 2025, and country specific reciprocal tariffs on certain countries with which the U.S. has the largest trade deficits, effective from April 9, 2025. On April 9, 2025, the U.S. announced a 90-day pause in the implementation of the country specific reciprocal tariffs, with the exception of China. Since April 3, 2025, a 25% tariff has been imposed on automobile imports to the U.S., including fully assembled vehicles and key automobile components, and a 25% tariff on steel and aluminum imports to the U.S. has been imposed since March 12, 2025. These measures have broad ramifications for the global economy, and in particular pose significant challenges for the Korean economy which heavily relies on exports. The imposition of tariffs (or additional tariffs), resulting trade or other conflicts or other related developments are inherently beyond our control and difficult to predict. Accordingly, no assurance can be given as to whether these