Core Viewpoint - On August 1, the South Korean stock market experienced a significant decline, with the KOSPI index dropping 126.03 points, a decrease of 3.88%, marking the largest single-day drop since April 7 of this year [2] Group 1: Market Performance - The KOSPI index closed at 3119.41 points, reflecting a notable downturn in investor sentiment [2] - The South Korean won depreciated against the US dollar, falling by 14.4 won to close at 1401.4 won, the lowest level since mid-May [2] Group 2: Contributing Factors - Analysts attribute the downward pressure on the stock market to expectations regarding the economic impact of the recently agreed tariff agreement between South Korea and the US [2] - There is a strong sense of disappointment regarding the new tax reform proposal introduced by the South Korean government, which has further affected market confidence [2]

Core Points - The U.S. Congress is in a legislative rush to pass a significant $4.2 trillion tax and spending bill known as the "Big Beautiful" plan before the symbolic deadline of July 4th [1] - The Senate Republican leadership is facing internal divisions, with key senators expressing concerns about the bill, which may require Vice President Vance's tie-breaking vote for passage [2] - Adjustments to key provisions such as SALT deductions, Medicaid, and clean energy policies have been made to garner support from moderate and conservative factions within the party [4] Group 1: Legislative Efforts - President Trump and Senate Republican leaders are actively working over the weekend to secure the necessary votes for the bill [1] - The new version of the tax reform proposal includes compromises on SALT deductions, Medicaid, and clean energy to attract support from different factions [1][4] - The procedural vote originally scheduled for 4 PM Eastern Time is contingent on securing a simple majority, with potential opposition from several Republican senators [2] Group 2: Key Provisions - The SALT deduction cap has been raised from $10,000 to $40,000 for five years, after which it will revert to $10,000, with high-income earners gradually losing full deduction eligibility [4] - A $25 billion rural hospital fund has been established to mitigate the impact of Medicaid cuts, with the implementation of a tax cap for Medicaid providers delayed until 2032 [4] - Clean energy tax incentives have been tightened, requiring wind and solar projects to be operational by the end of 2027 to qualify for tax benefits, which may affect major renewable energy developers [5]

Group 1 - The core focus of the article is the Republican plan to unveil key details of a significant economic policy bill associated with Trump, aiming for a $3 trillion tax reform before July 4 [1] - Republican lawmakers are scheduled to return to the U.S. Capitol on Monday afternoon to receive briefings regarding the bill [1] - The text of the bill is expected to be released later that day, marking a significant advancement in the Republican efforts to push forward Trump's economic agenda [1]