The report, stemming from an investigation initiated in February, outlines a series of aggressive actions taken by South Korean authorities against Coupang, particularly following a data breach in 2025.
Despite Coupang's efforts to clarify the breach's limited impact, the South Korean government intensified its scrutiny, resulting in numerous investigations and severe penalties that have contributed to a more than 40% decline in Coupang's market value. The committee, led by Rep.
Jim Jordan, R-Ohio, argues that these actions violate the U.S.-South Korea free trade agreement, which has been in place since 2012. This situation not only affects Coupang but also raises alarms for other U.S. companies operating in South Korea, as highlighted by Demetrios Marantis, a former U.S. trade representative, who noted a historical pattern of protectionism in South Korea.
The implications of this report could strain U.S.-South Korea trade relations and impact investor confidence in Coupang and potentially other American firms in the region