1. Statement I: SO$_x$ (e.g., SO$_2$) and NO$_x$ (e.g., NO, NO$_2$) are major air pollutants, causing acid rain and health issues, so I is correct.
2. Statement II: Photochemical smog, formed from NO$_x$ and VOCs under sunlight, is oxidizing (produces O$_3$, oxidants), not reducing (like London smog with SO$_2$).
3. Thus, II is incorrect.
4. Therefore, the correct option is (3) Statement I is correct, but statement II is not correct.