Korean firms in U.S. expect post-election difficulties

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Korean firms in U.S. expect post-election difficulties

A majority of Korean businesses in the United States expect additional difficulties due to what many view as protectionist trade policies of the new U.S. administration, a survey showed Monday.

More than 7 out of every 10 respondents said they were already facing difficulties in setting up new plans for their businesses and investments in the U.S., according to the Korea International Trade Association.

In the recent survey, jointly conducted by KITA and the Korea Chamber of Commerce in the U.S., 72 percent of those surveyed said they expected difficulties for their business and investment in the world’s largest economy following the election of U.S. President Donald Trump.

Only 11 percent of 250 respondents said they were not facing additional problems, KITA said in a press release.

Most of the Korean firms expressed concern over the Trump administration’s protectionist trade policies, with 82 percent of those surveyed saying Washington’s new customs and import restrictions will likely have an adverse effect on their business.

A majority of respondents also expressed concern over the proposed border adjustment tax and the U.S. move to renegotiate or even scrap the North American Free Trade Agreement.

The new U.S. administration’s economic policies, on the other hand, are widely expected to benefit businesses based in the U.S., the survey showed.

“Many are fearing a negative impact from a rise in uncertainties caused by a change in U.S. policy under the Trump administration. Still, the companies are advised to rather turn it into an opportunity to grow by actively adapting to new changes,” KITA said. YONHAP

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