Trump presidency to have 'significant impact' on Korea's economy, finance minister says

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Trump presidency to have 'significant impact' on Korea's economy, finance minister says

Published: 07 Nov. 2024, 10:21

Former President Donald Trump pumps his fist as he arrives to speak at a campaign event at Nassau Coliseum in Uniondale, New York on Wednesday. [AP/YONHAP]

Finance Minister Choi Sang-mok said Thursday that a second Donald Trump presidency is expected to have a considerable impact on the Korean economy and pledged swift responses to major policy changes and market volatility.

He made the remarks during an economy-related ministers' meeting in Seoul after Donald Trump won the U.S. presidential election Wednesday, making a historic return to the White House.

"If the policy stance stressed by Trump is implemented, it is expected to have a considerable impact on our economy. The government will respond preemptively and thoroughly," Choi said.

The government plans to boost policy consultations among relevant organizations for in-depth discussions on financial and foreign exchange markets, trade and industry, he added.

The minister said Seoul will use its cooperation channels with the United States for active consultations regarding trade while devising responses to major trade issues.

In line with changing circumstances, the government will extend support to Korean companies for their efforts to enhance competitiveness and boost investment in the AI, quantum and bio sectors, he told the meeting.

Choi pointed to heightened volatility in the financial market at home and abroad over the course of the U.S. election and said uncertainties are expected to run high for the time being.

"The government will be on extra alert and closely monitor the market," Choi said. "In case of excessive market volatility, we will take appropriate measures in accordance with our contingency plans."

Yonhap