Korea braces for trade policy shifts under new Trump administration

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Korea braces for trade policy shifts under new Trump administration

Published: 08 Nov. 2024, 11:16

Trade Minister Cheong In-kyo speaks during a meeting in Seoul on Thursday. [YONHAP]

Korea will prepare for all possible scenarios regarding potential changes in Washington's trade policy following the re-election of former U.S. President Donald Trump, Trade Minister Cheong In-kyo said Friday.

The remark came after Republican flag-bearer Trump won Tuesday's presidential election over Vice President Kamala Harris.

"The government will carefully monitor trends under the new Trump administration and prepare for various scenarios in a calm and thorough manner," Cheong said during a meeting with business representatives.

The meeting was arranged to discuss strategies for addressing uncertainties in U.S. trade, particularly in semiconductors, electronics, automobiles, batteries and renewable energy, among others.

The business community has been closely watching potential changes in U.S. trade policies, including the possibility of reducing or eliminating the CHIPS and Science Act and the Inflation Reduction Act.

Trump has also been calling for sweeping tariffs of a minimum 10 percent on all imported goods.

During Friday's meeting, Korean companies urged the government to emphasize their contributions to strengthening the supply chain for high-tech industries and investments in major U.S. cities that create jobs.

"The government will coordinate closely with local businesses to exchange relevant information," Cheong said. "We will also make efforts to ensure timely and effective communication with key officials of the new U.S. administration."

Yonhap