Korea plans coordinated response to trade uncertainty under Trump's new term

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Korea plans coordinated response to trade uncertainty under Trump's new term

Published: 11 Nov. 2024, 10:43

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

Korea plans to strengthen interministerial coordination to address uncertainties surrounding trade policies under the incoming Donald Trump administration in the United States, the trade minister said Monday.

Trade Minister Cheong In-kyo made the remarks during a meeting with trade-related ministries to discuss strategies for addressing potential changes in U.S. trade policies, according to the Ministry of Trade, Industry and Energy.

"While details of new policies under the Trump administration are still difficult to predict, it is important to thoroughly review pending bilateral trade agendas and seek countermeasures to maintain a stable trade relationship," Cheong said.

"As Korea-U.S. trade agendas have been managed in a stable manner so far, we plan to address any future issues thoroughly at a governmentwide level to alleviate uncertainties for our businesses and continue the mutually beneficial trade relationship," Cheong added.

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

Yonhap