Trade Ministry, dispatched commercial attaches review preparation for Trump policies

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Trade Ministry, dispatched commercial attaches review preparation for Trump policies

Published: 13 Nov. 2024, 18:45

Sign of the Ministry of Trade, Industry and Energy [YONHAP]

Korea's Ministry of Trade, Industry and Energy on Wednesday held a virtual meeting with commercial attaches at Korean embassies in nine major economies as the government prepares for anticipated changes in U.S. trade policies under the incoming Donald Trump administration.

Deputy Minister for Trade Park Jong-won chaired the meeting with the commercial attaches, including the United States, Japan, China and Switzerland, according to the Trade Ministry.

"The new U.S. administration's trade and industry policies are expected to bring significant changes to global economic and security dynamics, directly and indirectly impacting Korea's industrial and trade environment," the ministry said in a statement.

"It is crucial to comprehensively monitor such changes and thoroughly prepare countermeasures for Korea," it added.

During the meeting, the commercial attaches said they would closely monitor developments in their host countries and strive to identify new opportunities amid such uncertainties.

The business community has been closely monitoring potential changes in U.S. trade policy, including the possible reduction or elimination of the CHIPS and Science Act and the Inflation Reduction Act.

President-elect Trump has also called for sweeping tariffs of a minimum of 10 percent on all imported goods.

Yonhap