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Who will make Korea great again?

Published: 29 May. 2025, 00:04

Park Hyun-young

The author is a senior economic reporter at the JoongAng Ilbo.

U.S. President Donald Trump remains deeply unpopular on the global stage. According to the 2025 Democracy Perception Index, a survey of 110,000 people in 100 countries found that global favorability toward the United States stood at minus 5 percent, compared to 14 percent for China. In most countries, China is now viewed more positively than the U.S.

U.S. President Donald Trump gestures as he departs after hosting the 2025 NCAA Champion, University of Florida men's basketball team in the East Room of the White House in Washington on May 21. [AP/YONHAP]

Trump’s unpopularity stems from the disruptive nature of his policies. Governments and corporations alike are unsettled by the unraveling of long-standing trade arrangements. For ordinary people, travel to and study in the United States has become more difficult. The impact of Trump’s presidency extends beyond American borders and shapes the political dynamics of allied nations as well.

In both Canada and Australia, centrist governments that had been trailing in the polls managed to hold onto power largely due to voter backlash against opposition parties that embraced Trump-style policies such as anti-immigration measures and civil service cuts.

Trump's tariffs have upended the global trade system. The liberal trade norms that have guided global commerce for over 80 years have been pushed aside. The tariff war Trump ignited has drawn in major economies like the European Union and China, putting the global economy at risk of serious fragmentation.

Yet against this turbulent international backdrop, South Korea's presidential election appears oddly detached. Public discourse has been dominated by issues of martial law, impeachment and judicial risk. Policy discussions are minimal, replaced by personal attacks and political theatrics. Indeed, the major candidates’ policy platforms seem to exist in a vacuum, making little mention of global economic instability or the Trump administration’s aggressive trade policies.

This disconnect is troubling for an export-driven economy like Korea’s. With a relatively small domestic market, Korea is especially vulnerable to Trump-era disruptions. The implications of U.S. protectionism — on corporate earnings, stock indices and employment — are immediate and profound. Yet no candidate, progressive or conservative, has offered a compelling vision for how to restructure the Korean economy in response.

Lee Jae-myung of the Democratic Party has called for economic diplomacy and diversifying export markets, but such proposals fail to address the fundamental challenge. The United States, the world’s largest and most lucrative market, remains the key battleground for Korean exporters. Kim Moon-soo of the People Power Party has proposed negotiating tariff relief through a Korea-U.S. summit. But this seems overly optimistic given Trump’s record. Reform Party candidate Lee Jun-seok has called for the reshoring of Korean factories from China and Vietnam to domestic industrial zones, but the high-cost domestic environment makes the feasibility of such plans questionable.

Globally, Trump is viewed unfavorably, but domestically, American opinion remains divided. His approval rating hovered at 51 percent shortly after taking office, dipped to 45 percent in late April, and has since recovered to 48 percent, nearly matching disapproval ratings at 49 percent, according to RealClearPolitics. These fluctuations suggest that roughly half of Americans are still willing to give Trump’s vision of “Making America Great Again” the benefit of the doubt.

They may disagree with his methods, but they are drawn to the promise of job creation and economic renewal. For many, Trump's appeal lies not in his policy specifics but in his recognition of everyday struggles and his willingness to challenge the status quo.

Trump’s tariff-centered strategy is aimed at revitalizing American manufacturing and reclaiming blue-collar jobs lost to globalization. By pressuring foreign companies to relocate production to the United States — “build here or pay the tariff” — he has limited their ability to find loopholes in places like Mexico, Canada, Vietnam or India. Korean manufacturers are now actively considering U.S.-based investments to circumvent high tariffs, a trend that could reduce domestic employment in Korea.

This has serious implications for Korean workers and industries, yet none of the major presidential candidates have meaningfully addressed the issue. The lack of engagement with these real and urgent concerns is striking.

Economists warn that Korea may have already passed its economic peak. The OECD projects the country’s potential growth rate to fall below 2 percent. The Korea Development Institute has gone further, predicting that growth could enter the 0 percent range within six years.

U.S. President Donald Trump tries to reach a MAGA hat, on the day of his remarks on tariffs in the Rose Garden at the White House in Washington, D.C., U.S., April 2, 2025. [REUTERS/YONHAP]

When was Korea at its greatest? Was it during the rapid industrial expansion of the 1970s and 1980s, when export-led growth reached double digits? Or was it the 1990s and 2000s, when democracy deepened and high-tech industries matured? Perhaps it was the 2010s, when Korean culture gained global traction and individual freedoms expanded?

One thing is clear: today is not that time. With economic growth stagnating and social divisions deepening, Korea’s current state is far from “great.”

The question facing voters in the upcoming election is who will lead the nation toward greatness once more, not just by promising prosperity, but by engaging with global realities and crafting policies that secure Korea’s future in an increasingly uncertain world.

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.