Carrying out a discussion at the Chicago Economic Club
“Threat of tariffs, will bring jobs to the US”
“Korea does not pay while being protected by North Korea”, ‘[Edaily Kim Yoonji Reporter] On the 15th (local time), former US Republican presidential candidate and president Donald Trump said that he would lead US economic growth through universal tariffs on imported goods. He referred to Korea as a ‘money machine’ and characterized it as an adversary in trade and a free-rider in security. ‘,
,
, ‘Speaking at a discussion with John Micklethwait, editor-in-chief of Bloomberg, at the Chicago Economic Club on that day, he said, “We will achieve substantial growth and bring in jobs to the US that you have never seen” and emphasized that “the ‘threat of tariffs’ is the only way.” ‘,
,
, “‘Threat of tariffs’ is the only way for US economic growth” ,
,
, ‘He repeatedly dismissed predictions by economists that his tariff policies would have negative effects on the economy and would pass costs on to US consumers, resulting in inflation. He has promised measures such as extending the tax cut enacted during his tenure in 2017 and reducing corporate tax rates from 21% to 15%. There are concerns that this would worsen the already close to $2 trillion federal deficit in the US. Trump, the former president, argues that he can offset some of the costs from tax cuts by imposing a 10% universal tariff on all imported goods and a 60% tariff on Chinese goods. ‘,
,
,
|
, ‘On that day, former President Trump said that tariffs would be “tremendously helpful” in preventing imported products that threaten core US industries like automobiles from flooding into the country. ‘,
,
, ‘He reiterated his intention to block the acquisition of US Steel by Japanese steel companies, apparently aware of the sentiments of unions in the Rust Belt. He emphasized that steel is directly related to national security interests and stated, “There are specific companies that we must take.” ‘,
,
, ‘US Steel is headquartered in Pittsburgh, Pennsylvania. Both Vice President Kamala Harris, a Democratic presidential candidate, and former President Trump oppose the sale of US Steel. Pennsylvania is considered a critical swing state with the largest allocation of 19 electoral votes among swing states, crucial for winning the presidential election. ‘,
,
, ‘He also reaffirmed his tough stance on illegal immigration, stating, “I hope many people come to America, but I want them to come legally,” and vowing to crack down on illegal immigrants. ‘,
,
, ‘Regarding the recent antitrust lawsuit brought by the US Department of Justice, he stated that while measures are necessary to make Google’s search engine more fair, he would not require the forced breakup of Google. ‘,
,
, “Fed, ‘Coin Tossing’ Organization” Mockery ,
,
, ‘He also indicated that if he were to regain power, he would exert greater influence over the Federal Reserve System (Fed). While avoiding answering whether he would influence the appointment of Fed Chairman Jerome Powell, he stated, “It is fair for the president to comment on interest rates.” Former President Trump emphasized that although the president should not dictate monetary policy, “if he is a president with great common sense, he should at least be able to have a conversation with him.” He mocked the Federal Open Market Committee (FOMC), essentially the Fed’s monetary policy meeting, by saying, “If you go to the office once a month and say, ‘Let’s toss a coin,’ everyone will call you God.” ‘,
,
, ‘When asked if he would respect a peaceful transfer of power if he lost in the upcoming November election, he evaded the question and defended his actions during the January 6, 2021, Capitol riot. Blaming others for the incident, he said, “Many strange things happened.” ‘,
,
, ‘Regarding claims that he had multiple conversations with Russian President Vladimir Putin after retiring in 2021, he said, “I will not mention it, but if I did, it can be considered a wise decision.” He argued that “being friendly with people and building relationships is not a bad thing but a good thing.” ‘,
,
, Korea mentioned several times…”Does not pay for anything” ,
,
, ‘Former President Trump repeatedly referred to Korea as a ‘money-making machine’ and criticized it for not paying anything while being protected by North Korea. He imposed high tariffs on cheap Korean cars, smartphones, and other products to protect domestic industries and raised objections to Korea for “protecting itself from North Korea but not paying anything.” ‘,
,
, ‘In particular, he distortedly claimed that during his tenure, Korea became a wealthy country and despite North Korea possessing nuclear weapons, Korea did not “pay anything” for the annual $2 billion defense cost for the presence of nearly 40,000 US troops in South Korea. He claimed that he had plans to raise Korea’s defense cost contribution to $5 billion annually but that was thwarted when President Joe Biden was elected, stating that “Koreans were happy to see Biden instead of Trump.” ‘,
,
, ‘Korea spends around 2.5% of its GDP on defense, and the burden of hosting US troops in South Korea is shared almost evenly between Korea and the US. The actual size of the US troops in South Korea averages around 28,500 personnel. ‘,
,
, ‘However, he falsely claimed that Korea had never “paid” for its defense cost since the Korean War and wrongly inflated the number of 40,000 troops, which he erroneously mentioned. In various campaigns and interviews, he has hinted at demanding an increase in Korea’s defense cost contribution if he were to return to power. ‘,
,
, ‘During his first term in office, former President Trump tabled a proposal to increase Korea’s defense cost contribution by five times, but due to unresolved differences, negotiations lingered for a long time until an agreement was reached in January 2021 when the Biden administration took office. ‘,
,
, ‘Both the US and Korea concluded the 12th Special Measures Agreement (SMA) negotiations earlier this month, valid for five years from 2026. They agreed to set the defense cost contribution for 2026 at 1,519.2 billion won, an 8.3% increase from the previous year, and incorporate the Consumer Price Index (CPI) growth rate when raising the contribution annually until 2030. Leaving an unusually long 1 year and 3 months before the agreement expires to avoid “Trump risk,” there is still a possibility of renegotiation if former President Trump is elected. ‘,
,
,