▲ Jeong In-gyo, Head of Trade Negotiations
Following the re-election confirmation of former President Donald Trump, the government is holding meetings with key industry representatives from sectors such as semiconductors, automobiles, and secondary batteries, which are expected to be significantly impacted, to seek joint response strategies.
Jeong In-gyo, Head of Trade Negotiations at the Ministry of Trade, Industry and Energy, stated, “With the new government taking office following the recent US presidential and congressional elections, and the Republican Party becoming the majority in both the Senate and the House, it is anticipated that our overall external environment will inevitably change.”
There are speculations that after President-elect Trump, who has pledged to eliminate the trade deficit as a core promise for rebuilding the domestic economy, assumes office, trade pressure might be exerted on our country, one of the main trade deficit countries with the US.
It is reported that the government is reviewing various specific countermeasures, such as significantly increasing imports of U.S. energy, centered on liquefied natural gas (LNG), to manage the trade balance.
(Photo provided by the Ministry of Trade, Industry and Energy, Yonhap News)