Jeong In-kyo, deputy minister of the Ministry of Trade, Industry and Energy, said on the 10th, “In order to prevent uncertainty from the recent domestic situation from affecting the response to the inauguration of the new U.S. administration, we plan to establish a thorough government-wide cooperative system and communicate closely with our corporations.”
Deputy Minister Jeong revealed this during an expert meeting related to the response to the new U.S. administration's trade policy, held at the Trade Security Management Institute in the afternoon, saying, “The government is closely monitoring the formation of the new U.S. administration's cabinet and policy directions and is in the process of establishing response measures based on specific issues.”
Deputy Minister Jeong emphasized, “The relationship between South Korea and the U.S. is closely linked with advanced technology and the supply chain, based on large-scale investments from our corporations,” and added, “We will maintain a mutually beneficial cooperative relationship and minimize negative impacts on our corporations.”
The meeting was held with key executives and trade experts from the Trade Negotiations Headquarters gathering to share the government's preparation status and to detail response strategies, as the launch of the new U.S. administration is about a month away.
The attending trade experts anticipated that the foreign policy of the new U.S. administration would show significant changes compared to the first term and called for calm and meticulous government responses.
Lee Seung-joo, a professor at Chung-Ang University, who led the presentation, projected, “As the policy line of President-elect Trump becomes mainstream in the U.S., foreign policy will gain substantial momentum,” and forecasted that “the implementation of universal tariffs and the reorganization of the multilateral trade order are likely.”
Professor Lee suggested that to effectively respond to these changes, it is crucial to be well-prepared for a transactional approach based on the strengthened network of the new U.S. administration compared to the first term.