Sejong, Dec 10 2024-
South Korea’s trade ministry said Tuesday it will work closely with related government agencies and local businesses to avoid any disruptions in preparing for the launch of the new US administration amid ongoing domestic political turmoil.
Trade Minister Cheong In-kyo discussed such strategies with trade and international relations experts in Seoul, a week after President Yoon Suk Yeol declared martial law, which was lifted just six hours later following a National Assembly vote to end it, Yonhap news agency reported.
During the meeting, participants reviewed Seoul’s progress in preparing for the incoming Donald Trump administration, which has hinted at shifts in Washington’s trade policies, including the imposition of sweeping tariffs of at least 10 per cent on all imported goods.
“The government is drawing up countermeasures for key issues while closely monitoring the new US government’s cabinet and policy directions,” Cheong said.
“The cutting-edge industries and supply chains of the two countries are closely connected through South Korea’s massive investment. Based on this, we will seek to maintain the mutually beneficial cooperative relationship and minimise negative impacts on our companies,” he added.
The ministry also vowed to maintain coordination with other government organisations to ensure that uncertainties sparked by the domestic political situation do not hinder such preparations.
Experts at the meeting, meanwhile, noted that the second Trump administration is expected to bring significant changes compared to the first term, calling for the government to make thorough preparations.
Professor Lee Seung-joo of Chung-Ang University advised the government to adopt a “transactional approach” based on its networks in Washington to effectively address potential changes in US trade policies. (Agency)
