S.Korea’s Industry Ministry Holds Meeting With Commercial Attaches To Prepare For Trump Era

SEOUL, Nov 13 (Bernama-Yonhap) -- South Korea's industry ministry held a virtual meeting on Wednesday with commercial attaches at South Korean embassies in nine major economies as the government prepares for anticipated changes in US trade policies under the new Donald Trump administration, reported Yonhap.

Deputy Minister for Trade Park Jong-won chaired the meeting with commercial attaches from the nine countries, including the United States, Japan, China and Switzerland, according to the Ministry of Trade, Industry and Energy.

"The new US administration's trade and industry policies are expected to bring significant changes to global economic and security dynamics, directly and indirectly impacting South Korea's industrial and trade environment," the ministry said in a statement.

"It is crucial to comprehensively monitor such changes and thoroughly prepare South Korea's countermeasures," it added.

During the meeting, commercial attaches said they would closely monitor developments in their host countries and strive to identify new opportunities amid such uncertainties.

The business community has been closely monitoring potential changes in US trade policies, including the possible reduction or elimination of the CHIPS and Science Act, and the Inflation Reduction Act.

Trump has also called for sweeping tariffs of a minimum 10 per cent on all imported goods.

-- BERNAMA-YONHAP