Choi Sang-mok “No matter who wins the US presidential election, the alliance will remain strong… “We are concerned about responses such as weaponization of tariffs.”

“We are discussing the impact on the Korean economy, including semiconductors and batteries.”
“We are also preparing measures to respond to the worsening export environment to China.”

Choi Sang-mok (right), Deputy Prime Minister for Economy and Minister of Strategy and Finance, is speaking at the Strategy and Finance Committee’s comprehensive audit of the Ministry of Strategy and Finance, National Tax Service, Korea Customs Service, Public Procurement Service, and Statistics Korea held at the National Assembly in Yeouido, Seoul on the morning of the 28th. 2024.10.28. Seoul = Newsis

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, said on the 28th, “No matter who wins the U.S. presidential election, since the ROK-U.S. alliance is strong, I think we will be able to make various efforts between governments based on that foundation.”

Deputy Prime Minister Choi Sang-mok said in a comprehensive audit of the National Assembly’s Planning and Finance Committee that day, “If candidate Donald Trump becomes president, he will weaponize tariffs and take strong measures against countries with trade surpluses. In response to a question from Democratic Party lawmaker Seong-ho Jeong, ‘How do you view it?’ “We are considering various ways to respond,” he said.

In a follow-up question, People Power Party lawmaker Choi Eun-seok asked, “The domestic semiconductor and battery industries could be targeted under the U.S. Semiconductor Act and the Inflation Reduction Act (IRA). Is there a specific response plan?” Deputy Prime Minister Choi responded, “We are discussing it at the government level. He replied, “We are deriving it.”

Next, in response to the question, ‘Is there a specific response plan for capabilities related to macroeconomics and trade finance in cooperation with the industry?’, he said, “We are preparing well in our own way,” and added, “We will communicate closely with the industry so that progressive alternatives can be derived.” “I will do it,” he promised.

Regarding the worsening export environment to China, “dependence in relations with China is inevitable, but there are uncertainties, so the Ministry of Foreign Affairs and Trade, Industry and Energy (Ministry of Foreign Affairs, Trade, Industry and Energy) are discussing ways to diversify export markets or respond to changes in the Chinese market.” “We are preparing with the Ministry of Resources,” he explained.

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