2024-04-26 13:26:09
Trump’s key staff… Finance Minister mentioned
Presenting three major goals, including trade deficit reduction
“We need to start strategic decoupling with China.”
Former U.S. Trade Representative (USTR) Robert Lighthizer (pictured), who is considered a “key economic adviser” to former U.S. President Donald Trump, said, “Is there a more foolish idea than that trade agreements should be eternal as technology continues to change? “He said. If former President Trump, who considers reducing the U.S. trade deficit as his main task, returns to power in the November presidential election, he may demand that Korea, whose trade surplus with the U.S. has increased to its highest ever, revise the Korea-U.S. Free Trade Agreement (FTA), including the sunset clause. Analysis suggests that there is.
In a podcast interview with Harvard University professor Jack Goldsmith on the 23rd, former Representative Lighthizer mentioned strategic decoupling with China, winning the technology war, and reducing the trade deficit as the three top trade policy goals to be pursued in Trump’s second term. presented. He is a planner of ‘Trumpnomics (Trump economic policy) 2.0’ and is mentioned as a candidate for Secretary of the Treasury if former President Trump returns to power in the November presidential election.
“We must begin a strategic decoupling with China,” former Representative Lighthizer said. “This does not mean we will stop trading with China, but we need to balance trade.” Methods of ‘strategic decoupling’ included the imposition of tariffs and the elimination of zero tariffs on small-value direct Chinese imports. He continued, “We must win the technology war through the Semiconductor Act and the ‘Buy American Act.’”
He also emphasized, “The sunset clause (in the trade agreement) is a completely common sense clause.” At the same time, the Trump administration’s trade policy achievements included delaying tariff-free pickup trucks by 20 years through revision of the Korea-U.S. FTA and including a sunset clause in the United States-Mexico-Canada Agreement (USMCA). USMCA, revised in 2018, included a sunset clause that determines whether to renegotiate six years later in 2026 and renew for the next 16 years. The revision to the Korea-US FTA concluded in the same year did not include a sunset clause.
Experts are concerned that as Korea’s trade surplus with the United States rises to its highest level, trade pressure will be exerted on Korea in some way if Trump’s second term is inaugurated. In particular, there is analysis that whether or not to include a sunset clause may become an issue when requesting re-revision of the Korea-US FTA.
Yeo Han-gu, a senior researcher at the Peterson Institute who served as head of the Trade Negotiation Headquarters, said, “When former President Trump returns to power, his priorities will be the China issue and renegotiation of the USMCA,” and added, “Impose universal basic tariffs on Korea, which has an increased trade surplus with the United States, and make concessions.” “There is a possibility that it can be used as a lever to pull out,” he predicted.
Washington = Correspondent Moon Byeong-ki weappon@donga.com
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2024-04-26 13:26:09