2 weeks Ago By [email protected](KoreaTimes)
Trade Minister Cheong In-kyo, right, poses after signing the Economic Partnership Agreement between Korea and Georgia at Lotte hotel in Seoul, Nov. 27. Yonhap Trade Minister Cheong In-kyo on Wednesday discussed ways to address the potential reshuffle of the global supply chain in the wake of the incoming U.
S. administration's protectionist policies. "Uncertainties in the global trade environment have been rising in the wake of the upcoming launch of the new U.
S. administration," Trade Minister Cheong In-kyo said during a meeting with experts from think tanks. The business community has been keeping a watchful eye on the incoming U.
S. administration's trade policy, including the possible imposition of sweeping tariffs of at least 10 percent on all imported goods. Earlier this week, U.
S. President-elect Donald Trump said he will impose a 25 percent tariff on all goods from Mexico and Canada, as well as an additional 10 percent tariff on goods from China, when he takes office in January. "The government plans to closely monitor the impact of such uncertainties on industries and the supply chain, aiming to minimize the burden on the economy while fully utilizing opportunities," Cheong added.
During the meeting, the Korea Institute for Industrial Economics and Trade suggested that Korea needs to diversify its export portfolio amid the anticipated reshuffle of the global supply chain following the escalating decoupling of the United States and China. Korea will continue to coordinate with major trade partners and seek to bolster its supply chain with countries rich in natural resources and advanced technologies, the ministry added. (Yonhap).
