South Korea Prepares For Trade Impacts Of Trump’s Presidency

Seoul: President Yoon Suk Yeol on Sunday called for the launch of finance, trade and industry consultative bodies to brace for the potential impacts of former US President Donald Trump's return to the presidency.

Yoon made the call during an economic and security meeting with ministers and senior aides to discuss preparations before Trump assumes office in late January. "International markets have already begun responding based on anticipated policy directions even before the new US administration takes office, so the government should monitor the markets closely and ensure thorough preparations," Yoon said.

He emphasised the new US administration's shift in policies could bring significant changes to the global economy and security landscape, reports Yonhap news agency. "Consequently, this will directly impact our economy and security, so thorough preparations are essential," he added.

Yoon anticipated positive momentum for the shipbuilding and petrochemical sectors under Trump's energy policies and highlighted the importance of strengthening cooperation in advanced industries, including artificial intelligence, biotechnology and quantum technology.

During a phone conversation with Yoon, Trump expressed the US' interest in working with South Korea in the shipbuilding industry, particularly in naval shipbuilding, exports and maintenance.

"In defence, based on our robust South Korea-US alliance, we must maintain a strong deterrent against North Korea and be prepared to lead in promoting genuine peace and prosperity in the Asia-Pacific region," Yoon said, noting significant structural changes in security could arise.