Seoul: South Korea plans to strengthen inter-ministerial coordination to address uncertainties surrounding trade policies under the incoming US Donald Trump administration, the trade minister said on Monday.
Trade Minister Cheong In-kyo made the remarks during a meeting with trade-related ministries to discuss strategies for addressing potential changes in US trade policies, according to the Ministry of Trade, Industry and Energy, reports Yonhap news agency.
“While details of new policies under the Trump administration are still difficult to predict, it is important to thoroughly review pending bilateral trade agendas and seek countermeasures to maintain a stable trade relationship,” Cheong said.
“As Korea-U.S. trade agendas have been managed in a stable manner so far, we plan to address any future issues thoroughly at a government-wide level to alleviate uncertainties for our businesses and continue the mutually beneficial trade relationship,” Cheong added.
The business community has been closely monitoring potential changes in U.S. trade policies, including the possibility of reducing or eliminating the CHIPS and Science Act, and the Inflation Reduction Act.
Trump has also called for sweeping tariffs of a minimum 10 percent on all imported goods.
South Koreans stocks opened lower on Monday, as investors sat on the sidelines over policy uncertainties under the incoming Trump administration.
The benchmark Korea Composite Stock Price Index fell 12.6 points, or 0.49 percent, to 2,548.55 in the first 15 minutes of trading.
In Seoul, top tech giant Samsung Electronics moved down 2.11 per cent, and No 2 chipmaker SK hynix shed 1.8 per cent.
Top battery maker LG Energy Solution, on the other hand, increased 8.91 per cent.
Top steelmaker POSCO Holdings fell 1.09 per cent, and Korea Zinc sank 11.43 per cent.
Financial shares also opened bearish, with KB Financial falling 1.18 percent and Shinhan Financial moving down 0.7 per cent.
The local currency was trading at 1,395.2 won against the greenback, down 8.8 won from the previous session.
–IANS
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