Trump's election will have "significant economic impact on South Korea"...J/Battery 'Nervous'

[Anchor]
In the Trump era, the future of the Korean economy is truly foggy.

The government predicts that if Trump's policy stance becomes a reality, it will have a significant impact on our economy.

The industry is also nervous over concerns that tariff barriers could rise and the benefits of companies entering the U.S. could be reduced.

This is reporter Park Ki-wan.

[Reporter]
Government emphasizes Korea-U.S. relations as a strong alliance, cooperative partner,

But it did not hide concerns about the trade environment that would change with the election of former President Donald Trump.

[Choi Sang-mok / Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance: If the policy stance that President-elect Trump has emphasized becomes a reality, the impact on our economy is expected to be significant, so the government will take a preemptive and thorough response with a meeting of economy-related ministers as the pan-government control tower]

What Trump has emphasized throughout the campaign is America First and strengthening checks on China.

Above all, the key is the retreat of the Semiconductor Support Act and the IRA Act, which have been pledged, and whether tariff barriers will become a reality.

Although there are concerns that semiconductor companies' promises of subsidies for investment in the U.S. may be reversed, some say that they will not easily launch an offensive against South Korea's global dominance.

[An Ki-hyun / Executive Director of the Korea Semiconductor Industry Association: Because there is no alternative in the United States. Wouldn't a 30% tariff increase (the price) by more than 30%? In the U.S. market, big U.S. tech companies have to pay more than 30% more. Then who do you think would be good?]

It is the automobile and battery industries that are most at risk.

This is because the Trump administration itself has been able to reduce the benefits of "tax credit" as well as amendments to the Inflation Reduction Act.

[Hwang Kyung-in / Deputy Researcher of the Korea Institute of Industrial Economics and Trade: If the slowdown in battery sales for electric vehicles becomes visible, it will have a greater negative impact on our company. There is a possibility that we will push for it in a way that reduces the scale of support....]

In addition, there are many repercussions of the pledge to impose 'universal tariffs' on allies.

However, as well as the effect of local corporate tax cuts for Korean companies entering the U.S.,
There is also an observation that the Chinese government's blocking of exports by bypassing
could rather benefit from reflection.

The results of the U.S. presidential election have come out, but we don't know an inch ahead yet.

[Ahn Deok-geun / Minister of Trade, Industry and Energy: We will clearly explain the importance of Korea in the U.S. economy to the next (U.S.) administration and actively explore areas that will serve as new opportunities for bilateral industrial cooperation beyond responding to new crises.]

With major changes expected in the two ongoing wars and the U.S.-China conflict, the Korean economy faces a major task of turning the crisis into an opportunity.

I'm Park Kiwan of YTN.

Reporter for shooting
;Ko Min-cheol Yoon So-jeong

Design;Lee Wonhee