Kang Man-soo "Trump Elects, Short-term Pain for South Korea's Economy Positive in the Long Term"

Former Minister of Strategy and Finance Kang Man-soo said of former U.S. President Donald Trump's return to power, "It will cause pain to the Korean economy in the short term, but I think it will be a plus in the long run."

Former Minister Kang Man-soo said at a book concert for Financial Services Commission employees today, "The farther the U.S. moves away from China, the more helpful it is for us."

Referring to Hyundai Motor Co. and Samsung Electronics Co.'s reduced business in the Chinese market, Kang noted that China is not eligible to participate in international trade because it subsidizes all industries.

In addition, Trump said he would impose high tariffs on Chinese imports, and he said this is justice under World Trade Organization regulations, and this is how the international economic order goes.

President-elect Trump said he could apply a tariff rate of more than 60% to China if he returned to power during the campaign and said he would call on Chinese President Xi Jinping to fulfill the promise of bulk imports of U.S. agricultural products and other items he agreed with China during his tenure.