South Korea is evaluating plans to boost its energy imports from the U.S. if Donald Trump wins the election and applies more pressure on trade partners, according to reports. Officials in Seoul have been preparing for the potential implications of either a Trump or Kamala Harris presidency, with greater risks anticipated for the trade-dependent economy should Trump be elected.
South Korea’s Growing Trade Surplus Under Scrutiny
A primary area of focus is increasing trade surplus of Korea with the U.S. To address potential issues, the government may encourage local companies to increase their imports of U.S. oil and gas. Other countries with large trade surpluses, such as China and Mexico, may also face pressures under a Trump administration. As the election remains closely contested, global policymakers are assessing the possible impacts of a second Trump term on U.S. foreign policy, given Trump’s promises to raise tariffs on imports, particularly from China.
Strategic Role and Economic Concerns For South Korea
South Korea, as a semiconductor hub makes its cooperation crucial to U.S. policies against China. Additionally, Seoul relies on U.S. military support to counter North Korean threats. In light of these relationships, South Korean officials are working with business leaders to convince U.S. policymakers that their companies have been expanding investments and jobs in the U.S. Recently, South Korea’s Finance Minister downplayed Trump’s calls for increased defense cost-sharing, affirming South Korea’s commitment to its investments in the U.S.
US elections
The United States will hold its presidential election on Tuesday, November 5, 2024, in a high-stakes contest between Vice President Kamala Harris and former President Donald Trump. This race has already garnered global attention, with both campaigns ramping up efforts, especially in key battleground states. As Election Day approaches, this vote is poised to become another significant moment in American politics.
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