Korea’s exports at risk as global trade tensions continue
  • 6 years ago
What's the government's plan then to tackle this trade uncertainty?

I guess you can say the plan for now is to remove trade uncertainties.
The trade minister and the finance minister are both reaching out to other countries, advocating against trade protectionism and trying to persude the U.S. to exempt Korea from tariffs
For instance, the deputy trade minister was in Washington for the auto tariff public hearing,... calling for Korea to be exempt. He argued that Korea's auto exports do not hurt U.S. national security and that U.S. concerns about autos have already been addresssed in the amendment to the Korea-U.S. Free Trade Agreement. .
Another plan is trade diversification.
The trade ministry is working on more free trade deals with other countries like Mexico to lower its reliance on the U.S. and China.
And of course, private sector companies are working on product diversification too,... so they can find a growth engine other than ships and semiconductors, but that would be a long-term project that takes time.

Thanks for clarifying all that data and telling us about all these recent trade developments.

My pleasure.
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