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Biz News Korea(Eng)

Korean exports outlook murkier due to Trump triumph

Collected: 2016.11.10

Distributed: 2016.11.14

Source: Go Direct

South Korean exporters have turned panicky and anxious of business outlook as the surprise win of the Donald Trump in U.S. presidential election is expected to bring about sweeping changes in the global trade order, given his unwavering nationalistic and protectionist position on the trade front.

Trump has never been shy of hostility towards trade powerhouses especially from Asia and other emerging economies claiming they hurt U.S. jobs and vowed to renegotiate the terms or bolt out of multinational or bilateral trade agreements including the free trade pact with South Korea.

Conflict with China could escalate under his leadership as he has been seeking to label Beijing as a currency manipulator.

Washington’s policy on the external trade that distinctively turned in favor for local industries during the heated presidential race sparked by Trump’s populist agenda could turn more protective.

The blow would be most heavy on big exporters like Samsung Electronics Co. and LG Electronics Inc. They ship in large volume to the U.S. but do not run manufacturing bases there. Exporters without factories in the U.S. could face disadvantages in doing business in the U.S.

If trade and currency friction between Washington and Beijing deepens, the repercussions also could hurt Korean companies. Korea’s business took beating after Seoul irked Beijing in its decision to deploy U.S. antimissile Terminal High Altitude Area Defense system.

By Lee Seung-hoon

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