[Trump Era Again] ‘US Protectionism’ Waves Likely to Rise… Need to Find Response Logic to Counter Import Pressure

Published Nov 14, 2024

Tridge summary

If former US President Donald Trump were to be re-elected, his protectionist policies, such as imposing high tariffs on imported goods and pressuring export destinations to buy American products, could impact the domestic agricultural sector. Experts warn that Korea, which has a trade deficit with the US, could be pressured to import more American agricultural products. There are also concerns that the US may demand a revision of the Korea-US Free Trade Agreement and that the trade war with China could affect US agricultural exports to China, potentially leading to increased imports of US agricultural products by Korea. Strategies to mitigate these impacts include identifying agricultural products of interest to the US, increasing US imports while limiting the total import volume, and using the pressure to expand imports as an opportunity to push through Korea’s demands.

Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

As former US President Donald Trump succeeds in re-election, the wave of ‘Trump risk’ is expected to hit the domestic agricultural sector as well. ◆ Tariff hike… Protectionism declaration = Trump is pushing for strong ‘protectionism.’ In order to resolve the country’s trade deficit, he is expected to impose high tariffs on imported goods and pressure export destinations to purchase American products. Experts warn that the strengthening of US protectionism could lead to pressure on Korea to import American agricultural products. According to a recent report by the Korea Rural Economic Institute, Korea ranks 8th among the countries with a trade deficit with the US as of this year. From Korea’s perspective, the US is the country with the largest trade surplus. Kim Sang-hyo, a researcher at the Rural Economic Institute, emphasized, “The agricultural sector is likely to be used as an escape route to resolve the US’s trade deficit.” The basis for this is that the US is the largest ...

Source: Nongmin