And to tell us more about a looming global trade war and how it may affect the global
economy as well as the Korean economy...
Professor Shin Sang-hyup from Kyung Hee University joins us in the studio today.
So good to see you.
It's great to be here.
1- So according to a Reuters report,...
President Trump is looking to impose tariffs on up to 60 billion U.S. dollars worth of
Chinese imports,... targeting IT and telecommunications sectors.
Are we indeed heading for a global trade war?
1a- But the head of the most influential U.S. business lobbying group warned Trump that
unilateral tariffs on Chinese goods could actually end up hurting American consumers
and growth.
2- Some are saying that such action could've come following the recent shock victory by
the Democrats in the Pennsylvania election,... making Trump push harder with his America
First policies to win the hearts of voters ahead of the midterm elections.
3- China has responded by saying that it resolutely opposes any kind of unilateral protectionist
trade measures, and that if the U.S. takes actions that harm China's interests,...
China will have to take measures to firmly protect its rights.
What measures could Beijing take?
4- Larry Kudlow, a Reagan administration adviser and free-market economist,... has been appointed
as Trump's economic adviser, replacing Gary Cohn,... who left his post with the administration
last week after the president signed an executive order imposing tariffs on steel and aluminum.
So who is he and what impact will he have on the U.S. protectionist measures?
5- China, meanwhile, is concerned about Trump having chosen hardliner CIA director Mike
Pompeo to succeed Rex Tillerson as America's top diplomat.
6- Turning to a brewing trade war between the European Union and the U.S.,...
EU leader Donald Tusk urged Trump this week NOT to undermine the two sides' longstanding
ties by seeking economic gains through punishing trade tariffs.
He said, "Make trade, not war."
So where do you see them going in regards to trade?
7- Now, Japan has criticized the U.S. for its protectionist measures
and the recent imposing of tariffs on steel and aluminum imports.
But then Japan has also decided to retain a range of anti-dumping duties on carbon steel
parts from
China and South Korea, with such measures staying in place for 5 years.
8- The South Korean government has been trying to pull out all
the stops to request an exemption from Trump's
new tariffs.
Amid such efforts...
what are
the chances of us being exempt?
9- Right now Korea and the U.S. are renegotiating the KORUS FTA... but President Trump reportedly
hinted that he might withdraw American troops from South
Korea if Seoul doesn't concede more in trade negotiations.
What can we make of this?
10- So looking ahead... if a trade war lasts longer than expected amid increasing protectionist
measures coming out of the United States...
what impact would that have on
the global economy?
Thank you for your insight today.
Thank you.