SEOUL: South Korea is aiming to enhance its economic cooperation with the United States, maintaining a “constructive” approach regardless of the outcome of the upcoming U.S. presidential election, according to the country’s finance minister, Choi Sang-mok. With both Democratic candidate Kamala Harris and Republican candidate Donald Trump showing narrow margins in key swing states, Seoul is carefully considering the potential economic impacts.
According to Yonhap News Agency, Choi emphasized that South Korea’s strategy is to foster bilateral economic relations under the robust alliance it shares with the U.S. This stance is deemed crucial regardless of which candidate wins the election on November 5. Choi, who was in Washington D.C. for the annual meetings of the International Monetary Fund and the World Bank Group, noted that the South Korean government is analyzing the election pledges of both candidates.
Addressing concerns over potential tariffs proposed by Trump, Choi refrained from making specific comm
ents due to the ongoing election process. He noted that South Korea is preparing for various scenarios by examining past cases comprehensively. Choi also warned against economic protectionism, advocating for the expansion of liberal trade orders that align with universal values, a stance he has actively promoted at multilateral trade forums.
On the domestic front, Choi acknowledged uncertainties in South Korea’s economic growth, as indicated by the Bank of Korea’s data showing a mere 0.1 percent GDP growth in the third quarter. To address these uncertainties, Choi mentioned the possibility of accelerating the implementation of a housing supply measure announced in August, alongside expanding public-sector investment in the construction sector.