[Editorial] Brace for modifications

As Donald Trump has received the high-stakes US presidential election, sweeping modifications are anticipated to have an effect on South Korea in fields together with economic system, commerce, safety, protection and inter-Korean relations.

Whereas Trump’s slogan, “Make America Nice Once more,” resonated among the many majority of US voters, his core stance — “America First” — is prone to drive many international locations, together with South Korea, to confront drastic challenges and dear choices of their relations with the US.

Amid widespread issues, President Yoon Suk Yeol held a telephone name with President-elect Trump on Thursday to congratulate him, they usually agreed to carry an in-person assembly at an early date, in line with the presidential workplace.

Throughout the name, Yoon expressed hopes for continued cooperation between the 2 international locations below Trump’s management and briefly shared views on safety, economic system and different points.

There are already a torrent of options about what South Korea ought to do to grapple with probably tough points associated to Trump’s second time period. Regardless of completely different particulars, specialists typically agree that Korea must reformulate methods on diplomacy, safety and worldwide commerce in reference to the US.

The necessity for advance preparations is bigger than ever in consideration of the upcoming influence. Some specialists even floated the concept that the Yoon administration has to faucet into the pool of former public officers who had been accountable for negotiations over safety and commerce in the course of the first time period of Trump to arrange a brand new group higher suited to his “America First” insurance policies.

At the start, as soon as Trump formally makes his method to the White Home, he’s broadly anticipated to push South Korea — a nation that he described as a “cash machine” — to pay much more for the protection cost-sharing scheme. Final month, Trump stated Korea could be paying $10 billion a yr for the stationing of US Forces Korea if he have been to win the presidential race.

Now that Trump has received the election, he might demand the renegotiation of the latest protection cost-sharing deal between Seoul and Washington, below which Seoul pledged to pay 1.52 trillion received ($1.08 billion) in 2026.

Uncertainty lingers over how Trump will deal with the problem concerning North Korea, which continues to interact in provocative actions together with the check launch of long-range ballistic missiles. One possible state of affairs is that Trump resorts to his private diplomacy with North Korean chief Kim Jong-un, however there’s a chance that Trump won’t give excessive precedence to North Korea-related points, not less than within the early phases of his second time period.

One other change that Trump will result in entails the economic system and commerce. Already, the South Korean received tumbled towards the US greenback Wednesday on the information that Trump received reelection, signaling a big change that export-oriented firms will face.

Consultants forecast the worth of the South Korean forex to weaken additional within the coming months as commerce relations between South Korea and the US might endure a wave of modifications. Final month, Trump vowed to impose a minimal tariff of 10 p.c, and as much as 20 p.c, on all imported items, elevating tariffs on imports from China to as excessive as 60 p.c.

For the export-driven South Korean economic system, such protectionist insurance policies can translate into larger uncertainties in commerce coverage and market volatility. Finance Minister Choi Sang-mok on Thursday stated a second Donald Trump presidency is anticipated to have a “appreciable influence” on the South Korean economic system. He stated the federal government would devise swift responses to main coverage modifications and market turbulence.

Given the gravity of the forthcoming modifications, South Korea should arrange extra proactive coverage measures to deal with the most important challenges that Trump will result in.