S. Korea to Prepare for Protracted US-China Trade Dispute

Write : 2018-07-11 16:57:06 Update : 2018-07-11 19:11:21

S. Korea to Prepare for Protracted US-China Trade Dispute

The South Korean government is set to prepare effective countermeasures to guard against the worsening trade dispute between the U.S. and China.

The Ministry of Trade, Industry and Energy said Wednesday that it has launched a joint study with the Korea Institute for Industrial Economics and Trade and industry associations to analyze the impact of the trade conflict on the South Korean economy, its exports and related sectors. 

On Tuesday, the U.S.-China trade war intensified as the Trump administration unveiled a plan to impose ten percent tariffs on 200 billion dollars worth of Chinese imports. 

The ministry will also work with the Korea Trade-Investment Promotion Agency and the Korea International Trade Association to analyze the ramifications of the U.S. measures on South Korea’s overseas export markets and strengthen the efforts to diversify the country’s export destinations. 

The ministry will also examine various possible scenarios of trade wars that could unfold between the two world’s largest economies. 

In such efforts, the ministry is scheduled to hold several meetings on Thursday to have related discussions, including on South Korea’s car exports. 

[Photo : YONHAP News]

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