The Bank of Korea has identified the impacts of U.S. trade policies under the second Donald Trump administration as the key variable in this year’s current account. 

The first director of the central bank’s economic statistics department, Shin Seung-cheol, told reporters Thursday that there are many uncertainties surrounding trade policies as key economies are devising responses to Trump’s trade policies. 

Shin said Seoul could increase its imports of energy from the U.S. if Washington raises its trade pressure, saying it did so during the first Trump administration as South Korea runs a large current account surplus with the U.S. 

Other variables he cited were changes in the global trade environment and how South Korea’s key export items fare, including semiconductors and IT products.