South Korea Vows to Keep Investing in US ‘Whoever Wins’ Election
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South Korea's finance minister, Choi Sang-mok, stated on October 24, 2024, that the country will maintain strong economic ties with the US regardless of the election outcome. He emphasized ongoing investments in American semiconductor and battery plants. Concerns exist over potential trade barriers from either Donald Trump or Kamala Harris, impacting South Korean businesses. Trump has proposed escalating tariffs against China, while Harris may increase corporate taxes. Choi highlighted the importance of a rules-based global trade framework. The South Korean won has weakened by about 15% over three years, trading around 1,380 per dollar. The Bank of Korea reported a mere 0.1% GDP growth last quarter, prompting expectations of a downgraded 2024 growth forecast from 2.4%. The central bank cut its benchmark rate to 3.25% earlier this month, citing cooling inflation and property prices.
#SouthKorea #UsRelations #ChoiSangmok #Trump #Harris #Economy #Trade #Won #Gdp #BankOfKorea
https://www.thestandard.com.hk/breaking-news/section/6/221941/South-Korea-Vows-to-Keep-Investing-in-US-%E2%80%98Whoever-Wins%E2%80%99-Election
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