November 22, 2024

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AmCham Chairman and CEO James Kim (left) speaks during a panel discussion with John Leonard (center), advisor at Kim & Chang, and Yoo Myung-hee, former South Korean chief trade negotiator, in Seoul on Friday. (AmCham)

The American Chamber of Commerce in Korea hosted a seminar Wednesday in Seoul, partnering with local law firm Kim & Chang to explore key trade and tariff policy changes expected under a second Trump administration.

The session, which drew attendance from local companies seeking to navigate the evolving US-Korea economic relationship, focused on anticipated shifts in US trade policy and their implications for Korean businesses.

"Given President Trump’s campaign promises and his first-term track record, experts predict heightened uncertainty around trade policy,” said AmCham Chairman and CEO James Kim in his opening remarks.

“With Korea recently pledging a $140 billion investment in the US and as a trade-dependent economy, understanding and preparing for these changes is critical for both Korean and American businesses,” he added.

The keynote address was delivered by John Leonard, an advisor at Kim & Chang and former deputy assistant commissioner at the US Customs and Border Protection. Leonard offered an in-depth analysis of the potential introduction of universal tariffs of 10-20 percent on all imports, stricter enforcement under the Uyghur Forced Labor Prevention Act, and enhanced antidumping measures.

“Companies exporting to the US are likely to face unpredictable times ahead. CBP and other enforcement agencies are expected to intensify their actions on tariffs, forced labor and export controls,” Leonard said.

The seminar also featured a panel discussion featuring Yoo Myung-hee, former chief trade negotiator, as one of panelists. The discussion addressed the potential renegotiation of the Korea-US Free Trade Agreement, updates to the Inflation Reduction Act and revisions to the CHIPS Act, as well as their impact on industries and supply chains.

“Trade will become a central focus under Trump’s second term, and tariffs will be a primary tool for advancing ‘America First’ policies,” Yoo said. She urged Korean businesses to monitor global trade dynamics closely and prepare strategies to mitigate risks in an uncertain trade environment.

By Hwang Joo-young (flylikekite@heraldcorp.com)