KITA News and Reports
  • Mid-term Assessment of Trump, Where is US-China Trade Conflict Heading to?
    2018-11-19

    Mid-term Assessment of Trump, Where is US-China Trade Conflict Heading to?


     

    - KITA held an international forum on U.S. Trade Policy and U.S. - China Trade Conflict after Midterm Elections on 12th  -

     

     

    The Korea International Trade Association (Chairman, Kim Young-joo) held an international forum on U.S. Trade Policy and U.S. - China Trade Conflict after Mid-term Elections at the Intercontinental Hotel in COEX, Samseong-dong on November 12th.

     

    The forum was designed to anticipate the possibilities of changes in the Trump Administration's trade policy after the US mid-term elections and its impact on the Korean economy. More than 250 people from major companies, governments and academia in Korea and other countries attended the forum and listened to the analysis and prospects on bilateral trade disputes anticipated by the trade experts of the United States and China.

      

    Kim Young-joo, the Chairman of the Korea International Trade Association, said in his opening speech, "The global economy is facing a crisis as the multilateral trade system is destabilized while the US-China trade disputes continue." He stressed, "Many countries need to seek cooperation measures in order to minimize the impact of the US-China trade disputes on the global economy."

      

    In the first session under the topic ofTrump administration about to pass turning point, what will happen to trade policy?, Daniel Ikenson, Trade Policy Director of CATO, the US think tank, said, As a result of this mid-term election, the Democratic Party regained control of the House of the Representatives and the Republican Party took control of the Senate. He elaborated, Pressure on China with non-partisan support will continue. However, there are possibilities of disagreement over the US-Mexico-Canada Agreement (USMCA) and the Korea-US Free Trade Agreement (FTA), both of which require ratification by Congress.

     

    Lee Jae-Min, Professor at Seoul National University, said, President Trump is likely to practice more aggressive trade policies and to maintain the current trade protectionism in the second half of his term to be re-elected. He pointed out, In particular, since it is highly probable that the Section 232 investigation conducted on steel and automobiles will spread to other areas, the situation is not favorable to Korea. 

     

    In the second session under the theme of US-China Trade conflict, How far would it go?, Andrew Polk, CEO of Trivium China, said, It will be difficult for the two countries to derive sustainable agreement results since the key of this trade dispute is the power struggle over the future technological leadership. He emphasized, Under the influence of trade disputes, the supply chain in Asia will be rebalanced and it could have a negative impact on Korean companies over the long term.

      

    A Chinese speaker Tao Zigang, Professor at Hong Kong University, said, The ultimate goal of the Trump administration is to rebalance the global supply chain, which is China-centered at the moment. He also insisted, If China continues to provide an attractive market environment to overseas multinational companies, the United States sanctions on China will fail.”

      

     

    Yu Miaojie, Vice President of National Development Research Center at Beijing University, stated, Since both the United States and China agree to resolve trade imbalance, it is required to solve the problems through conversations rather than trade war. He also added, China also needs to expand its openness within the multilateral and regional trade systems.

     


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