Seoul: Trade Minister Cheong In-kyo on Wednesday discussed strategies to address the potential reshuffle of the global supply chain as a result of the incoming U.S. administration's protectionist policies. "Uncertainties in the global trade environment have been rising in the wake of the upcoming launch of the new U.S. administration," Minister Cheong remarked during a meeting with experts from various think tanks.According to Yonhap News Agency, the business community has been particularly attentive to the incoming U.S. administration's trade policy, which may include sweeping tariffs of at least 10 percent on all imported goods. Earlier this week, U.S. President-elect Donald Trump announced plans to impose a 25 percent tariff on all goods from Mexico and Canada, with an additional 10 percent tariff on goods from China, upon taking office in January.Minister Cheong emphasized that the government intends to closely monitor the impact of these uncertainties on industries and the supply chain, with the goal of minimizing economic burdens while fully leveraging emerging opportunities. During the meeting, the Korea Institute for Industrial Economics and Trade advised South Korea to diversify its export portfolio in anticipation of the global supply chain reshuffle driven by the escalating decoupling between the United States and China.Furthermore, South Korea plans to continue coordinating with major trade partners and aims to enhance its supply chain connections with countries abundant in natural resources and advanced technologies, as stated by the ministry.
- October 12, 2026
