Korea's trade policy agenda in an uncertain US trade environment

Alan Wolff () and Han-koo Yeo ()
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Alan Wolff: Peterson Institute for International Economics
Han-koo Yeo: Peterson Institute for International Economics

No WP24-19, Working Paper Series from Peterson Institute for International Economics

Abstract: This paper addresses how South Korea, a mid-sized ally of the United States, can best navigate clearly identifiable risks, crafting a positive and pragmatic international trade policy. The authors' primary recommendations are that Korea should (1) increase mutually advantageous investment in and with the United States in key sectors; (2) enter into formal agreements with the United States to support each other's essential security interests, such as in fostering capabilities in semiconductors, batteries, critical minerals, and vaccine production; (3) find mutually beneficial solutions for Section 232 steel tariffs and explore Korea's participation in the green steel talks with other like-minded countries; (4) strengthen institutional supports to defense industrial collaboration, including in the shipbuilding industry; (5) engage more deeply with the Pacific region by joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership; (6) "materialize" the Indo-Pacific Economic Framework through concrete collaborative measures to support supply chain development and the clean economy, which calls for identifiable implementation results and entering into formal agreements with firm commitments; (7) continue to actively support the multilateral trading system with contributions of Korean talent and leadership; and (8) diversify into the Global South and provide assistance to the implementation of the African Continental Free Trade Agreement as part of its outreach.

Keywords: South Korea; bilateral relations; geopolitics; trade; investment; economic security; climate change; semiconductors; steel; critical minerals (search for similar items in EconPapers)
JEL-codes: E22 F01 F13 F15 F52 F55 L52 Q56 (search for similar items in EconPapers)
Date: 2024-07
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