Next Year's US Presidential Election... Companies Prepare Tough Measures to Contain China

Muheop·Amcham '2024 US Economic and Policy Outlook and Market Entry Seminar'

As candidates for next year's U.S. presidential election are expected to propose strong China regulatory policies, advice has been given that Korean companies must prepare thoroughly.

The Korea International Trade Association (KITA) announced that it jointly held the "2024 U.S. Economic and Policy Outlook and Market Entry Seminar" with the American Chamber of Commerce in Korea (AMCHAM) on the 23rd at COEX in Samseong-dong, Gangnam-gu, Seoul. Participants analyzed that U.S. containment of China could intensify.

Seongdae Cho, Director of the Trade Support Center at KITA, said, "It is expected that tough measures including containment of China will be proposed as part of the U.S. presidential election pledges next year," adding, "We need to closely monitor the impact on Korean companies."

Cho also noted that elections will be held not only in the U.S. but also in the European Union (EU), Taiwan, Russia, and Ukraine next year. He said, "We must watch the impact of leadership changes in each country on the semiconductor and battery industry supply chain restructuring, as well as trends in the regulation of artificial intelligence (AI), environment, and digital trade."

There was also advice to observe whether the U.S. Federal Reserve (Fed) will change its monetary policy. Gu-sang Kang, team leader at the Korea Institute for International Economic Policy, said, "The U.S. economy is expected to record a 1.5% growth rate next year as a robust labor market and the burden of high interest rates act simultaneously," adding, "Since inflation and employment indicators in the U.S. are slowing down, there is a possibility that the Fed's monetary policy will shift to a more accommodative stance next year, so caution is needed."

Kim Hyun-chul, Standing Auditor of the Korea International Trade Association, delivers a greeting at the "2024 U.S. Economic Policy Outlook and Market Entry Seminar" jointly hosted by the Korea International Trade Association and the American Chamber of Commerce in Korea (AMCHAM) at COEX, Samseong-dong, Gangnam-gu, Seoul on the 23rd.
[Photo by Korea International Trade Association]

The event was attended by Kim Hyun-chul, KITA's Standing Auditor; James Kim, Chairman and CEO of AMCHAM; Andrew Gately, Commercial Counselor at the U.S. Embassy in Korea; and about 300 American businesspeople.

Standing Auditor Kim Hyun-chul said, "The Korea-U.S. alliance, which marks its 70th anniversary this year, has been elevated to a comprehensive strategic alliance through the Korea-U.S. and Korea-U.S.-Japan summits, enabling businesspeople from both countries to enjoy a more favorable business environment," adding, "We must expand trade and investment cooperation and strengthen partnerships in advanced industries to overcome crises."

James Kim, Chairman of AMCHAM, said, "Through AMCHAM's door-knocking activities in Washington, we were able to confirm the support of key U.S. government officials, including Kurt Campbell, U.S. National Security Council Indo-Pacific Coordinator, for the Korea-U.S. alliance," adding, "AMCHAM will continue to maintain close communication with both governments and stakeholders." Door-knocking activities refer to programs where Korean private sector businesspeople meet with members of the U.S. Congress, including both the House and Senate.

This content was produced with the assistance of AI translation services.