Labor Market Response to Changes in International Trade... Economic, Social and Labor Council Holds First Task Force Meeting
Concerns Over Impact of U.S. Tariffs on Manufacturing and Youth Employment
"Identifying Policy Agendas for Discussion After the Launch of the New Administration"
The Economic, Social and Labor Council, a presidential advisory body for social dialogue, will hold the first meeting of the "Task Force on Changes in International Trade Relations and Labor Market Response" on May 20 in the main conference room of the Council in Jongno-gu, Seoul.
The Council has decided to form and operate this task force in order to comprehensively assess the impact of changes in international trade relations on the domestic economy and labor market, and to develop structural response measures. Going forward, the Council plans to identify policy tasks and social dialogue agendas focusing on the following areas: structural transformation of the manufacturing sector and labor market response to supply chain reorganization, youth employment measures, and productivity innovation strategies to enhance potential growth rates.
Recently, the Korean economy has entered a period of low growth, and economic growth rates are on a downward trend due to internal and external uncertainties. The second Trump administration's tariff policies are changing the international trade order and reorganizing global supply chains, which is requiring structural transformation in Korea's key manufacturing sectors such as semiconductors, automobiles, and steel. As a result, concerns are growing that this could negatively impact the labor market, including a contraction in new youth hiring.
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Kwon Kisub, Chairman of the Economic, Social and Labor Council, stated, "Since U.S. tariff measures may affect domestic manufacturing and new youth hiring, a proactive and structural response is necessary." He emphasized, "To overcome this crisis, it is important for labor, management, and government to focus on productivity improvement and seek ways to enhance the potential growth rate." He also noted, "The operation of this task force will serve as an opportunity to identify policy agendas that can be discussed in earnest after the launch of the new administration."
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