Busan Research Institute Publishes Strategic Planning Book on Regional Response to Second Trump Administration

On September 5, the Busan Research Institute published a strategic planning book analyzing the challenges and opportunities that Busan will face amid an era of extreme global uncertainty.

This book comprehensively examines the impact of the second Trump administration on Busan's economy and industries, and presents regional response strategies. It also includes photographs and infographics to enhance understanding.

The book consists of five chapters in total.

Chapter 1 analyzes domestic reactions within the United States and the global ripple effects following the election of President Trump, while also examining the potential restructuring of the Korea-US economic and alliance order. The Busan Research Institute emphasized the need for proactive responses at the regional level.

Chapter 2 discusses the concept and background of 'Trumpism,' reviews the policies of the first Trump administration, and analyzes the reelection pledge book 'Agenda 47.' Through this, it forecasts the complex challenges that Korea and Busan may face, including security uncertainties, changes in the trade environment, and increased volatility in financial markets.

Chapter 3 focuses on the impact of second-term Trump administration policies on Busan, introducing the results of expert surveys and corporate research. It also analyzes changes in global trade networks and the restructuring of global value chains (GVC).

Chapter 4 evaluates key issues in recent Korea-US tariff negotiations and the industrial sectors likely to be affected in Busan (such as automobiles, shipbuilding, and steel). It presents response directions including: management of trade risks, launching a US industry cooperation task force, establishing Busan Port as a hub for Arctic routes, responding to and upgrading crisis industries, building a financial and investment hub, and envisioning a Northeast Asia tricycle economic bloc.

Chapter 5 offers a comprehensive conclusion, proposing that Busan should adopt strategies such as integrated governance, identifying industrial opportunities and risk factors, diversifying trade partners, accelerating industrial transformation, and transitioning to sustainable trade cooperation in the context of continued 'America First' policies.

Jang Jeongjae, Director of the Economic and Industrial Research Division at the Busan Research Institute, stated, "We hope this publication will help readers understand the uncertain global order and consider what policy choices Busan should make," adding, "Because Trump administration policies are highly volatile and unpredictable, it is crucial to continuously monitor and develop response strategies at the regional level."

He also noted, "This research is significant as it is the first attempt to reflect the realities of the regional economy and industries."

Cover of the Busan Research Institute's Strategic Planning Book on Busan Region's Response Strategy Following the Inauguration of the Second Trump Administration.

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