“Trump likely to win… We must prepare for a trade environment that ‘strengthens our own country-centeredness’”

As Republican candidate Donald Trump is expected to win the 60th U.S. presidential election, suggestions have been made to prepare for a trade environment that is aligned with the trend of strengthening American-centrism.

Candidate Trump is expected to bring about major changes in the global trade environment as he foreshadows aggressive tariff measures to contain China and resolve the trade deficit.

The Korea International Trade Association’s International Trade and Commerce Research Institute announced this in the report, ‘2024 U.S. Election and Trade Environment Outlook’, released on the 6th.

According to the report, during his campaign, Trump repeatedly said he would “impose a 60% tariff on all Chinese products.” He also said he would not hesitate to withdraw the “Permanent Normal Trade Relations” (PNTR) benefits granted to China when it joined the World Trade Organization (WTO) in 2001.

Candidate Trump has announced his intention to actively block Chinese products from bypassing Mexico and exports from Chinese companies that have invested in Mexico.

The report predicted that “unlike the Biden administration, which limited the pace of de-risking to some advanced strategic industries, the ‘decoupling’ between the US and China is likely to deepen further during the second Trump term.”

Editor. Hong Se-yeong