{"id":2207009,"date":"2024-11-01T17:01:15","date_gmt":"2024-11-01T08:01:15","guid":{"rendered":"https:\/\/koreapro.org\/?p=2207009"},"modified":"2024-11-04T17:31:53","modified_gmt":"2024-11-04T08:31:53","slug":"what-a-harris-presidency-could-mean-for-south-koreas-economic-and-security-ties","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/11\/what-a-harris-presidency-could-mean-for-south-koreas-economic-and-security-ties\/","title":{"rendered":"What a Harris presidency could mean for South Korea\u2019s economic and security ties"},"content":{"rendered":"
With the U.S. presidential election just days away, the potential for a Kamala Harris win poses both risks and opportunities for South Korea.<\/span><\/p>\n Harris\u2019 record as vice president, particularly her role in shaping policies such as the <\/span>Inflation Reduction Act<\/span><\/a> (IRA), <\/span>CHIPS and Science Act<\/span><\/a> and the <\/span>Indo-Pacific Economic Framework<\/span><\/a> (IPEF), suggests that she strongly aligns with current U.S. priorities like reshoring production, prioritizing national security in trade and encouraging clean energy investments.<\/span><\/p>\n Should Harris beat former President Donald Trump, South Korea will have to capitalize on partnership opportunities that have already been laid out by the Biden administration, while adapting to evolving trade and economic demands, security expectations and environmental standards.<\/span><\/p>\n ECONOMIC AND TRADE POLICIES<\/b><\/p>\n Continuation of Biden-era Protectionism<\/span><\/i><\/p>\n A Harris administration will likely uphold the Biden administration\u2019s protectionist trade and economic approach, which has roots in <\/span>Trump-era policies<\/span><\/a>. The IRA and CHIPS Act epitomize this approach, prioritizing domestic production and job creation over traditional free trade principles.<\/span><\/p>\n Harris\u2019 policies would likely favor U.S. manufacturing, which could create competitive challenges for South Korean companies, particularly in the high-tech and automotive sectors. To benefit from IRA subsidies, South Korean electric vehicle (EV) and battery manufacturers like Hyundai, Kia and LG Chem will likely have to continue to <\/span>localize more of their production in the U.S.<\/span><\/a><\/p>\n The potential continuation of Biden-era policies raises the question of how South Korea, a proponent of open trade, can reconcile its export-driven economy with the U.S.\u2019 continued shift toward economic protectionism.\u00a0<\/span><\/p>\n For South Korea, it may become increasingly important to advocate for a U.S. pivot back toward global free trade, emphasizing mutually beneficial trade over restrictive policies.<\/span><\/p>\n