South Korea, Jan 14 || South Korea will set up tailored strategies for different scenarios in the wake of potential changes in the US trade policy following the inauguration of President-elect Donald Trump next week, the industry ministry said on Tuesday.
"If the United States introduces detailed trade protectionism measures, significant impacts on South Korea's exports will be inevitable," the Ministry of Trade, Industry and Energy said in a policy report.
"There are also concerns protectionist measures could spread among major markets in a chain reaction," it added, reports news agency.
The ministry said it is currently formulating strategies based on "accurate data" to counter potential moves by the Trump administration to implement protectionist measures targeting countries with trade surpluses with the US.
South Korea will also maintain a coordinated information-sharing system with major partners, including Japan, the European Union, Canada and Mexico, it added.
Trump has pledged to impose a 25 per cent tariff on all products from Mexico and Canada, as well as an additional 10 per cent tariff on goods from China.
The proposal has raised concerns among South Korean companies investing in Mexico and Canada, which rely on the U.S.-Mexico-Canada free trade agreement (FTA), known as USMCA, to access the North American market.