An argument was coming out at a local seminar that Section 232 of the Trade Expansion Act of 1962 may be applied to the semiconductor as well as automotive industry of South Korea.
The United States may apply the Section 232 of the Trade Expansion Act of 1962 to Korea’s semiconductor as well as automotive industry, a researcher at the Korea Economic Institute (KEI) said on Nov. 15.
Troy Stangarone, KEI senior director of congressional affairs and trade, said President Donald Trump’s protectionist trade policy can be strengthened after the recent U.S. elections because the Democratic Party, which gained control of the House of Representatives, shares the same view with him.
Stangarone spoke at a seminar titled “The Impact of the Recent U.S. Election Results on the Seoul’s Policies for North Korea and Trade” held in Seoul Plaza Hotel.
He also said that the ongoing trade disputes between the U.S. and China are likely to continue for a while because both Republicans and Democrats are concerned over China’s unfair trade practices. “As such, tariff imposition will not stop in the near future,” he said.
Hanyang University professor Han Hong-yeol also said at the seminar, “The United States’ economic advantages based on market opening are rather limited and it is likely to stick to unilateralism, which it thinks is reasonable.
Stanley Roth, former U.S. assistant secretary of state for Asian and Pacific affairs, remarked that the U.S.-South Korea alliance is stronger than ever yet there are some different policy views. “The South Korean government’s North Korea policy focuses on railway construction and forest restoration whereas that of the United States focuses on denuclearization preceding alleviation of sanctions and mending of fences,” he explained.