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New Trump Era: South Korea’s Tech Industry Faces Risks and Rewards

Daniel Kim Views  

The re-election of Donald Trump as President of the United States in the 2024 presidential race is expected to bring substantial changes to South Korea’s science and technology innovation environment. According to a Science and Technology Policy Institute (STEPI) report, the second Trump administration will likely focus on decisive measures to counter China and bolster U.S.-centered manufacturing. This direction may present South Korea with both critical opportunities and challenges in its science and technology strategy and industrial policy.

Newsis

The Trump administration is committed to the “America First” policy, pushing for reshoring manufacturing and high-tech industries, with an especially hardline approach targeting China. The U.S. aims to strengthen its global dominance in semiconductors and artificial intelligence (AI) fields. This will inevitably impact South Korea, possibly through demands for participation in sanctions on China and diplomatic pressures like tariff impositions.

The report highlights that such policies could weaken South Korea’s competitiveness in manufacturing sectors like semiconductors and automobiles. The Trump administration is reportedly considering a 10% tariff on all imports while also planning to eliminate policies favoring electric vehicles and revitalize internal combustion engine-focused manufacturing. These moves could significantly impact South Korea’s industries.

Newsis

Trump’s re-election does not only spell crisis. As China’s export competitiveness may decline under Trump’s tough policies, South Korea could seize opportunities to strengthen its own manufacturing competitiveness. The report emphasizes that South Korea can enhance its position in advanced industries through “friend-shoring,” which entails forming supply chains among allied nations, aligning with the U.S. strategy of restoring its manufacturing prowess.

Furthermore, should Trump’s restrictive immigration policies limit talent inflow into the U.S., South Korea could accelerate innovation by offering incentives to attract top-tier talent. Changes in immigration policy could become a crucial factor in South Korea’s high-skilled talent acquisition strategy, signaling the need for aggressive national-level incentives.

The Science and Technology Policy Institute recommends that South Korea reinforce alliances and realign its foreign technology strategies to address various risks and opportunities presented by Trump’s re-election. As the U.S.-led technology supply chain emerges in key fields like semiconductors and AI, there could be an asymmetry in access to technology. To mitigate these gaps, STEPI advises that South Korea collaborate with similarly positioned countries outside the U.S. to minimize any potential technological information shortfalls.

Newsis
Daniel Kim
content@viewusglobal.com

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