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Economic risks

24 0 0
Imminent challenges come from US, Japan

Korea Inc. is facing greater external risks while it is vividly losing vitality.

Japan has removed Korea from its whitelist of preferential export procedures for industrial materials apparently as a result of its grudge against Seoul over historical issues. This measure is scheduled to take effect in 10 days. Seoul also decided to remove Japan from its own list of trade partners given preferential treatment.

On top of this, the prolonged trade war between the U.S. and China is raising uncertainties over the trade environment surrounding Korea. U.S. President Donald Trump urged the World Trade Organization (WTO) recently to prevent rich member countries from unfairly benefiting from their "developing" country status, apparently targeting China. Trump, however, also singled out South Korea, Mexico and Turkey as nations enjoying what he called "unfair advantages" of trade rules.


© The Korea Times