"Arrival of Super Trumpism... Korean Economy to Be Driven by Manufacturing, AI, and Energy Sectors"

'Post-Trump South Korea Economic Strategy' Seminar Held at National Assembly
Park Jong-hoon: "Renewable Energy Industry Will Not Be Left Behind"
"Gifts Needed That Do Not Cause Loss to Trump"

"The era of Super Trumpism has arrived."

On the 12th, a breakfast seminar titled 'Korean Economic Strategy After Trump's Election' was held at the National Assembly Members' Office Building in Yeouido, Seoul, hosted by Democratic Party lawmaker Ianju. At the seminar, Park Jong-hoon, director of the Knowledge Economy Research Institute, predicted that the future of the Korean economy would be determined in the manufacturing, artificial intelligence (AI), and energy sectors following the re-election of former U.S. President Donald Trump.

On the 12th, a breakfast meeting titled "South Korea's Economic Strategy After Trump's Election" was held at the National Assembly Members' Office Building in Yeouido, Seoul, hosted by Lee Eon-ju, a member of the Democratic Party of Korea. / Provided by the Office of Lee Eon-ju, Democratic Party of Korea

Director Park anticipated that the second Trump administration would demonstrate power incomparable to the first term. During the first term, some Republican lawmakers opposed Trump, and the Democrats controlled the House, but this time, pro-Trump Republican lawmakers have taken control of both the House and Senate. He explained that Trumpism, which prioritizes American national interests above all else, would be maximized. Park said, "(The second term) controls both the legislative and judicial branches," adding, "The era of Super Trump, who can do everything, has arrived."

A Stronger 'Trumpism'... "Trump Will 'Kidnap' Korean Factories with a Whip"

Former U.S. President and Republican presidential candidate Donald Trump attended an election campaign rally held at the McCamish Pavilion in Atlanta, Georgia, on the 28th of last month (local time). Photo by Yonhap News

Park analyzed that even during President Joe Biden's administration, American nationalism was severe. The Biden administration implemented the Inflation Reduction Act (IRA) and the CHIPS Act, which provide tax benefits or subsidies for building factories within the U.S. Park likened this to 'factory kidnapping.' However, he predicted that the second Trump administration would exhibit even more severe tendencies. Former President Trump has already declared that he will not engage in losing deals, referring to Korea as a 'money machine.' Park said, "Last year, Korea's trade surplus with the U.S. was $44.4 billion. How do you think former President Trump would feel about that?" He added, "Trump will not provide subsidies but will use a whip to kidnap Korean factories."

Contrary to popular belief, Park also predicted that former President Trump would actively support the U.S. AI industry. He said, "Elon Musk, CEO of Tesla, and Jeff Bezos, chairman of Amazon, are fully engaged in the AI battle. Trump is tolerant of this, and the U.S. AI industry will advance at an incredible pace." The problem, however, is that domestic IT companies' competitiveness may decline. Park analyzed that domestic IT companies have survived due to the 'language barrier' of Hangul and the 'network effect,' which forces widespread use, but they will be ineffective in the AI domain. He said, "In the AI field, competition will be based on quality and price," adding, "There will be a fierce battle over copyrights and data."

Park expressed concerns that Korea would also face difficulties in the energy sector under the second Trump administration. He pointed out that the domestic power grid has yet to be established and that Korea relies on refined uranium from Russia, indicating weak resource self-sufficiency. Park said, "Energy has become so important that global companies like Google are building their own power plants," adding, "We need to establish energy supply policies and focus on renewable energy such as wind and hydrogen."

Lawmakers Question Political Role... "Must Thoroughly Utilize Trump's Tendencies"

Former U.S. President and Republican presidential candidate Donald Trump is laughing heartily at an election rally held in Pennsylvania on the 29th (local time). Photo by Yonhap News

After the lecture, a Q&A session with Democratic Party lawmakers followed. Lawmaker Kim Ju-young asked whether the renewable energy industry might be marginalized under the second Trump administration. Park answered that it would not. He analyzed that the electoral landscape has changed as progressive voters have moved to the so-called 'Sun Belt' regions of Texas and Florida, traditionally Republican strongholds. Furthermore, renewable energy is emerging as a key industry in the Sun Belt, making it impossible to ignore. Park said, "There will be midterm elections in the U.S., and former President Trump will want to win," adding, "He may show actions like withdrawing from the Paris Climate Agreement, but he will not be as aggressive as before."

When Democratic Party lawmaker Ianju asked what role the political sphere should play in the future, Park mentioned 'multimodal AI.' Multimodal AI is a technology that processes various types of data simultaneously, including text, facial expressions, actions, and voice. While multimodal AI is undoubtedly the future of AI, Park pointed out that it could face the barrier of 'privacy.' He said, "We need to consider how to train AI while protecting personal information and legislate accordingly," adding, "If that is guaranteed, we can engage in transactions with American big tech companies."

Park advised that Korea must thoroughly utilize former President Trump's tendencies. He emphasized the need to prepare gifts that Trump could present. Park said, "It is important to bow and offer tribute to former President Trump," adding, "Instead of trying to gauge his mood or meet him behind the scenes, Korea should show off splendidly in front of him. Gifts are acceptable as long as Korea does not suffer practical losses."