Professor Wooseok Jin: "The Next Target After the Tariff War is Europe... Korea Also Faces Inevitable Negotiations with Many Concessions"

"Communication Channels Between Ruling and Opposition Parties and Acting President Must Be Secured"

U.S. President Donald Trump has initiated the process of imposing universal tariffs on Canada, Mexico, and China, and Woo Seok-jin, a professor of economics at Myongji University, said, "The next target will obviously be the European Union (EU)."

Professor Woo appeared on CBS Radio's 'Kim Hyun-jung's News Show' on the 3rd and said, "Considering the scale of trade with the U.S., it will proceed in the order of Canada, Mexico, and then the EU." He added, "The EU has been imposing many regulations and heavy fines on U.S. big tech companies like Google and Facebook. This is just the beginning. Retaliation will follow retaliation, starting comprehensively, and the scope of tariff imposition will widen."

Donald Trump, President of the United States. Photo by AFP Yonhap News

Regarding the domestic situation, Professor Woo expressed concern, saying, "(President Trump) considers South Korea an ATM and has said, for example, that he could make us bear up to 10 trillion won (in defense costs). Therefore, although we already completed the Korea-U.S. defense cost-sharing agreement last October, since it is an administrative matter, the agreement may be renegotiated, and costs could rise significantly."

He said, "In trade agreements, some concessions must be made to protect national interests. Usually, negotiations proceed to balance benefits, but in the Trump era, we will likely have to pay much more. It is very important whether our people can accept that negotiation plan." He continued, "We need to secure communication channels between the ruling and opposition parties and the acting president. Especially under the acting president system, we can enter trade agreements. In that case, we must ensure support from the National Assembly."

Professor Woo pointed out, "Japan is holding summit meetings immediately, but South Korea does not yet have such a schedule. Trump also refuses to meet with Acting President Choi Sang-mok, considering him unrepresentative." He emphasized, "If an early presidential election becomes visible and a new president is elected, that may change, but in the meantime, the way to protect our national interests is to restore the democratic legitimacy of the acting president."

Regarding the domestic political turmoil, Professor Woo said, "The U.S. is struggling with its own problems and will not look out for other countries' situations. They strike when we are weakest."

Meanwhile, President Trump decided the day before to impose universal tariffs of 25% on Canada and Mexico and an additional 10% on China. The tariffs will take effect from the 4th.