Gyeonggi Province Governor Kim Dong-yeon will meet with Tamara Mawhinney, Canadian Ambassador to Korea, on the afternoon of the 6th to discuss joint response measures between the two countries amid the rising global issue of tariffs following the inauguration of the second Trump administration in the United States.
Recently, the Trump administration announced a plan to impose a high tariff rate of 25% on Canada and Mexico but decided on a one-month delay on the 3rd, just one day before implementation. However, the planned 10% additional universal tariff on Chinese imports will proceed as scheduled. In response, China has also decided to impose an additional 10-15% tariff on some U.S. imports such as coal and petroleum starting from the 10th.
Gyeonggi Province explained that the meeting holds great significance as it will exchange opinions on tariff response measures with Canada under these circumstances.
Earlier, on the 3rd, Governor Kim posted on his social media (SNS), stating, "The feared tariff war has begun," and urged the government and political circles to immediately activate the ‘Trump 2nd Term Emergency Response System’ along with three measures: ▲ swift appointment of an ‘Economic Ambassador with Full Authority’ through ruling-opposition-government agreement ▲ establishment of an export breakwater ▲ rapid ‘supplementary budget formulation.’
The Economic Ambassador with Full Authority refers to a person responsible for promptly responding to the Trump administration or international economic situations during the transitional period from the early presidential election to the inauguration of the new government. Governor Kim first proposed this at this year’s New Year press conference and has repeatedly emphasized its urgency at the Davos Forum and in media interviews.
The export breakwater is a tariff, exchange rate, and supply chain restructuring response plan proposed by Governor Kim, which includes temporary abolition of import tariffs on raw materials for export, unlimited support for trade insurance and exchange rate fluctuation insurance for small and medium export enterprises, and subsidy support comparable to foreign-invested companies for advanced production facilities and research and development (R&D) investment in export strategic industries.
Gyeonggi Province Governor Kim Dong-yeon (right) is meeting with Tamara Mohini, then Charg? d'Affaires of Canada to Korea, in September 2022 to discuss cooperation plans. Provided by Gyeonggi Province
Kang Min-seok, spokesperson for Gyeonggi Province, said, "The meeting with the Canadian ambassador is part of Governor Kim’s global economic efforts," adding, "Gyeonggi Province and Canada share the recognition that joint responses are necessary to the new economic order, including global supply chain restructuring and deepening protectionism, and it will be an opportunity to discuss specific cooperation measures in the field of climate change response as well as to reaffirm their role as mutually beneficial economic and industrial partners even in emergency situations."
After the emergency situation on December 3 last year, Governor Kim sent urgent letters to over 2,500 world political leaders and major foreign investors, and met with Philip Goldberg, U.S. Ambassador to Korea; James Kim, Chairman of the American Chamber of Commerce in Korea (AMCHAM); Philip van Hoof, Chairman of the European Chamber of Commerce in Korea (ECCK); and Philip Bertoux, French Ambassador to Korea, explaining Korea’s strengths.
In addition, last month, Governor Kim was the only Korean politician to participate in the Davos Forum, known as the world economic Olympics, where he met with global economic leaders, business representatives, and media to explain Korea’s situation and focused on promoting the potential and resilience of the Korean economy, demonstrating his global economic activities.
Meanwhile, Gyeonggi Province and Canada have been promoting continuous exchanges since Ambassador Mawhinney’s time as charg? d’affaires during her visit to Gyeonggi Province in September 2022. In May 2023, Canadian Prime Minister Justin Trudeau and Ambassador Mawhinney attended the commemorative event for the creation of the Gapyeong Battle Site Forest Trail with Governor Kim Dong-yeon, strengthening cooperation between the two countries.
Gyeonggi Province is currently actively engaging in exchanges with its sister region, British Columbia (BC) Province in Canada. In May 2023, BC Premier David Eby visited Gyeonggi Province and signed the 4th implementation plan of the sisterhood agreement, and in May last year, Governor Kim visited BC Province, expanding in-depth exchanges through meetings with Lieutenant Governor Janet Austin and Premier David Eby.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
