Yoo Myung-hee "Speeding Up Supply Chain Restructuring, Government and Companies Must Cooperate"

Korea-US Economic Council Holds First Regular General Assembly of the Year
Former Trade Negotiations Chief Analyzes Global Supply Chain Strategy
Yoon Jin-sik: "Strengthening Outreach to Support Entry into the US"

A senior official who once led South Korea's trade policy analyzed that close cooperation between the government and companies is more important than ever in the global supply chain restructuring accelerated after the launch of the second Trump administration.

Former Yoo Myung-hee, Head of Trade Negotiations at the Ministry of Trade, Industry and Energy, is giving a presentation on the Trump administration's trade policy and the response strategies of Korean companies at the 2025 Board of Directors Meeting and General Assembly of the Korea-US Economic Council (KUSEC) held on the 5th at the Grand Intercontinental Seoul Parnas in Gangnam-gu, Seoul. Provided by Korea International Trade Association

Yoo Myung-hee, former head of the Trade Negotiations Division at the Ministry of Trade, Industry and Energy, gave a presentation on the Trump administration's trade policies and the response strategies of Korean companies at the Korea-US Economic Council (KUSEC) 2025 Board of Directors and General Assembly held on the 5th at the Grand Intercontinental Seoul Parnas in Gangnam-gu, Seoul.

The Trump administration imposed tariffs on major export items such as steel and aluminum shortly after taking office. While applying policy pressure such as changes in subsidies for the automobile and battery industries, it has taken reciprocal tariff measures indiscriminately against allies and friendly countries, raising concerns about significant damage to Korean companies' exports to the US.

Former Director Yoo viewed the characteristic of supply chain restructuring as a "speed battle." He stated, "Since the launch of the second Trump administration, the US's protectionist stance has been further strengthened, and tariff increases and supply chain restructuring are progressing rapidly. To minimize risks arising from changes in the trade environment and respond proactively, close cooperation among the government, associations and organizations, and companies is more important than ever."

Yoon Jin-sik, chairman of the Korea International Trade Association, emphasized strengthening outreach to the US. He said, "This year, South Korea's trade and trade environment with the US face new challenges. To promptly convey the difficulties and requests of member companies to the US Congress and administration, we will strengthen outreach activities to the US and closely monitor US economic and trade policies and trade environment to do our best to support Korean companies' entry into the US market."

Yoon Jin-sik, Chairman of the Korea International Trade Association, is delivering the opening address at the 2025 Board of Directors Meeting and General Assembly of the Korea-US Economic Council (KUSEC) held on the 5th at the Grand InterContinental Seoul Parnas in Gangnam-gu, Seoul. Provided by the Korea International Trade Association

The Korea-US Economic Council was established in 1973 by three major economic organizations?the Korea International Trade Association, the Korea Employers Federation, and the Korea Chamber of Commerce and Industry?for the purpose of promoting investment, cooperation, and exchange in Korea-US economic cooperation. It is the first permanent Korea-US economic cooperation organization, with the Korea International Trade Association operating the secretariat, and 104 member companies are currently active.

At the general assembly held that day, reports on last year's business performance and settlement, as well as this year's business plan and budget, were made. In addition, the admission of four new member companies, including LX International Co., Ltd. and Doosan Enerbility Co., Ltd., was approved.