KIEP "If Trump is elected, Korea's exports are expected to fall by up to 61 trillion won."

If former President Donald Trump, a Republican presidential candidate in the U.S., is elected and implements tariff policies, Korea's total exports could decrease by up to $44.8 billion and 61.7 trillion won, according to the National Research Institute.

In its report "The Economic Impact of U.S. Trade Policy," the Korea Institute for International Economic Policy analyzed that if former President Trump is elected and implements tariff policies and the other country imposes the same level of tariffs on the U.S., Korea's exports will fall by $5.3 billion to $44.8 billion.

This report was analyzed by assuming scenarios in which the Trump administration imposes an additional 10-20 percentage points of universal tariffs on countries that sign free trade agreements or an additional 25 percentage points on China.

As a result of the analysis, exports fell by $44.8 billion when the free trade agreement ended up being imposed with an additional 20%p on each country and 60% on China.