Only the U.S. is doing well...Trumpism's Growing Growth Gap

[Anchor]
Except for emerging economies such as India, only the U.S. economy is doing well.

Trump's return to power is expected to further accelerate this phenomenon.

Our economy is in a desperate moment to create new opportunities amid the crisis.

Lee Seung-eun reports.

[Articles]
The U.S. economy grew 2.8% quarter-on-quarter in the third quarter amid good consumption and employment indicators.

[Jerome Powell / U.S. Federal Reserve Chairman: The U.S. economy has been very good lately. It's the best of the world's major economies.

The International Economic Research Institute raised its forecast for U.S. economic growth this year and next year by 0.4 percentage point.

However, the global economy, except for some emerging countries such as India, has entered a low-growth phase due to war and weak consumption.

In Korea, companies have started reducing executives, voluntary retirement, and reducing expenses.

Among Trump's pledges, the most threatening to our economy is universal tariffs that will raise tariffs by 10-20% on all imports.

Although he did not assume Trump's presidency, the International Monetary Fund recently assumed that global tariffs would rise to the same level following the U.S. 10% tariff hike from the middle of next year, with global economic growth forecast to fall by 0.4%p in the next 0.3%.

Research institutes estimate that if there is a tariff war, our exports will be reduced by up to 60 trillion won.

[Lee Si-wook / Director of the Institute for International Economic Policy: Rather than implementing universal tariffs right away, tax cuts or various policies can put upward pressure on prices, so we will use it as a negotiation card for a while, and the timing is that the next year is much more likely than next year.]

Korea's economic growth rate, which is expected to be around 2% next year, is not expected to be achieved if the tariff hike is accelerated.

[Choi Sang-mok / Deputy Prime Minister and Minister of Strategy and Finance: We will turn the challenge of the launch of the new U.S. government into an opportunity. In particular, we will fully respond to the global technology hegemony competition by promoting AI to designate national strategic technologies under the Restriction of Special Taxation Act. / We will establish a plan to foster K-proof MRO during next year.]

[Jeong Kyu-chul, head of KDI Economic Outlook Division at the Korea Development Institute: In order for the times to change, become a new normal, and for new industries to emerge, we need to have an environment where new companies can easily enter.]

Along with developing negotiation strategies, new opportunities are needed and measures to protect the vulnerable are needed.

I'm YTN's Lee Seung Eun.


Video editing: Jung Kook-yoon
Design: Kim Jin-ho