From the perspective of American workers, Trumponomics may sound favorable but people in the rest of the world may be concerned about America’s one-way protectionist policy. Tariff retaliations may ensue.

Under these circumstances, I, as a Korean citizen, cannot help asking myself what policy options Korea may have. From the global perspective, we need to open up our markets further to improve business relations with our economic partners. At the same time, we need to strengthen our export competitiveness in world markets. From the perspective of the Korean national, however, there are some policy options we can choose. First of all, we can take a firm

“give-and-take” policy with respect to the Trump administration. We need to develop our negotiating skills required in dealing with the U.S. not merely in trade and commerce but also in national security and technology transfers.

On the macroeconomic side, Trump has been bitterly criticizing quantitative easing and currency manipulations done by large economies. Henceforth, their currency value is expected to rise. So we can take full advantage of it.

There is another area of policy options, which is foreign direct investment, both inward and outward. According to the World Bank, Korea is ranked as the fifth country in the world where foreign investors want to do business. Koreans should be able to explore the forthcoming opportunities when an economic crisis is looming.

 http://www.pressreader.com/korea-republic/the-korea-times/20170201/281758449015730