If Donald Trump becomes president, South Korea may increase U.S. oil and gas imports to address its trade surplus with the United States.
South Korea ’s rising trade surplus with the United States could prompt Korean companies to buy more U.S. oil and gas if Donald Trump becomes president, as he is expected to focus on America’s trade deficit with partners, Bloomberg reported on Monday, citing anonymous sources with knowledge of the matter. Officials in South Korea have been running scenarios of the country’s future trade and have concluded that a Trump presidency is likely to focus on the state of trade between the U.S.
Trump has vowed to impose tariffs of 10% on all imports, and a 60% tariff on U.S. imports of goods from China. The threat of an all-import tariff and the U.S. deficit in trade with South Korea could prompt the Asian country to buy more of America’s energy. South Korea is the world’s third-largest importer of LNG after China and Japan, and the fifth-biggest importer of crude oil after China, the United States, India, and Japan.
Trade Surplus Trump U.S. Oil LNG Energy Imports U.S. Trade Deficit Tariffs Crude Oil South Korea Trade
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