[NEWS IN-DEPTH] Impact of economic retaliation and Japan's countermeasures

통상 갈등 – 국가 제외

Ignoring Korea's continued calls for a diplomatic solution, Japan finally pulled Korea out of its white list of trusted trading partners.
President Moon Jae-in, in an unusually strong tone, expressed deep regret at Japan's "rash decision", promising tough counter-measures against what he called clear trade retaliation.
Finance Minister Hong Nam-ki echoed President Moon's announcement that Korea would also remove Japan from its white list of trusted trading partners.
Today, we are looking in detail at the impact of the second wave of trade restrictions imposed by Tokyo in Seoul and the possible measures.
For that, we have two studio experts tonight, … Dr. Kim Young-han, Professor of Global Economics at Sungkyungkwan University … and Dr. Song Soo-young, Professor of Finance at the University of … Chung Ang University. Welcome to our program

Q1. With Japan's withdrawal from Korea of ​​its so-called "whitelist" of trading partners, items that will need to be subjected to tighter import procedures would move from the current three high-tech materials to hundreds of years. other articles. Could you tell us first what types of items should be affected?
Q2. What sectors and sectors do you think will target Japan after the Korean semiconductor industry? Which industry would be most affected?
Q3. At present, Japan is the third largest exporter of Korea. Given its huge trade surplus each year through its trade with Korea, does this not mean that it could turn against Japanese companies?
Q4. What are the chances that Japan will not grant any export license, even after Korea has followed the necessary procedures for non-listed countries, for security reasons?
Q5. President Moon Jae-in convened an urgent cabinet meeting today, and just before the start of the meeting, he referred to "theatrical" measures taken by Korea, saying that Korea had its own cards to play. What do you think are some of the possible options?
Q6. During his meeting with Japanese Foreign Minister Taro Kono, Foreign Minister Kang Kyung-wha warned that Korea could suspend the agreement between Seoul and Tokyo on the general security of military information, or GSOMIA, if Japan persists in economic retaliation. Could this be a possible option and how effective will the GSOMIA card be?
Q7. Korea is employing to find other Japanese import sources and to use local technology to produce the necessary items. An additional budget is also being prepared to support the finances needed by Korean businesses. How do you evaluate the efforts of the government so far?
Q8. Asian stocks fell today after Korea's withdrawal from the white list by Japan … while Korea's benchmark, Kospi, fell to less than 2000. What is your short and long term market forecast?

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