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Bank of Korea Official Emphasizes Trade with Seoul Boosts US Economic Security

GateNews
Forex
On July 23, Park Yeong-sung, a monetary policy committee member of the Bank of Korea, published a commentary at the Hoover Institution arguing that open trade strengthens US economic resilience. Coauthored with Kei-Mu Yi, an economist at the Federal Reserve Bank of Dallas, the article titled "How Trade with Korea Boosts US Economic Security" presented data showing that a complete halt in US-Korea trade would reduce American economic welfare by 0.3% to 1% annually, equivalent to roughly $60 billion in personal consumption expenditure. Park emphasized that Korea holds strategic importance for US supply chains, ranking globally in steel production (6th), semiconductors, shipbuilding, and electric vehicle batteries (top 3). He argued that US economic security depends on access to open global markets, positioning Korea as a reliable partner alongside traditional allies like Mexico and Canada.
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