‘The Big Money Show’ previews the meeting between President Donald Trump and South Korean President Lee Jae-myung as they discuss a possible deal and analyze the market reaction.
FIRST ON FOX: A new study says That of South Korea Tough competition rules targeting U.S. tech companies could cost both countries nearly $1 trillion in lost economic growth over a decade.
Research by the Competere Foundation, a nonprofit organization that educates policymakers non-tariff barriers which affects global GDP, it is estimated that U.S. companies could lose $525 billion, while small South Korean businesses could lose about $469 billion.
TRUMP INSURES SOUTH KOREA TO TAKE OVER TECH RULES TARGETING US, SAVE CHINA
The report points to aggressive enforcement by the Korea Fair Trade Commission (KFTC), which says it unfairly restricts U.S. tech companies and discourages foreign investment.
The report warns that South Korean small businesses will lose about $469 billion over the next decade due to Seoul’s competition rules. (Anthony Wallace/AFP/Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 262.24 | +9.95 |
+3.94% |
| CPNG | COUPANG INC | 31.69 | +0.48 |
+1.54% |
| GOOGL | ALPHABET INC. | 256.55 | +3.25 |
+1.28% |
| MSFT | MICROSOFT CORP. | 516.79 | +3.21 |
+0.63% |
He warned that Korea’s approach could have broader diplomatic and economic consequences impact on trade, This underlines the need for stronger US involvement.
NEW SOUTH KOREA LAW PROTECTS CHINA, TARGETS US TECH, RISK TRADE CLASH
“Not only are Korea’s actions hurting the U.S. economy, but they are also exacerbating trade tensions. If the Trump administration resolves this, it will give President Donald Trump a unique opportunity to deliver a huge economic victory for American families without spending a dime,” Singham added.
The Trump administration is currently negotiating a trade deal with South Korea. (Chip Somodevilla/Getty Images)
The report also warns that smaller Korean companies will suffer from reduced foreign investment. It urges both governments, currently negotiating a trade deal, to prioritize regulatory reforms to safeguard growth and strengthen economic ties between the US and South Korea.
TRUMP POSTPONES ULTIMATUM AND THREATENS RATES ON DIGITAL TAXES AND REGULATIONS
Henry Haggard, former ministerial adviser for political affairs at the U.S. Embassy in Seoul, agreed that Korea’s regulatory approach risks backfiring.
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He warned that some U.S. companies will scale back operations in South Korea, halt future investments or leave the market altogether.
Trump says Xi Jinping, the Chinese president, knows where he stands on tariffs. (Ton Molina/Bloomberg/Getty Images)
“This leaves an opening for Chinese companies to gain a competitive advantage that are less deterred by irregular enforcement of rules and regulations. That’s bad for America and bad for national security,” Haggard added.
