▪ America First, check and balance against China, tax cuts and deregulation
▪ Possibility of universal baseline tariffs imposed on FTA partners
▪ U.S.-China decoupling affects Korea's exports to China.
▪ Trump's economic policy bills are unlikely to be passed quickly.
▪ It is unclear whether the IRA will be repealed even though the Republican Party won the presidential election and got a majority in Congress.
▪ Immediate reinstatement of policies from the first Trump administration and repeal of major Biden administration policies
▪ Increased institutional uncertainty and opportunities in the U.S. market