Financial policymakers to monitor U.S. AI, trade policies following election

Seoul, November 5 (Yonhap) -- In a meeting following the U.S. Democratic Party's significant victory in the midterm elections, South Korea's top financial policymakers pledged to meticulously observe potential shifts in the country's artificial intelligence (AI) and trade policies and their impact on the South Korean economy. Finance Minister Lee Hyoung-il convened Bank of Korea Governor Shin Hyun-song, Financial Services Commission Chairman Lee Eog-weon, and Financial Supervisory Service Governor Lee Chan-jin to discuss these matters after the election results.

The officials pointed out that although major stock markets in the United States and Europe experienced growth, apprehensions about stricter regulation of the AI industry had resulted in a decline in semiconductor shares. They deliberated on potential modifications in Washington's fiscal, trade, and industrial policies following the election outcome and committed to closely monitoring the policy and regulatory landscape, along with U.S. tariffs and developments in the Middle East conflict.

The officials concurred on intensifying their endeavors to foster stable economic expansion in South Korea by tackling shifts in the external environment through enhanced collaboration among pertinent entities and thorough preparation for potential heightened financial market turbulence, as stated by the finance ministry.