South Korean firms expect heightened trade barriers on the back of US presidential elections, with tariffs topping their concerns regardless of which candidate wins, Bloomberg reports. South Korea is one of the largest exporters globally, which leaves its economy dependent on demand from abroad. Donald Trump has promised to hit China, South Korea’s biggest trading partner, with increased tariffs, while Kamala Harris looks to raise corporate taxes, which could slow growth and weigh on international purchasing power.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Trade protectionism is expected to intensify next year, said some two-thirds of 300 manufacturers surveyed by the Korea Chamber of Commerce and Industry. Over half of respondents stressed that geopolitical risks would grow next year due to ongoing conflict in Europe and the Middle East.

US oil industry secures extension to prevent Gulf of Mexico shutdown: The US oil industry received a postponement in a significant legal battle with environmental groups regarding regulations that it argued could lead to a total halt in production in the Gulf of Mexico, Financial Times reports. On Monday, a federal court decided that agency regulations set to expire in December can stay in effect until May, even though it had previously determined that they did not provide adequate protections for endangered species.

The dispute: The US National Marine Fisheries Service and environmentalists warned that the five-month delay for improving regulations increases the risk of extinction for Rice’s whales in the Gulf of Mexico. The species’ whole population has fallen to 50 whales. The industry contended that if the “biological opinion” from the US National Marine Fisheries Service was canceled without a replacement, it would create a gap that could disrupt production, resulting in the loss of hundreds of thousands of jobs and a monthly economic impact of USD 2.8 bn on the national output.

OTHER STORIES WORTH KNOWING THIS MORNING-

  • Charleroi Airport halts flights amid strike: Belgium’s Charleroi Airport canceled all flights on Tuesday due to a security staff strike, saying the worker shortage meant the safety of passengers and staff could not be guaranteed. (Brussel Times)
Tags: