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You are at:Home » Implications of Trump’s 2024 Election Win for Asian Companies
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Implications of Trump’s 2024 Election Win for Asian Companies

Gazet InternationalBy Gazet InternationalNovember 7, 2024Updated:January 24, 20254 Mins Read
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Donald Trump has been elected as the U.S. president, marking a remarkable return four years after losing the presidency. Companies in Asia have made significant investments in the United States. 

Here’s a look at these investments, Trump’s comments regarding them, and the potential impact of U.S. business policy changes on Asian firms.

Semiconductors

In the semiconductor sector, Asian chipmakers like Taiwan’s TSMC and South Korea’s Samsung Electronics have revealed plans to invest at least $117 billion in the U.S. They are motivated by the current administration’s initiative to reduce reliance on Asia for high-end chips.

They have received or been promised grants and financial support totaling at least $18.85 billion, based on Reuters’ calculations. 

It remains uncertain whether Trump would reverse the program, which he referred to as “bad.” During his campaign, he suggested that Taiwan, which China claims, should pay for its protection. He also accused the island of taking business away from American semiconductor companies.

On Thursday, Taiwan’s GlobalWafers announced that it expects the subsidy program to continue under a Trump administration.

Donald Trump

Electric Vehicles

Trump has proposed imposing a tariff of 10% or more on all goods imported into the U.S. He claims this move would help reduce the trade deficit. 

Additionally, he has threatened to impose a 200% tariff on certain imported cars, aiming particularly to prevent cars from Mexico from entering the country. This tariff would affect various Asian automakers, including Honda Motor, Nissan Motor, and Kia Corp.

Shinji Aoyama, the chief operating officer of Honda, warned on Wednesday that tariffs on vehicles imported from Mexico would significantly affect the company. Honda currently sends 80% of its production to the U.S. market. 

He mentioned that if these tariffs become permanent, Honda may need to consider moving production to the U.S. or another country without tariffs in the long run.

EV Batteries

In the meantime, South Korean battery manufacturers and Japan’s Panasonic, which operate several EV battery factories in the United States, are preparing for a possible rollback of President Joe Biden’s clean energy policy. They are also bracing for potential changes to emissions regulations.

In August, Trump informed Reuters that he might eliminate the $7,500 tax credit for electric vehicle (EV) purchases. 

Since 2023, LG Energy Solution and SK On have received 2.6 billion won, or $1.9 million, in U.S. federal credits for producing battery cells in the United States. Reuters calculated this amount based on their stock exchange filings. 

The companies stated that without these manufacturing credits, they would have reported losses.

U.S. restrictions on Chinese batteries could either stay in place or become stricter if Trump wins a second term. Such policies would likely benefit competing South Korean manufacturers. 

Nippon Steels

The U.S. government has not yet approved Nippon Steel’s $14.9 billion bid for U.S. Steel. This deal faces political challenges due to opposition from the labor union representing the U.S. firm.

Trump has indicated he would block the acquisition as he tries to gain support from union voters. President Biden has also expressed his opposition to the takeover.

In August, the Committee on Foreign Investment in the United States noted that the deal presents a national security risk due to its potential impact on the steel supply chain for critical industries in the U.S. In response, Nippon Steel pledged to invest billions in U.S. Steel facilities that might otherwise be shut down.

China

Chinese businesses are closely monitoring whether Trump will follow through on his threat to impose tariffs of 60% or more on imports from China. Such a move could trigger a new trade war similar to the one he initiated during his presidency from 2017 to 2021. 

The previous trade war affected various sectors, including manufacturers of vacuum cleaners and machinery, with tariffs placed on over $200 billion worth of goods. The Biden administration has maintained most of these tariffs.

The Trump administration also imposed export controls on several Chinese companies, citing national security concerns. Huawei Technologies faced restrictions that prevented it from purchasing high-end chips, severely impacting its smartphone business. 

Other targeted Chinese tech firms include ByteDance and Tencent, whose TikTok and WeChat apps were threatened with bans in the U.S.

In response to Trump’s potential return, some Chinese exporters are planning to expedite their relocation efforts or establish factories outside of China. 

However, some Chinese tech executives believe that Trump’s aggressive stance might actually benefit them. They think U.S. attempts to hinder China’s technological advancement may struggle to gain international backing.

Nazak Nikakhtar, a former Commerce Department official under Trump, anticipates that a new Trump administration would adopt a much more aggressive approach to export control policies aimed at China.

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    GAZET INTERNATIONAL


    Gazet International Magazine is a global entity that works towards providing latest information and news updates of the world. It entraps latest stories in banking, finance, lifestyle and various beats of the world. We engage in recognizing and rewarding the global organizations for their achievements in various fields and deliver justice to the nominees with valued identification and recognition of companies that indulge in the Gazet Award Ceremony.

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