RCI-POD

WEBINAR 37

Premiered on:
11 Nov 2024 (Monday)
2:30–3:30 (Manila time, GMT+8) (Manila)
Platform:
Microsoft Teams Meeting

Economic Impact of the United States’ Potential New Tariff Policy


The analysis of potential additional tariff increases by the United States’ (US) new administration, using the Global Trade Analysis Project (GTAP) computable general equilibrium (CGE) model, reveals that unilateral tariff hikes initially boost US nominal income through increased government revenue. However, retaliatory tariffs from other economies lead to a decline in US income due to contracting economic growth and reduced tax revenues. Real GDP in the US declines in all scenarios, with the negative impact intensifying when tariffs extend to its free trade agreement (FTA) partners. While the US trade balance improves due to reduced imports, other economies, particularly the People’s Republic of China, experience declines in nominal income and real GDP due to deteriorating terms of trade and reduced exports. Economies with FTAs with the US, such as the Republic of Korea, are expected to see positive effects through increased nominal income and real GDP due to trade diversion benefits.

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Cross-Border Carbon Market Linkages: Implications for Asia and the Pacific
7 May 2024 9:00–10:30 a.m. (Manila time, GMT+8)
(Manila)

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FDI Facilitation and Aftercare Services in the Republic of Korea—Lessons for Asia and the Pacific
27 Nov 2024 2:00–3:30 (Manila time, GMT+8)
(Manila)
2:30 – 2:35
Introduction:
Jong Woo Kang Director, Regional Cooperation and Integration Division, Economic Research and Development Impact Department, ADB
Bio

Jong Woo Kang is Director of Regional Cooperation and Integration Division at the Economic Research and Development Impact Department (ERDI) of the Asian Development Bank (ADB). As director, he plays a role as an interface between ADB’s internal and external stakeholders on regional cooperation and integration. He is a seasoned economist with extensive knowledge and experiences on policy and strategic issues. He was Principal Economist at ERDI, Senior Advisor to the Managing Director General of ADB, and Senior Economist at the Strategy, Policy, and Partnerships Department at ADB. He leads the annual publication of Asian Economic Integration Report. Areas of his research interest include regional integration, inclusive growth, macroeconomic policies, international trade and finance, and aid effectiveness. He published articles in economics journals such as Journal of Development Economics, Journal of Applied Economics, and Journal of World Trade. Before joining ADB, he was director at the Ministry of Finance and Economy of the Republic of Korea until 2006. He had got his bachelor’s degree in economics and master’s in public administration from Seoul National University, and PhD in economics from University of Washington.

2:35 – 3:00
Presentation: Estimating the economic effects of the United States’ potential new tariff policy using the CGE-GTAP model
Young Gui Kim Senior Research Fellow, Korea Institute for International Economic Policy
Bio

Young Gui Kim

3:00 – 3:30
Open Floor Discussion

Disclaimer:

The views expressed on this website are those of the authors and presenters and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data in any documents and materials posted in this website and accepts no responsibility for any consequence of their use. By making any designation of or reference to a particular territory or geographic area, or by using the term “country” in any documents posted in this website, ADB does not intend to make any judgments as to the legal or other status of any territory or area.