You asked me to briefly revisit the topic of the Red Wave. Currently, in the United States, the focus is on the presidential election regarding the Democratic and Republican parties. What are the Republicans proposing? They are advocating for a reduction in corporate taxes and an increase in tariffs. Another point being discussed regarding the Republicans is the reduction of subsidies. Over the weekend, Trump mentioned something significant, saying, If you look at the tariffs on Samsung Electronics' customer support center, we could receive money for what comes into the U.S. Why did you bring them here, Biden? You didn't do this properly. Trump was attacking Biden in this manner. However, concerning the reduction of subsidies, whether it be for secondary batteries or semiconductors, there is no need to worry. There is no reason to be concerned because the U.S. needs to import products made in Asia while imposing tariffs, which ultimately harms the U.S.

That's nonsense. If Asia can produce something cheaper and then we apologize for buying it from Asia, then Trump's logic is correct. There are companies in the U.S. that can manufacture semiconductors, and in that situation, it makes sense to question why we need to pay extra to bring them over. However, right now, the U.S. lacks a manufacturing base for secondary batteries and semiconductors. Both secondary batteries and semiconductors require proper infrastructure, and the necessary technology and capabilities are not in place. As a result, there is a rush to tackle China, and they are hastily trying to bring in what they need by offering subsidies. The U.S. government is currently doing this, but imposing tariffs won't necessarily bring those products in. If tariffs are imposed, prices will just increase.

Whether it's South Korea or Taiwan, the U.S. is at a disadvantage. So, they reduce subsidies, whether it's through the CHIPS Act or the IRA. That's nonsense. However, what's worrying the market is that, regardless of the situation, tariffs are going to increase. Right now, the only market that's doing well globally is the U.S. market, and if they sell there, they say tariffs will go up. If tariffs go up, prices will rise, and if prices rise, inflation will occur. This means interest rates won't drop. Especially if the Republicans take control, whether in the Senate or the House, they will pay a lot of attention to this. They can't help but be concerned. Furthermore, they are saying they will lower corporate taxes. The Republicans already lowered corporate taxes during Trump's first term. They didn't raise them back, but they are saying they will provide additional benefits regarding corporate taxes, making the U.S. a favorable country for businesses.

The problem is that if this happens, the reduced corporate tax rate will need to be compensated by increasing taxes elsewhere, which could be through tariffs. In reality, the position of the Republican Party in the U.S. is that they advocate for a smaller government. This is often discussed in the context of global or political landscapes, where conservatives support a smaller government as their motto, while the Democratic Party talks about a larger government. This includes discussions about wealth taxes and corporate taxes. Therefore, the overarching trend between the Republicans and Democrats is that the Republicans believe the market should operate on its own without government intervention. This isn't just a whim of Trump; it's rooted in the original policies of the Republican Party, which assert that the market is capable of functioning well on its own and that there is no need for the government to meddle. On the other hand, the Democrats fundamentally...

What are we talking about? Here, we are fundamentally discussing a large government. The government collects a lot of taxes, and in the U.S., the government itself has a lot of money. In this situation, the government should take the lead in doing things; the basic political roots are here. In this regard, you can think of the Democratic Party as being similar to Northern Europe. It's this Northern European style; the Democratic Party in the U.S. advocates for the government to collect a lot of taxes and to continue spending money as needed, believing that the more the government controls, the more stable things can flow. The Republican Party, on the other hand, does not believe in that. They say, Let them handle it themselves. In this regard, if you think of it as a national issue, it brings to mind immigration. Right now, the biggest obstacle for the Democrats is immigration policy, and Trump particularly capitalized on this issue, which is also relevant in Europe.

The same goes for Germany right now, and the same for France, and Northern Europe as well. In Northern Europe, since immigrants have been coming in for about 20 or 30 years, there are issues related to immigration, even in countries like Norway. Because of the immigrant problem, there have been violent protests and gang-related issues. If you look at Denmark, there are discussions about whether our immigration policy has been effective. For a long time, we have presented ourselves as a country where it is good to live, a peaceful country with a strong welfare system, and we have welcomed many immigrants. However, the problem is that accepting immigrants has led to instability in the social system. This is the issue in countries like Sweden and Denmark. In documentaries and similar media, there are many political slogans advocating for a reversal of immigration policies.

It's coming up. In the North, not to mention France and Germany, this could be seen as Trump having caught onto these complaints well. During his first term, Trump strongly pushed for immigration policies, which garnered public support. Make America Great Again is true, but those around Trump, the kingmakers, also played their part well. So, in that sense, he miraculously won in the end after a fierce battle for votes. The global trend aligns with that. The global trend supports this, and once again, Trump is focusing his attacks on the Democratic Party by targeting immigration issues. For our people, since there aren't many foreigners actively participating in our country yet, it's still a novel issue, so the immigration problem is quite...

This issue is not a major concern in our country. Look at ISIS; they came to our country and tried to work as factory workers in a rural area, but they ended up getting fired due to wage issues. Now, they say ISIS is a threat in our country. However, when immigrants start to increase in society by 10%, 20%, or 30%, it’s still a minority community in our country, so it’s not a significant problem yet. Especially in East Asian countries like Korea, China, or Japan, this aspect is quite delicate. People might think this is a European issue and that it doesn’t align with our situation. But the same applies to the United States; in Europe, there’s a lot of mixing. So, when someone causes a problem, it’s clear they are an immigrant.

Those things are gradually piling up, so it's important to strategize well. Right now, Trump's approval rating is rising, but what the bond market dislikes is this: the bond market dislikes the idea that the Democratic Party will raise corporate taxes. Through this, they might do something, like issue more bonds. However, the Democratic Party will not benefit from a strong dollar or tariff support. For instance, a 20% tariff is something that hasn't happened in the past 50 or 100 years, and Trump suddenly mentioned it. The 25% tariff was the first time it was implemented by Trump. From South Korea's perspective, having Harris would be better because our country exports a lot to the U.S. Therefore, having our goods sold at current prices without tariffs is beneficial for us, but with Trump in charge...

In our country, products like Samsung washing machines and LG washing machines, which used to cost around 1.2 million won, suddenly become 1.8 million won due to tariffs. Can they still sell well? In reality, in the United States, a product priced at 1.8 million won means that 600,000 won goes to taxes, and we only keep the rest. Sales might increase, but since taxes hit hard, net profit decreases. So, will washing machines sell at 1.8 million won? No, they won't. The price needs to be lowered. The Republican Party is focused on the profits of overseas companies. Are you still buying Coupang stocks? I'm curious about the returns. Well, I have stopped buying Coupang for now, but I bought quite a bit, and the return is still decent, at 23%. I have bought quite a lot, so I have paused for now. The main idea of the Republican Party is to impose tariffs on the profits of overseas companies.

The goal is to bring information through this. This is why the Republican Party is viewed negatively in our country, and why Trump is also viewed negatively. What about the United States? In the U.S., the idea is to bring in the profits of all companies through corporate taxes and transfer that to the government. This applies to U.S. corporations as well as all companies selling in the U.S.; they all share the common understanding that the government will absorb corporate profits. Therefore, the Democratic Party is not particularly positive about the stock market. This is because they are raising corporate taxes for American companies. The reason the Democratic Party is viewed negatively in the market is that American companies also have to pay taxes. From our country's perspective, this is common; whether it’s companies in the U.S. or companies in our country, the taxes are increasing. Even if they raise the tax rate, it will be a slight increase of 2% or 3%. Meanwhile, tariffs are currently being discussed at rates of 10% or even 20%.

In our country, it's something that can only be targeted and hit, so there's a bit of reluctance. The bond market also dislikes the inflation that comes from such aspects. That's about it.

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