Trump Effect Already Showing up in Global Economy

Trump effect is already showing up in global economy. South Korean automobile major Hyundai Motors has elevated its U.S. chief Jose Munoz as the global chief operating officer in order to meet the challenges that Trump administration with “America First” policy may pose, news organisations reported.

Jose Munoz would also be co-CEO of Hyundai, first ever foreign national to be appointed to the post by Hyundai. The South Korean automobile company, globally third largest, has currently three co-CEOs. Munoz has been a former U.S. diplomat and his long experience will help the company face market challenges in the coming days.

U.S. President-elect Donald Trump came to power with the slogan of “America First”. In his campaign he stressed that his administration would be imposing 10% duty on every import. Trump wants to promote domestic companies in the American market as well as global market as a policy.

According to reports of news organisations, Munoz is credited with propelling the company to record sales in North America.