The government and ruling Saenuri Party will hold a meeting Wednesday to discuss the ramifications of the presidential election under way in the U.S.  

Saenuri Floor Leader Chung Jin-suk will preside over the meeting to assess how the power transition at the White House will affect the Korean economy and the foreign and security policy situations.

Along with the ruling party members, the meeting will be attended by officials from the Foreign, Defense and Unification ministries as well as the Prime Minister’s Office. 

In a post on his Facebook page, Chung said that depending on the result, the U.S. presidential election may cause a bigger impact on South Korea’s security and economy than the Nixon shock.

While citing the series of economic policy changes undertaken by former U.S. President Richard Nixon in the early 70s, the floor leader added that trade protectionism and changes in North Korea policies are expected regardless of who wins the election.