Seoul: The outcome of the U.S. presidential election is expected to have a direct impact on the South Korean market and industry, Seoul's top economic policymaker said Wednesday, calling for enhanced efforts for trade diplomacy amid the intensifying Sino-U.S. rivalry. Finance Minister Choi Sang-mok made the remarks during a parliamentary session in the day, as vote counting is under way to decide who will be the next U.S. president. "The outcome of the U.S. presidential election is likely to have an immediate, direct impact on finance and the market," Choi said. "Despite the strong Korea-U.S. alliance, we need to double up efforts for trade diplomacy and other issues given the competition between the U.S. and China," he added. According to Yonhap News Agency, Republican presidential candidate Donald Trump is projected to win one of the most crucial states, Pennsylvania, putting him on the cusp of victory against his Democratic rival Kamala Harris.