Yoon Seeks Response Ahead of Trump Administration Inauguration
Changes in External Environment Expected to Present 'Opportunities'
Focus on Shipbuilding Cooperation... "Mutual Win-Win Possible"
President Yoon Suk-yeol is preparing for the "Emergency Economic and Security Review Meeting in Response to Changes in External Conditions" on the 10th at the Presidential Office in Yongsan, Seoul. Photo by Yonhap News.
President Yoon Suk-yeol on the 10th ordered the presidential office and the cabinet to "always listen to the circumstances of companies and reflect them in policies in a way that best benefits the national interest," as significant changes could occur in the economic and trade external environment with the launch of the second Trump administration.
President Yoon chaired the 'Economic and Security Review Meeting in Response to Changes in External Conditions' at the Yongsan Presidential Office in the afternoon and said, "We will seek the best concrete responses, but especially the voices of our companies are the most important," according to Sung Tae-yoon, the policy chief of the presidential office.
Sung said President Yoon instructed, "Policy officials should not respond by sitting at their desks and thinking in their heads, but listen on-site to what companies really need and jointly seek response measures."
At the meeting, President Yoon said, "It is above all important for the president, cabinet members, and presidential office aides to share information together regarding economic security to explore strategic responses and policy directions," adding, "I will personally keep a close watch on the economic security review meetings regularly."
Earlier in his opening remarks, President Yoon instructed to "immediately activate the three major sectoral councils on finance, trade, and industry, led by the Deputy Prime Minister for Economy," in preparation for the launch of the second Trump administration.
Sung Tae-yoon, Chief of Policy Office at the Presidential Office, is briefing on the results of the economic and security inspection meeting chaired by President Yoon Suk-yeol on the 10th at the Presidential Office building in Yongsan, Seoul. Photo by Yonhap News
Sung explained that the meeting first reviewed the budget and policy directions in the economic and trade sectors that could affect South Korea, focusing on the election pledges of the Trump administration.
Sung said, "We need to observe the process of cabinet formation and appointments in the U.S. to see how the election pledges will materialize into concrete policies, but we expect there will be opportunity factors along with overall changes in our external environment."
Regarding this, Sung highlighted the cooperation in the shipbuilding sector mentioned by President Yoon and President-elect Trump during their phone call on the 7th.
Sung said, "The U.S. is very interested in improving productivity across the shipbuilding industry, including strengthening naval shipbuilding capabilities, and Korea has world-class shipbuilding capabilities, so we believe there are many areas for mutually beneficial cooperation."
He added, "In fact, recent examples of cooperation in shipbuilding are rapidly increasing, such as Korean shipbuilding companies investing in the U.S. and winning contracts for repair and maintenance of U.S. Navy logistics support ships," and "The government plans to work with the industry to discover cooperation opportunities in various industries reflecting U.S. interests and corporate demands, including shipbuilding."
Sung said, "It was also discussed that the U.S. new administration and Congress are well aware that our companies contribute significantly to the revival of U.S. manufacturing and job creation through large-scale investments," and "There is consensus on the importance of smooth business operations of our companies in the U.S."
Sung mentioned that measures to upgrade the industrial ecosystem and strengthen the supply chain of key raw materials to diversify export markets were also discussed to respond to changes in the international environment.
Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok is attending the 'Emergency Economic and Security Review Meeting in Response to Changes in External Conditions' chaired by President Yoon Seok-yeol at the Presidential Office in Yongsan, Seoul, on the 10th. Photo by Yonhap News
Discussions were also held on responding to international policy changes in areas such as energy and environment.
Sung said, "It is true that there are uncertainties and challenges depending on the policy direction of the new U.S. administration, but I believe there can be many opportunities depending on how we respond," emphasizing, "The government will prepare together with our companies, keeping all possibilities in mind."
He added, "South Korea and the U.S. have a global comprehensive strategic alliance covering security, economy, and industry," and "We agreed to communicate closely and convey our position before the official launch of the new U.S. administration."
The presidential office also said it is preparing for the possibility of tariff hikes by the Trump administration.
Regarding this, a senior presidential office official said, "It is difficult to say definitively now that such policies will be implemented," but added, "Since there are various possibilities, preparations are being discussed."
The official explained, "In the case of universal tariff imposition, there could be an impact due to weakened relative competitiveness of U.S. products, but depending on the scope of U.S. measures, there could also be opportunities," and "This is an issue to be discussed with relevant ministries and the U.S., keeping all possibilities in mind."
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