Choi Sang-mok "Semiconductor Special Act Must Be Concluded This Month... Livelihood and Economic Plan Activated"

"Cannot Predict When U.S. Will Target Our Exports"
"This Week, First Quarter Livelihood and Economic Response Plan to Be Launched"

Acting President and Deputy Prime Minister Choi Sang-mok, who is also the Minister of Economy and Finance, is speaking while presiding over the Cabinet meeting held at the Government Seoul Office on the 4th. Photo by Yonhap News

Choi Sang-mok, Acting President and Deputy Prime Minister as well as Minister of Strategy and Finance, emphasized on the 4th that economic uncertainty is intensifying due to the 'tariff war' triggered by the new Trump administration in the United States and sluggish domestic demand, stating, "We must reach a conclusion on the passage of major economic bills such as the Semiconductor Special Act and the three Energy Acts during the regular National Assembly session in February."

In his opening remarks at the Cabinet meeting held at the Government Seoul Office on the same day, Acting President Choi said, "Although discussions are underway at the National Assembly level regarding the introduction of the Semiconductor Special Act and additional fiscal investment, even if started immediately, it is not sufficient to catch up with major competing countries and revive people's livelihoods."

Acting President Choi diagnosed that recently, U.S. President Donald Trump has launched a 'global tariff war' with a focus on domestic trade policies, saying, "It is an unpredictable situation as to when and how our key export items such as semiconductors and steel will be targeted."

He added, "Warning signs have also been lit for exports, which are the backbone of our economy," pointing out that "January exports decreased by 10.3% compared to the same month last year, halting the 15-month streak of 'export growth.'"

In particular, he noted, "As the depth of sluggish domestic demand deepens and growth slows, the number of 'involuntary retirees' has increased for the first time in four years," adding, "It is difficult to express in words the burning hearts of ordinary citizens, small business owners, and our companies."

Acting President Choi stressed that in order to overcome this situation, the government and the ruling and opposition parties must prepare a 'turnaround breakthrough,' emphasizing that the passage of economic bills such as the Semiconductor Special Act is of utmost importance.

The government will also support this by launching the '1st Quarter Livelihood and Economic Response Plan' starting this week.

Acting President Choi said, "Considering the urgency of people's livelihoods, we will first check the livelihood and economic situation weekly during the first quarter and implement at least one meaningful improvement measure that the government can take each week, such as job creation, housing, financial support for ordinary citizens, prices, and industry-specific responses to the tariff war, with a sense of speed."

He also urged the Cabinet members on the day, "Please promptly identify and focus on measures that can be taken at the ministry level through revisions of enforcement ordinances and rules, temporary deregulation, etc., and push them forward intensively during the first quarter."

Acting President Choi also promised to eradicate livelihood crimes such as drugs, digital sex crimes, and voice phishing. He said, "We will soon hold a 'Livelihood Crime Inspection Meeting,'" adding, "Together with the relevant ministers, we will closely monitor the response to livelihood crimes and swiftly take necessary measures."