Choi Sang-mok Acting Chief "Hope for Prompt Agreement on Supplementary Budget Basic Principles"

Choe Sang-mok, Acting President and Deputy Prime Minister as well as Minister of Economy and Finance, is speaking at the Ministerial Meeting on National Issues, Economic Affairs, and Industrial Competitiveness held at the Government Seoul Office Building on the 12th. Photo by Yonhap News

Choi Sang-mok, Acting President and Deputy Prime Minister as well as Minister of Strategy and Finance, stated on the 12th regarding the supplementary budget (supplementary budget) that "I hope an agreement on the basic principles will be reached promptly at the National Policy Council."

On the same day, Acting President Choi held a meeting of the National Policy-Related Ministers Meeting, Economic-Related Ministers Meeting, and Industrial Competitiveness Enhancement-Related Ministers Meeting at the Government Complex Seoul in Jongno-gu, Seoul, and said, "I welcome the interest shown in livelihood and economic issues through the ruling and opposition negotiation group leaders' speeches at the National Assembly level."

Lee Jae-myung, leader of the Democratic Party of Korea, proposed a supplementary budget of 30 trillion won in his speech as the leader of the negotiation group at the National Assembly on the 10th. A day later, Kwon Seong-dong, floor leader of the People Power Party, said, "The budget for this year, which the Democratic Party unilaterally cut, should be restored and supplemented," but also said, "I do not oppose discussions on the supplementary budget."

Regarding the U.S. tariff imposition policy, Acting President Choi said, "The uncertainty in the global trade environment has recently intensified," and added, "We will thoroughly inspect the impact on our industry and exports by sector and respond proactively and meticulously." President Donald Trump has announced a 25% tariff on U.S. imports of steel and aluminum.

Acting President Choi continued, "Next week, we will hold an export strategy meeting to discuss support for companies concerned about tariff damage and measures to diversify export items and regions," and mentioned, "Through a first-quarter livelihood and economic response plan utilizing all available means, we will also address urgent issues such as jobs, financial services for the underprivileged, and small business owners."

At the meeting, related ministers reviewed the impact of the new U.S. administration on the biohealth industry, tariff administration promotion strategies to support the utilization of Free Trade Agreements (FTA), measures to revitalize the traditional liquor industry, reform plans for the pension investment pool system, and plans for preparation and response to large-scale spring wildfires.