Choi Sang-mok "Now Full-scale Trade Effort... 360 Trillion Won Unprecedented Trade Finance Support"

"The fortunes of nations will diverge in the US-led trade war"
"Measures to be announced, including over 360 trillion won in financial support"
"AI is also a hegemony war... Urgent countermeasures to be presented"

Choi Sang-mok, Acting President and Deputy Prime Minister as well as Minister of Strategy and Finance, announced on the 18th that he would unveil an unprecedented government-wide export strategy worth over 360 trillion won, stating, "The fortunes of countries will diverge depending on how they respond to the US-originated trade war."

In his opening remarks at the Cabinet meeting held at the Government Complex Seoul, Acting President Choi said, "From now on, it is an all-out trade war."

He emphasized, "The US has decided to impose a universal tariff of 25% on imported steel and aluminum starting from the 12th of next month, and has also signaled tariffs on our key export items such as automobiles and semiconductors," adding, "the government's trade response capabilities are now being put to a full-scale test."

He continued, "The government has been meticulously preparing trade response measures while keeping all foreseeable scenarios in mind and maintaining close communication with export companies," explaining, "the public and private sectors have become one team and are conducting multi-dimensional outreach activities to the US at all levels."

Acting President and Deputy Prime Minister Choi Sang-mok, who is also the Minister of Economy and Finance, is holding a Cabinet meeting at the Government Seoul Office Building on the 18th. Photo by Yonhap News

He further stated, "The government is fully mobilizing diplomatic, security, and trade channels to conduct relay communications with key US figures including the Cabinet, state governments, Congress, and think tanks, while major export companies are closely monitoring local trends and cooperating closely with the government."

However, he emphasized that additional measures will be announced to provide immediate support to export companies and to strengthen national export competitiveness.

Acting President Choi forecasted, "This afternoon, I will hold an export strategy meeting with relevant ministers to closely review related trends and present a government-wide export strategy including the largest-ever trade finance support plan worth 360 trillion won plus alpha, as well as measures to diversify export items and regions."

He added, "If the public and private sectors unite tightly as 'Global Team Korea' and pool their strength, we can surely overcome the current trade crisis, which will become an opportunity to further solidify the status of South Korea as a strong export nation."

Additionally, Acting President Choi announced, "'The AI (Artificial Intelligence) hegemony war' is also intensifying," and previewed related policy announcements.

He said, "Following my direct chairing of the 'AI Computing Infrastructure Special Committee' yesterday, on the 20th, I will hold the 'National AI Committee' to discuss execution strategies for advancing to the top three AI powers with private experts and present urgent measures such as the 'AI+science activation plan.'"