President Lee Returns to Official Duties After Vacation
Final Preparations for APEC Summit and Stalled Korea-U.S. Tariff Negotiations... Growing Uncertainties
Concerns Over U.S.-China Summit Amid "G2 Tensions" Between Trump and Xi Jinping... Watching Impact on Korea-U.S. Summit
Additional Real Estate Measures to Be Announced This Week... Resuming Public Livelihood Initiatives
President Lee Jaemyung will officially return to work on October 13 after a ten-day vacation that included the Chuseok holiday. Upon his return, President Lee faces a series of major and challenging tasks. He must finalize the last-minute preparations for the Asia-Pacific Economic Cooperation (APEC) Summit, which is about two weeks away, and conclude follow-up negotiations on the stalled Korea-U.S. tariff agreement. Additional issues include restoring the National Information Resources Service (NIRS) after a fire, implementing follow-up measures to stabilize the housing market as prices are once again rising, and introducing policies to revitalize the economy and support people's livelihoods.
According to the Office of the President, President Lee plans to receive briefings this week on the status of APEC preparations and the progress of the Korea-U.S. tariff negotiations, while continuing his efforts to address public livelihood concerns. On October 14, he will host a "Digital Talk Live" event to hear public feedback following the distribution of the new administration's first consumer recovery coupons, and he is also expected to conduct a final review of additional real estate measures that are reportedly set to be announced this week. In the afternoon, he will preside over his first senior aides meeting since returning to work.
The biggest challenge is the main APEC Summit event, scheduled to be held in Gyeongju from October 31 to November 1. High-profile events such as a possible Korea-U.S. summit and a U.S.-China summit, which are likely to take place beforehand, are also drawing attention. There is growing anticipation that Korea may serve as a "bridge" for the first U.S.-China summit, where U.S. President Donald Trump and Chinese President Xi Jinping are expected to meet face-to-face.
However, variables are increasing ahead of the APEC Summit, making the situation difficult. Speculation has arisen that President Trump, the key figure for the success of APEC, will visit Korea on October 29, immediately after attending the Association of Southeast Asian Nations (ASEAN) Summit in Kuala Lumpur, Malaysia, from October 26 to 28, and will stay for either a day or overnight before departing. Furthermore, after China recently halted imports of U.S. soybeans and imposed export controls on rare earth elements, President Trump responded by announcing a 100% additional tariff on Chinese products and even stated, "There is no reason to see Xi Jinping at APEC." This has led to concerns that the much-anticipated U.S.-China summit may not take place in Korea.
There is also interest in whether the additional Korea-U.S. negotiations on the details of the tariff agreement, which have been ongoing since late July, can be concluded. The Korean government had hoped to use the APEC Summit as an opportunity to arrange a visit by President Trump to a Korean shipyard as part of the "Make American Shipbuilding Great Again" (MASGA) project, and to find a breakthrough in the stalled follow-up negotiations on tariffs during a second Korea-U.S. summit. However, it remains uncertain whether this will be realized. The Office of the President has stated that "no assumptions should be made."
Additional Real Estate Measures This Week... Resuming Public Livelihood Initiatives
President Lee plans to accelerate his efforts to address public livelihood issues based on the national policy plans he refined during the long Chuseok holiday. The main focus is the third set of real estate measures, which are expected to be announced this week. The new administration previously introduced the June 27 measures, followed by the September 7 measures centered on expanding housing supply, but housing prices have reverted to levels seen before the June 27 measures. In response, the government is reportedly considering additional measures, including expanding regulated areas that spur housing price increases and further easing loan restrictions.
In this regard, the ruling party and the government held a high-level policy consultation on October 12 to discuss trends in the housing market in Seoul and Gyeonggi Province. On this day, Prime Minister Kim Minseok, Democratic Party leader Chung Cheongrae, Democratic Party floor leader Kim Byungki, and Presidential Chief of Staff Kang Hoonsik gathered at the Prime Minister's official residence in Samcheong-dong, Jongno-gu, Seoul, for the meeting. After the meeting, Democratic Party Chief Spokesperson Park Suhyeon told reporters, "The party and the government discussed recent trends in the housing markets of some areas in Seoul and Gyeonggi Province and shared the need to closely monitor the situation." He added, "There was consensus on the need for fundamental and comprehensive measures to stabilize the housing market," and "The party and the government agreed to work together to develop specific solutions."
Additionally, on October 14, President Lee will host a "Digital Talk Live" event open to the public to hear about experiences using the consumer recovery coupons. The topic of communication, as announced by President Lee, is "Revitalizing Local Commercial Districts and Consumer Coupons." The Office of the President accepted applications for participation in the event until 6 p.m. on October 11. Through social media, President Lee stated, "I am seeking your honest experiences and wisdom regarding ways to invigorate local neighborhood businesses and the impact of consumer coupons on the regional economy," adding, "Your valuable voices-about the effectiveness of policies as felt on the ground, shortcomings, and suggestions for a better tomorrow-will serve as a guide for Korea's policies."
Other pressing tasks include swiftly restoring the administrative computer network paralyzed after the NIRS fire and devising measures to protect Korean citizens from overseas employment fraud and confinement crimes occurring in countries such as Cambodia.
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