Managing Uncertainty of New US Administration Inauguration... Choi Sang-mok "Full Effort for Stabilizing People's Livelihood Economy"

Discussion on Response Plans at the Ministerial Meeting on External Economic Affairs

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok held an external economic ministers' meeting on the 22nd at the Government Seoul Office with Foreign Minister Cho Tae-yeol, Minister of Trade, Industry and Energy Ahn Deok-geun, Director of the Office for Government Policy Coordination Bang Ki-seon, and Chief Negotiator for Trade Jeong In-gyo. The meeting was held to exchange opinions on the trends of the new U.S. administration and to discuss future government-wide response plans.

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance. Photo by Yonhap News

The attendees reviewed the upcoming appointments in the economic sector, including the White House staff, foreign and security fields, and the Treasury Secretary. They agreed to closely monitor the major economic policy trends of the Trump transition team going forward. In addition to holding this week's meetings with the semiconductor, shipbuilding, and steel industries, they decided to continue communicating with industries to assess the impact on the economy and industry and to prepare response strategies.

At the meeting, Deputy Prime Minister Choi said, "Amid ongoing economic difficulties centered on vulnerable groups such as small business owners, external uncertainties are increasing due to changes in economic policy direction following the inauguration of the new U.S. administration and continued instability in Ukraine and the Middle East." He added, "As domestic and external economic conditions worsen, the burden on vulnerable groups may increase, so we will make every effort to stabilize the livelihood economy."

The government plans to hold the external economic ministers' meeting weekly in principle until the next administration takes office. Through this, it will share information related to the launch of the new U.S. administration and coordinate the government's response direction.

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