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| ▲ Finance Minister Choi Sang-mok (Yonhap) |
finance minister-US tariffs
Finance minister highlights need to promote S. Korea's democratic, economic resilience
By Kim Han-joo
SEOUL, April 10 (Yonhap) -- Finance Minister Choi Sang-mok called on finance ministry officials stationed at South Korean embassies overseas on Thursday to actively communicate the stability and resilience of the nation's democratic and economic systems, according to the finance ministry.
In a video conference with officials dispatched to major countries, Choi emphasized the importance of proactively addressing concerns about South Korea's domestic political situation and external economic pressures, particularly in light of recent tariff measures by the United States.
"Please thoroughly collect and report local developments related to the U.S. tariff measures, and actively inform host countries that South Korea's democracy and economic system are operating firmly," Choi was quoted by the ministry as saying.
In recent months, South Korea has faced political instability stemming from former President Yoon Suk Yeol's brief imposition of martial law in December and his subsequent impeachment, coupled with rising trade frictions following tariff measures imposed by the Donald Trump administration, which have weighed on the country's export-dependent economy.
Thursday's virtual meeting also came after Trump announced a 90-day suspension of newly imposed reciprocal tariffs on imports from South Korea and other trading partners, only hours after the tariffs went into effect Wednesday.
Choi noted that the temporary exemption from additional tariffs has somewhat eased the immediate impact of reciprocal tariff measures but urged continued vigilance and preparation.
During the meeting, financial officers shared recent policy responses in their respective host countries, saying many governments were seen to be analyzing the economic impact of the U.S. tariffs and preparing support measures, the ministry said.
The officials also reported that countries are showing varied approaches, with China responding firmly with retaliatory tariffs, while others, including Japan and Vietnam, are prioritizing negotiations and dialogue.
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