Yoon orders forming of consultative body to prepare for Trump administration

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Yoon orders forming of consultative body to prepare for Trump administration

Published: 10 Nov. 2024, 17:19 Updated: 10 Nov. 2024, 17:27

LIM JEONG-WON
lim.jeongwon@joongang.co.kr

President Yoon Suk Yeol convenes a meeting with senior government officials and presidential aides at the presidential office in Yongsan District, central Seoul, on Sunday to discuss the economic and security implications of a second Trump administration. [JOINT PRESS CORPS]

President Yoon Suk Yeol ordered on Sunday the launch of a finance, trade and industry consultative body to prepare for a second Donald Trump administration.

At an economic and security review meeting in response to changes in external conditions held at the presidential office in Yongsan District, central Seoul, on Sunday, Yoon instructed related ministries to “immediately activate a consultative body in the three major sectors of finance, trade and industry" in preparation for the inauguration of the second Trump administration next January. He added that Choi Sang-mok, deputy prime minister for economic affairs, should oversee this consultative body.

"The international market has already begun to respond to the expected policy stance [of the incoming U.S. administration]," Yoon said at the meeting Sunday.

The economic and security review meeting was held to analyze the impact of changes in external conditions, such as the second Trump administration, on Korea’s economic and security situation and to discuss policy directions.

Trump was elected to a second term as U.S. president on Wednesday, prompting fear in Seoul over changes that may be brought by the new U.S. administration to economic and security policies that might impact Korea.

“When the new administration in Washington is launched and a new policy direction is established, there will be significant changes in the global economy and security landscape,” said Yoon. “As it will have a significant impact on our economy and security, we need to make thorough preparations.”

Yoon further said that he and U.S. President-elect Trump “decided to meet as soon as possible and have a friendly conversation” during a phone call on Thursday.

“The trade sector is where the biggest changes are expected, and government support has a great impact on industry and corporate competitiveness, so communicate closely with the industries,” Yoon told his aides. “Don’t just sit at your desks and talk, but meet with many businesspeople in person and have deep conversations.

"Cooperation between allies is very important for future strategic industries, such as artificial intelligence, advanced bio and quantum technology," said Yoon. "The two main industries we currently live off of are semiconductors and automobiles, but shipbuilding is now actively developing, and if the new U.S. administration adopts a more flexible policy toward fossil fuels, I think our somewhat stagnant petrochemical industry could recover."

Yoon also encouraged related ministries to take care so that cooperation with the United States can continue and develop.

“In the defense sector, I hope we will maintain a solid deterrent against North Korea based on the strong South Korea-U.S. alliance, and prepare closely so that we can continue our leadership in peace and prosperity in the Asia-Pacific region,” added Yoon.

“There may also be considerable structural changes in the security sector,” said Yoon.

“For the time being, we will need to continue to periodically review the various risks and opportunities that will arise from the incoming U.S. administration,” emphasized Yoon. “The new administration’s transition of power will take place over the next two months, and we must operate various information channels to provide strong support so that our citizens and companies can operate in overseas markets without any obstacles.”

Despite Yoon citing that he expects to have "good chemistry" with Trump in a press conference on Thursday, the liberal Democratic Party’s leader Lee Jae-myung said on Sunday that Yoon and Trump “will not have a good chemistry,” assessing the former U.S. president as a “very rational realist with a maximal sense of commercial realism” with whom “negotiations will be difficult.”

“The global situation is so unstable and the future is so uncertain, so much so that wherever you go in the world, people’s attention is focused on the problem of making a living for oneself,” said Lee during a meeting at the National Assembly on Sunday.

“Our diplomacy must shift from the biased diplomacy centered on ideological camps and values of the past to a pragmatic approach that thoroughly centers on the interests of the people and the country.”

BY LIM JEONG-WON [lim.jeongwon@joongang.co.kr]