Expressing cautious relief at U.S. tariff delay, acting president vows strategic approach
Published: 04 Feb. 2025, 15:56
Updated: 04 Feb. 2025, 19:33
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- SHIN HA-NEE
- [email protected]
![Acting President and Minister of Economy and Finance Choi Sang-mok speaks during a senior official meeting on current external affairs held at the government complex in central Seoul on Feb. 4. [MINISTRY OF ECONOMY AND FINANCE]](https://koreajoongangdaily.joins.com/data/photo/2025/02/04/807a1e7a-30c4-43a2-887c-afc896e53840.jpg)
Acting President and Minister of Economy and Finance Choi Sang-mok speaks during a senior official meeting on current external affairs held at the government complex in central Seoul on Feb. 4. [MINISTRY OF ECONOMY AND FINANCE]
Acting President and Economy and Finance Minister Choi Sang-mok expressed relief over U.S. President Donald Trump's decision to delay the implementation of tariffs on products from Mexico and Canada, albeit with a note of caution.
“I am very relieved by the Trump administration’s decision overnight to delay the implementation of tariffs on Mexico and Canada for a month,” Choi said during a senior official meeting on external affairs on Tuesday.
“However, uncertainty in the trade environment and the economy in general may expand if the United States proceeds with its tariff implementation and other nations employ countermeasures in return, and there is also a possibility that the United States will impose tariffs on the European Union and others,” he noted.
“Amid such uncertainty, the government will employ all resources available and take a strategic approach to minimize any negative impact on our economy,” the acting president promised, adding that the government will actively seek communication with U.S. officials.
During a Cabinet meeting later in the day, Choi once again cited the “escalating tariff war” spurred by Trump as well as slowing export growth and sluggish domestic demand as key challenges facing the Korean economy.
“With the new Trump administration's ‘America First’ trade policies, the global tariff war is escalating,” said Choi.
“The struggles of average individuals, small businesses and companies are indescribable,” he stressed, urging a bipartisan effort from both parties alongside the government to “find a breakthrough.”
Grappling with rising protectionism, waning growth momentum and stubbornly weak domestic demand, the government launched a “first quarter plan for livelihoods and economic affairs” on Tuesday.
Under the initiative, the government will assess the economic situation on a weekly basis throughout the first three months of the year and devise at least one action plan to address urgent issues related to jobs, housing, financing, inflation, tariffs and more.
The move came as Korea broke its 15-month streak of yearly export growth in January and the number of individuals who involuntarily left their jobs due to closures or layoffs rose by 8.4 percent to 1.37 million last year, the first uptick in four years.
Choi called for the prompt passage of key economic bills including a special chips act by the National Assembly, and also warned of the rising drug problem, directing relevant authorities to implement hard-line measures for drug crackdown during the Tuesday meeting.
![Then-Acting President and Prime Minister Hwang Kyo-ahn, right, shakes hands with U.S. Vice President Mike Pence after delivering a joint statement at the Prime Minister's Residence in Samcheong-dong, central Seoul, on April 17, 2017. [JOINT PRESS CORPS]](https://koreajoongangdaily.joins.com/data/photo/2025/02/04/a22e005c-c987-41e4-9aef-4a57a2dd2e5e.jpg)
Then-Acting President and Prime Minister Hwang Kyo-ahn, right, shakes hands with U.S. Vice President Mike Pence after delivering a joint statement at the Prime Minister's Residence in Samcheong-dong, central Seoul, on April 17, 2017. [JOINT PRESS CORPS]
To mitigate economic uncertainties stemming from U.S. policies, Choi is seeking a phone call with Trump, but nothing has been scheduled yet.
Foreign Minister Cho Tae-yul stressed the need for "close communication between the two nations" in a phone call with U.S. Secretary of State Marco Rubio on Jan. 23, including a call between Choi and Trump. However, Washington has yet to respond.
Trump, meanwhile, held phone conversations with Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum on Monday. Following the discussions, he made a last-minute decision to delay the implementation of 25 percent tariffs for both nations by one month, just a day before they were set to take effect.
The diplomatic deadlock between Seoul and Washington stands in contrast to 2017, when then-acting President Hwang Kyo-ahn spoke with Trump just 10 days after his first inauguration.
During the call, Trump emphasized that the United States will always be behind Korea "100 percent," stressing its "ironclad commitment" to the defense of its ally. In April that year, then-U.S. Vice President Mike Pence visited Seoul for in-person talks with Hwang.
The difficulty in arranging a call reflects the challenges facing Choi’s interim leadership.
"As an acting president of an acting presidency, there are limitations,” an official from the conservative People Power Party told the JoongAng Ilbo, an affiliate of the Korea JoongAng Daily, adding that opposition's constant threats to impeach Choi have "further complicated schedule coordination."
BY SHIN HA-NEE,SEO JI-EUN [[email protected]]
with the Korea JoongAng Daily
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