'Finally': Finance Minister Choi returns to post following tumultuous term as acting president

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'Finally': Finance Minister Choi returns to post following tumultuous term as acting president

Published: 24 Mar. 2025, 17:11

Audio report: written by reporters, read by AI

Acting President Choi Sang-mok speaks during a meeting with economy-related ministers at the government complex in Seoul on March 24. [YONHAP]

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok returned to his official post on Monday after serving as acting president for 87 days. His return follows the reinstatement of Prime Minister Han Duck-soo, whose impeachment was overturned by the Constitutional Court earlier in the day.

Choi chaired a meeting on external economic issues on Monday, where he stressed the importance of responding to the United States amid ongoing trade tensions.

“We must remain alert and actively communicate our position to the U.S. side,” he said during what was his final meeting as acting president.

Later in the day, at a luncheon with cabinet ministers, Choi quietly expressed a sense of relief as he sat down, saying, “Finally.” Other ministers, including Labor Minister Kim Moon-soo, offered words of appreciation for his efforts.

Choi’s 87-day tenure as acting president faced multiple crises. These included the Jeju Air crash that claimed 179 lives, a fatal highway construction collapse in Anseong and a series of maritime accidents. Most recently, a military jet accidentally dropped ordnance on a residential area in Pocheon. Over the weekend, wildfires also broke out nationwide.

Despite the string of emergencies, Choi received credit for handling the crises with a relatively steady hand. He chaired 104 high-level meetings during the period, averaging more than one per day. Under his watch, the international credit rating agency Fitch maintained Korea’s sovereign rating, and key economic indicators avoided worst-case scenarios.

While export declines and sluggish domestic demand were mitigated, Choi’s response to rising trade risks, particularly those stemming from U.S. policy, was seen as lacking.

In politics, his time in the hot seat was more fraught. Choi proposed appointing only two of three Constitutional Court nominees, a move intended as a compromise but one that drew criticism from both ruling and opposition parties. Tensions escalated with the liberal Democratic Party (DP) over his refusal to appoint Ma Eun-hyuk as a judge as well as other issues.

Now back in his role as finance minister, Choi faces urgent economic challenges, including sluggish exports and weak domestic consumption. Analysts say a key task will be navigating intensifying U.S. trade pressure. A senior official at the Ministry of Economy and Finance said the ministry would prioritize economic recovery and maintain international credibility.

However, uncertainty looms as the DP continues to push for Choi’s impeachment. If the motion passes, First Vice Minister Kim Beom-seok would assume Choi’s duties.

BY JANG WON-SEOK [[email protected]]