Acting President Choi vows 'win-win' deal with U.S. as Trump tariffs loom

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Acting President Choi vows 'win-win' deal with U.S. as Trump tariffs loom

Published: 11 Mar. 2025, 16:41 Updated: 11 Mar. 2025, 19:19

CHO JUNG-WOO
[email protected]

Audio report: written by reporters, read by AI

Acting President Choi Sang-mok speaks during a Cabinet meeting at the government complex in central Seoul on March 11. [JOINT PRESS CORPS]

Acting President Choi Sang-mok on Tuesday vowed to make every effort to negotiate a “win-win” deal between Korea and the United States ahead of the Donald Trump administration’s plan to impose “reciprocal tariffs” on imports starting next month.

“The arrow of the Trump administration’s America First policy is now directly targeting Korea,” Choi, who doubles as the minister of economy and finance, said in his opening remarks at a Cabinet meeting at the government complex in central Seoul.

“Negotiations between the two countries have officially begun ahead of the reciprocal tariffs set to take effect globally on April 2.”

The acting president focused on the increasing pressure from the U.S. administration on the Korean economy and its potential impact, citing U.S. President Donald Trump’s recent criticism of Korea’s "unfair" trade policies.

“Our government will prioritize national interests and respond sternly yet flexibly to the United States,” Choi said.

In a speech to the U.S. Congress last week, Trump claimed that Seoul’s average tariff rate is four times higher than U.S. import taxes. He has also threatened to revoke a semiconductor subsidy program.

The acting president added that Korea is in close communication with the United States and will soon convene a consultative body to discuss the tariffs, as well as measures to enhance cooperation in the shipbuilding and energy sectors.

During his remarks, Choi addressed the country’s economic difficulties, citing sluggish domestic demand and declining consumption due to political uncertainties. While pledging to implement measures to mitigate these challenges, he expressed regret over rival parties holding a consultative meeting without including the central government.

Additionally, the acting president pointed to new opportunities in the defense industry, referencing the European Union’s recently announced 800-billion-euro ($867) plan to strengthen its defenses. He vowed to actively pursue “practical” measures, such as expanding export financing support and diversifying Korea’s export industries.

Choi further noted that competition among nations for infrastructure investment and reconstruction would likely intensify if Ukraine and Russia reach a peace deal, asking related ministries to monitor the ongoing situation closely.

Acting President Choi Sang-mok, center, speaks during a Cabinet meeting at the government complex in central Seoul on March 11. [MINISTRY OF ECONOMY AND FINANCE]

Turning to domestic affairs, Choi warned that “stern action” would be taken against any illegal or violent rallies ahead of the Constitutional Court’s ruling on whether to reinstate or remove impeached President Yoon Suk Yeol.

“The government will ensure that legitimate and peaceful demonstrations can take place,” he said. “However, there will be zero tolerance for illegal and violent rallies, as well as any acts that challenge governmental authority.”

He further urged the public to demonstrate “mature citizenship,” noting that the international community is closely watching Korea.

In his remarks on Tuesday, Choi did not mention the appointment of Constitutional Court justice nominee Ma Eun-hyeok, despite the court's ruling that he violated the National Assembly’s right to fill three seats on the court’s nine-member bench by selectively refusing to approve a candidate nominated by the legislature.

The conservative People Power Party and the liberal Democratic Party have held two rounds of consultative meetings on state affairs without the presence of Choi since last Thursday.

“The public expects the National Assembly and the central government to work together, at least on matters related to livelihoods, and we must meet that expectation,” he said.

Choi also did not address the special counsel bill regarding self-proclaimed power broker Myung Tae-kyun, which was recently passed by parliament, during the Cabinet meeting on Tuesday. The central government must decide whether to approve or veto the bill by Saturday.

BY CHO JUNG-WOO [[email protected]]