Acting President Choi Sang-mok speaks during a meeting on Korea's economy in Seoul, Feb. 4. Yonhap
Acting President Choi Sang-mok on Tuesday called for bipartisan cooperation to achieve what he described as a "breakthrough for a turnaround," citing a prolonged economic downturn worsened by the latest U.S. tariff policies.
"The global tariff war is intensifying," Choi said while presiding over a Cabinet meeting.
U.S. President Donald Trump has announced plans to impose steep tariffs on Mexico, Canada and the European Union, raising concerns about the potential impact on Korea's export-dependent economy.
Since President Yoon Suk Yeol's imposition of a short-lived martial law and his subsequent arrest, rival parties have been deadlocked over key issues, including major bills and a possible supplementary budget.
"The government and both ruling and opposition parties must recognize the urgency of the situation and work together to find a breakthrough for a turnaround," Choi said.
He pointed out the country's exports declined for the first time in 16 months in January while retail sales also fell, signaling a significant domestic slump.
"The frustration and hardship faced by small business owners, ordinary citizens and our companies are beyond words," he added.
Choi announced the government will begin implementing a "livelihood and economic response plan" for the first quarter starting later this week.
The plan focuses on closely monitoring economic conditions on a weekly basis and swiftly implementing at least one meaningful improvement measure each week, according to the finance ministry. (Yonhap)
English (United States)