At the economic and security meeting, staff and the cabinet are urged to be ‘forward-thinking’
Analysis of crisis and opportunity factors under the new Trump administration… Finding ways to cooperate
On the 10th, at the turning point of his term, President Yoon Seok-yeol announced the start of the second half of the year by directly checking the situation in preparation for the launch of the new Trump administration.
President Yoon presided over an economic and security review meeting in response to changes in external conditions for about 110 minutes from 2 p.m. on this day, a holiday.
In a briefing on the results of the meeting, Policy Director Sung Tae-yoon said, “As the international economic environment is changing as we reach the turning point of our term, the President’s Office and the Cabinet will work hard to find the best concrete response, while always listening to the circumstances of companies and making policy decisions in a way that is helpful to the national interest.” “I asked you to reflect this,” was President Yoon’s only request.
This is interpreted as an attempt to show that the government is taking preemptive measures, considering the growing public concern about the impact on the country following former President Donald Trump’s election as President of the United States.
As the multilateral diplomacy stage is scheduled for the middle of this month, the lack of physical time is also considered to be the reason for holding the meeting on a holiday.
The meeting was attended by the Ministers of Foreign Affairs, Unification, National Defense, and Industry, along with the Deputy Prime Minister and Minister of Strategy and Finance. Attending the President’s Office were the 3rd Director of the Office, the Special Advisor for Foreign Affairs and Security, the Senior Secretary to the President for Economic Affairs, and the 1st to 3rd Deputy Directors of the National Security Office.
President Yoon emphasized to his cabinet and staff, “In two months, a new administration in Washington will be inaugurated,” adding, “We need detailed preparations as it will have a significant direct and indirect impact on our economy and security.”
At the meeting, the impact of Trump’s second term on the domestic and international economy and security was analyzed by dividing it into risk (crisis) and opportunity factors, and work was done to find countermeasures.
The President’s Office believes that there are many factors that will strengthen the relationship between Korea and the United States amid the changes that President-elect Trump will bring.
In addition, President Yoon also said at the meeting, “If the new U.S. administration uses a flexible policy on fossil fuels, I think our slightly stagnant petrochemical sector will be able to restore its previous status.”
Director Seong diagnosed, “It is true that there are uncertainties and challenges depending on the policy direction of the new administration, but there may also be many opportunities depending on our response.”
In the field of security, the President’s Office also plans to continue its policy of strengthening the ROK-US alliance even with the second Trump administration.
From President Yoon’s perspective, it has become an urgent task to inherit and develop the ‘Washington Declaration’ and the Camp David Korea-U.S.-Japan trilateral cooperation system reached with President Joe Biden.
Kim Tae-hyo, First Deputy Director of the National Security Office, said, “We will solidly develop the nuclear-based ROK-US alliance while unwaveringly pursuing the goal of North Korea’s denuclearization with the new administration.”
(Seoul = News 1)
Interview between Time.news Editor and Expert on Economic and Security Policy
Time.news Editor: Good afternoon, and welcome. Today, we’re delving into the recent emergency economic and security meeting held by President Yoon Seok-yeol in light of the new Trump administration’s policies. Joining us is Dr. Alice Kim, a leading expert in international relations and economic policy. Dr. Kim, thank you for being here.
Dr. Alice Kim: Thank you for having me. It’s a pleasure to be here.
Time.news Editor: Let’s start with the basics. In your opinion, what are the most critical challenges that South Korea faces as it prepares for the new Trump administration?
Dr. Alice Kim: Certainly. One of the primary challenges is navigating the uncertainty that comes with any new administration in the U.S., especially one as unconventional as Trump’s. South Korea must assess how his policies could affect trade relations and regional security dynamics, particularly with North Korea. Additionally, there’s the concern about maintaining economic stability amidst potential shifts in U.S. foreign policy.
Time.news Editor: Absolutely. The meeting lasted over 100 minutes, which indicates a serious approach towards these challenges. What do you think the significance of President Yoon holding this meeting on a holiday was?
Dr. Alice Kim: Holding the meeting on a holiday clearly demonstrates a sense of urgency in President Yoon’s administration. It reflects an understanding that immediate and proactive measures are needed rather than reactive ones. The world is watching, and the stakes are high. This also sends a message to the public and businesses: the administration is listening and is committed to addressing their concerns amidst changes in the international landscape.
Time.news Editor: You mentioned the public’s sentiment earlier. How crucial is public perception in times like these, especially considering the potential impact of Trump’s presidency?
Dr. Alice Kim: Public perception is crucial. As the Trump administration is known for its unpredictable nature, many South Koreans are understandably anxious about potential repercussions. If the government can successfully control the narrative and reassure its citizens—through transparent communication and tangible policy responses—it can alleviate fears and maintain public trust, which is essential for a stable economic environment.
Time.news Editor: In the context of the meeting, a key takeaway was the emphasis on ‘listening to the circumstances of companies.’ Can you elaborate on the significance of this approach?
Dr. Alice Kim: This approach acknowledges the integral role that businesses play in the economy. By staying attuned to what companies are experiencing and how they are affected by international changes, the government can tailor its policies more effectively. This also encourages collaboration between the public and private sectors, creating solutions that are not only responsive but also constructive, ensuring that South Korea remains competitive globally.
Time.news Editor: As we look forward, what collaborative strategies do you see being effective for South Korea in this new geopolitical environment?
Dr. Alice Kim: One strategy would be strengthening multilateral alliances, particularly within Asia, to counterbalance any unilateral moves from the U.S. South Korea could also pursue closer economic ties with nations like China and Japan to ensure more stability. Furthermore, fostering innovation and investment in key sectors, such as technology and green energy, would allow South Korea to remain a leader even amid global shifts.
Time.news Editor: These are insightful observations, Dr. Kim. Before we conclude, do you believe South Korea is adequately prepared for these transitions, given the current meeting signals?
Dr. Alice Kim: Preparation is always a work in progress. While the convening of the emergency meeting is a positive step, actual readiness will depend on how swiftly and effectively the government can implement the decisions made during such discussions. Ongoing assessment and flexibility will be vital in adapting to any unforeseen circumstances that the new administration may bring.
Time.news Editor: Thank you, Dr. Kim, for sharing your expertise and insights with us. It’s clear that South Korea stands at a crucial crossroads and the steps taken now will shape its future.
Dr. Alice Kim: Thank you for having me. It’s an important time for South Korea, and I look forward to seeing how the government navigates these challenges.
Time.news Editor: And thank you to our audience for joining us. Stay tuned as we continue to monitor these developing stories in global politics and economics.