President Yoon Suk Yeol speaks at the presidential office in central Seoul's Yongsan District, Sunday, during an emergency economic and security meeting on the possible impact of U.S. President-elect Donald Trump's return to the White House.
President Yoon Suk Yeol has called for maintaining stern deterrence against North Korea based on the strong South Korea-U.S. alliance, while ordering the launch of economic consultative bodies to prepare for uncertainties brought on by Donald Trump's return to the White House, the presidential office said Sunday.
His remarks came during an emergency economic and security meeting held to discuss the possible impact of U.S. President-elect Donald Trump's second term. Trump achieved a landslide victory with 312 electoral votes over Vice President Kamala Harris' 226 votes in the 2024 U.S. presidential election.
The meeting, involving senior presidential aides and ministers, focused on examining any potential policy changes of the U.S. and taking proactive measures to brace for policy shifts, according to the office.
Yoon predicted that the incoming U.S. administration, which will take office in January, will have far-reaching consequences for global markets, economy and security.
“Detailed preparation is essential as Trump's policies could affect our economy and security. We must maintain strong deterrence against North Korea based on the iron-clad South Korea-U.S. alliance and be prepared to lead in promoting peace and prosperity in the Asia-Pacific region,” Yoon said, noting that major structural changes in security could arise.
Asked about these possible structural changes in security, a senior presidential official explained that the North Korea issue is a top priority of South Korea, but the Trump administration might pay more attention to its relations with NATO, allies and partners in the Indo-Pacific region and the Ukraine war.
“There are issues of nuclear cooperation, global supply chains, trade, export, investment and economic security. They could not only affect bilateral relations but also regional security. We will study their short- and long-term impact on South Korea and hold necessary follow-up meetings depending on how the situation develops,” the official said.
The president also ordered the launch of finance, trade and industry consultative bodies to brace for the potential impacts as Trump's protectionist policies could strain global markets and trigger a trade war.
“International markets have already begun responding based on anticipated policy changes even before Trump's inauguration, so the government should monitor the markets closely and make thorough preparations,” Yoon said.
Yoon said South Korea's shipbuilding and petrochemical sectors are likely to benefit from the second Trump term. During a phone conversation with Yoon on Thursday, Trump said the U.S. seeks to work with South Korea in the shipbuilding industry, particularly in naval shipbuilding, exports, repairs and maintenance.
“Semiconductors and cars have been South Korea's most important sources of income. But the shipbuilding industry is expanding rapidly, and if the new U.S. administration adopts a more flexible policy on fossil fuels, our slightly stagnant petrochemical industry may see a return to normal,” Yoon said.
“Strengthening cooperation in advanced industries, including artificial intelligence, biotechnology and quantum technology, is very important. I hope the two countries continue to develop our collaborative ties in these fields.”
Yoon said he and Trump agreed to have their first in-person meeting soon.
Principal Deputy National Security Adviser Kim Tae-hyo speaks during a press briefing at the presidential office in Seoul's Yongsan District, Sunday. Yonhap
Earlier in the day, the main opposition Democratic Party of Korea (DPK) held a press conference to discuss what the second Trump administration could mean for the Korean Peninsula.
“President-elect Trump's foreign policy is likely to focus on U.S. national interest rather than universal values — bringing manufacturing jobs back to the U.S. and boosting American industry,” said Rep. Lee Jae-myung, leader of the DPK.
“Since South Korea has already secured deterrence against North Korea, resuming dialogue or negotiations is important. However, the Yoon administration has been pursuing a ‘strong versus strong' confrontation strategy.”
On the possibility of the Trump administration pressuring Seoul to increase its share of defense costs, Lee said, “If we have to increase defense cost-sharing, I think it is reasonable to reduce U.S. arms imports. That could be a good compromise.”