The Democratic Party of Korea convened an emergency meeting on the 7th to discuss countermeasures against the reciprocal tariffs announced by the Trump administration of the United States. This meeting marks the first economic initiative by the Democratic Party following the Constitutional Court's decision to impeach former President Yoon Seok-yeol, signaling an attempt to appeal to the centrist electorate and to underscore its capabilities as a governing party.
The Democratic Party's Planning and Finance Committee's Policy Coordination Committee led the meeting, focusing on the U.S. administration's imposition of a 25% reciprocal tariff on South Korean imports. Jung Tae-ho, the Policy Coordination Chairman of the Planning and Finance Committee, highlighted the critical impact of this tariff on the South Korean economy in his opening remarks. "The decrease in exports due to the U.S. reciprocal tariff will significantly influence whether the South Korean economy can rebound or become entrenched in low growth over the next two to three years," Jung stated.
Jung further emphasized, "Globally, nations are responding to this situation through what can be described as a 'national contest.' While government, political, industrial, and economic sectors should unite to overcome this crisis, South Korea is currently unable to mount a proper national response due to the impeachment situation," he remarked.
The meeting aimed to explore the role of the National Assembly in this crisis and how it can collaborate with the government and the industrial sector to navigate the challenges posed by the U.S. tariffs. "We will explore how the National Assembly can play its part in this crisis and how we can divide roles among the government, industry, and the legislature to overcome the crisis," Jung added.
Presentations were delivered by Hong Ji-sang, Director of the International Trade Research Institute at the Korea International Trade Association, Kang Gu-sang, Head of the North America and Europe Team at the Korea Institute for International Economic Policy, and Bae Byung-kwan, Head of the International Economic Policy Division at the Ministry of Economy and Finance.
This initiative reflects the Democratic Party's strategic move to position itself as a proactive force in managing national economic challenges, especially in light of the recent political upheaval. By taking the lead in addressing the economic implications of international trade policies, the party aims to strengthen its appeal to a broad range of voters, particularly those in the center who may be looking for stable and effective governance in times of uncertainty.
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