Seoul: Acting President Han Duck-soo vowed Thursday to provide tailored assistance to businesses to protect them against a global "trade war." Han made the remark during a meeting with the leaders of six major business lobbies, including the Korea Chamber of Commerce and Industries and the Federation of Korean Industries, noting U.S. President Donald Trump's announcement of 25 percent tariffs on all imported vehicles.
According to Yonhap News Agency, Han emphasized the difficulties faced by the economy due to growing uncertainty in the trade environment and technological competition from rival nations, compounded by an unstable domestic political situation and sluggish domestic demand. He addressed these issues during the meeting at his official residence, highlighting the government's commitment to channel all available resources and wisdom to overcome the crisis and safeguard the nation's interests and industries.
Han specifically mentioned the need to prioritize business protection in the current trade war by developing response strategies in collaboration with companies and focusing on providing tailored support. Furthermore, he stated that the government would leverage state and private sector networks to engage with the U.S. government and mitigate potential damages to domestic businesses.
Sources revealed that during the meeting, business lobby leaders expressed their concerns over the new tariff policies introduced by the Trump administration. They also requested that Han veto amendments to the Commercial Act, which had recently passed the opposition-controlled National Assembly. The amendments, which expand the duty of corporate directors to act in good faith beyond just the "company" to include "company and its shareholders," have faced opposition from business circles and the ruling People Power Party.