Acting President Choi Sang-mok presides over a cabinet meeting at the Seoul Government Complex on Tuesday. (Yonhap)
Acting President Choi Sang-mok presides over a cabinet meeting at the Seoul Government Complex on Tuesday. (Yonhap)

South Korea’s acting President Choi Sang-mok vowed to ensure the economy remains resilient Tuesday, with a delegation sent to Washington amid concerns stemming from a flurry of executive actions that US President Donald Trump signed immediately after his return to the White House.

“We will strengthen the stability of our economy by maximizing opportunities from the launch of the new US government and minimizing risk factors,” Choi said during a meeting with government officials on external economic issues after Trump took the oath of office as the 47th US president on Monday.

Trump signed a series of executive actions that included revoking 78 of his predecessor Joe Biden’s policies a few hours after his inauguration speech -- a move that underlined his commitment to put America first and usher in a golden age for the country.

His key economic plans in the address included the overhaul of trade and revival of the manufacturing sector to protect US workers.

Trump also revealed his intention to create the "External Revenue Service," a new agency to collect tariffs, duties and other revenues from foreign sources.

Though Choi's predicitions on how Trump’s new policies would reshape the trade and economic relationship between Korea and the US remained cautious, he touched on looming changes that could affect Korea's energy and automobile firms.

“Measures such as strengthening protectionism, such as the establishment of the External Revenue Service and expanding the imposition of tariffs, ending the Green New Deal policy, and abolishing mandatory purchases of electric vehicles, will have a direct or indirect impact on our economy,” the Korean acting leader said.

During the election campaign, Trump vowed to impose tariffs of 10 to 20 percent on global imports into the US to help reduce a trade deficit.

In the event of the US’ imposition of universal tariffs, Korea’s export-reliant economy will suffer a significant blow. According to the state-funded Korea Institute for International Economic Policy, Korea’s gross domestic product could be reduced by 0.67 percent with the tariffs as its exports to the US and other countries are expected to drop sharply.

“We have already dispatched a working-level delegation to Washington to understand the background and specific details of measures that will be announced soon, and we will communicate with the US side,” Choi said.

Choi, who assumed the role of acting president in late December in the aftermath of now-detained President Yoon Suk Yeol’s controversial declaration of martial law, plans to arrange phone talks with the new US president.

“Just as we have expanded the horizon of cooperation to all fields including diplomacy, defense, supply chain and advanced technology based on mutual trust over the past 70 years, policy cooperation between the two countries will further strengthen and promote mutual benefit based on the common value of South Korea-US alliance’s slogan of ‘We go together,’” he said.

Earlier in the day, Choi sent a congratulatory message to Trump and US Vice President JD Vance on their inaugurations via social platform X.

“The Republic of Korea looks forward to Making the Alliance Great Again in the 47th presidency, as we have during the 45th,” he wrote.

Make America Great Again is a political slogan used by Trump during his presidential campaigns in 2016 and in 2024.