Synopsis
Acting President Choi Sang-mok has called for increased outreach to the United States to clarify South Korea's stance on trade policies as tariffs rise. He emphasizes the need for proactive engagement with the US administration and the importance of boosting foreign tourism to aid economic recovery.Key Takeaways
- Choi Sang-mok stresses the need for active US engagement.
- Concerns about rising tariffs and trade communication with the US.
- Proposed tariffs by Trump on steel and aluminum imports.
- Focus on attracting more foreign tourists to enhance domestic demand.
- Korea Grand Sale launched to encourage tourism spending.
Seoul, Feb 21 (NationPress) The Acting President Choi Sang-mok urged his team on Friday to enhance outreach efforts towards the United States, clarifying the government's position regarding Washington's trade policies as concerns over rising tariffs grow.
"It is vital that we engage proactively with the new U.S. administration to effectively communicate our perspectives and seek collaborative opportunities," Choi stated during a meeting with ministers and senior economic officials.
Increasing worries have surfaced due to insufficient communication between the South Korean administration and the Trump administration, which has been escalating tariff actions against key trading allies, as reported by Yonhap news agency.
Trump has already proposed a 25 percent tariff on all steel and aluminum imports effective March 12. Moreover, he is contemplating imposing "reciprocal" tariffs on imports into the U.S., including cars, semiconductors, and other significant goods.
Choi also instructed officials to keep a close eye on the response strategies being adopted by major economies, including the European Union, Japan, and China, regarding the latest trade measures from the Trump administration.
Simultaneously, Choi emphasized the government's commitment to attracting more international tourists by removing obstacles, highlighting that increased tourism can significantly boost domestic demand.
"We will provide comprehensive support to enhance inbound tourism, invigorating the domestic economy and improving livelihoods," Choi remarked during his visit to Myeongdong, a prominent tourist destination in central Seoul.
The acting president further highlighted the necessity of ensuring a seamless experience for tourists at every phase of their journey and called for the creation of customized tourism programs for international visitors interested in exploring contemporary local trends.
Last year, the influx of foreign visitors to South Korea rebounded to almost 93.5 percent of pre-pandemic figures, totaling 16.37 million. The tourism sector also saw revenues rise to US$16.5 billion, which is 79.3 percent of pre-pandemic levels.
In a bid to maintain this positive trend, South Korea has launched its annual winter shopping event, the Korea Grand Sale, a 45-day nationwide initiative running until February 28. This festival aims to draw in foreign tourists and stimulate spending during the off-peak season.
