Seoul: Acting President Choi Sang-mok stated on Monday that the second Donald Trump administration is expected to have a "significant" impact on South Korea's economy, urging for coordinated efforts among stakeholders. The U.S. president-elect is set to begin his second term on January 20, which raises concerns about the potential escalation of global protectionism and its effects on the country's export-dependent economy.

According to Yonhap News Agency, Choi emphasized the need for swift policy implementation to mitigate the economic impact. "With the inauguration of the new U.S. administration just a week away, swift policy implementation could have a considerable impact on our economy," Choi mentioned during a meeting with economy-related ministers.

Choi highlighted the importance of coordinated efforts among the government, businesses, and other economy-related organizations to navigate the anticipated changes. He also stressed the necessity for close cooperation with parliament due to the ongoing political turmoil following President Yoon Suk Yeol's brief imposition of martial law on December 3 and his subsequent impeachment.