Emergency Support for Domestic Industries Announced

On April 1, Acting President and Prime Minister Han Duck-soo unveiled plans for emergency support aimed at domestic industries, including the automotive sector, currently facing challenges due to high tariffs imposed by the U.S. Trump administration. This announcement came during a pivotal meeting with the heads of South Korea's four major conglomerates: Samsung, SK, Hyundai Motor, and LG.

Veto on Commercial Act Amendment

In a significant move earlier the same day, Han exercised a veto on the Commercial Act amendment, a decision met with relief from the business community. Han emphasized, "In these times of uncertain domestic and international economic conditions, ambiguous legislation could severely hinder business operations."

Economic Security Strategy Task Force Meeting

The first Economic Security Strategy Task Force (TF) meeting was held at the Prime Minister's residence in Samcheong-dong, Seoul, marking a collaborative effort between the government and private sector to navigate the impending trade crisis. Han stressed the importance of unity, stating, "It is time for the government and businesses to unite and work as one." The conglomerate leaders pledged their full cooperation for the national interest.

Alternative Solutions Proposed

Addressing the vetoed Commercial Act amendment, Han suggested the Capital Market Act amendment as a viable alternative, aiming to balance shareholder protection with the need for clear legal frameworks to support corporate decision-making.