South Korea's Lee names Koo Yun-cheol finance minister, makes other picks
South Korea needs to take measures to support its economy in the short term as it continues tariff talks with the U.S., its likely new finance minister Koo Yun-cheol said on Sunday after being nominated for the role by President Lee Jae Myung.
Koo, a former vice finance minister, still needs to go through parliament hearings before being confirmed as finance minister. Other ministerial appointments were also announced by the president's office on Sunday.
"We need to take pre-emptive measures and prepare for situations such as the current tariff negotiations with the United States," Koo told a news conference.
"Through this process, we plan to actively and proactively respond to the difficulties that the South Korean economy faces in the short term," he said.
Trade envoy Yeo Han-koo returned home on Sunday after holding the first high-level tariff talks with his U.S. counterparts since President Lee took office on June 4.
South Korea has sought exemptions from U.S. President Donald Trump's high tariffs on imports of automobiles and steel products, as well as a 25% "reciprocal" levy on the U.S. ally that is currently paused for negotiations.
Yeo said his trip helped build mutual trust to expedite the negotiations and make friends in Washington. Asked if the July 8 deadline for negotiations over tariffs was still valid, Yeo said every possibility was left open.
"In fact, the situation in the United States is very fluid. So, for now, I can say that all possibilities are open," he told reporters.
The U.S. has demanded that South Korea improve nontariff barriers particularly in the agricultural and digital services sectors, according to South Korean officials.
New finance minister Koo is widely known as a policy expert, having served in different positions across government and has authored books on South Korea's innovation and growth, most recently on artificial intelligence, Lee's chief of staff, Kang Hoon-sik, told a briefing.
Among other ministerial positions, Kim Jung-kwan, president of power plant builder Doosan Enerbility and a veteran bureaucrat in economics, energy and public policy, was nominated to be industry minister.
Kim fits the role to realize President Lee's "energy mix philosophy." Kang said, referring to the new president's aim to balance nuclear power and renewable energy.
The former head of South Korea's disease control agency, Jeong Eun-kyeong, was nominated for health minister. She was highly praised for her response to the COVID-19 pandemic, becoming one of Time Magazine's 100 most influential people of 2020.
Cabinet nominations in South Korea must be vetted by hearings in parliament. But presidents may appoint their nominees without parliament's approval, and Lee's Democratic Party has a majority in parliament.
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