Kweon Seong-dong, the floor leader of the People Power Party, said on the 8th, “Our economy, which relies on exports, is on the brink of collapse,” noting, “Urgent measures are needed.”
During a party strategy meeting that morning, Kweon said, “Taiwan right next to us is thriving. After being subjected to a 32% high tariff from the United States, it immediately prepared a support package amounting to 12 trillion won to reduce the interest burden on export companies and supply new funds.”
Kweon noted, “The whole world has entered a tariff war,” adding, “The financial market was the first to feel the tremors. Stock markets around the world have crashed, and the domestic Korea Composite Stock Price Index (KOSPI) has fallen over 5%, triggering a sidecar at one point.” He continued, “The exchange rate is also fluctuating greatly. The won-dollar exchange rate surged more than 33 won, marking the largest increase in five years,” and pointed out, “The uncertainty in the foreign exchange market is growing, and with rising import prices, household finances are expected to worsen. Citibank and JPMorgan forecast that if the tariff war drags on, Korea's economic growth rate could drop to between 0.8% and 0.9%.”
He emphasized that the supplementary budget plan should also be re-examined.
Kweon said, “The existing supplementary budget plan of 10 trillion won should be re-evaluated to significantly expand support for export companies and boldly increase domestic spending budgets to proactively respond to the economic downturn.”
He pointed out, “Recently, a drug smuggling vessel capable of transporting as much as 2 tons of cocaine—sufficient for up to 67 million people to be injected simultaneously—was intercepted by U.S. FBI intelligence after arriving in our country via Panama and China. Drug crimes are absolutely intolerable,” adding, “However, last year, the Democratic Party drastically cut budgets for drug-related expenses and various crime investigations. Demanding investigative results solely in such a poor environment is irresponsible.”
He added, “I hope the restoration of the budget for investigating livelihood crimes that protect the public is also reflected in this supplementary budget.”
Kweon said, “Regarding the supplementary budget, it should be handled solely with a focus on public livelihood and national interests, not on individual politicians’ personal desires or party interests,” and noted, “Since the unilateral cuts to the budget at the end of last year, Lee Jae-myung and the Democratic Party, who have been calling for the supplementary budget at every opportunity, must now be held accountable for those words.”
He urged, “The Democratic Party now only wants to use the supplementary budget, which includes cash distribution of 250,000 won to all citizens, as a political tool. We should first pass the supplementary budget that has no disputes between the ruling and opposition parties and then continue discussions on contentious issues later.”