- South Korea’s finance chief Choi Sang-mok retakes charge of the country
- South Korea’s acting leader Han Duck-soo resigns from role
- FM Choi Sang-mok takes triple role as acting president, PM
- Officials say Choi is disgruntled about taking roles amid political crisis, trade war
SEOUL, May 1 — In the latest twist and turn to South Korea’s political turmoil, Finance Minister Choi Sang-mok will inherit the role of president and prime minister from midnight today after interim leader Han Duck-soo resigned.
The conservative technocrat will wield interim authority for just about a month before the June 3 elections in which Han is widely expected to run. Choi’s aides have said he is disgruntled over assuming the leadership trifecta during a period of political tumult and a global trade crisis.
“Can’t say he is too happy about this, it’s some heavy responsibilities with no real power,” a senior finance ministry official said.
“(The finance) ministry is really stretched as staffs from presidential office aren’t really deployed to help.”
Choi must navigate a period of political convulsion as the country prepares for a snap election while orchestrating trade negotiations with Donald Trump that could have lasting consequences for the country’s alliance with Washington.
Choi will also contend with nuclear-armed North Korea’s military alliance with Russia and a data leak scandal at the country’s biggest mobile carrier that has caused an uproar among 23 million users.
He previously juggled the three roles from late December till March 24 after South Korea’s leadership turned into a revolving door of incumbents since former president Yoon Suk Yeol’s failed martial law decree plunged the country into turmoil.
South Korea’s acting President Han Duck-soo speaks during a press conference in Seoul May 1, 2025. — Yonhap/Reuters pic
“Choi’s two deputies will need to play the chief of foreign affairs and chief of economy and security, while his first vice finance minister would have no choice but to take more of Choi’s ministerial role,” the ministry official said.
A spokesperson for Choi did not immediately respond to a request for comment.
South Korea’s Industry Ministry officials are in Washington this week for “technical discussions” with US Trade Representative counterparts hoping to make progress on a deal over US tariffs.
The visit follows a trip to Washington by Choi and Industry Minister Ahn Duk-geun a week earlier, where the two countries agreed to craft a trade package that could continue after South Korea’s June 3 election.
In a parliamentary session yesterday, Choi said he “did not expect to conclude the deal (with the US) before the presidential election,” citing the complexity of the issues involved and political uncertainties.
Choi has already been leading an unofficial gathering of financial authorities, known as F4, seeking to placate fears among international investors and allies over the political turmoil.
Formerly one of Yoon’s conservative loyalists, he testified that he “strongly objected” to Yoon’s plans to declare martial law on December 3 since it could wreak havoc on the economy.
Asia’s fourth-largest economy shrank in the first quarter as concerns about US tariffs and political crisis weighed on investment activities and consumption. — Reuters