FT Interview: "No Comment" on Candidacy… Likely Decision by End of April or Early May

Ahead of the early presidential election on June 3, Prime Minister Han Duck-soo, who is mentioned as a strong candidate, has reiterated that he has "not yet decided on his candidacy."

As the "Han Duck-soo draft" discussion spreads mainly among pro-Yoon faction figures in the People Power Party, the political community's attention is focused on Han's final judgment.

In an interview with the Financial Times (FT) published on the 20th, Han responded to a question about his candidacy intentions with "No comment," stating, "I have not made a decision yet." He is reported to have said he is "still contemplating" during a phone call with U.S. President Donald Trump on the 8th, indicating that he remains deeply introspective about this choice.

The presidential election is on June 3. Since public officials must resign by May 3 to run, speculation is growing in political circles that Han will make a decision by late April or early May. With the symbolic weight of being both the sitting Prime Minister and acting President, he is still viewed as an "irreplaceable card" within the ruling party.

"Not Responding to U.S. Tariffs…Possibility of Discussing Trade Surplus Adjustments"

In the FT interview, Han drew the line on the tariffs imposed by the U.S. on South Korea amid U.S.-China trade tensions, stating, "We will not retaliate." He emphasized his commitment to finding win-win solutions for both nations and acknowledged the significant contributions of the U.S. in helping South Korea reach its current position.

He particularly mentioned the possibility of negotiating adjustments to the trade surplus with the U.S. through expanding purchases of U.S. liquefied natural gas (LNG) and commercial aircraft. He also expressed that enhancing cooperation in the shipbuilding industry could contribute to strengthening the strategic alliance with the U.S.

Furthermore, he kept the possibility of reducing non-tariff barriers open, acknowledging potential losses in certain industries but forecasting that "in the long term, the benefits to the South Korean people will outweigh them."

"Possibility of Resuming Defense Cost Negotiations Depending on Circumstances" …Trump Indicates Linkage

Regarding the defense cost-sharing issue, Han stated that "re-negotiations may be possible depending on the circumstances," hinting at potential changes ahead. Last year, South Korea reached a defense cost agreement with the Biden administration, valid until 2030.

However, following his phone conversation with Han on the 9th, U.S. President Donald Trump posted the term "one-stop shopping" on his social media, hinting at the possibility of linking trade negotiations and defense cost issues.

Political circles are closely monitoring how Trump's approach may affect U.S. foreign strategy after his reelection. Should Han officially announce his candidacy in the future, diplomatic and security issues between South Korea and the U.S. could emerge as key variables in the electoral landscape.

Image source: Han Duck-soo, Prime Minister and Acting President / News1, News1, photo = Prime Minister’s Office