Economics
South Korea Budget Tussle Tests Yoon Ahead of Trump’s Return
- Parliament in deadlock over 2025 budget cuts led by opposition
- Government bemoans opposition move as threat to economy
Yoon Suk Yeol
Photographer: Dado Galdieri/BloombergThis article is for subscribers only.
South Korean President Yoon Suk Yeol faces another test of his leadership as the main opposition party vies to control the annual budget, an outcome that would cast further doubt on his ability to enact policy as the nation braces for Donald Trump’s return.
Yoon’s government submitted a 677.4 trillion won ($483 billion) budget earlier this year, seeking to beef up spending by 3.2% to shore up an economy that’s expected to cool as export momentum eases. Opposition leader Lee Jae-myung’s Democratic Party last week sliced 4.1 trillion won from the total and is looking to force through the change.