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President Lee Jae-myung speaks during a Cabinet meeting at the presidential office in Yongsan, Seoul, on June 24. / Source: Yonhap News

President Lee Jae-myung on June 24 emphasized the need for “careful consideration” of vulnerable groups as global risks intensify, announcing extended tax relief and additional measures to ease the burden on low-income households.

At a Cabinet meeting held at the presidential office in Yongsan, Seoul, Lee stated, “Crises inflict the greatest pain on the poor and powerless,” and urged officials to prevent the Middle East-related risks from worsening hardships for ordinary citizens.

The government decided to extend the temporary fuel tax reduction—originally set to expire at the end of June—for two more months through August. A separate tax break on passenger cars, which lowers the individual consumption tax from 5% to 3.5%, will also be extended until the end of the year.

In addition, a new zero-percent quota tariff will be applied to mackerel imports, while the quota volume for egg-based processed products will be increased from 4,000 to 10,000 tons.

President Lee invoked a tale from Journey to the West involving the magical banana leaf fan to illustrate the weight of public officials’ responsibilities. “When the witch waves the fan once, it brings thunder; twice, a typhoon; three times, a deluge that upends the world—but she hardly realizes her own impact. Power is like that,” he said.

He further noted that “security is now directly tied to the economy,” adding, “Peace is economy, peace is livelihood. Establishing a peace regime on the Korean Peninsula and bolstering national security are top priorities.”

“The most secure form of defense is peace—peace that removes the need for war. That is the role of politics,” he added.

Marking the upcoming anniversary of the Korean War, Lee also called for sufficient compensation and honors for those who made sacrifices to protect the nation. “With the June 25 memorial tomorrow, I urge a review to ensure that those who made extraordinary sacrifices are properly rewarded and recognized.”

In a related move, Lee instructed Oceans and Fisheries Minister Kang Do-hyung to review plans to relocate the ministry to Busan within the year. He reportedly told the minister not to be constrained by issues like building types or transfer formats to ensure speedy implementation.

Meanwhile, Lee is reportedly considering holding a press conference on July 3 to mark his first 30 days in office. Presidential spokesperson Kang Yu-jung said the date is not yet confirmed but “the plan is in place.”