Finance Minister Choi Sang-mok said Thursday that he expects Donald Trump’s reelection to have a “considerable” impact on the South Korean economy. 

The minister made the remarks Wednesday in Seoul during a meeting of ministers concerned with the economy, the morning after Donald Trump won the U.S. presidential election.

Pledging swift responses, Choi said if Trump implements the policy direction he has emphasized, the likely impact on the South Korean economy will be considerable.

He said the ministers’ meeting will serve as a pan-governmental control tower for preemptive responses to deal with that impact.  

Choi said the government plans to form separate consultative bodies to handle finance, trade and industry. 
 
Pointing to heightened volatility in the financial market at home and abroad in the run-up to the U.S. election, he vowed to monitor the market closely and take appropriate measures in the event of excessive volatility.