President Yoon Suk Yeol delivers a speech during a press conference at the presidential office in Yonsan, central Seoul, Thursday. (Yonhap)

President Yoon Suk Yeol will convene an emergency economic and security meeting Sunday to discuss the possible impact of former US President Donald Trump's return to office, Yoon's office said Friday.

The meeting will focus on monitoring potential policy shifts under the Trump administration and preparing proactive response measures, the office said.

Ministers of economy, foreign affairs, defense and trade along with senior presidential aides will attend the meeting.

A second Donald Trump administration is expected to bring shifts and unpredictability to the U.S.-South Korea alliance, potentially increasing pressure on Seoul to take on a larger share of the burden as a US ally.

Korean businesses are closely watching the possibility of Trump reducing or eliminating subsidies on chips, electric vehicles and clean energy given under the CHIPS and Science Act and the Inflation Reduction Act, and imposing tariffs on foreign goods. (Yonhap)