President Lee meets business leaders, vows smarter regulations

Also on Friday, President Lee vowed for what he called a "rationalization of business regulations," through the lifting of unnecessary regulations that hinder growth.

This came on Friday as he sat with leaders of major conglomerates, Samsung, Hyundai Motors, LG, SK, and Lotte as well as chairs of top business organizations at Yongsan Presidential Office and vowed to support them.

He said he used the word "rationalization" instead of "easing" or "loosening," as there needs to be regulation in place to promote fair corporate competition.

He added that the government and private sector need to work together to overcome the current economic crisis.

The top office also said that Lee stressed a need to "go all out to overcome the crisis through practical and flexible trade policies," amid the U.S. tariff policies.