South Korean President Yoon Suk-yeol held a meeting with senior officials on Sunday to study the impact of US President-elect Donald Trump's return to the White House.

Bloomberg reported that Yoon ordered officials to form an advisory body headed by Finance Minister Choi Sang-mok that would focus on policies related to financial, trade and industrial affairs to prepare for possible shifts in U.S. policy.

If the new US administration takes a flexible approach on fossil fuels, it could have a positive impact on the petrochemical sector, Yun said.

On security, Yoon made clear that there could be "structural changes" without elaborating, and called for comprehensive readiness to maintain an active alliance with the United States.